Just sold 2125 Spaulding in Berkeley

Recently closed this wonderfull remodeled home in Central Berkeley. 2125 Spaulding
2125Spaulding.com

Alameda Sand Castle Contest

One of the great parts of living in Alameda is that we live near the beach. And where there is beach there is sand! And where there is sand they make sand castles and sand sculptures. I finally got down to see this annual festival of playing in the sand. June 19th people crowded the beach to view these unique and creative ideas. Here are a couple of my favorites.

New Listing 1528 Bay St. Alameda

This spacious central Alameda home has been completeley refurbished. The large rooms flow out to the newly built back deck and the large deep back yard. The kitchen has granite counter tops with maple cabinets, stainless steel appliances, travertine limestone tile flooring and recessed lighting. The bathrooms have been remodeled with granite counter tops, new tile, cabinets and fixtures. It is freshly painted inside and out with refinished hardwood floors; new exterior stucco and sod with a sprinkler system in the front yard; new doors and lighting in all rooms including a new ceiling fan in the living room and a new chandelier in dining room. Upstairs there are 3 large bedrooms and an additional room with water hookups for a laundry room. The expansive back yard allow’s ample space for gardening and has great potential for your own landscaping. Electrical service recently upgraded. Just around the corner from Pagano’s, Vine’s coffee shop, resturants and shopping; close to parks; easy access to transportation.
See more photos at http://www.1528bay.com

PMI easier to obtain

PMI is Private Mortgage Insurance. It is usually necessary to get PMI when you less than 20% down.
For those with less than 20% down FHA was usually the only way to go. FHA generally requires a down payment of at least 3.5%. Now it seems other lenders are easing restrictions and offering lower down payments as well.

WITH private mortgage insurance considerably tougher to get last year than at any point in decades, many borrowers flocked to loans insured by the Federal Housing Administration.

They had little choice. Lenders typically will not offer mortgages to borrowers with down payments below 20 percent, unless the borrowers get insurance to indemnify the lender in the event of a default. And the federal government was the only entity willing to back many of these borrowers during the housing market slump.

Now private mortgage insurance, or P.M.I., could be making a comeback. Some mortgage insurance companies like Genworth Financial and Radian Guaranty have been easing underwriting standards — sometimes eliminating geographic restrictions, in the case of Genworth, for instance, and offering insurance to some borrowers with down payments of as little as 5 percent.

READ THE WHOLE ARTICLE HERE

Sewer Lateral Testing coming to other cities

Sewer laterals are not a very sexy subject. Alameda, Albany and Berkeley have had there own sewer lateral testing ordinance in place for awhile. Now sewer lateral testing is coming to Emeryville, Oakland and Piedmont. Below is a link to the EBMUD site that explains the new private sewer lateral test.
Exciting I know!
Sewer lateral program link

Short Sales Get Easier

A short sale is where the lender(s) agree to receive less than the full loan balance and allow a sale. Short sales have a well-deserved bad rep for being painfully slow and complex. But three developments are changing things dramatically:

1. Banks are slowly getting organized and staffing up.

2. World Savings, Wachovia, and Wells Fargo have dramatically sped up and simplified the process for many of their loans. In some cases they can give an approval in a matter of days or even minutes.

3. HAFA: This is the new federal "Homes Affordable Foreclosure Alternatives" plan. It's controversial due to taxpayer-funded incentives (aka "bribes") to banks and homeowners to do what's already in their best interests. But it may help by organizing, standardizing, and speeding up the process.

Are you or someone you know having trouble paying a mortgage or owe too much to sell?
Please give me a call (510) 847-2628 I can go over the options for you and give you accurate information.