FOR IMMEDIATE RELEASE

— Class will examine financing guidelines for buying San Mateo County condos, how to spot problems and red flags in your condo purchase and how to get a good deal. —

San Mateo, CA, January 8, 2010- The RayChel Realty Group announced today they will be hosting their Guide to Buying Condos for Buyers in San Mateo County.

The Department of Housing and Urban Development’s (HUD) new underwriting rules will eliminate spot approvals on condos during the financing approval process. The entire condominium complex must be approved by HUD for an individual unit to be approved for financing by any lender which will require a longer financing contingency and an in depth examination of the health of the complex’s Homeowner’s Association.

“Gone are the days where buyers can get offers accepted on a condominium and then shop for a loan,” says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group in San Mateo and class co-host. “Buyers must be pre-approved for a loan by a Mortgage Advisor who knows the ins and outs of condo financing before shopping for a condo. The financing contingency period needs to be devoted to approving the complex, not the borrower.”

“Borrowers must get their Mortgage Advisor involved early in the process, even before making an offer,” says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and class co-host. “Shop for a Mortgage Advisor who is familiar with the new condo financing rules and what a lender is looking for in order to have the best chances possible of closing your transaction.”

The class will focus on understanding the nuances of the guidelines, give condo buyers a roadmap for closing your transaction and getting a great deal.

Topics will include:

• What the new guidelines for HUD and FHA approval are
  
• How to evaluate the health of a HOA
  
• How to spot problems and red flags in your condo purchase
  
• Where to find condos that meet the new guidelines
  

The class will take place on Thursday, January 21st 7pm at 1700 S. El Camino Real, San Mateo. Registration is free, but space is limited so sign ups are required. To sign up, please visit our Guide to Buying San Mateo Condos registration page or call (650) 655-2500.

About The RayChel Realty Group

The RayChel Realty Group are education-based real estate consultants, working with buyers and sellers throughout the San Francisco Peninsula. Their clients-first philosophy has enabled them to successfully find and sell their clients’ homes for over thirty years.

If you have enjoyed Living Well in San Mateo – san mateo real estate, please subscribe to our RSS feed.

Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

FOR IMMEDIATE RELEASE

— Seminar to examine new guidelines for buying San Mateo County condos —

San Mateo, CA, November 30, 2009- The RayChel Realty Group announced today they will again be hosting their Home Buying Workshop for Condo Buyers in San Mateo County.

New, stricter underwriting rules announced by The Department of Housing and Urban Development (HUD) are scheduled take effect in February 2009 have changed the dynamic of condo buying and selling on the mid-peninsula. The most notable difference is that the entire condominium complex must be approved by HUD to get financing. Spot approvals on individual units will no longer be sufficient for loan approval.

“The new guidelines could essentially freeze sales for “sick” condo Homeowner’s Associations (HOA’s) that are mismanaged, underfunded, poorly maintained or investor dominated where approval is doubtful. No HUD approval, no sale,” says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group in San Mateo and seminar co-host.

“While the new guidelines provide challenges, there are ways to prevent problems” says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and seminar co-host.

“Since condominium financing will be uncertain, it is important to get your lender involved early in the buying process – even before you write your offer. Serious buyers should also look for Mortgage Advisors who are experienced and knowledgeable about the new guidelines. Don’t assume they are – ask,” Chris says.

The seminar will focus on understanding the nuances of the guidelines and give buyers and sellers a roadmap for closing your transaction.

Topics discussed will include:

• What the new guidelines for HUD approval are
  
• How to evaluate the health of a HOA
  
• How to spot problems and red flags in your condo purchase
  
• Where to find condos that meet the new guidelines
  

The seminar will take place on Thursday, December 15th at 7pm at 1700 S. El Camino Real, San Mateo. Registration is free, but space is limited so sign ups are required. To sign up, please visit our condo class registration page or call (650) 655-2500.

About The RayChel Realty Group

The RayChel Realty Group are education-based real estate consultants, working with buyers and sellers throughout the San Francisco Peninsula. Their clients-first philosophy has enabled them to successfully find and sell their clients’ homes for over thirty years.

FOR IMMEDIATE RELEASE

— October 2009 San Mateo County market statistics show a reduction in marketing time and slight increase in median price. With newly initiated sales outpacing new listings, San Mateo County single family home inventory is being absorbed faster than it is being added. —

San Mateo, CA, November 19, 2009- The latest San Mateo County Real Estate Price Report by The RayChel Realty Group, released today, indicates that San Mateo County homes are starting to move quickly. San Mateo County homes saw a 26% reduction in marketing time from September 2009.

“October statistics confirm what we’ve been seeing everday on the street – the most affordable segment of the San Mateo County real estate market is booming,” says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group, “Volume declined in October 2009 by $62.4 million dollars even though 20 more homes sold compared to June, 2009.”

The report also indicates the median price of San Mateo County single family homes nudged up a bit in October 2009 to $702,000 indicating the county’s continued resurgence off its low in January, 2009. Newly initiated sales (also known as pending sales) outpaced new listings in October by 209 units confirming again that inventory is being absorbed faster than it is being added.

“It’s notable that 38% of San Mateo County homes sold received more than their original list price. Of those homes that sold for more than their original list price, 58% sold in less than 30 days. Buyers need to understand the best homes sell fast and for more than list price, so undercutting the price may not be a winning strategy. And, it is possible to sell your home fast in today’s market as long as they price their homes right from the start.”

Download a complete version of The San Mateo County Real Estate Price Report for October 2009.

About The RayChel Realty Group

The RayChel Realty Group are education-based real estate consultants, working with buyers and sellers throughout the San Francisco Peninsula. Their clients-first philosophy has enabled them to successfully find and sell their clients’ homes for over thirty years.

FOR IMMEDIATE RELEASE

– A seminar to educate San Mateo County home buyers about buying condos and the new, stricter financing rules. Find out how the tighter qualifying guidelines announced by Fannie Mae and FHA will make obtaining financing for condos in San Mateo County more difficult. –

San Mateo, CA, October 24, 2009- The RayChel Realty Group announced today that they will be hosting a seminar to educate San Mateo County home buyers about the steps to buying condominiums which will include an update on the new condominium financing rules imposed by Fannie Mae and FHA that will go into effect in November.

“With the new financing guidelines imposed by Fannie Mae and FHA, it is going to be much more difficult to obtain new purchase money loans on all San Mateo County condominium complexes,” says Raymond Stoklosa, owner and Managing Broker of The RayChel Realty Group and seminar co-host. “Challenging new rules will particularly hurt ‘sick’ HOA’s who are mismanaged, under funded, guilty of careless bookkeeping, or inadequately insured. These tighter guidelines could also lead to a drop in San Mateo County condominium prices because fewer complexes will qualify for Fannie Mae and FHA financing as scrutiny intensifies.”

“It will be more important than ever to get your Mortgage Advisor involved early in the home buying process,” says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and seminar co-host, “Underwriters will now be required to take a more critical look at the health of the Homeowner’s Association, including replacement reserves for capital expenditures and deferred maintenance. In addition, adequate insurance is a must, no more than 15% of homeowner dues can be deliquent by more than one month and at least 70% of the units must be owner occupied. These stricter guidelines may make loan approval on condominium complexes in less than 21 days difficult. Buyers must be pre-approved before writing an offer as the financing contingency period needs to be focused on approving the complex.”

The seminar will focus on what questions buyers should ask of the Homeowner’s Association, what buyers need to do to prepare for these stricter guidelines from Fannie Mae and FHA and how buyers can protect themselves and their investment.

Topics will include:

• The critical questions you need answered before buying a condo
  
• Pros and cons of buying a condo in San Mateo County
  
• What buyers need to do to prepare for stricter guidelines from Fannie Mae and FHA
  
• How to finance a condominium in today’s lending market
  

The seminar will take place on Tuesday, November 3rd from 7pm to 9pm at 1700 S. El Camino Real, San Mateo. Registration is free, but space is limited so sign ups are required. To sign up, please visit Steps to Buying Condos in San Mateo County registration page or call (650) 655-2500.

About The RayChel Realty Group

The RayChel Realty Group are education-based real estate consultants, working with buyers and sellers throughout the San Francisco Peninsula. Their clients-first philosophy has enabled them to successfully find and sell their clients’ homes for over thirty years.