|
|
|
|
|
|
|
|
|
|
MVP'08
- 1054 Answers
- 49 Best Answers
- 187 First Answers
- 1181 Useful Answers
Share this profile
Report this profile
Report this profile
About Me
Roseville, Rocklin, Lincoln, Sheridan, Citrus Heights, Carmichael Granite Bay, Loomis,
Web email: Roseville.Foreclosure.Realtor@gmail.com
Additional service areas: Sacramento, Antelope, Fair Oaks, Orangevale, Folsom, Newcastle, Auburn, Penryn, Pollock Pines, Placerville, Shingle Springs, El Dorado Hills, Cameron Park, Rescue, Lotus, Cool, Herald, Wilton, Elk Grove
- phone 916-772-1212, cell phone 916-797-6794. email roseville.foreclosure.realtor@gmail.com
1st American Realty 5740 Windmill Way, Suite One, Carmichael, Ca 95608
My other blogs http://www.propertyqube.com/index.cfm?keyWord=View%20Profile&id=726
http://www.merchantcircle.com/business/1st.American.Realty.2.916-973-0136
Other 1AR locations: http://www.1ar.com/company.php
Easy Mortgage Calculator: http://www.realestate-pds.com/finMortgageCal.html
Roseville MLS Search - no registration needed http://www.metrolistmls.com
City of Roseville: http://www.roseville.ca.us/
Roseville neighborhood newsletters: http://www.rcona.com/
Roseville Press Tribune: http://www.rosevillept.com/
Diamond Creek Elementary School: http://www.rcsdk8.org/buildings/d_creek/index.htm
Roseville High School: http://rhs.rjuhsd.k12.ca.us/news.php
Star Testing Results: http://star.cde.ca.gov/
Academic Performance index for California Schools: http://www.cde.ca.gov/ta/ac/ap/
California Department of Education: http://www.cde.ca.gov/index.asp
California Department of Education Statistics: http://www.cde.ca.gov/ds/
Dept of Justice - megans law site: http://meganslaw.ca.gov/
California Department of Real Estate: http://www.dre.cahwnet.gov/
California Association of Realtors: http://www.car.org/
FEMA Flood Insurance FAQs: http://www.floodsmart.gov/floodsmart/pages/faq_types.jsp
U.S. Small Business Administration (SBA Loans) http://www.sba.gov/services/financialassistance/SpecialPurposeLoans/index.html
Frequently Asked Questions - Commercial Real Estate Leasing: http://www.officespace.com/FAQ.cfm
Commercial Property sales and leases http://www.loopnet.com/xNet/MainSite/Listing/Search/?linkcode=30
John T. Reed on Ethics and suitability in Real Estate Transactions: http://www.johntreed.com/suitability.html
Sacramento Real Estate Statistics: http://sacrealstats.blogspot.com/
Data Quick Statistics: http://www.dqnews.com/
San Francisco Blog "Socket site" : http://www.socketsite.com/
Trulia Blog: http://www.truliablog.com/
What happens in Vegas?: http://activerain.com/william
What you need to know about lease options by John T. Reed: http://www.johntreed.com/leaseoption.html
Rental Property Management sites: http://www.rentalprop.com/
Sacramento Rental Rates: http://www.homepointe.com/owner_services_rental_survey.asp
PM Blog: http://mbrewer.typepad.com/property_management/2007/11/raise-rent-in-a.html
Bearded economists blog: http://econospeak.blogspot.com/
Residential Sales, Listings and Loans.
I am an experienced, skilled professional with expertise in multiple areas of new home and resale home sales, lot sales, condominium sales, income property sales including exchanges, listing and selling foreclosures and short sales, relocations, working with builders, tradespeople, buyers and sellers, coordinating with colleagues in the escrow, appraisal, lending, inspecting and repair industries.
I have mortgage loan experience in loan servicing,loan modifications, funding, document preparation, processing, underwriting, origination, FHA, VA and conventional. Related experience includes property management, collections, financial product sales, consumer lending, credit card merchant services, home and business disaster assistance lending. I am committed to customer satisfaction.
Web email: Roseville.Foreclosure.Realtor@gmail.com
Additional service areas: Sacramento, Antelope, Fair Oaks, Orangevale, Folsom, Newcastle, Auburn, Penryn, Pollock Pines, Placerville, Shingle Springs, El Dorado Hills, Cameron Park, Rescue, Lotus, Cool, Herald, Wilton, Elk Grove
- phone 916-772-1212, cell phone 916-797-6794. email roseville.foreclosure.realtor@gmail.com
1st American Realty 5740 Windmill Way, Suite One, Carmichael, Ca 95608
My other blogs http://www.propertyqube.com/index.cfm?keyWord=View%20Profile&id=726
http://www.merchantcircle.com/business/1st.American.Realty.2.916-973-0136
Other 1AR locations: http://www.1ar.com/company.php
Easy Mortgage Calculator: http://www.realestate-pds.com/finMortgageCal.html
Roseville MLS Search - no registration needed http://www.metrolistmls.com
City of Roseville: http://www.roseville.ca.us/
Roseville neighborhood newsletters: http://www.rcona.com/
Roseville Press Tribune: http://www.rosevillept.com/
Diamond Creek Elementary School: http://www.rcsdk8.org/buildings/d_creek/index.htm
Roseville High School: http://rhs.rjuhsd.k12.ca.us/news.php
Star Testing Results: http://star.cde.ca.gov/
Academic Performance index for California Schools: http://www.cde.ca.gov/ta/ac/ap/
California Department of Education: http://www.cde.ca.gov/index.asp
California Department of Education Statistics: http://www.cde.ca.gov/ds/
Dept of Justice - megans law site: http://meganslaw.ca.gov/
California Department of Real Estate: http://www.dre.cahwnet.gov/
California Association of Realtors: http://www.car.org/
FEMA Flood Insurance FAQs: http://www.floodsmart.gov/floodsmart/pages/faq_types.jsp
U.S. Small Business Administration (SBA Loans) http://www.sba.gov/services/financialassistance/SpecialPurposeLoans/index.html
Frequently Asked Questions - Commercial Real Estate Leasing: http://www.officespace.com/FAQ.cfm
Commercial Property sales and leases http://www.loopnet.com/xNet/MainSite/Listing/Search/?linkcode=30
John T. Reed on Ethics and suitability in Real Estate Transactions: http://www.johntreed.com/suitability.html
Sacramento Real Estate Statistics: http://sacrealstats.blogspot.com/
Data Quick Statistics: http://www.dqnews.com/
San Francisco Blog "Socket site" : http://www.socketsite.com/
Trulia Blog: http://www.truliablog.com/
What happens in Vegas?: http://activerain.com/william
What you need to know about lease options by John T. Reed: http://www.johntreed.com/leaseoption.html
Rental Property Management sites: http://www.rentalprop.com/
Sacramento Rental Rates: http://www.homepointe.com/owner_services_rental_survey.asp
PM Blog: http://mbrewer.typepad.com/property_management/2007/11/raise-rent-in-a.html
Bearded economists blog: http://econospeak.blogspot.com/
Residential Sales, Listings and Loans.
I am an experienced, skilled professional with expertise in multiple areas of new home and resale home sales, lot sales, condominium sales, income property sales including exchanges, listing and selling foreclosures and short sales, relocations, working with builders, tradespeople, buyers and sellers, coordinating with colleagues in the escrow, appraisal, lending, inspecting and repair industries.
I have mortgage loan experience in loan servicing,loan modifications, funding, document preparation, processing, underwriting, origination, FHA, VA and conventional. Related experience includes property management, collections, financial product sales, consumer lending, credit card merchant services, home and business disaster assistance lending. I am committed to customer satisfaction.
Testimonials
"Dear Jim,
I want to thank you again for doing such a good job. You are a great real estate agent & very thorough. I have appreciated all your effort on these difficult transactions.
Many thanks"
Doreen Harrison Thu Nov 30, 1995
Doreen Harrison Thu Nov 30, 1995
"Dear Jim,
Lance & I wanted to thank those who made 93' such a special year for us. We appreciated all of your hard work & dedication to provide us with a home loan. It means a lot when someone goes an extra mile these days. We thank you again and hope 94' will be equally bright for us all. Best Regards"
Lance & Tami West Mon Dec 20, 1993
Lance & Tami West Mon Dec 20, 1993
"Jim and Jeni Walker are exceptional representatives of your company. Their diligence and expertise in helping me locate and purchase my home made the whole process a joy.I can't say enough good things about the service they provided me. Thank you!"
Jim Delong Thu Jan 23, 1997
Jim Delong Thu Jan 23, 1997
"Praise for Jim Walker - He straightened out all my tax problems after 1 and 1/2 years with IMCO. Jim got straight to the problem, got the information straight & solved this for me. After 1 and 1/2 years I feel like opening a bottle of champagne to celebrate""
James Lupton Mon Jan 28, 1991
James Lupton Mon Jan 28, 1991
My Q&A
View all >>
Jim Walker's Questions (43)
Jim Walker's Answers (1054)
Jim Walker answered:
I will state the obvious up front, the down payment is NOT part of the closing costs. Never is, never was.
I hope you were not expecting the seller could pay any part of your down payment. It is not allowed by FHA, even if the seller wants to.
It is normal for closing costs to eat up anywhere from 3 to 6% extra over the purchase price. Those closing costs are above and beyond the down payment requirement.
Sellers are allowed to contribute funds toward the closing costs but not a cent to the buyers down payment.
FHA loans are more complicated than conventional loans. There is something called mortgage insurance premium (MIP) that is added to the base loan amount. This MIP charge complicates FHA loans enormously for escrow and loan officers and for buyers.
You have a base loan amount, then there is the total loan amount which is base plus MIP.
The MIP is financable - that means you can add it to the loan balance. This of course increases your loan balance and the amount of your monthly payment. Is this what your extra $4,000 is?
Or. If you put up $2,000 as the initial deposit - and you are now being asked to bring in $4,000. Well this is simple math 2 + 4 = 6.
That would sound right, - the balance of the down payment....
I hope you were not expecting the seller could pay any part of your down payment. It is not allowed by FHA, even if the seller wants to.
It is normal for closing costs to eat up anywhere from 3 to 6% extra over the purchase price. Those closing costs are above and beyond the down payment requirement.
Sellers are allowed to contribute funds toward the closing costs but not a cent to the buyers down payment.
FHA loans are more complicated than conventional loans. There is something called mortgage insurance premium (MIP) that is added to the base loan amount. This MIP charge complicates FHA loans enormously for escrow and loan officers and for buyers.
You have a base loan amount, then there is the total loan amount which is base plus MIP.
The MIP is financable - that means you can add it to the loan balance. This of course increases your loan balance and the amount of your monthly payment. Is this what your extra $4,000 is?
Or. If you put up $2,000 as the initial deposit - and you are now being asked to bring in $4,000. Well this is simple math 2 + 4 = 6.
That would sound right, - the balance of the down payment....
Jim Walker answered:
This was accidentally placed in the Lincoln California question Box....Trulia webmaster please reposition this question to Delaware.
Sorry Douglas there are many "Lincolns" across the USA, this happens a lot.
Sorry Douglas there are many "Lincolns" across the USA, this happens a lot.
Jim Walker answered:
yes, very possible. You have several good candidates already.
I want to add my aphorism: "List prices not closely correlated to market value."
In other words the bank REO departments are pricing houses way below their value or way above their value, rarely are they priced for exactly what they are worth.
2nd point. You may be competing against cash buyers and against buyers who are willing to pay their own closing costs. The banks are looking at their net receipt from the sale. If you want 6% closing costs paid by the bank then you may have to bid at least 6% higher than a competing buyer, to win a particular house.
I want to add my aphorism: "List prices not closely correlated to market value."
In other words the bank REO departments are pricing houses way below their value or way above their value, rarely are they priced for exactly what they are worth.
2nd point. You may be competing against cash buyers and against buyers who are willing to pay their own closing costs. The banks are looking at their net receipt from the sale. If you want 6% closing costs paid by the bank then you may have to bid at least 6% higher than a competing buyer, to win a particular house.
Jim Walker answered:
The property in question closed escrow on Oct 31st. It sold for $113,000, which was $4,100 over the list price of $108,900
It had been a countrywide bank repo listed on Sept 4th, It quickly sold within a week, but the escrow took over 50 days to close.
Several banks have announced new moratoriums on new foreclosures. There will still be a lot of foreclosure to choose from for several months to come. However, I predict there will be fewer foreclosed homes to pick up cheap after about another year or so.
It had been a countrywide bank repo listed on Sept 4th, It quickly sold within a week, but the escrow took over 50 days to close.
Several banks have announced new moratoriums on new foreclosures. There will still be a lot of foreclosure to choose from for several months to come. However, I predict there will be fewer foreclosed homes to pick up cheap after about another year or so.
Jim Walker answered:
Yes.
I don't have an objection to your agent shotgunning out multiple offers on your behalf with the same signature page, as long as you approved the terms and price of the offer. Faxed signatures and electronic signatures are the norm these days.
You can be sure that the banks don't often sign their counteroffers either. You are not dealing with individuals. The banks really don't care if yours is a photocopied signature on the original offer. They will be sending you an addendum to sign that will override (supersede) the photocopied offer anyway.
In today's REO market, list prices are not significantly correlated to market value. Many list prices are way below a property's value, Many are way above their property's value. REO. List prices today are therefore not meaningful when determining the proper offer amount.
Cash offer versus FHA? - you know the old saying: a bird in the hand is worth two in the bush? Many FHA escrows fail to close and some of the successful FHA deals take much longer to close than scheduled. Your choice of financing adds expense and uncertainty to the sellers side of the equation. Naturally they are going to prefer cash to an FHA buyer. - Some say by as much as 5%. Every bank, every asset manager every offer and negotiation is different, you might strike gold on offer #33.
I have written that many offers for one client to get his family into a great home at a great price, got him in on about the 33rd offer. It sounds like your agent is doing an excellent job for you, too.
I don't have an objection to your agent shotgunning out multiple offers on your behalf with the same signature page, as long as you approved the terms and price of the offer. Faxed signatures and electronic signatures are the norm these days.
You can be sure that the banks don't often sign their counteroffers either. You are not dealing with individuals. The banks really don't care if yours is a photocopied signature on the original offer. They will be sending you an addendum to sign that will override (supersede) the photocopied offer anyway.
In today's REO market, list prices are not significantly correlated to market value. Many list prices are way below a property's value, Many are way above their property's value. REO. List prices today are therefore not meaningful when determining the proper offer amount.
Cash offer versus FHA? - you know the old saying: a bird in the hand is worth two in the bush? Many FHA escrows fail to close and some of the successful FHA deals take much longer to close than scheduled. Your choice of financing adds expense and uncertainty to the sellers side of the equation. Naturally they are going to prefer cash to an FHA buyer. - Some say by as much as 5%. Every bank, every asset manager every offer and negotiation is different, you might strike gold on offer #33.
I have written that many offers for one client to get his family into a great home at a great price, got him in on about the 33rd offer. It sounds like your agent is doing an excellent job for you, too.
My Blog Posts
View blog >>
|
New comment posted yesterday, 13:48 by Seth Chalnick - 7 Comments
|
My Listings
View all 7 listings
Specialties
I am an experienced, skilled professional with expertise in multiple areas of new home and resale home sales, lot sales, condominium sales, income property sales including exchanges, listing and selling foreclosures and short sales, relocations, working with builders, tradespeople, buyers and sellers, coordinating with colleagues in the escrow, appraisal, lending, inspecting and repair industries.
I have mortgage loan experience in loan servicing,loan modifications, funding, document preparation, processing, underwriting, origination, FHA, VA and conventional. Related experience includes property management, collections, financial product sales, consumer lending, credit card merchant services, home and business disaster assistance lending. I am committed to customer satisfaction
I have mortgage loan experience in loan servicing,loan modifications, funding, document preparation, processing, underwriting, origination, FHA, VA and conventional. Related experience includes property management, collections, financial product sales, consumer lending, credit card merchant services, home and business disaster assistance lending. I am committed to customer satisfaction
Experience
Latest:
Realtor for 1st Amercian Realty
I provide reliable advice to my clients on the purchase and sale of owner occupied and investment property.
property searches, showings, offer strategy and negotiation are handled expertly, followed up with skillful transaction management to achieve a successful close of escrow.
January 2003—present
Previous:
Loan Officer for United States Small Business Administration
Originated and Modified Disaster Business Loans and Disaster Home Loans to victims recovering from hurricanes, earthquakes and tornadoes
September 2005—November 2006
Previous:
Realtor for 1st Amercian Realty
I provide reliable advice to my clients on the purchase and sale of owner occupied and investment property. property searches, showings, offer strategy and negotiation are handled expertly, followed up with skillful transaction management to achieve a successful close of escrow
January 2003—September 2005
Previous:
Loan Officer for United StatesSmall Business Administration
Originated and Modified Disaster Business Loans and Disaster Home Loans to victims recovering from hurricanes, earthquakes and tornadoes
April 2001—September 2001
Previous:
Loan Officer for Small Business Administration
Originated and Modified Disaster Business Loans and Disaster Home Loans to victims recovering from hurricanes, earthquakes and tornadoe
October 1999—December 1999
Certifications & Awards
Trulia Century Award Winner:
Awarded to Jim Walker by Pete Flint CEO of, co Founder of Trulia and Sami Inkinen COO and Co-Founder of Trulia - August 17th 2007
Awarded to Jim Walker by Pete Flint CEO of, co Founder of Trulia and Sami Inkinen COO and Co-Founder of Trulia - August 17th 2007
Interests
Blogging: yeah that is pretty obvious.
Family, yeah I know everyone says that, but I really like mine best.
Poker, I've learned a lot about people from that game. The experience in small stakes poker helped me understand high stakes real estate negotiations from a lot of different perspectives.
TV shows: Lost, Desperate Housewives, Countdown with Keith Olberman, Antiques Roadshow, Nova, Frontline, American Experience on PBS. the Simpsons, and Futurama,
Family, yeah I know everyone says that, but I really like mine best.
Poker, I've learned a lot about people from that game. The experience in small stakes poker helped me understand high stakes real estate negotiations from a lot of different perspectives.
TV shows: Lost, Desperate Housewives, Countdown with Keith Olberman, Antiques Roadshow, Nova, Frontline, American Experience on PBS. the Simpsons, and Futurama,
View Jim Walker's...
Jim Walker is a member of Trulia Voices:
Get the inside scoop on your area and home buying and selling.
Ask and answer questions about real estate.
Build your profile and contact home buyers, sellers and agents.
Company Info
Trulia Links
Real Estate Professionals
Residential Real Estate
San Francisco real estate | New York real estate | Los Angeles real estate | Orlando real estate | Miami real estate | Philadelphia real estate | Phoenix real estate | San Diego real estate | San Jose real estate | Chicago real estate | Arizona real estate | California real estate | Florida real estate | Illinois real estate | Massachusetts real estate | New Jersey real estate | Pennsylvania real estate | Texas real estate | Other local real estate | Home price maps | Real estate community | U.S. Property records
Legal
General Terms of Use |
Advertiser Terms of Use |
Trulia Pro Terms of Use |
Privacy Policy |
Community Guidelines
Copyright © 2008 Trulia, Inc. All rights reserved. | 
Fair Housing and Equal Opportunity