This move-in ready Wrigley home has two bedrooms, one bathroom and a detached two-car garage. The home features a formal dining room, expansive living room with fireplace, and plantation shutters. The home has new paint, flooring, appliances and a new garage door. The private backyard with porch is ideal for family gatherings.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

This is a beautiful and very spacious 3 bed/ 2 bath SFR with a 2 car detached garage located in Downey. This home has a large front yard with a long driveway. The living room features hardwood flooring, a fireplace and nice open windows that view the back yard. The kitchen is very spacious with granite countertops and the dining room features crown molding which gives the room a wonderful touch. Property also features a nice sized laundry room. Master bedroom has a full glass sliding closet, carpet flooring, and large windows that view the backyard. The backyard is huge and would be perfect for summer Bbq’s!

This is an amazing value at only $399,000.   Call for a private showing TODAY!

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The revisions could remove at least some of the obstacles that have dissuaded condo homeowner association boards from seeking approval or recertification of their buildings for FHA loans.

By Kenneth R. Harney
May 20, 2012

WASHINGTON — Thousands of condominium owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing Administration is readying changes to its controversial condominium rules that have rendered large numbers of units ineligible for the agency’s low-down-payment insured mortgages.

The revisions could remove at least some of the obstacles that have dissuaded condominium homeowner association boards from seeking FHA approval or recertification of their buildings for FHA loans in the last 18 months. Under the agency’s regulations, individual condo units in a building cannot be sold to buyers using FHA-insured mortgages unless the property as a whole has been approved for financing.

According to condominium experts, realty agents, lenders and builders, the FHA’s rules have become overly strict and have cut buyers from their best source of low-cost mortgage money, thereby frustrating the real estate recovery that the Obama administration says it advocates.

Christopher L. Gardner, managing member of FHA Pros, a national consulting firm based in Northridge that assists condo boards in obtaining FHA approvals, said barely 25% of all condo projects that are potentially eligible for FHA financing are now approved. That is despite the fact, Gardner said, that FHA financing is the No. 1 mortgage choice for half of all condo buyers and is crucial to many first-time and minority purchasers.

Moe Veissi, president of the National Assn. of Realtors and a broker in Miami, said the FHA’s strict rules “have had an enormous impact on individuals” across the country, especially residents of condo projects who find they are unable to sell their units because their condo board has not sought or obtained approval from the FHA as a result of objections to the agency’s strict criteria. This in turn depresses the prices that unit owners can obtain and ultimately harms their equity holdings and financial futures, Veissi said.

FHA officials defend their requirements as prudent and necessary to avoid insurance fund losses but have expressed a willingness to reconsider some of the issues that have upset condo owners and the real estate industry. Among the biggest areas of criticism of the FHA’s rules are its limitations on:

•Non-owner occupancy. The agency requires that no more than 50% of the units in a project or building be non-owner-occupied. This rule alone has made large numbers of condominiums in hard-hit markets ineligible for FHA financing, where investors have purchased units for cash to turn into rentals.

•Delinquent condo association fee payments. The FHA refuses to approve a project where more than 15% of the units are 30 days or more behind on payments of condo fees to the association. Given the state of the economy, this has been a problem for thousands of associations, even in relatively prosperous markets. Steve Stamets, a loan officer with Apex Home Loans in Rockville, Md., said some sellers and buyers have been so frustrated by the rule that they have offered to pay the amount of delinquent fees needed to bring the overall project into compliance “just to get the deal done. This is a ridiculous situation,” Stamets said. “When somebody calls up now and says they want to buy a condo with an FHA loan, I cringe.”

•Nonresidential space usage. The FHA has set a cap of 25% of the total floor space in a project for commercial use. Critics say this is too low and unrealistic for condo projects in urban areas, where retail and office revenues can be important to overall financial feasibility.

The agency has imposed a long list of other requirements on insurance and reserves, plus a highly controversial rule that associations interpret as creating harsh legal liabilities for condo board officers if applications for FHA approvals contain inaccuracies. Andrew Fortin, vice president for government and public affairs at Dallas-based Associa, one of the country’s largest homeowner association management firms, said many boards, facing the prospect of severe penalties, have refused to apply solely because of this personal liability burden.

The FHA is expected to clarify the personal liability language and make other modifications in its forthcoming rules. Whether the changes will be enough to persuade homeowner boards to apply for approvals in large numbers is uncertain, but industry experts say they — and residential unit owners — are likely to welcome whatever loosening of the current restrictions FHA can offer.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

HUD Home. Proprety is a cozy 2 bed/2 bath SFR located in Long Beach. Property has a large front yard and spacious kitchen.
Bedrooms have carpet flooring. This property is located near many retail venues and the traffic circle.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

This is a lovingly restored but modernized Spanish style home located in the historic district of California Heights.  This home features hardwood floors, open floor plan, and luscious tropical backyard.  The kitchen has been upgraded with all the modern materials include granite counter tops, stainless appliances and glass tile.

http://www.californiaheightsspanish.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Do you sometimes feels that you are making tons of offers on houses with no success?  Are your offers constantly getting countered, rejected or just overbid?  Are you getting tired of driving around on weekends looking for the right house just to get you offer rejected?

We call this ‘spaghetti’ offers.   Sometimes you have to throw a bunch of spaghetti on against the wall to see what sticks.   In today’s market, with incredibly low interest rates and few homes  on the market it takes a lot of throwing to find the right house.

If this sounds familiar, you are not alone.   It is not uncommon that many buyers are writing five to ten offers on different houses before one gets accepted.  Alicia Weaver of Shandrow Group continues, “the market is very tight right now. There are not a lot of good quality homes on the market and the ones that are good get loads of offers.  It certain feels like a seller’s market.”

To good news is this can present a great opportunity for buyers that are working with a qualified real estate agent.

If you need help reducing the number of spaghetti offers you are writing, contact Shandrow Group today. We can help you find the right house for the right price.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Yes, we are doing it again.  The attendance has been AMAZING!!!  Please stop by the Petroleum Club this Saturday for another great buyer training on HOW TO BUY HUD HOMES.  Here are just a few benefits of buying a HUD owned home:

• HUD will pay up to 3% of buyers closing cost (must be negotiated in contract)
• Escrow fee paid by HUD (savings of anywhere from $350-$900)
• Price of home is based on an FHA as-is appraisal (excellent values)
• If Condo or townhome, project approval is not required (only on HUD Homes) ML 09-19
• FHA appraisal is already completed (saving an average of $400, Appraisal is good for up to 4 months)
• IE finance types have option of doing an FHA standard loan with escrow repair
• Owner Occupant priority bidding period
• Low EMD ($500 or $1,000)
• Good Neighbor Next Door (GNND) program available in certain areas for eligible buyers
• All homes listed on www.hudhomestore.com nationwide
• Quick response to bids (typically within 24 hrs from bidding deadline)
• FHA 203K owner occupant rehab loan option
• Did you know…? If FHA financing used, termite inspection and treatment is paid by HUD and all section one items are cleared

Sealed Bids, Bid Transparency

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Charming single family home located in a great neighborhood. Property shows as a 4 bed/3 bath with a pool room that includes a changing room, dry sauna, 3/4 bath, and 1 car garage. Great floorplan with a large backyard and an attached 2 car garage. Property features a wonderful patio w/ a large solar heating in ground pool and jacuzzi. Kitchen has a built in oven/microwave, cooktop, and dishwasher. Two fireplaces located in the dining room and master bedroom. This home is a must see and will not last long! Subject to cancellation.

Check out the custom single property website here:
http://www.9252ivesstreet.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater, according to CoreLogic.

That’s a lot of potential debt to be forgiven, and through the Mortgage Debt Relief Act of 2007, homeowners get a break from paying taxes on their forgiven debt – whether it was forgiven through a short sale, foreclosure, or a modification. The act though, is set to expire at the end of this year.

“The scheduled expiration of the mortgage debt relief law means a whole lot of uncertainty for a whole lot of underwater homeowners who are in the process of foreclosure,” said Lance Denha, Esq., of the Law Offices of Lance Denha.

If extended, this could lead to thousands in savings for the individual borrower. For example, depending on one’s tax bracket, every $10,000 in forgiven debt could incur as much as $1,500 to $3,500 in federal taxes. Thus, if $100,000 in mortgage debt is forgiven after a foreclosure, this could mean $15,000 to $35,000 in taxes owed for the borrower.

The Law Office of Lance Denha warned that rushing to hand over a deed before the December 31 expiration date could become a mistake though if Congress ends up extending the debt relief act, which it may.

“Obama did include it in his budget, to extend it to 2014,” said Mark Luscombe, a principal analyst for tax research firm CCH, in a statement. “Congress….. might decide it’s not as crucial as extending the tax breaks that already expired at the end of last year.”

That doesn’t mean Congress won’t eventually act to extend the relief, Luscombe said. “Usually the only fight about these things is finding a way to pay for it,” he said.

The administration is proposing to extend the act until January 1, 2015. The criteria to have forgiven debt excluded as taxable income is the debt must be from a primary residence, and the debt must be used to buy, build or substantially improve a primary residence. Also, the exclusion applies only to acquisition debt up to $2 million, or $1 million for married taxpayers filing separately. The Law Office of Lance Denha is a multistate law firm that helps defend wrongful foreclosures against homeowners.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Single Family Home for sale in Carson, CA

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$350,000 Single Family Home Main Features 3 Bedrooms 2 Bathrooms 1 Partial Bathroom Location 17533 Orangetree Dr Carson, CA 90746 USA To get updates on open home dates and other property events, please click the “Like” button below:

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Shandrow Group Shandrow Group (800) 804-9506 mark@shandrowgroup.com http://shandrowgroup.com Listed by: Shandrow Group

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