Jason Neumann - Blog

Mortgage Document Checklist for Home Buyers

Jason Neumann — Mon, 08 Feb 2010 00:00:00 GMT

Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders. This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage. By providing these documents in a timely fashion, you will help to ensure a speedy approval/renewal process:

Buying a home?

Information that describes the property you are purchasing:

___ Contract of Purchase and Sale Agreement*

___ MLS Detail Feature Sheet*

___ Property Disclosure Statement (PDS)*

___ Title search*

___ Strata property information: Form B, Meeting Minutes, Strata Fees* **

___ Name, address, telephone number of your solicitor/notary

Confirmation of your down payment:

___ Savings or investment statement from the last 90 days

___ Sale of an existing property – a copy of the sale agreement

___ Gift letter if down payment funds are from family, friend etc.

___ Withdrawal from RRSP through the Home Buyer’s Plan

Employment verification:

___ Copy of latest pay slip

___ T4

___ Letter of employment

___ T1 General and Notice of Assessment (NOA) if self-employed

Refinancing your home?

Information that describes your existing property:

___ Recent mortgage statement

___ Current homeowner insurance policy

___ Recent property tax statement

___ Legal description of your property

Additional information that may be required…

As part of your application process, you may be asked questions relating to what you owe and own. Some projected expenses relating to your property such as: taxes, heating costs and condo fees.

Once the lender has given final approval:

___ A void cheque for the account that the mortgage funds are to be debited from.

This checklist is by no means exhaustive as each lender has criteria that is important to them. Should you have any questions about applying for a mortgage or refinancing an existing property I am happy to refer you to some local mortgage brokers in your area.

*Your real estate agent will be able to provide these documents to your bank or mortgage broker.

**Typically required if purchasing strata titled property.

Sincerely,

Jason Neumann

Kelowna,BC and Central Okanagan Foreclosure Listing Information for February 2010

Jason Neumann — Mon, 08 Feb 2010 00:00:00 GMT

There are currently 61 foreclosures (as of February 7,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 14 properties (-22.95%) in the foreclosure inventory from last month.

The foreclosure inventory breakdown is as follows:

2 Lots and Acreages (both at $115,000) with no pending sales

2 Manufactured Homes ($79,000 and $125,000) with no pending sales

31 Single Family Residential ($199,900 to $1.995 Million) with two pending sales

26 Strata Properties ($179,900 to $570,000) with no pending sales

In terms of January 2010 foreclosure sales there were a total of just 7 or a decrease of 10 properties from December 2009. There were 6 sales of single family residential homes ranging in value from $345,000 to a whopping $2,075,000 estate property. There was also one sale of a building lot in West Kelowna originally listed for $259,900 and sold 35 days later for $250,000. This lot sold in June 2007 for $429,000 plus GST so that is an overall loss of approximately 55.5%. The purchasing of single family dwellings continues to be the top priority for the buying public of foreclosure properties.

Here's the breakdown for all residential sales in January 2010:

A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 164 days later for $345,000 - 1.45% discount off list price
A 4 bed/1 bath 1200 sq/ft. 1970's built home in South East Kelowna listed for $349,000 sold 80 days later for $355,200 - 1.78% increase over list price
A 4 bed/3 bath 1820 sq/ft. 1980's built home in Black Mountain listed for $442,166 sold 99 days later for $436,000 - 3.17% discount off list price
A 3 bed/3 bath 2995 sq/ft. 1990's built home in University District listed for $499,900 sold 68 days later for $488,000 - 2.44% discount off list price
A 5 bed/4 bath 4696 sq/ft. 1990's built home in Dilworth Mountain listed for $1.130M sold 43 days later for $899,000 - 25.70% discount off list price
A 4 bed/5 bath 6728 sq/ft. 2006 built home in Dilworth Mountain listed for $2.295M sold 158 days later for $2.075M - 10.60% discount off list price

Current foreclosures of all Central Okanagan listings represent 1.65% of the total listing inventory!

Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. However, there is a trend for higher priced listings to take the greatest financial beatings at the hands of buyers in the courts. There are fewer buyers for the multi-million dollar foreclosure homes whereas the average homes in the $400,000 range are most sought after and competed for. Real estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.

If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann

Household tips for the last weeks of winter

Jason Neumann — Fri, 05 Feb 2010 00:00:00 GMT

It’s now February in the Okanagan and the sun has begun to shine on those winter blues. However, February weather can still pack a chilly punch! Here are some tips for protecting yourself from ballooning heating bills, freezing pipes and other household emergencies in these last weeks of winter.

Inside:

Keep doors and heating vents closed to rooms that are not in use
Close the flue in your wood fireplace when not using it
Don’t leave kitchen and bathroom fans running longer than needed – they draw heat from your home
To prevent pipes from freezing in extreme temperatures, open hot and cold faucets just enough so that water can drip through
NEVER bring a barbecue or external gas-powered heating source indoors to heat your home

Outside:

Remove branches from locations where heavy snow and ice might accumulate and risk breakage
Disconnect garden hoses from their water sources
Keep a bag of salt or sand handy to prevent falls on walkways and driveways
Invest in a small canister of lock de-icer for your home and car
If you are normally not a active person, take it very easy when shoveling your driveway and other physical tasks that put stress on your muscles and heart

Sincerely,

Jason Neumann

A Movie Guide to Valentine's Day

Jason Neumann — Tue, 02 Feb 2010 00:00:00 GMT

Did You Know? According to the Greeting Card Association, an estimated one billion Valentine cards are sent each year, making Valentine’s Day the second largest card sending holiday of the year. Now that's a whole lot of cards!

For those celebrating a quiet Valentine’s Day at home, History.com brings you a list of notable romantic films suited for a variety of moods. Here are some suggested Valentine's films:

Classic Favorites:

Casablanca (1942) – An intense love triangle between a jaded nightclubowner in French-occupied Morocco during World War II. (HumphreyBogart), his ex-lover (Ingrid Bergman) and her husband, a famous Czech rebel and nationalist (Paul Heinreid), is at the center of this movie, which is perhaps the greatest love story ever committed to film.

Gone With the Wind (1939) – the beautiful scheming Scarlett O’Hara(Vivien Leigh) is a Southern belle whose world changes forever with the outbreak of the Civil War. Scarlett struggles to survive the war and its aftermath, as well as her passionate, tortured relationship with the man who may be her soul mate, Rhett Butler (Clark Gable).

Roman Holiday (1953) – This romantic comedy stars Audrey Hepburn as the bored Princess Anne, who escapes her entourage during a diplomatic visit to Rome and sets out to have fun, aided by a handsome American newspaper reporter (Gregory Peck) who angles for an exclusive interview but ends up –surprise!—falling in love with her.

An Affair to Remember (1957) – Terry (Deborah Kerr) and Nickie (Cary Grant) meet and fall in love on a ship traveling across the Atlantic Ocean. Both engaged to other people, they say goodbye, but agree to meet atopthe Empire State Building in six months if their feelings remain the same.

History, Adventure and Romance:

Out of Africa (1985) – Based on the autobiography of the Danish writer Isak Dinesen, this movie stars Meryl Streep in one of her most celebrated performances. As a young wife largely abandoned by her husband (Klaus Maria Brandauer) on a plantation in Nairobi, she interacts with the native population and falls in love with an aristocratic hunter (Robert Redford).

Shakespeare in Love (1998) – A fun imagining of the young William Shakespeare (Joseph Fiennes), who struggles with writer’s block until he meets a rich young woman (Gwyneth Paltrow) who also secretly disguises herself as a man in order to play the lead in Shakespeare’s new play, which will become Romeo and Juliet.

Offbeat Romances:

The Princess Bride (1987) – This comedy, a tongue-in-cheek version of a classic fairy tale, tells the story of Wesley (Cary Elwes), a poor stable boy who returns from adventures at sea to rescue his true love, the beautiful Buttercup (Robin Wright), who has been chosen to marry an evil price.

When Harry Met Sally (1989) – A modern classic for romantic comedy lovers starring Meg Ryan and Billy Crystal. It explores the question: Can men and women really be friends? (Source: History.com)

Happy Valentine's Day!

Sincerely,

Jason Neumann