REO, Bank Owned, Foreclosure, and "Short-Sale" real estate Specialists!
Thousand Oaks, Newbury Park, Camarillo, Simi Valley, Agoura, Westlake Village.
More than 26 Years of specialized real estate experience in Ventura and Los Angeles Counties.
We make house calls and are never too busy to listen to you.
Real Estate is our only Profession
Call 805-446-4200 

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Contact us with confidence! We guarantee your privacy will be respected. And we offer the services on this site for free and without obligation. Why? We want to be YOUR real estate agents. As your trusted, professional real estate partners, we will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. 

Buying and selling a home is one of the biggest events in your life. As top Thousand Oaks and Newbury Park real estate agents, we have the experience and track record you are looking for. Please let us help. 

- Kathy and Brian Boals 

License# 00873878 & 00873879 

TODAY'S HOT Real Estate News! 

Home appraisals still fraught with uncertainty despite new code of conduct
Last year, the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac, and the New York State General Attorney created an agreement titled the Home Valuation Code of Conduct (HVCC), which prohibits lenders, mortgage brokers, and real estate agents from selecting and having any “substantive” communication with a home appraiser. HVCC was created to protect consumers against fraudulent appraisals, which some industry experts believe was a contributing factor to inflated home values. However, many lenders have turned to the use of third-party appraisal management companies and the practice has led to complaints.
KEEP THIS IN MIND  

• HVCC, which may result in appraisers evaluating homes in areas with which they are not familiar and using comparables that are inaccurate, has caused delays in closing sales, and in some cases, undermined sales if the appraisals undervalue a home’s current worth.  

• HVCC applies to conventional, single-family loans that are sold to Fannie Mae or Freddie Mac. It does not apply to loans backed by the Federal Housing Administration (FHA) or the Veterans Administration.  

• Through HVCC guidelines, borrowers are entitled to receive, free of charge, a copy of the home appraisal at least three days prior to closing, giving the borrowers more time to contest what they view as an inaccurate appraisal.  

• Borrowers and/or sellers who believe a home valuation is too low may appeal the valuation or request a second option. It’s important to note that the second valuation must be more than five percent higher than the first--anything less is considered an acceptable difference.  

• Appraisers are required to view the inside of homes being valuated, but not homes used as comparables. More often than not, the appraiser’s knowledge of the property is based solely on the description in the MLS or on the public land records. Yet, the previous owners may have removed appliances and caused other damages to the property. To guard against appraisers using non-comparable homes in the valuation, borrowers can work with their REALTOR® to review comparable homes in the neighborhood for differences the appraiser did not know about or failed to consider.  

To read the full story, please click here: 

In Other News…

Los Angeles Times
Median home prices up in first quarter Home prices rose in nearly 60 percent of U.S. cities in the first quarter of this year, as the housing market started to stabilize, thanks to billions of dollars in federal spending.
To read the full story, pleaseclick here: 

Los Angeles Times
Mortgage defaults in U.S. show signs of slowing
Two reports released Monday raise hope that the country’s tide of home-loan defaults finally may be starting to recede, but the picture is far from clear.
To read the full story, please click here:
click here: 

Mortgage Rates
- week ending 4/29/10 30-yr. fixed: 5.06 Fees/points: 0.7% 15-yr. fixed: 4.39% Fees/points: 0.7% 1-yr. adjustable: 4.25% Fees/points: 0.5% (Source: Freddie Mac)
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Tax credit extension? Don’t bet the house on it
The NATIONAL ASSOCIATION OF REALTORS® touted a recent report that existing home sales rose by 6.8 percent in March as proof that the home buyer tax credit has been a “resounding success.” Indeed, home resales, which came in at a 5.35 million annual rate, exceeded analysts’ consensus expectations of a 5.25 million annual sales rate.
To read the full story, please
click here: 

The new rules of remodeling
You may have noticed the lines at home-improvement stores getting longer or heard the whirring of buzz saws in your neighborhood. After years of economic recession and housing-market malaise, people are starting to fix up their homes again.
To read the full story, please click here
 

Free credit reports not so free anymore
Companies that offered free credit reports appear to be skirting a new federal disclosure requirement designed to crack down on misleading advertising.
To read the full story, please click here 

How foreclosure impacts your credit score
If you’re delinquent on your mortgage, your credit score will suffer. Everyone knows that. The question is, by how much?
To read the full story, please click here
 

Private mortgage insurance companies return to market
Generally, private lenders require borrowers with down payments of less than 20 percent to purchase private mortgage insurance. It is typically paid for by the borrower and protects lenders against default. However, mortgage insurance does not protect the borrower. The Federal Housing Administration (FHA) insures lenders against losses incurred when borrowers default on their home loans. However, because the FHA insured nearly 30 percent of all single-family loans—higher than the 10 percent share considered optimal by government officials—the FHA is tightening its requirements for borrowers with small down payments. This has resulted in private companies that provide lenders with similar protection against defaults entering the market.
KEEP THIS IN MIND
• Traditionally, the FHA enabled low- to moderate-income borrowers to put down as little as 3.5 percent as a down payment on a home. Beginning this month, down-payment requirements on loans insured by the FHA have increased to 10 percent for borrowers with credit scores below 580. Borrowers with credit scores of 580 or above still will be able to put down the traditional 3.5 percent.
• Other changes to the FHA mortgage program include increasing the upfront mortgage insurance premium from 1.75 percent to 2.25 percent and reducing permissible seller concessions from 6 percent of the loan amount to 3 percent. The FHA also has asked Congress for authority to increase the maximum monthly insurance fee from the current 0.5 percent level to 1.55 percent.
• Resulting from the more-stringent FHA policies, fewer borrowers qualify for government-insured mortgages and are turning to private mortgage insurers, who also have made changes to their borrower requirements. For example, one private mortgage insurance company now will insure five-percent down-payment loans to borrowers nationwide. Previously, such mortgages were not available to borrowers in markets with declining home prices, which included California.
• Premiums for both private mortgage insurance and government-insured FHA loans may be tax deductible. Additionally, in most instances, coverage can be canceled when the borrower’s equity reaches 20 percent of the original loan amount. Borrowers are advised to review both options to decide which one works best for their situation.
To read the full story, please click here 

NO MORE STATE TAX ON FORGIVEN DEBT  

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.  

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.  

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.