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How To Say Goodbye To Your Home

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Since the Sonoma and Napa fires we have been forced to think about saying “Goodbye” to many things, not the least of which is our home.  Those who are fortunate enough to sell their home to a willing buyer, may also experience a great sense of loss.   Our home is the place where we find comfort and security,  and where we have made hundreds of memories over the years we have lived there.

So how might we say “Farewell, dear friend” to the four walls that have seen so much of our lives…our laughter, our tears, our sorrows and our happiness?  The following are just a few suggestions gleaned from some military families who have learned to leave their homes over and over when duty calls.

One family said it helps to visit each room together sharing a special memory associated with that space.  As you leave each room, say “Goodbye, room” and move on to the next.

Another helpful ritual is to take a photo of the house that you are leaving to help remember the years spent in that home.  Even better is videotaping each room before you move.  

And, lastly, rather than leaving behind gorgeous plants and fruit trees that you’ve spent years nurturing, take seeds with you as a way to carry your old home to your new home.

If you need help finding the financing for your next home and do not qualify for a conventional loan, give us a call at 707-523-2099

How Much Do Utility Bills Add to Bay Area Homeownership Costs?

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Last month a Pacific Union Blog ran an eye-opening article on what the cost of utility bills added to homeownership in the Bay Area.  Surprisingly, the Bay Area’s utilities impacted the cost of owning a home far less on a percentage-point basis compared with the rest of the U.S!

You’re probably saying, “That’s not my experience!”  Because this study is based on the percentage comparison of utility cost vs. home value, Bay Area home owners get off easy compared to the rest of the nation.    

A tool provided by ATTOM Data Solutions offers data on utility costs by city.  The chart shows the impact of utilities on housing costs in the 10 most populous Bay Area cities by percentage of homeownership costs and monthly payments:  

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One way to offset the cost of some of your utility expense is by installing solar panels.  Besides significantly reducing your utility bills, homeowners net substantial returns on this investment.  For example, San Francisco and San Jose property values gained approximately an additional $10,000 for solar systems, and panels added more than $18,000 in Vallejo.

If you’re looking to increase the value of your home by “greening” your space or just looking to pay off expensive credit card debt and are having difficulty elsewhere for a loan, give us a call at Sun Pacific Mortgage.

Increase The Value Of Your Home

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In a recent article published by The Pacific Union, there are some interesting statistics on the home remodeling dollars being spent in the Bay Area. It appears that it is at an all-time high.

With housing inventory in shorter supply, many homeowners are opting to improve their present homes instead of risking selling and not finding a suitable replacement. That’s where Sun Pacific Mortgage can come to the rescue!

We offer hard money loans to borrowers who are having difficulty getting a loan elsewhere. Sometimes it is because they have less than perfect credit scores, or it might be that they are unable to prove their income. These situations can make conventional loans impossible. If you are looking to upgrade your home by doing some major renovations, give us a call to explore your options.

We have been a family owned and operated business in Sonoma County for 29 years with many loyal clients and investors. Let us help you make your nest more comfortable by utilizing equity you have in your home.

Best, Ken – Another Guy in the White Hat

Is 2017 The Year Of Real Estate Investing?

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Recently a chief economist for Fannie Mae, Douglas Duncan, told a group of financial professionals he sees no recession in sight.  His group forecasts the economy will grow by a conservative 2% this year.  But, he added, “Frankly, from a housing perspective, I think there will be a strong growth.”

Mr. Douglas is particularly optimistic regarding the growth of Baby Boomers as real estate investors.  Many of them may choose to downsize or relocate as they get closer to retirement.  Another group he sees showing interest in buying homes is the Millennials, particularly older ones who may have been renting single-family homes up until now and consider the time is right to buy.

With this information in mind, it looks like investing in real estate could offer a solid foundation for wealth growth – be it as an Investor for additional monthly income on rentals or as homeowners who benefit with tax write-offs and equity growth in their home.

For over 29 years now, Sun Pacific Mortgage and Real Estate, a family owned and operated business, has been here helping with hard money loans.  We have helped put thousands of buyers into homes and financed thousands of trust deed offerings through private investors, looking to make higher returns regularly.

Look at our website or call us at 707-523-2099 with any questions about investing in real estate trust deeds we regularly offer.  We are here to help you with your real estate borrowing and investing needs.

Rescuing a Realtor and His Home Buyer

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Santa Rosa, California Bridge Loan

A busy Realtor in Sonoma County contacted me to help rescue a frantic client, who was trying to buy a home while her current house was being sold.  The home buyer was having difficulty getting loan approval elsewhere because she didn’t make enough income; however, she did have a free and clear home she was selling.

Our Bridge Loan program allowed us to do a $450K loan against her home about to be listed for $1.7million.  This became the down payment for her new home and provided enough cash to fix up the home she was listing.

With our help, she was able to write an offer for the new home showing a 40% down payment, no contingency of sale of her existing home, and a 14 day close.   The 14 day close distinguished her offer from others and it was easily accepted.   I had this Bridge Loan approved and funded in under 2 weeks.  We were able to make a happy Realtor and a happy Buyer!

If you or someone you know is having difficulty with loan approval for a purchase or even a refinance, call me at 707-523-2099.  I am happy to let you know how I can help with a Hard Money loan.

Crystal Ball Reading for Real Estate in 2017

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According to the most respected real estate prognosticators, California remains one of the safest places to invest your money in 2017.   Several Western urban markets are still “red hot’, and 5 of them are in California.  Realtor.com has predicted that some cities will see sales growth as high as 5-6%.

If you are experiencing or have experienced circumstances that prevented you from obtaining a conventional loan, we have alternative finance programs that assist you to purchase or refinance property.  These are Hard Money loan options, and you will be able to get into the real estate market, improve your property, buy more property and be confident that your investment will grow.

California property has historically been considered a great investment, but never more so than today.  With a little research, you can find that perfect property in an up and coming area or an already highly desirable area.  

We are seeing more investments in properties that need some renovations.  These transactions are well suited to Hard Money loans.  Typically, these deals need a speedy close and will be sold or refinanced within 12-18 months.  The benefits of such a loan outweigh the higher rates and in the long run your overall financial picture will be greatly improved.

For more information about our Hard Money loans in California, North Bay, and San Francisco, give us a call at 707-523-2099.

Are You Ready To Spring Into Some Real Estate Action?

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We have all noted and experienced the tightness of the real estate market over the past several months.  But just as a tightly wound spring can leap forward at any moment, the real estate market is preparing to take such a leap.  I’m sure we all want to be ready for the opportunities that lie ahead.  

One of the available options that allow us to pounce on any real estate prospect that pops up is a Hard Money Loan.  Because these loans can be wrapped up in as little as 2 weeks and are often considered as “cash offers”, Hard Money loans offer the flexibility and speed that is needed in a swiftly moving market.  

Sun Pacific Mortgage & Real Estate has been in the business of Hard Money Loans in California for more than 29 years.  We have a proven record of supporting and executing transactions that looked doomed, needed some fast financing or just wanted the purchase offer to be stronger.

Give us at 707-523-2099 call to find out how we can help you or someone you know!

What Are Homeowners’ Biggest Concerns?

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Buying a home in California is one of the biggest purchases we will most likely make in our lifetime.

There was a good article recently from Pacific Union about homebuying (see link below).

This experience is a major investment in time, money, and emotions.  The process can definitely be intimidating for first time home buyers, particularly.

And the anxiety doesn’t end when the papers are signed.  There are worries that plague every homeowner even after the keys have been delivered.  Here are some helpful tips to benefit new homeowners in today’s market:

1. Being “House Poor”:

This is a situation where the person is paying a large amount of their total income just to maintain the roof over their head.  These people have little discretionary income and might even find it difficult to cover other financial obligations.  Knowing what your budget can afford before beginning your house hunt will prevent you from falling into this trap.

2. Not Understanding Escrow, Mortgage, and Taxes:

Real estate terms and procedures can be very confusing for the uninitiated.  Having your agent and/or broker explain terms and processes in laymen’s terms is critical if you are to feel confident making this major decision.

3. Unexpected Expensive Home Projects:

No one expects to be buying a “money pit”, but if a home inspection does not reveal a potential problem, the buyer needs to be prepared to pay for the repairs.  For this reason it is mandatory to review disclosures and pest reports so you can plan.

4. New Neighborhood and Neighbors:

Do your homework before you move in.  Take a few tests runs at various times of the day and night to get a feel for commute times and any environmental issues, like noise.  Get to know your neighbors. They can be a great source of information regarding service providers.

Worrying and anxiety over a home purchase in California does not necessarily indicate regrets, even though studies have shown that half of home buyers would change some aspect of their buying experience.  In the end homeownership is very exciting and few regret their decision to embark on this adventure.

If you are looking to purchase a home in San Francisco Bay Area, Los Angeles County, Santa Rosa, or other areas in California, consider our Hard Money loan programs as an alternative financing option. Call for a free consultation today, (707) 523-2099.

Pacific Union article: http://blog.pacificunion.com/what-are-new-homeowners-biggest-worries/

Get Ready For Spring!

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The National Association of Realtors (NAR) recently reported that the top 10 dates Sellers listed their homes in 2016 were mostly all in April, May or June.  If you are considering taking advantage of this “real estate season”, it is time to examine your best mortgage options.  

If you should find yourself in a situation where you stumble on your dream home, but have not sold your present one, fear not, a Bridge Loan can rescue you (https://www.sunpacificmortgage.com//blogs/bridge-loan-beneficial/).

This loan option is often preferred over a contingency offer, especially in a hot real estate market.  With a Bridge Loan the buyer can make a clean offer assuring the seller he has a firm commitment to the deal.  Bridge Loans are short term loans usually of 12 months.  This type of loan usually gets paid off with longer-term financing sometime in the near future, or from the sale of the prior property.  As the name implies, it provides a “bridge” from one transaction to the next.

At Sun Pacific Mortgage and Real Estate we have executed many of these loans and funded many a transaction from the “dead deal” pile.  Give us call at 707-523-2099 to explore the ways we may assist you with your next real estate deal.

Property Refinance in Santa Clara, California

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Property Refinance in Santa Clara, California

I work with many loan Brokers and Realtors.  One of my Brokers called with a transaction he needed to get done for a borrower on a rental property refinance. The clients needed a $770,000 first mortgage at 10% interest only for 2 years – and it was needed quickly as they had to close escrow on a new purchase of a multifamily property.

This Broker is a true professional.  He had already spoken with the clients and had all of the documentation he knew was required for loan approval, which he then forwarded to me.

Within 19 days all transactions were completed – the refinance and the new multifamily purchase!  A very happy home owner indeed.

To be successful, Hard Money loans must be  have speed and flexibility.  In this type of market, with multiple offers, borrowers can benefit from hard money as it fulfills a very real need in real estate buying these days.

Our Santa Clara location’s website can be found here: http://www.santaclarahardmoneylenders.com/

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