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Some Pitfalls to Avoid When Shopping For A Home

July 31, 2017

1 5 To The Uninitiated Home Buyer, The Process Of Becoming A Homeowner Can Be Daunting.  But Don’t Let These Cautions Deter You From Embarking On One Of The Best Financial Investments You Might Ever Make.  

To the uninitiated home buyer, the process of becoming a homeowner can be daunting.  But don’t let these cautions deter you from embarking on one of the best financial investments you might ever make.  

Connect up to a local experienced Real Estate Agent and Lender to help you navigate snags that can cost you a purchase or trap you in a nightmare.  Keep in mind a few common sense recommendations:

  • Line up your financing BEFORE you head out to look for property. You might want a million dollar house, but in reality, you can only afford half of that house.  Spare yourself the disappointment and save yourself and your agent time and energy.
  • Choose a reputable mortgage lender.  Your real estate agent can help you with recommendations.   If you have credit issues, Sun Pacific Mortgage can help you with a Hard Money Loan.
  • Get pre-qualified, not pre-approved.  Pre-qualification gives you a written commitment for financing up to a given amount that is good for up to 120 days.  This will make your offer have greater weight when your agent presents it to the seller.  To make an even stronger offer, consider Hard Money as a financing option if your offer keeps getting turned down.
  • Don’t lowball your offer.  This only insults the seller and in a seller’s market, where we find ourselves presently, it can kill the deal.  Your agent will give you comparable data to justify a legitimate price.
  • If you or your agent feels writing a personal letter to accompany the offer is a good idea, stick to the facts about the house that appeal to you.  Don’t overshare.
  • While you are in escrow refrain from making any big purchases because this may cause you to lose your funding by negatively impacting your debt-to-income ratio.  This is less of a problem for Hard Money loans so if you do get turned down at the last minute by your Lender, always know that Sun Pacific Mortgage is here to help get you fast financing.
  • Remember there will be closing costs.  Buyers and seller typically share the cost of these, but buyers shoulder the bigger burden.  Be sure to budget for these fees that your lender will disclose to you.


And remember, just because you have bad credit, the property is not pristine or you want to buy another home while waiting to sell your current house, does not mean you cannot qualify for a loan.  Sun Pacific Mortgage has been in the business of handling these types of situations for almost 30 years and have many happy clients as a result.  Please call us at 707-523-2099 to begin your journey toward homeownership!

Bay Area’s Hottest Spots for Home Flippers

July 25, 2017

1 4 A Recent Study Done By Attom Data Solutions States Some Zip Codes In The Bay Are Ranked Among The Nation’s Hottest Housing Market For Flippers. In The First Two Quarters Of 2017 Contra Costa County, Santa Clara County, And Solano County Were The Locations That Yielded The Highest Roi For Flippers.  Even Though The Bay Area Is One Of The More Expensive Places To Live In The Country, There Were Big Returns To Be Realized By Those Engaged In Flipping Houses.

A recent study done by ATTOM Data Solutions states some zip codes in the Bay are ranked among the nation’s hottest housing market for flippers. In the first two quarters of 2017 Contra Costa County, Santa Clara County, and Solano County were the locations that yielded the highest ROI for flippers.  Even though the Bay Area is one of the more expensive places to live in the country, there were big returns to be realized by those engaged in flipping houses.

Some of the more affordable cities who made the list include San Pablo, Concord, Pittsburg, Antioch, and Oakley in Contra Costa County with as much as a 62.9% ROI in one instance.

In Solano County, one of California’s hottest housing market in the past four months, a Fairfield zip code saw an ROI of 55% or $126,000.  Flippers in Campbell and some San Jose zip codes saw an ROI of 48.6% which equaled a happy return of $450,000!

With these outstanding returns, it is no wonder that flipping is alive and well in the Bay Area.  

As a Realtor or Lender, if you have been unable to help a client obtain a loan for one of these projects, give us a call at 707-523-2099.  We are in our 30th year of doing hard money loans in California, and getting loans approved for dump properties is no problem!

Visit our California North Bay Hard Money loans website: http://www.northbayhardmoneyloans.com/

Things You Might Overlook In Your Home Search

July 20, 2017

1 3 Some Of These Critical Features, Buyers Might Not Consider When House Hunting.  They May Not Be Deal Breakers For Some, But They Are Factors To Consider When Looking To Buy A Home:
You might think you have found your dream home, only to discover after you move in, that you missed some important “must-haves”.  I was reading a Realtor.com article recently and it was covering just this subject.  

Some of these critical features, buyers might not consider when house hunting.  They may not be deal breakers for some, but they are factors to consider when looking to buy a home:

  1. What is the neighborhood like at night?  Besides the safety issues, the neighborhood can change substantially at night when everyone is home from work and school.  
  2. The daily commute and traffic problems should be considered at various times of the day and evening.  You should know what it will take to get home because  you don’t want to arrive at your “dream home” after a “nightmare ride”.
  3. Read the CC&Rs carefully if you are buying into a homeowner’s association.  Many an unsuspecting homeowner has been surprised to find that they cannot park on the street in front of their house, for example.
  4. Some regulations might exist whereby you cannot rent out any part of your home for a short-term as on Airbnb, but you were counting on the extra income.
  5. The ratio of bedrooms to bathrooms is critical.  Most homeowners are comfortable with a Master Bath and at least one other bathroom.  A bathroom on every floor works best.
  6. If your property is on a septic system, has a well, or solar panels, a specialty inspection should be done to assure the integrity of these units.  These inspections are not part of the general home inspection.
  7. Don’t get “wowed” by the added amenities which can always be added after the sale and forget to focus on the things that cannot be changed or improved, like location and lot configuration.
  8. Keep in mind the resale value of your property.  Negative factors might not be important to you, but consider their impact on the rest of the buying public when you get ready to sell.
  9. Consider your future family needs for the home.  Will you need more space?  Will you need a home office?  Will you need to be near a good school and/or park?

After taking into account all of these considerations, align yourself with a local and reputable Realtor and Lender, who can make your dream come true.  

If you are looking to make a stronger offer, get a fast loan or have less than stellar credit, make that Lender Sun Pacific Mortgage!  We have been a Hard Money Lender in Santa Rosa for 29 years, and have helped hundreds of buyers who might otherwise have been kept out of the real estate market due to the stringent  requirements of traditional lenders.  Check out our Sonoma County based location website here: http://www.sonomacountyhardmoneyloans.com/

Please call us at 707-523-2099 and begin your journey toward homeownership.

Bay Area Real Estate Investors Reaping Large Profits

July 18, 2017

1 2 According To A Recent Report From Pacific Union, Real Estate Sellers In Three Local Metro Areas Enjoyed The Largest Return On Their Investments In The Country Last Year!  Sellers In The Bay Area Made More Than Three Times The National Average With San Francisco And San Jose Leading The Nation For The Largest Seller Profits.  Both Of These Areas Topped 69% In Profits Since The Date Of Purchase.  Santa Rosa Ranked 3Rd With 52% And Los Angeles Came In At A Respectable 49%.

According to a recent report from Pacific Union, real estate sellers in three local metro areas enjoyed the largest return on their investments in the country last year!  Sellers in the Bay Area made more than three times the national average with San Francisco and San Jose leading the nation for the largest seller profits.  Both of these areas topped 69% in profits since the date of purchase.  Santa Rosa ranked 3rd with 52% and Los Angeles came in at a respectable 49%.

While these figures provide a rosy picture of 2016, 2017 has continued to enjoy strong real estate appreciation well into the year.  Distressed sales of single family and condominium transactions are the lowest since 2008.  Some very reputable analysts do not predict a recession in the next 2 years, which would make this the longest stretch of economic prosperity in modern American history.

Why wait to invest in this lucrative avenue to potential wealth?  All signs point to the advantages of growing your assets in this economy through real estate investments.

We here at Sun Pacific Mortgage are ready to assist with such investment.  We regularly have Trust Deeds available, offering 1st mortgages for California properties.  We have been in business for over 29 years now, so have much experience in this area.

As an Investor you can upwards of 13% return, earnings that are not easily found elsewhere in our economy.  Let us help as you diversify your portfolio.  Here is our webpage to provide further information on how we can work together:  https://www.sunpacificmortgage.com//hard-money-investor-tutorial/

Superheroes Fund Not-Normal Loans

July 11, 2017

 

Superhero Men Our “Not-Normal Loans” Have Just 2 Main Qualifications:

Our “not-normal loans” have just 2 main qualifications:

  • Decent existing equity or at least 25% down payment.
  • An ability to repay the loan (source of income).

Known as Hard Money, these loans might enable you to bring that superhero offer to a Seller or to be the superhero Agent for your client. Financing available for owner occupied, non-owner, some commercial and land loans.

We stand ready to help you, a client or someone you know with our “not-normal loan” programs! Call us today at 707-523-2099.

Best, Broker & Broker – The Superhero Guys in the White Hats

Recently Funded Not-Normal Loans:

Santa Rosa, California (Sonoma County)
Loan Amount: $360,000
Loan Program: Investment Property Purchase
Loan To Value: 60%
Days To Fund: 8 days
Why Turned Down Elsewhere: FICO issues

Orangevale, California (Sacramento County)
Loan Amount: $295,000
Loan Program: Owner Occupied Business Purpose
Loan To Value: 65%
Days To Fund: 19 days
Why Turned Down Elsewhere: Bankruptcy

South Lake Tahoe, California (El Dorado County)
Loan Amount: $311,000
Loan Program: Owner Occupied Temporary
Loan To Value: 64%
Days To Fund: 14 days
Why Turned Down Elsewhere: Property condition

Santa Rosa, California (Sonoma County)
Loan Amount: $568,000
Loan Program: Bridge loan
Loan To Value: 80%
Days To Fund: 12 days
Why Turned Down Elsewhere: Needed a fast loan

Vallejo, California (Solano County)
Loan Amount: $420,000
Loan Program: Investment Property Refinance
Loan To Value: 56%
Days To Fund: 24 days
Why Turned Down Elsewhere: Short sale

Note:  Get our financing despite bad credit, difficult to prove income, property a fixer, etc!  We finance Jumbo loans, Bridge and short term loans, Owner Occupied purchases and refinances, investment purchases, commercial and land.

Good News For Real Estate Investing

July 7, 2017

1 As A Real Estate Investor You Are Naturally Concerned With The Appreciation Of Your Property.  Well, Here’s Some Good News:  The Bay Area Saw An Average Of 8 Percent Annual Home Price Appreciation From January Through April Of 2017.  This Information Comes From Selma Hepp, Pacific Union’s Chief Economist.  

As a real estate Investor you are naturally concerned with the appreciation of your property.  Well, here’s some good news:  the Bay Area saw an average of 8 percent annual home price appreciation from January through April of 2017.  This information comes from Selma Hepp, Pacific Union’s Chief Economist.  

Below is a summary of the 10 Bay Area ZIP codes that experienced the largest housing price gains and losses as of April.

This information presents an attractive incentive to look at real estate trust deed investments as a viable option for wealth growth.

We offer such trust deeds for California real estate investing.   Here is some further information from our website directly as to how we operate and how you can earn 10-13% return on your investment:  https://www.sunpacificmortgage.com//hard-money-investor-tutorial/

Call us at 707-523-2099 with any questions or to sign up and become an Investor with us.

Skillful Summer Success

June 28, 2017

Surfingken A Realtor Called Me Regarding A Home Loan That Her Client Was Having Difficulty Getting Approved. The Buyer Wanted To Purchase A New Home In Orange County And Needed A Jumbo Loan Of $875K.  Partially Using Equity From His Existing House, He Was Coming In With 50% Of The Purchase Price, Made Good Income And Had Good Credit.  The Property Was Under Construction And, Therefore, Did Not Qualify For Other Loan Programs.

Owner Occupied Bridge/Temporary Loan
San Juan Capistrano, California

A Realtor called me regarding a home loan that her client was having difficulty getting approved. The buyer wanted to purchase a new home in Orange County and needed a jumbo loan of $875K.  Partially using equity from his existing house, he was coming in with 50% of the purchase price, made good income and had good credit.  The property was under construction and, therefore, did not qualify for other loan programs.

This is where I came in with our Hard Money lending.  This type of loan is not a disqualification or a turn-off for any of our private investors.  The home buyer intended to complete the construction and would refinance once it qualified for traditional financing.

With such a positive loan to value and the Borrower’s other great qualifications, I had this loan approved and funded in no time.  Both the Realtor and buyer were extremely happy when this transaction closed in under 3 weeks!

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 would be more than happy to let you know how we can help with a Hard Money loan.

Accomplish Your “Catch of the Day” With Hard Money

June 21, 2017

Bigfish I Had A Realtor And His Buyer Call Me, Wanting A Fast Loan.  The Buyer Didn’t Want To Miss Out On A Good Property Buy In San Mateo County.  He Was Able To Do A 35% Down Payment But Needed A $460K Loan To Complete The Purchase.

Investment Purchase Loan
Daly City, California

I had a Realtor and his Buyer call me, wanting a fast loan.  The Buyer didn’t want to miss out on a good property buy in San Mateo County.  He was able to do a 35% down payment but needed a $460K loan to complete the purchase.

With our Hard Money programs, getting fast real estate financing for that loan to value on a non-owner purchase was easy.  Both Realtor and client were very appreciative to get the loan done in 8 days.  Now that’s what I call a great catch of the day!

If you or someone you know needs a fast loan or is having difficulty with loan approval for a purchase or even a refinance, call 707-523-2099, we are here to help.

Increase The Value Of Your Home

June 14, 2017

Bird 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.

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, Broker – Another Guy in the White Hat

Broker and Buyer Loan Rescued

June 7, 2017

1 Corona, California Purchase

Corona, California Purchase

Recently a Broker from Riverside County contacted me to help rescue a frantic client, who was trying to buy a rental property.  This particular Home Buyer was having difficulty getting approval elsewhere despite making excellent monthly income and having good credit (over 700 FICO). The problem was he was self-employed with difficult to prove income.

This was not a problem for my Hard Money loan programs. The loan amount needed was $749K for 2 years with a loan to value at 75%. The transaction was a Non-Owner Occupied loan for a single-family residence that the Buyer wanted to turn into a rental for additional monthly income.

I got right onto it, found one of our Private Investors who could fund the purchase, and in less than 2 weeks we had a satisfied referring Broker with a relieved and 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 would be more than happy to let you know how I can help with a Hard Money loan.

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