I found another foreclosure search which displays the addresses as well for free. The one I added recently to the REO page (http://www.slocountyhomes.com/reo.htm) displays the street name, but not the address. I’ve canceled the one on my site but I’ve paid through 7/14 so it will still be on the REO page until then.

This is the one that displays the addresses – http://www.ForeclosurePoint.com/ . You have to register but it’s free. I don’t know who may get your email address and other contact info you need to enter though.

Remember you can get REO and Short Sale Listing information that are listed in the MLS through reports available from the SloCountyHomes.com home page:



After failing to sell her Florida home for the past year, a homeowner decided to throw herself into the deal as well for an additional $500,000. That’s sure a different approach then offering a free trip or a higher commission to the Buyers agent.

Read the article here

With a few days left in the month, market activity thus far has been so-so. As of a minute ago, we haven’t broken 500 Pending sales yet (471). While we had an active April, it appears at that may have been our peak as Pendings dropped about 10% in May and maybe another 10% drop this month unless we get a flurry of closings by Monday.

Ryan’s Mortgage Blog:
We finally made it through the heat wave huh? I almost went out and bought a portable AC for the whole 5 days we would use it all year.

So the Feds met today and kept rates steady, which wasn’t a surprise. As far as mortgage rates (except for the 5 year ARM) go, they have been steadily creeping up over the last month. The average 30 year fixed went from under 6% to somewhere in the 6.375% range and it doesn’t look like it will stop there. These raises in rates have been mostly caused by the inflation problem, where May’s consumer and producer price indexes showed stronger levels of inflation.

Out of curiosity, I have a question for you guys about the blog I did last week regarding closing costs. It got me thinking about the day of closing and signing the paperwork. It can be rushed and very over-whelming, and things can be over looked. I was thinking about offering a service where I could come in the day of closing and help people review their paperwork and closing costs and point out any red flags and also help them understand things. OR maybe have people request me as the notary so I am there to help them through the process. Sometimes the Escrow company is there to do that, or other notaries can be helpful, but not always. As a licensed notary public I have seen some confused people on signing days, and sometimes I think they look at the documents as if they were written in a foreign language. I do my best to help explain things as a notary, but sometimes people are rushed, or are blindsided by some things, and feel pressured to just go ahead and sign everything. I realize that no one wants to see the transaction be voided on the day of signing, but than again my goal is to make sure the borrowers aren’t “swindled” in any way and that they understand everything. What do you think of my idea? Ideally, it would be nice to find any problems BEFORE signing the docs, but that doesn’t always happen, so wouldn’t having someone go with you on the day of closing be helpful? I figure if your lender or broker has been honest with you through the whole process they wouldn’t mind their clients receiving help with their loan documents. On the flip side, I have seen borrowers act clueless to some fees and try and get them knocked off, just to point out to them that they were on the GFE(Good Faith Estimate). So I would also not be doing this to knock of fees for the borrower or to bash honest lenders. Any feedback would be appreciated.

I can be reached at RBaker@PeregrineLending.com or 805-540-0866.


Home sales increased 18.1 percent in May in California compared with the same period a year ago, while the median price of an existing home fell 35.3 percent, C.A.R. reported today.”Home sales exceeded 400,000 last month for the first time since early 2007. While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state,” said C.A.R. President William E. Brown. “Sales also rose above their year ago levels for the second month in a row after 30 consecutive months of year-to-year decreases. The lower prices associated with distressed sales along with favorable interest rates both contributed to higher sales levels.”The median price of an existing, single-family detached home in California during May 2008 was $384,840, a 35.3 percent decrease from the revised $594,530 median for May 2007, C.A.R. reported. The May 2008 median price fell 4.7 percent compared with April’s $403,870 median price.

Looks like SLO will have one less airline to choose from as of November. American Airlines has announced that it will cease flights out of the San Luis Obispo airport. American also announced they will cease operations at the Oakland airport as well.

I decided to buy another Prius since I like the one I got for my daughter so much. I guess I’m not the only one that’s looking to buy one. I was told that it will take 12-20 weeks once I order it. I found a dealer that will charge me list price and not over list price, which I hear some dealers are doing.

I’ve done quite a bit of travelling in the last 2 weeks. Seattle, Bay Area, and got back from LA yesterday after driving my youngest daughter to LAX for her trip to Germany. There’s a lot of items I have on my list to catch up on. If you’ve sent me a VIP login request, I plan to update the Sold reports and send out the logins in the next day or so.

Also, theMLS Search update I blogged about a few days ago seems to have broken the Housetrack new listings update emails. It appears to be sending out all listings that meet your criteria, not just the new ones. I contacted the vendor but not holding my breath for a quick fix. You may want to try the New Listings report that’s a choice from the home page. It displays the new listings for the past 7 days.


You may have noticed that one of the MLS Searches on my site looks a bit different. This is the “form search” and the one that you use to get the New Listing email updates. I’ve got to tweak a couple of my webpages as the width of the form changed with the upgrade.

But, one thing that is changed is the “Send a Friend” a listing feature. This is a choice you have when you display the listing details. What is happening now is that I get a blind copy of the message (and listing) that is sent and I’m not able to configure it to stop sending me the message.

I delete the messages that I receive from it but wanted to let you know it was happening. I’ve contacted the vendor and told them I don’t want to get copied. They may consider it a “feature” but I think it’s a privacy issue.

Ryan’s Mortgage Blog:
As promised, below is a list of ESTIMATED COMMON CLOSING COSTS (not what my company or I charge) associated with a mortgage (all of which may not apply to your loan). These are based on a typical single family residence in California and are numbers I compiled after viewing clients transactions with various companies.

– Appraisal $250 – $550
– Credit Report $0 – $20
– Processing Fee $300 – $700 (Paid to Broker’s processors)
– Underwriting $400 – $800 (Paid to Lender)
– Closing/Escrow $400-$600 (Paid to Escrow Company/Based on Value of Home)
– Doc. Prep Fee $100 (Paid to Escrow)
– Title $400-$1500 (Paid to Title/Based on Value)
– Notary $50-$150
– Recording $100 (Paid to city/government)
– Tax related service fee $50-$100
– Wire Transfer Fee $25-$100

Average Total: $2,920 – Not including Origination/Broker Fee – I did it like this so you can see what the minimum usually is WITHOUT the broker fee. So this is before the company makes any money, granted they didn’t hide any fees in other areas (shady stuff that can happen).
Loan Origination or Broker Fee 0.5% – 1% (Paid to Broker) This could be broken up into two different fees depending on the situation but still should total around this amount. This is the fee you really need to be careful of, it is what lenders and brokers charge for their services. Every company has their own ways of calculating this and what variables are included (building expenses, advertising, sales commissions, staffing, equipment, etc…). Anything above 1% should throw up a red flag, and depending on the loan amount, even 1% can be very high.

Average Total with Broker Fee: $5,500

Optional: Discount Points .5%-2% (form of prepaid interest paid to the lender in turn for a reduced interest rate. These fees are usually tax deductible.)

Not included:
– Hazard Insurance (required)
– Mortgage Insurance (not always required)
– Pre-paid tax (how much is optional sometimes)
– 30 days interest paid upfront (varies depending on what time of the month you close and lenders requirements)

All four of these “not included” fees could cost upwards of $2,000 – $4000 but are not usually included when talking about the “closing costs” of the loan, because they aren’t necessarily costs of doing the loan, and can vary depending on the borrowers options. BUT they are paid at closing so be aware of them. They should be included in the GFE though, in a separate section near the bottom.

Finally, be aware when purchasing a home that the seller can pay some or all closing costs for you. This can be a good thing to negotiate in today’s market!

If you have any questions or comments, you can reach me at 805-540-0866 or RBaker@PeregrineLending.com.