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FHA extends temporary “anti-flipping” waiver
The Federal Housing Administration (FHA) last week extended its temporary “anti-flipping” waiver an additional two years to Dec. 31, 2014, enabling investors to purchase and renovate foreclosed and abandoned homes and resell the rehabbed property within 90 days.

Previously, the FHA had imposed the 90-day standard as part of an effort to rein in rampant quick-flips of houses where investors made minimal or no improvements to rundown, foreclosed or abandoned houses, then sold them days or weeks later at high price markups with the help of inflated appraisals to purchasers using FHA loans.

 

Conforming Fannie and Freddie loan limits remain unchanged in 2013
The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In high-cost areas such as California, the loan limit is $625,000 for one-unit properties.  The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated each year.

The law sets loan limits as a function of median home values in local areas. While some counties saw increases in home prices in 2012, no loan limit increases were evident after other HERA terms such as the statutory ceiling and floor were taken into account.

A list of the 2013 maximum conforming loan limits for all counties and county-equivalent areas in the country can be found here.  The maximum conforming loan limits for one-unit properties, which generally have applied to loans originated since October 1, 2011, are $417,000 in most locations, but are as high as $625,500 in certain high-cost areas in the contiguous United States.

 

Tip of the Week: DRE issues consumer alert on pre-paid rental listing services
The California Dept. of Real Estate (DRE) issued a consumer alert and fraud warning because of the growing number of scams being perpetrated against consumers seeking to rent homes and apartments by persons offering rental lists for a fee and businesses operating Prepaid Rental Listing Services (PRLS) companies.

As a result of the current economic climate, a significant number of consumers need to move into residential rental properties due to income and/or credit issues, foreclosures, short sales, or some other inability to own a home or maintain homeownership.  Moreover, some existing renters are forced to look for alternative rental space due to foreclosure of their existing rental properties.  These realities have created an environment perfect for PRLS scams.

PRLS companies offer a list of available rentals in exchange for an upfront fee.  A typical scam involves the promise of a list of available rentals in a location and price range desired by the prospective tenant; however, the prospective tenant must pay an upfront fee in order to obtain the list.  The list paid for by the prospective tenant however, often proves fruitless or useless, and the list provider refuses to give a refund to the victim.

Category : Blog

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Since 1970 Rinetti & Co. Realtors has been selling residential real estate throughout the greater East Bay including San Leandro and Pleasanton. We are boutique real estate company with a single focus, exceptional customer service from start to finish. Rinetti & Co. has the experience and practical knowledge to adapt to changing market conditions while providing our clients expert advise when buying or selling a home. If you’re considering making a move please contact us and see the difference Rinetti & Co. Realtors can make for you.

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The only realtors in San Leandro...You will not meet two finer or more ethical realtors. The best! - Gary S.

Rinetti & Co. turned out to be the perfect place for me to do business...I would not hesitate to recommend their services to anyone buying or selling property. - Mary K.

...As I am sure you are aware, a house is stucco, wood and nails, but a home is where a lifetime of memories are created. Our mother was very proud of her home, it meant so much to her.

- Trent B.

...Thanks for your patience, guidance & professionalism, you made this experience a great one that we will never forget...We can’t thank you enough, thanks a bunch!!! - Rocio R.

If anyone in the East Bay is looking to buy or sell a home, please consider my friends and agents Tianne Rinetti-Vittoria and Perry Vittoria! They helped us buy our house and did an amazing job! They go above and beyond.”

- Chris S.


San Leandro Office
1103 MacArthur Boulevard
San Leandro, CA 94577

(510) 568-6171

Pleasanton Office
231 Old Bernal Avenue, Suite 5B
Pleasanton, CA 94566
(925) 364-5013

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