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  • Blog Category 1 Goodbye Downpayment Assistance Patrick Rabelo
    30 Jul 08

    Posted July 30, 2008

    What The New Housing Law Means For You

    Bankrate.com--July 30, 2008

    After reading the above article, I have mixed feelings about the new housing law that was signed by President George W. Bush.

    In concept, I understand that the FED had to take action to help stabilize the faltering housing market.  I also understand the need to help stabilize Freddie Mac and Fannie Mae.  Here is where the FED and I part ways.

    One of the provisions of the new housing bill mandates that downpayment gifts offered through non-profit organizations like the Nehemiah program will no longer be available to firt-time homebuyers as of October 2008. 

    Instead, a first-time homebuyer's tax credit of $7,500 will be offered and the first-time homebuyer will have 15 years to repay the credit.  Here is where I do not understand the logic of the FED.

    Currently, most of the first-time homebuyers I assist do not have a problem paying the montly mortgage.  Most of the first-time homebuyers I work with report they cannot come up with the downpayment.  Now, the majority of the purchasers of todays market are either first-time homebuyers or investors.  Investors have vast sources of cash to work with and first-time homebuyers rely on financing that is becomming more stringent relative to lending requirements. Increased downpayments are limiting the buyers pool of first-time homebuyers. My question is: how is removing seller-funded down-payment assistance going to help stimulate sales of a stagnate resale market?

    More importantly, new home starts are a critical component to jump starting the housing market.  Based on the above article, 33% of one builder's clients utilized down-payment assistance! How can eliminating 33 out of 100 sales be considered market stimulation? Why would a builder want to produce new homes when they can not sell the units fast enough? What are your thoughts?  Please share your comments below. 

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  • Blog Category 1 Market Stabilization or Bailout? Patrick Rabelo
    25 Jul 08

    Posted July 25, 2008

    Housing Bill Clears Final Senate Hurdle

    Wall Street Journal Article--July 25, 2008

    It is apparent that the Housing Bill designed to curb the foreclosure crisis in America will become law.  Some Americans believe this is nothing more than a government bailout that rewards irresponsible lenders and borrowers. 

    According to the above Wall Street Journal Article, "lawmakers have described the bill as the 'most important piece of housing legislation in a generation' intended to stabilize the still faltering housing market".  What are your thoughts?  Please share your comments below. 

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  • Blog Category 1 Vulture Investors or Savvy Buyers? Patrick Rabelo
    07 Jul 08

    Posted July 7, 2008

    Vulture Real Estate Investors Swoop In

    CNN.Com July 5, 2008

    Is it a good time to buy? This is the question of much debate and depending on who you ask, you will receive varied answers.  It really comes down to risk and your motivation.

    Personally, I am waiting for the prices to come down further because I have access to cash and do not have to factor interest rates going up as part of the decision making process.

    On the other hand, if there are properties that I want to finance, I would be seriously considering a purchase because prices have come down to a point where "cash flowing" a property for a postive return is very possible and I would not want to erode the potential "cash flow" profit because of increased interest payments.

    As the attached article illustrates, many investors are swooping in and going directly to the bank and securing strings of properties at steep discounts.  This methodology works well if you are buying a bank's  inventory wholesale and have a large bankroll of cash backing you. If you are like most people, it is probable that you will need financing, therefore, interest rates are going to weigh in the buying decision. What are your thoughts? Are bargain hunter investors helping or hurting the Real Estate market's recovery? Please share your comments below.

     

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Testimonials

In this challenging housing market, we only had to go thru 2 other realtors before we found Pat Rabelo.  After 9 months of having our house on the market, Pat sold our house in 1 month.  His expertise using
today's technology, and his communication are the best!  Now we can go forward with our lives.
 
Ed and Linda Wright


It has been my pleasure working with Pat Rabelo, over the past year and a half, to purchase my house. He has been the ideal agent for me and I have come to regard him as a friend as well as a professional. His dedicated, hard-working ethic and attention to details took much of the stress off of me despite the complications we encountered.

Pat maintained an optimistic and positive attitude despite having 2 transactions cancel as a result of issues beyond our control. My transactions were even more difficult because I lived over an hour away from the home I was purchasing in Manteca( On behalf of my elderly parents).

Over this extended period, as the opportunity to place an offer would appear certain, Pat accommodated showing properties to our large group on several occasions by renting a van. He was thoughtful and courteous to my family members who came to know him well.

Many times Pat showed his creativity with contract negotiations and responses. He attended all inspections, and was as careful as if it was his own home. He always kept me informed. And for my convenience, he drove to my office in Danville, CA  (more than once) to obtain signatures and review contract information. He was resourceful in handling tough contract cancellations when contingencies had to be relied upon. His organization and thoroughness helped resolve some difficult issues. Thanks to Pat's diligence, we were successful in finding and closing on the perfect home! Moreover, because of Pat's expertise, good nature and excellent follow through, I heartily recommend Pat Rabelo to anyone purchasing or selling a home!

Janet Hoffman


From personal experience, I am able to strongly recommend Pat Rabelo to anyone seeking quality realtor services.

Initially, I intended to sell my own property but several informal meetings with Pat convinced me otherwise. Pat correctly pointed out the complicated dynamics of real estate transactions in today's market and offered his experience and expertise.

After retaining Pat, it took him only five days to deliver an acceptable buyer and reasonable offer. However, this is the point where Pat's work began and not where it ended.

The buyers were quite demanding and had the assistance of a seasoned professional agent of their own. The sale became rather involved with various counteroffers, contingencies, upgrades and repairs. We also needed an unusually long escrow.

Pat kept control of all the issues while keeping me involved and apprised throughout the process. Communication was continuous and some of our many meetings were well beyond "normal" business hours. I was particularly pleased with Pat's "hands on" approach. He led all negotiations, arranged every inspection and retained/monitored all repair contractors. He was also able to manage and demystify the abundant amount of paperwork inherent in home selling.

Without exception, Pat successfully handled each facet of my transaction. Therefore, I am able to recommend him in the most favorable terms to anyone needing realator services.

In conclusion, I want to point out two additional matters. First, the bottom line on selling one's home comes down to net profit. Pat delived more money on my home than expected. Second, I had some concerns about the commission costs I had to pay. In the end though, I felt like Pat deserved more pay than he received for the work he did and results he delivered.

Doug Cottingham


Patrick Rabelo is the type of realtor that everyone hopes to get. From start to finish Pat paid great attention to detail to make sure that everything went as smooth as possible. Patrick was very willing to do everything he could to ensure that I was comfortable throughout the process. He worked well with the other realtor and was very professional. Pat is honest, up front and very knowledgeable about his work. If I was going to buy or sell another house I would not hesitate to call Patrick.

Satisfied Home Buyer,
Chip


Working with Pat was really a great experience. We really enjoyed working with him. I think what really appealed to us about Pat was his sincere approach. He’s very friendly and attentive. He really looked out for our best interests on the purchase of our new property. He has also kept in touch with us even after the close of escrow. He’s great and I would definitely refer him to anyone whom is looking for a realtor.

Sincerely,
Pamela and Marc
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