Monday, November 16, 2009

New Home Loan News

The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits will remain unchanged from the maximum levels currently available for 2009. Also FHA has choose to keep the current 2009 loan limts in place thru the end of 2010.
he California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

Thursday, November 5, 2009

Home Buyer Tax Credit Extended, Expanded

More good news for consumers,
Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Let`s get you in Your New Condo!
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

Friday, October 30, 2009

Government Loan Limits

Good news to report: President Obama is expected to sign a resolution passed late yesterday by Congress extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through 2010. The limits were set to expire at the end of this year. This is especially critical for California, where more than 80 percent of all loans are financed by Fannie Mae, Freddie Mac, or FHA, and will help maintain the positive signs we are now seeing in California’s mortgage market. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.

While home prices in California have declined, the demand for housing has not. The market has been dominated by first-time home buyers who have faced a shortage of financing opportunities. The loan limits are set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas, including many regions in California. Sales in move-up and high-end markets have been constrained this year; the loan limits extension will help qualified home buyers in these markets to move forward with their purchases.

Although loan limits are safe through 2010, there is still work to be done. Congress has yet to act to extend the First Time Home Buyer Tax Credit past its current Nov. 30 expiration date. Yet the impact of the home buyer tax credit is clear: A C.A.R. survey of first-time home buyers shows that 40 percent would not have purchased a home without the tax credit.

Sunday, October 25, 2009

Now The Law - California

Governor Schwarzenegger has signed into law, Senate bill 94..
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

California Condo Home Owner Associations

California Condo Home Owner Associations
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.

The California Condo King
Jason M. Gokei

Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

The California King


The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
Contact me Now for your FREE NO OBLIGATION property analysis on your California Condo.
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

Friday, October 23, 2009

Networking

Let`s Network!
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing

Wednesday, October 21, 2009

I need Your Condo Listings!

I need your Condo listings!
My Inventory is all sold and Buyer demand is higher than available market inventory.
Act Now.
Contact me asap for your free no Obligation market analysis on your condo.
For Exclusive Representation.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
The Valley to the Sea
#1 in Service #1 in Sales
Proudly Since 1989
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
https://instagram.com/thecaliforniacondoking/
https://www.pinterest.com/CalifCondoKing
https://plus.google.com/u/0/+JasonGokeiTheCaliforniaCondoKing1
https://www.linkedin.com/in/thecaliforniacondoking
https://www.facebook.com/TheCaliforniaCondoKing

Tuesday, October 20, 2009

IRS probing home-buyer tax credit claims:

The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.
The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. economy back to life.
Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.
The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.
Source: Reuters

Friday, October 16, 2009

Top California Hoa Attorney

Need a Top California HOA Attorney?
Contact: Robert M. DeNichilo, Esq.
(949) 766-4700
http://hoabrief.com/
 

Thursday, October 15, 2009

California Condo Law - FHA Reserve Requirements

QUESTION: Regarding the FHA 60% reserve funding requirement; just what does the 60% mean?

ANSWER: As reported last week, starting November 1 the FHA will not insure loans in condo developments where the association’s reserves are less than 60% of the funding levels called for in the association’s most recent reserve study. The 60% reserve requirement is not a national standard, it was issued by the Santa Ana HUD/FHA office. Since the Santa Ana office serves the Western region, their rule controls all loan guarantees in California.

Reserve Requirements. In addition to requiring 60% reserve funding for existing condominium associations, the Santa Ana office obligates condo conversions to 100% reserve funding. Below describes how the new requirements work.

Existing Condos. If an association’s roof costs $100,000 to replace in 20 years, then $5,000 must be set aside annually for the next 20 years. Assume the roof is now 10 years old; to be fully funded, the association must have $50,000 in its reserve account for the roofs. To meet the Santa Ana requirement, the association needs at least 60% of the $50,000, i.e., $30,000 cash on hand for the roofs. To arrive at the total cash for all reserve items, the same calculation is applied to each item in the reserve study. If all components taken together total $1 million as of today’s date, then the association must have 60% of $1 million in the bank, which means $600,000.
Condo Conversions. If the development is a condo conversion, the association needs 100% of the reserve study’s fully funded requirement. In the roof example above, condo conversions need the entire $50,000 in roof reserves to qualify for FHA loan guarantees. Keep in mind that roofs are only one component. If all components taken together total $1 million, then the association must have $1 million in its reserves to qualify.

Bona Fide Reserve Study. An obvious way to meet the FHA requirement is to doctor the reserve study to reduce the $1 million funding requirement to whatever amount is currently in your reserves. That would be a very bad idea. Directors would face potential liability for fraud (not covered by insurance) and breach of fiduciary duties. In addition, the FHA requires that associations use a bona fide site visit reserve study for their calculations. Bona fide means “made in good faith without fraud or deceit.”

Thank you to Robert Nordlund of Association Reserves, Inc. and Clifford Treese of Association Information Services for their input on this question.

COMMENT: It’s understandable the FHA would not want to guarantee loans in weak associations. Unfortunately, the Obama Administration’s timing is terribly short-sighted. The new requirement is being imposed when the housing market is already distressed and associations are suffering record foreclosures. FHA insured loans are vital to the housing market because they enable buyers with modest incomes to purchase homes. On November 1 when the new regulations go into effect, tens of thousands of condominiums in California will become virtually unsalable. This will further depress the housing market and drive more condominiums into foreclosure. Not a smart move. -
Bye Adrian Adams

Tuesday, October 13, 2009

Price`s Holding!

"A tracking firm says the median home price in Southern California held steady last month from August, at $275,000.
San Diego-based MDA DataQuick reported Tuesday that the median price in the six-county region of Southern California was 11 percent lower than the September 2008 median price of $308,000. That price is the median's lowest year-over-year decline since November 2007.
Sales were up two-tenths of a percent from August to September. The firm says sales were bolstered by late-closing summer transactions, low mortgage rates and buyers hoping to take advantage of a soon-to-expire tax credit.
In Orange, San Diego and Ventura counties, the median prices paid for resale houses increased for the first time since at least August 2007."

Monday, October 5, 2009

Market bottom out

Market bottom out
Has the California real estate market hit the bottom?
post your thoughts and views.

Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing

Recent California Condo and Hoa bills signed in to law

Recent California Condo and Hoa bills signed in to law:
Senate Bill 1511 introduced by Ducheny. This law provides that upon request by an association, the mortgagee or trustee of a property provides the association with the name and address of anyone who purchases that property at a foreclosure sale. The information must be provided within 15 business days following the date the trustee's deed is recorded.

Assembly Bill 1892 introduced by Assembly Member Smyth, renders void any unenforceable any restriction in the governing documents of an association that effectively prohibits or restricts the installation or use of a solar energy system unless those restrictions are reasonable and do not significantly increase the cost of the system or signficantly decrease its efficiency.

Assembly Bill 2180 puts teeth into the provisions of Assembly Bill 1892 regarding solar energy systems. This new law requires associations to provide written approval or denial of an application to install a solar energy system. If the application is not denied in writing within 60 days form the date of receipt of the application, itis deemed approved, unless the delay is the result of a reasonable request for additional information. Any willful violation of this section may result in a $1,000 civil penalty.

Assembly Bill 2846. This bill introduced by Assembly Member Feuer amends Section 1365.1 and adds Section 1367.6 to the Civil Code. If a dispute between an owner and the association exists over some assessment or charge levied by the association, the owner may pay under protest and commence an action in small claims court as long as the amount in dispute does not exceed the court's jurisdictional limits.

This is not intended as legal advise, please consult an attorney for more info:

Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing

Friday, October 2, 2009

California Condo info

California Condo info
Tip of the day..
Your Condo Association Can Raise the Dues A Maximum of 20% per Year..
Home Owners must be given a Minimum of 30 Day Notice
of Assoc. Dues, Budget Increase or Special assesment in Writing...
The California Condo King
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/

Thursday, October 1, 2009

Condo referrals

Condo referrals.
Hello fellow agents and brokers. I want your California Condo referrals.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/

Sell your Condo!

Sell your condo.
Looking to sell your California Condo? contact me and I will be happy to give you a FREE no obligation market profile on your condo.
Contact me at: 951-818-9601
sold@ThecaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Jason M. Gokei
The California Condo King
Studios to Luxury Town Homes
from the Valley to the Sea

Wednesday, September 16, 2009

Don`t let Your Chicken Burn Your Neighbor

Should BBQ be banned from condo Decks & Balconies?
This is becoming the common place on multi level units.
Don't let Your chicken Burn Your neighbors!

Community Associations network

One of the best Condo Info Resource sites:
http://www.communityassociations.net/california_main.html

Thursday, September 10, 2009

Market Update

Market conditions appear to be improving weekly. multiple offers coming in on Properly priced listings. much more positive vibe out there.
Would love to know what You are feeling out there in the Real Estate market.
let Me know

Friday, July 24, 2009

Hey Tweets!

Come join me on Twitter
http://twitter.com/CALIFCONDOKING

Tuesday, July 14, 2009

Thanks!

Thank You for Stopping by and visting my new Blog!!
if You have not yet, please visit my website at
http://www.thecaliforniacondoking.com
and dont forget to leave a post on my blog.
have a great day!
Jason