HOME PAYMENT PROTECTION PROGRAM
HOME PROTECTION PAYMENT PROGRAM
Have you heard about the program recently launched by the California Association Of Realtors? The HOME PROTECTION PAYMENT PROGRAM is a vehicle designed to help home sellers deal with prospective buyers who don’t want to take the purchase plunge because of the uncertainty in the job market.
The concept is simple. For a nominal fee, a home seller provides protection for a prospective buyer that covers the twelve month period after the close of escrow. This protection provides up to six monthly mortgage payments if the buyer looses his or her job.
A $200 fee provides coverage for up to $ 1000 in monthly mortgage payments and a $ 275 fee provides coverage 
for up to $ 1500 in monthly mortgage payments.
The program is designed to tip the scales in the direction of completing a sale when prospective buyers are on the cusp. Of course, there are specific eligibility requirements that the prospective buyers must meet, however they are straight forward and logical.
The program provides the seller’s with a marketing advantage when competing against Bank Owned, Short Sale properties and regular sale properties that do not provide this buyer protection incentive.
This program is only available to homes listed by members of the California Association of Realtors.
If you are considering putting your home on the market and your agent is not familiar with this program, give us a call. We try to give all of our seller’s as much of a competitive advantage as possible when we offer their homes for sale. Call (916) 337-0658 for more details.
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA –OCTOBER 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of our three year long monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in October 2010.
There were 13 Bank Owned homes sold in October, up from 5 in September. That September number was the smallest number of REO homes sold in one month since we have been reporting this data.
REO inventory in El Dorado Hills spiked to a 6.4 month supply in September and dropped back into the normal range wit a 2.2 month supply in October.
The inventory for all available homes dropped from a 5.5 month supply last month to a 4.7 month supply in October. A six month supply is considered a neutral market.
The average days-on-market decreased from 45 days last month to 38 days in October. None of the REO homes that sold this month had been on the market for over 100 days and four of the REO homes sold were on the market two weeks or less.
The 13 REO homes that sold represent only 24% of all homes sold in El Dorado Hills in October, within the normal 
range.
The cost per square foot of REO homes in October was $ 134, down from $ 142 the previous month. The cost per square foot of all El Dorado Hills Homes sold in October dropped four dollars, to $ 159.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 15% savings for REO buyers in October, a little better than in September.
The overall sales price for REO homes was 98.8% of the final asking price, and 92.7% of the original asking price. And 47% of the buyers paid more than the asking price for REO homes in October.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in July, $ 25 per square foot. That is a $ 60,000 savings on a 2500 square foot home, A much larger difference than normal.
If you have any questions about the data provided on Bank Owned Homes sold in El Dorado Hills, feel free to give us a call at (916) 337-0658. If you need assistance in finding the best bank owned deal we are the El Dorado Hills Realtor you should contact.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of a three year study of Bank Owned home sale in Folsom, CA. This report covers REO homes sold in October 2010.
There were 19 REO homes sold in October, up from 11 in September. Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market.
The average days-on-market statistic for the month was 78, up from 73 the previous month. The trend for the length of time REO homes are on the market is increasing. Six of the homes sold had been on the market over 100 days. Only two of the REO homes sold had been on the market for two weeks or less, a much smaller number than has been reported over the past years.
The 19 homes sold represent 24% of all homes sold in Folsom, on the lower end of the normal range.
The overall home inventory in Folsom increased to a 6 month supply, the highest level of inventory in well over fourteen months. The overall is trending up over the past year. We had a 2.9 month supply last October. The inventory for REO homes peaked for the last year in July with a 4.7 month supply and has dropped steadily since. The present inventory in October was a 1/7 month supply. A six month supply is considered a neutral market.
The average cost per square foot of REO homes sold in October decreased to $ 154, down considerably from $ 166
the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers. That is the same as reported the previous month.
The overall sales price for REO homes was 95% of the final asking price. And only 11% of the buyers paid more than the asking price for their bank owned home in September. There was a $ 9 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
NEW HUD HOME BUYER VIDEO: SHOPPING FOR YOUR LOAN
New HUD Home Buyer’s Video Clip: Shopping For Your Loan
The Department of Housing and Unban Development has just come out with a three video series designed to help home buyers better understand the home buying and financing process. The videos are straight forward and easy to understand. They range from 10 to a little over 12 minutes long and are a MUST VIEW for any first-time home buyer. More experienced home buyers may also find them helpful.
Here is a link to the first of the three, Shopping For Your Loan: http://www.youtube.com/user/HUDchannel#p/a/u/1/RdwxqiVwsOA
This link takes you to the video which covers the loan. It explains the Good Faith Estimate and the HUD-1 and how to interpret them. This video may be a bit dry for some viewers and a little complex for those not familiar with the loan process.
Anyone who is seriously considering the purchase of a home should take the time to view these videos. It might be prudent for home sellers to view the videos as well.
If, after viewing the video, you have any questions or need assistance in finding the best deal on a home, feel free to give us a call at (916) 337-0658, or e-mail Mike@BuyYourVilla.com.
Serving El Dorado Hills, Folsom, Cameron Park, Placerville, El dorado, Sacramento and Place counties.
NEW HUD HOME BUYERS VIDEO: SHOPPING FOR YOUR HOME
New HUD Home Buyer’s Video Clip: Shopping For Your Home
The Department of Housing and Unban Development has just come out with a three video series designed to help home buyers better understand the home buying and financing process. The videos are straight forward and easy to understand. They range from 10 to a little over 12 minutes long and are a MUST VIEW for any first-time home buyer. More experienced home buyers may also find them helpful.
Here is a link to the first of the three, Shopping For Your Home: http://www.youtube.com/HUDchannel#p/a/u/0/kTn6hSrEGZg
Anyone who is seriously considering the purchase of a home should take the time to view these videos. It might be prudent for home sellers to view the videos as well.
If, after viewing the video, you have any questions or need assistance in finding the best deal on a home, feel free to give us a call at (916) 337-0658, or e-mail Mike@BuyYourVilla.com.
Serving El Dorado Hills, Folsom, Cameron Park, Placerville, El dorado, Sacramento and Place counties.