Beginning April 5, 2010, a new Federal Program will launch to provide Alternatives to Foreclosure
As this challenging year comes to a close, many of us have been touched one way or the other by the economy. Whether the effects of the economy reduced our stock portfolios, devalued commercial or residential real estate, or induced the negative results of what now seems as unfair loans made to borrowers just a short time ago. Some have suffered horrendously from the effects of not having the cash flow to keep up with loans written when times were better and the anticipation that the economy would continue to grow. Consequently, and mostly because of these economic times, many homeowners faced a Short Sale or Foreclosure.
Now there may be alternatives to foreclosure. That’s right. The U.S. Department of the Treasury recently announced a brand new program called The Affordable Foreclosure Alternatives Program (HAFA). Essentially this program is designed to find alternatives to foreclosure for homeowners who are unable to successfully modify their distressed mortgage. It sounds simple enough but the HAFA program encourages Short Sales and deeds in lieu of foreclosure by these means:
* Allowing pre-approved short sale terms before a property is listed.
* Preventing service providers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval.
* Releasing borrowers from future liability for the debt; and,
* Providing financial incentives to borrowers, service providers, and investors.
There are eligibility rules so consulting with your Realtor will pave the way for a better understanding of how this program will work.
San Diego County Tax Credits for First Time Home Buyers...another program to help stimulate buyers in San Diego County.
With the aforementioned Foreclosure Alternatives Program, there is exciting new information concerning tax credits for First Time Home Buyers in San Diego County.
The county Department of Housing and Community Development has received an additional $15 million for a program which began earlier and now brings the total to $26 million available to reduce federal taxes for eligible homebuyers up to 20% of the annual interest paid on a mortgage loan. This is huge because essentially this means with a first time homebuyer paying less tax, simply put the buyer’s net earnings increase. Some think this could result in the buyer more easily qualifying for a home loan. But, like most government programs there are eligibility requirements:
* Income of less than $109,020 for a family of three or more.
* Income of not more than $94,800 for a family of two or fewer.
* Must be buyer’s primary residence, and only a single-family detached home, condo, town home, or manufactured home with foundation.
* Must be in an unincorporated area, OR in the cities of Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Poway, San Marcos, Santee or Vista. Oceanside and the city of San Diego proper have their own programs.
A Windermere Exclusive Properties Realtor will quick-start the steps involved by facilitating the initial loan process with the company’s onsite lender-affiliate RPM Mortgage.
On behalf of TheChaseAdvantage.com team...have a great holiday. Hopefully existing homeowners and first time homebuyers will come to realize the potential of these two programs and contact a Realtor today.
NEW RULES ON SHORT SALES
Just a few days ago Kenneth Harney, a nationally syndicated real estate columnist reported in the Washington Post, that those home owners in trouble on their mortgage and can't get a loan modification, there may be light at the end of the tunnel for them. The Obama administration is adopting...or probably more appropriately..."will try to adopt" a new standard for short sales. The plan is essentially designed to assist short sellers speed up the process of what is traditionally "contentious" and incredibly time-consuming.
As a refresher, a Short Sale involves a lender or investor agreeing to collect less than the balance owed on a mortgage debt out of the proceeds of a negotiated sale of the property. A Short Sale can be looked upon as the last dying breath of an attempt avoid foreclosure for a distressed home owner.
Here are a few important points to remember for anyone considering a Short Sale. First, it is very important to see if the lender will accept a short sale. The lender will basically run the numbers to see if a short sale will yield more money at the bottom line than a foreclosure. So here's what to do: Contact a Realtor (I have a great one in mind...ME) who can put together the key information needed by the lender i.e. recent comparables on CLOSED sales, local market trends, and the likely selling price of your house. At this point, you'll want to have a buyer identified for the property, a buyer who'll pay a price acceptable to the lender and has financing to close the deal.
Before adopting the new plan to stream line the short sale process, short sales could take months to close. Now, Lenders and Service providers will be required to use preapproved Short Sale uniform documentation and accelerated turn around times. The plan also provides financial incentives for key players. Here is a sampling of incentives:
*Homeowners who successfully complete a short sale under the new program receive $1,500 to defray relocation costs.
*Mortgage providers can receive $1,000 per case.
*Second-lien holders receive up to $3,000 from the sale proceeds.
*Even Realtors are in the mix with rules prohibiting lenders from forcing them to cut commissions.
According to Harney, although Major Lenders are still studying the fine print the initial reaction seems to be positive.
Bob Chase Realtor Windermere Real Estate www.thechaseadvantage.com
Migrating Sanderlings and Encinitas Real Estate
Encinitas “West of the Five”-- from Migrating Sanderlings to Real Estate
It's that time of year again and the sanderlings are finding their way from colder climates including Alaska to warmer climates to the south. This picture was taken at Seaside Beach in Cardiff by the Sea, one of the villages in Encinitas. This beach area is a much needed feeding and resting stop for the flocks migrating south, and they’ll make their return again in the Spring. While they are enjoying this beach, they compete with human and animal visitors that also flock to it. Dogs, in particular, are found here because this beach is one of the few in North San Diego County that welcomes man’s best friend. Dog owners must return this wonderful beach favor by keeping their animals on a leash, picking up trash and “cleaning up” after their dogs. Considerate folks also keep themselves and their pets at a distance from the migrating birds, particularly sanderlings, because they are frightened easily.
Encinitas was incorporated in 1986 from the communities of historic Encinitas, new Encinitas (Village Park, etc.), Leucadia, Cardiff-by-the-Sea and Olivenhain. Surfing is legendary at Swami's just a short mile north of Cardiff Beach, and when hunger strikes, restaurants abound with either Pacific Ocean horizons or tremendous food. The "on the beach" restaurants offer incredible beach watching, whale watching from December through March and the occasional winter storm that can bring some adrenaline-pushing wave watching as well. The cuisine offered in Encinitas, and particularly along the coast, is reasonably priced and rated high by both locals and visitors.
Old Encinitas will hold the annual Holiday Parade to be held on Saturday, December 5th. Festivities will kick off with a Tree Lighting Ceremony at 5:00pm in the Lumberyard shopping center courtyard on Coast Highway 101. The Parade begins at 5:30, heading south along Coast Highway 101 from D Street to J Street. This year’s Parade theme is “Season’s GreeNings,” celebrating all things environmental in Encinitas.
Enjoy...and for those of you desiring to perhaps make Encinitas your next home...consult with a business savvy and knowledgeable Realtor from Windermere Exclusive Properties. Ask the migrating birds, there is no mistaking the great value associated in the Encinitas area's real estate. That is exciting. Single-family homes are selling and the inventory is shrinking, but we still see a number of distinguished properties in Encinitas that remain on the market offering good value in today’s market. According to the latest statistics, home prices are beginning to rise albeit slowly, but long term investment with value is here for the buyer particularly in Encinitas.
Buyer’s Agents and, yes, even those of us who have lived in the area for decades, often times forget the “West of the Five” labyrinth of back streets, alleys, cul-de-sacs, dead end streets, and enclaves with homes in all price ranges. You will find mobile homes on Vulcan listed for $42,000 (090049946) while driving less than a mile to another listing for $11,995,000 (090039675) on 4th street. By in large, the value of buying and living in the community of Encinitas is great for the heart, great for the family, and great for business.
We do indeed have much to be thankful for: Migrating sanderlings, a place for our dogs, tremendous surfing, great restaurants and all that the precious jewel of Encinitas has to offer. I wish everyone a Happy Thanksgiving and excellent tidings to all for the remainder of the year and next as well.
Extension of Federal Tax Credit passes in House and U.S. Senate
The U.S. House of Representatives today passed a bill extending and expanding the Federal Tax Credit for First-time Home Buyers, and I think there will be an affect on Wall Street with more consumers coming out to spend money on real estate. The bill was passed in the U.S. Senate late yesterday and will now go to President Obama for his signature, where it is expected to be signed this week.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
FIRST TIME HOME BUYER TAX CREDIT MAY BE EXTENDED
California Association of Realtors calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit
LOS ANGELES (Oct. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.
“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.
“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.
“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.
Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
LOS ANGELES (Oct. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.
“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.
“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.
“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.
Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Home sales rise 9.4% in September, beating forecasts
WASHINGTON -- Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.
Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.
That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.
"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.
Nationwide sales are up nearly 24 percent from their bottom in January, but are still down 23 percent from four years ago.
HIGHLIGHTS OF JULY 2009 RESALE FIGURES for CALIFORNIA
Highlights of C.A.R.’s resale housing figures for July 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.
. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 23 of the 398 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://car.org/economics/historicalprices/2009medianprices/jul09medianprices
. Statewide, the 10 cities with the highest median home prices in California during July 2009 were: Los Altos, $1,425,500; Palo Alto, $1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates, $1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos Verdes $945,000.
. Statewide, the cities with the greatest median home price increases in July 2009 compared with the same period a year ago were: Laguna Hills, 40.5 percent; Newport Beach, 13.5 percent; Moorpark, 11.2 percent; Poway, 10.8 percent; San Marcos, 8.6 percent; Emeryville, 7.6 percent; Santa Barbara, 6.3 percent; Arcadia, 5.8 percent; Big Bear Lake, 5.5 percent; and West Hollywood, 5 percent.
REAL ESTATE MARKET (still) IN RECOVERY MODE?
In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.
The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.
* Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
* The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
* Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
* Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
* Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in to a new median of $227,992.
* San Diego/Carlsbad had a modest increase of 7.7% which translates to a value new median of $350,000
The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.
The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.
* Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
* The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
* Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
* Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
* Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in to a new median of $227,992.
* San Diego/Carlsbad had a modest increase of 7.7% which translates to a value new median of $350,000
The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.
FHA Financing is a Stong Choice for Financing your home in Encinitas or Anywhere!
FHA = More Qualified Buyers and Closed Escrows
As conventional guidelines tighten and we see the effects of the HVCC appraisal policy on the real estate and lending industries, having access to FHA approved lenders is a crucial ingredient in ensuring you're with a professional Realtor. Another key component in buying a home is paving the way for a strong appraisal of the property. Appraisals in today's market often times is a root cause for a deal falling out of Escrow. The quality of the appraisals on FHA loans are far better and processing times faster than conventional loans. This often translates into closing escrow in the much touted 30-day period. However, there is so much more to FHA that has a POSITIVE impact on you whether you are the seller of buyer. As the real estate market is heating up remember that FHA financing can be the best alternative for a smooth swift real estate transaction. Below are some other reasons why FHA just might be for you:
- Remember, NO seller-paid fees are required.
- Credit scores as low as 620 are acceptable. Pricing is virtually the same whether the score is 620 or 800.
- Down-payment requirement only 3.5%.
- Entire down-payment and closing costs can be Gift Funds
- Non-Occupying Co-Borrowers allowed - this is a huge factor.
- Time lapsed on a bankruptcy before obtaining new financing is far less than on conventional financing.
- It is worth repeating that some lenders get to choose the appraiser, however this may be altered somewhat to include an impartial third party.
- No cash reserve requirements necessary.
- Lower occupancy requirements on condos (must be on FHA approved list).
I can help arrange the details to begin the process of financing your new home!
THE MEANING OF LABOR DAY
Labor Day: How it Came About; What it Means
Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.
Founder of Labor Day
More than 100 years after the first Labor Day observance, there is still some doubt as to who first proposed the holiday for workers.
Some records show that Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor, was first in suggesting a day to honor those "who from rude nature have delved and carved all the grandeur we behold."
But Peter McGuire's place in Labor Day history has not gone unchallenged. Many believe that Matthew Maguire, a machinist, not Peter McGuire, founded the holiday. Recent research seems to support the contention that Matthew Maguire, later the secretary of Local 344 of the International Association of Machinists in Paterson, N.J., proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York. What is clear is that the Central Labor Union adopted a Labor Day proposal and appointed a committee to plan a demonstration and picnic.
The First Labor Day
The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.
In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a "workingman's holiday" on that date. The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country. NOW YOU ARE AN EXPERT.
REAL ESTATE--IT'S SOMETIMES THE ART OF THE JUGGLE--FOR YOUR CLIENT
In real estate working on behalf of your client is essential, particularly in today's market. With often times multiple offers on a property, your Realtor's ability to coordinate with his/her team is crucial to make the transaction happen. Just like the juggler, your Realtor's ability to juggle many tasks at once is essential and working to complete the deal favorably for your client, mandatory. Watch a true juggler at work and turn up your speakers. Like the cadence of the juggler in time with the music in this video, a licensed Realtor will work in a fashion required to complete the task.
First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
Why Paying Late Should be Avoided...at all costs
Although I am not in any way a supporter of the New York Times, the following piece does warrant reading and some thought. In my opinion, by all means avoid foreclosure. It has been reported that Funding institutions which by the way include many so called formidable banks, are drooling over foreclosure proceedings because they stand to make tons of money from the supporting entities who prop up the loan process, e.g. Insurance Companies. As the mortgagor struggles through attempts to make things right with their lender, the lender often times stalls the process and in many instances couldn't care less whether the borrower's intentions are honorable or not. Remember this...the lender during the current time in our so called "recovery" process stands to make lots of money by exploiting the difficulties many homeowners are having with making payments. Read on...
July 24, 2009, 3:14 pm
Why Paying Late Should Be Avoided
By Jay Romano
Q I live in a condominium in Long Beach, N.Y. Our management bills us $275 monthly for the common charge and imposes a $25 fee if the payment is late. I think this is excessive.
Please advise if this is legal and what limit is allowed by law.
A
“As is frequently the case in condominium buildings, the answer lies in the documents governing the condominium association,” said Todd Soloway, a Manhattan co-op and condominium lawyer.
“If the bylaws provide for the imposition of a late fee or if a late fee has been duly adopted by the board of managers pursuant to a resolution, then a late fee can certainly be charged,” he said, adding that there is no legal limit to such a fee.
At the same time, however, if the late fee was not properly adopted or included in the bylaws, then the reader can challenge the charge in court.
But, Mr. Soloway cautioned, “wrongful failure to pay an appropriately imposed late fee may provide the board of managers with the right to file a lien against the condominium unit. The board can sue for payment of the fee, and it may be able to include its legal expenses in the suit.”
ENCINITAS CALIFORNIA--That's My Home!
Encinitas California, Poinsettia capital of the world, unbelievable beach community and public access at Moon Light Beach, Beacons, Stone Steps or Grandview...Encinitas has it all. Real Estate sales are lagging in North San Diego County but now is the time for first time buyers to take full advantage of the market conditions, tax benefits, and loan rates available through FHA, VA and others. Go to my web site at www.thechaseadvantage.com and search for the property just for you, and, if you're interested, I'll arrange a showing.
Despite the economic conditions which remain suppressed much of it having to do with uncertainty of what the administration will do next; however, the DOW today recorded a best six month advance period in a long time. Closing over 9000 on Friday July 23rd, capped off a strong week of above average housing reports and unexpected upside reporting from many Fortune ranked companies. Perhaps we'll see our portfolios, 401Ks, IRAs and the rest begin a trend to get back to at least par. Wishful thinking!!??
Isn't It About Time?
Isn't it about time we celebrate our Troops as celebrities? Hats off to all our men and women serving in our armed forces.
Now these men and women who have served can benefit through a number of first time home buyer programs available today. As real estate home prices seem to have just about reached bottom here in San Diego County, Orange County, Riverside Country and even LA County...VA loans, FHA loans and tax credits are available. The time is perfect for military and first time home buyers to purchase the home they probably have been dreaming of. Let me help. You can also search for homes on your own personalized VIP web site I've created. Go to www.thechaseadvantage.com and check it out.
DRE License number 01735154
TAX CREDITS for FIRST TIME HOME BUYERS
Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.
C.A.R. has been informed that no lenders in California are offering the monetization of the tax credit. C.A.R. will continue to follow this issue and work to convince lenders to make these products available to borrowers.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.
C.A.R. has been informed that no lenders in California are offering the monetization of the tax credit. C.A.R. will continue to follow this issue and work to convince lenders to make these products available to borrowers.
HAPPY 4TH OF JULY
The 4th marks an important day in our history and particularly in remembering the basics of free enterprise, faith in the country's resilience, and hope that our leadership will find ways to further the American dream through this tough economy. It's especially important to remember and help with reinforcing and strengthening the fabric of American ideals because sustaining the American way is the right way. Enjoy your day, fly your flag, and give thanks for the opportunity to live in America. Perhaps all of us can make a difference.
Remember, investing in today's real estate market is a great alternative to building wealth! I would be happy to provide you with information about homes currently on the market, or what the market value of your current home might be.
Please feel free to call me with any of your real estate questions. I am here to assist you in any way that I can.
"Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it, Almighty God. I know not what course others may take, but as for me, give me liberty or give me death!" --Patrick Henry
INCOME PROPERTY FOR SALE IN TULSA, OK--3 Condos near Southern Hills Country Club
Great Investment Opportunity in TULSA, OK's robust rental market. Three condos For Sale near prestigious Southern Hills Country Club. One unit in "Southern Hills Park Towne Home" has 2 bedrooms, 2 bathrooms in this beautiful tree lined setting near the Country Club. The Southern Hills Condo is 2 story , freshly painted, with a brick exterior and covered parking.
Click to view Southern Hills
Also available are 2 Condo units in Willow Creek II both single bedroom, one level, close to community swimming pool. Both units on ground level with parking in front. View Willow Creek II at: Click to view Willow Creek II
Call Bob at 760-497-2227
Buy One, Two or All Three
All three units priced to sell $124,900
Plus applicable closing cost.
ABOUT TO LIST YOUR HOME? A REALTOR SHOULD NAIL THE ASKING PRICE FOR A SMOOTH ESCROW
Sellers always ne
ed to obtain a Comparative Market Analysis(CMA) prior to listing their home. It's very important to nail down the asking price by comparing properties that have sold, are pending the close of escrow...and yes...even those properties that just became active. A licensed REALTOR properly preparing a CMA should nail the asking price each and every time for a seller, and as such, is likely to find a buyer and cut the escrow time considerably, remembering that in today's world, the appraisal process can make or break closing escrow on a positive note.
Check out Bob's website for all your property searches. www.thechaseadvatntage.com
ed to obtain a Comparative Market Analysis(CMA) prior to listing their home. It's very important to nail down the asking price by comparing properties that have sold, are pending the close of escrow...and yes...even those properties that just became active. A licensed REALTOR properly preparing a CMA should nail the asking price each and every time for a seller, and as such, is likely to find a buyer and cut the escrow time considerably, remembering that in today's world, the appraisal process can make or break closing escrow on a positive note. REFINANCING YOUR HOME
A battle plan for refinancing your mortgage
Homeowners seeking to refinance their mortgages may be surprised by the amount of paperwork required. During the “easy credit” years, some lenders did not require proof of income or documentation. Nowadays, most lenders require borrowers to provide pay stubs, banks statements, brokerage statements, and possibly tax returns. Self-employed individuals may be asked for a profit-and-loss statement. Those relying on bonus income should expect that most lenders will assume this year’s bonus will be a lot less than last year’s, which could make securing approval more difficult.
Determining the amount of equity in the home is key to being approved for a new loan. Homeowners whose mortgage obligations are less than 80 percent of the home’s value are more likely to have refinancing options available to them. Other homeowners who are current on their mortgages, owe 80 percent to 105 percent of the home’s value, and have a loan owned by Fannie Mae or Freddie Mac may be able to refinance under the government’s “Making Home Affordable” program.
Other factors to take into consideration when refinancing are the property’s appraised value, the homeowners’ credit score(s), whether or not the property has a second mortgage, and the length of the original loan.
To read the full story, please click here
Homeowners seeking to refinance their mortgages may be surprised by the amount of paperwork required. During the “easy credit” years, some lenders did not require proof of income or documentation. Nowadays, most lenders require borrowers to provide pay stubs, banks statements, brokerage statements, and possibly tax returns. Self-employed individuals may be asked for a profit-and-loss statement. Those relying on bonus income should expect that most lenders will assume this year’s bonus will be a lot less than last year’s, which could make securing approval more difficult.
Determining the amount of equity in the home is key to being approved for a new loan. Homeowners whose mortgage obligations are less than 80 percent of the home’s value are more likely to have refinancing options available to them. Other homeowners who are current on their mortgages, owe 80 percent to 105 percent of the home’s value, and have a loan owned by Fannie Mae or Freddie Mac may be able to refinance under the government’s “Making Home Affordable” program.
Other factors to take into consideration when refinancing are the property’s appraised value, the homeowners’ credit score(s), whether or not the property has a second mortgage, and the length of the original loan.
To read the full story, please click here
IN RESPECT FOR THOSE WHO SACRIFICED--MEMORIAL DAY
Enjoy Memorial Day everyone during this day of National recognition for those who gave the ultimate sacrifice to keep our country strong, safe, and free. God Bless America!
Veterans always reflect back on the tremendous sacrifice they made in order for all of Americans, and the World, can live in a better place. Let's not forget.
STATED INCOME LOANS ARE BACK---CAN YOU BELIEVE IT?
That's right ! The so called Stated-Income Loan so controversial and actually loathed by those of us tax payers who thought lenders were much too promiscuous in doling out loans many people could not afford...are back, albeit with a different business model. Here is a thumbnail on what is expected:
1. 30% minimum down payment
2. 700+ FICO score
3. Self Employed (but not involved in real estate)
4. Have cash reserves of 6-12 months of PITI
Give me a call at 760-497-2227 if you would like me to begin the process.
We have financial representatives on site at Windermere Real Estate, plus we have the added benefit of many insurance programs offering superior rates to keep PITI payments down.
THE FIVE C's of LOAN APPROVAL
Also, just a few days ago it was reported in the SDUT that borrowers face essentially 5 C's of loan approval. They are: 1. Capacity. The ability to make monthly payment; 2. Character. Your willingness to make monthly payments; 3. Capital. your liquid assets; 4. Collateral. The value of the property you want to buy; 5. Compliance. A due diligence process where the underwriter will make sure the loan meets lender's eligibility standards.
Bob's Comments and National Real Estate Market Analysis
The country's current fiscal crises and the resultant effects of government over spending (I should probably hyphenate government-over-spending) is no surprise to most "thinking Americans". Spending is not the cure nor does it provide a positive upside or stimulus to turn things around. Quite the contrary. As historians state..."those who don't know history are bound to repeat it." I think FDR and Jimmy Carter were true tests of the fact that social programs bordering Marxism like the current bail out programs rewarding failure in the private sector and nationalizing banks don't work. A point to ponder...can America today be classified as a capitalistic free enterprise system? I've listened to all sides contributing facts and figures on our economy and housing market; most rebuff the Obama notion that spending will create jobs and thus stimulate the economy. A good number of Americans believe that working a job with conviction, raising a family, and "doing the right things in life" are the essential ingredients to success, happiness and wealth. We've all had tough times, but I'm convinced there is light at the end of the tunnel for all of us wanting to see the fabric of America restored and perpetuated for generations to come. A little side note here...just a week ago (Sunday, March 1st) the family held a memorial for my folks. Mom passed away in January 2009. Dad passed away in April 2005. We arranged for a military flag folding and taps. During the playing of taps and watching the three young representatives of our military fold the flag for the last time, caused me to reflect back as I often do, on just how lucky we are to live in America, and particularly to have occasion to revisit old American traditions as they apply to men and women who have served to keep our country safe, to live under a Constitution and Bill of Rights permitting us to worship God and be a free nation. Incredibly lucky we are.
As we witness what I would term an economic disaster, this too shall pass. We need to keep our heads up and be proud, while we endure, as hard as that may be.
God Bless America! Buy American! Be American! and, remember...borders, language and culture...the essential ingredients of building and maintaining a strong nation.
Now this just in:
ORLANDO, Fla., March 5, 2009 —Today eppraisal.com released its National Real Estate Market Analysis report for 182 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in August 2008 through October 2008 with homes sold in November 2008 through January 2009.
There are no surprises in the data with 89 percent of the markets tracked by eppraisal.com seeing a drop in the median sales price of homes sold between November ‘08 and January ‘09. The hardest hit areas were in Ohio, Michigan, and South Carolina where some cities saw more than a 20 percent drop in the median sales price. In Akron, Ohio, Toledo, Ohio, Sandusky, Ohio, and Dayton, Ohio, home prices were down 37 percent, 26 percent, 24.4 percent, and 23.6 percent respectively. In Michigan the Warren-Troy-Farmington Hills area saw a 29.4 percent decline to a median home price of $60,000. In South Carolina, Florence saw a 22.6 percent drop in the median sales price to $82,036. Sumter declined by 21.2 percent to $85,000.
click here to read entire article from eppraisal.com.
FOR SALE 3 CONDOS NEAR SOUTHERN HILLS CC--TULSA, OK--
Great Investment Opportunity in TULSA, OK's robust rental market. Three condos For Sale near prestigious Southern Hills Country Club. One unit in "Southern Hills Park Towne Home" has 2 bedrooms, 2 bathrooms in this beautiful tree lined setting near the Country Club. The Southern Hills Condo is 2 story , freshly painted, with a brick exterior and covered parking.
Click to view Southern Hills
Also available are 2 Condo units in Willow Creek II both single bedroom, one level, close to community swimming pool. Both units on ground level with parking in front. View Willow Creek II at: Click to view Willow Creek II
Call Bob at 760-497-2227
Buy One, Two or All Three
All three units priced to sell $124,900
Plus applicable closing cost.
REMEMBER--FIRST TIME BUYERS TAX CREDIT GOOD UNTIL JUNE 2009
New Tax Credit for First-time Homebuyers Available
(July 30, 2008) A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
GREAT NEWS--FANNIE MAE TO ALLOW UP TO 10 FINANCED PROPERTIES
GREAT NEWS--FANNIE MAE TO ALLOW UP TO 10 FINANCED PROPERTIESGive me a call--I'll be pleased to provide more FNMA details and search for the right property for you. Also you can visit www.thechaseadvantage.com to conduct your own search.
One of the biggest hurdles many solvent investors have had these days is Fannie Mae’s (FNMA) limitation on the number of one- to four-unit financed properties. This limit dropped to four properties over the last year or so, which has hamstrung many investors looking to add to their real estate portfolio.
However, according to FNMA Announcement 09-02, borrowers may now have up to ten financed properties without having to pay the higher rates of private or hard-money resources. In the current lower price and low rate environment, this increased limit is an extremely beneficial change.
For those looking to purchase more properties, this new limit also comes with some new guidelines:
- Minimum credit score is 720
- The borrower(s) cannot have had a bankruptcy or foreclosure in the past seven years
- There can be no mortgage delinquencies (30-days or greater) within the past 12 months on any mortgage loan
- Maximum loan to value is 75% for purchase of a 1 unit second home or investment property
- Maximum loan to value is 70% for purchase of a 2-4 unit investment property
- Full income documentation is required including most recent two-year’s IRS 1040’s
- Refinances are allowed on a no cash-out basis and with a loan to value limit of 70%.
REAL ESTATE: Analysts warn of commercial meltdown
Even as a massive government intervention attempts to buttress teetering banks, several recent reports indicate a new crisis is looming that could further destabilize lenders and hamper rescue efforts.
More than $218 billion worth of loans for commercial and multifamily properties across the nation will mature over the next 12 months, according to a report released Monday by the Mortgage Bankers Association.
Many of the loans maturing will require developers to make lump payments of several millions of dollars.
With vacancy rates raising, the developers who used those loans to build office buildings and strip malls might struggle to pay off those mortgages.
If they can't pay and banks are unwilling to modify loan agreements, lenders could be faced with a large number of commercial loan defaults ---- in addition to the foreclosures on homes that have already sent the economy into the most painful recession in decades.
To read entire article click here
More than $218 billion worth of loans for commercial and multifamily properties across the nation will mature over the next 12 months, according to a report released Monday by the Mortgage Bankers Association.
Many of the loans maturing will require developers to make lump payments of several millions of dollars.
With vacancy rates raising, the developers who used those loans to build office buildings and strip malls might struggle to pay off those mortgages.
If they can't pay and banks are unwilling to modify loan agreements, lenders could be faced with a large number of commercial loan defaults ---- in addition to the foreclosures on homes that have already sent the economy into the most painful recession in decades.
To read entire article click here
REAL ESTATE SALES UP 84% IN CALIFORNIA
New CAR Report: Sales Up 84% Prices Down 41%
By Rich Johnson
Rich is the office manager for Windermere Exclusive Properties at the Forum in CarsbadJanuary 27, 2009 – 8:24 pm
Have you read the CAR report released today about December year over year sales numbers? Home sales increased almost 85% in December 2008 vs. December 2007! Prices dropped 41% though, for the same December 2007 vs. December 2008 time period.
So what does this really mean? How can it help you with the buyers and sellers you’re working with? Read the full report here.
The Associated Press: Billions more needed for financial rescue
Looking ahead, I am not convinced this additional bail out is what the country needs. Now part of Obama's stimulus package plan if adopted may include covering the bank's bad debt at tax payer's expense. All this while we read reports of the Merrill Lynch CEO (just recently fired), now a Bank of American subsidiary, giving his office a face lift last year at the tone of $1 million plus, and now another bank was reported as planning on taking delivery of their new corporate jet valued at $53 million. Shouldn't they be accountable? I think we have a problem.
The Associated Press: Billions more needed for financial rescue
The Associated Press: Billions more needed for financial rescue
First Time Buyers
New Tax Credit for First-time Homebuyers Available
(July 30, 2008) A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
Avoiding Predatory Lending
Protect Yourself in the Loan Process
Don't fall prey to predatory lending!
If you are in the market for a new loan to purchase real property or a loan to refinance an existing mortgage, the mortgage market place offers numerous types of loan products. Being knowledgeable about the loan process will help you find the most desirable loan product and avoid the pitfalls of predatory lending.
About Predatory Lending
The term "predatory lending" encompasses a variety of home mortgage lending practices. Predatory lenders often try to pressure consumers into signing loan agreements they cannot afford or simply are not in the consumers' best interest. Often, through the use of false promises and deceptive sales tactics, borrowers are convinced to sign a loan contract before they have had a chance to review the paperwork and do the math to determine whether they can truly afford the loan.
Predatory lending practices specifically prohibited by law include:
- Flipping - the frequent making of new loans to refinance existing loans,
- Packing - the selling of additional products without the borrower's informed consent, and
- Charging excessive fees.
Homeowners in certain communities, particularly the elderly and minorities, are especially likely to be targets of predatory lending but almost anyone can fall prey to abusive lending practices. You can protect yourself by knowing what you can afford; choosing a reputable, licensed broker/lender; understanding the loan application and contract; and being aware of commonly-used predatory lending tactics. Informed decision-making is your best defense!
Choose a Reputable, Licensed Broker/Lender
- A good way to find a reputable broker and/or lender is to ask family members and/or friends who will not gain personally to refer you to brokers and/or lenders they have used satisfactorily.
- Be aware of salespersons who approach you with offers that sound too good to be true.
- Prior to using the services of a mortgage broker or lender, make sure they are properly licensed by checking with the California Department of Corporations and/or the California Department of Real Estate.
Beware of these Predatory Lending Tactics
- Exceedingly high interest rates and inflated fees in comparison with other lenders.
- Bait and switch tactics where a mortgage broker or lender knowingly offers one set of terms which are more appealing but are not readily available and then pressures the borrower into signing a contract with more expensive terms and hidden fees.
- Door-to-door high pressure salespersons and pitches for home equity loans related to home improvement contracts or contracts for the installation of items such as drapes and carpets.
- Salespersons with backgrounds similar to yours who attempt to gain your trust. This tactic is oftentimes used to lull a homeowner into a false sense of security, causing the homeowner to make a decision based on trust instead of knowledge and understanding.
- Mail, radio and television ads that claim "No job! No credit! No problem! You can still qualify for a loan based on your home equity." These ads encourage you to place your home at risk. If you can't make the payments, you will lose your home! Offers that sound too good to be true, usually are.
- High-pressure sales tactics requiring you to sign a loan contract right away. If the offer is good today, it should probably be good tomorrow, AFTER you have reviewed the contract and have consulted a knowledgeable, uninvolved adviser.
According to the DataQuick report for home sales in San Diego County, the downward trend is continuing.
Some areas, however, are showing some stability. Several communities in North County Coastal and Central San Diego had increased average sales prices over September. This data compiled thanks to Diane White--Windermere Exclusive Properties
Click Image for Report
Most changes involve areas noted below:
• Carlsbad N • Carlsbad SW • Carmel Valley • Solana Beach • Clairemont • Hillcrest • La Jolla
• Mission Valley • North Park • Pt. Loma • Sorrento Valley • Tierrasanta • UTC
November sales per Sandicor which include listings in the MLS only and include just Detached and Attached Resale homes show that 2,389 went into Pending/Escrow with a slightly higher average listing price of $367,107.
Current statistics as of December 9th show (again resale detached/attached homes):
- 15,525 Active Listings with an average Listing Price of $729,868
- 5,664 are in Pending/Escrow with an average Listing Price of $370,591
What areas have the most activity? Following is the breakdown:
North County Central/Inland
- 4,230 Lisitngs with Average L/P $568,103 - 1,503 in Pending with Average L/P $362,975
South County
- 3,832 Listing with Average L/P $809,209 - 1,529 in Pending with Average L/P $383,310
Metro Central/Uptown/Downtown
- 2,870 Listings with Average L/P $451,583 - 1,056 in Pending with Average L/P $300,349
North County Coastal
- 2,677 Listings with Average L/P @ $1,413,000 - 685 in Pending with Average L/P $590,176
East County
- 2,095 Listings with Average L/P @ $338,600 - 903 in Pending with Average L/P $274,569
January 2009
« Home warranty loopholes, don’t be fooled |
eppraisal.com Real Estate Market Analysis
Today eppraisal.com released its National Real Estate Market Analysis report for the three months ending November 2008. Of the 189 market areas tracked across the U.S., 177 markets (or 93.7 percent) saw a decline in median home values, which is up from 81.9 percent in the previous report. The data indicates that most areas remain in decline.
The downward slide slowed a bit in previous months but in this period picked up some steam. This period shows substantial declines in most major markets (from coast to coast). In New York three of the four areas tracked saw declines. Nassau-Suffolk saw a decline of 5.1 percent, Ithaca down 6.9 percent, and Buffalo-Niagara Falls down 18.3 percent. Glens Falls, NY, is the exception with a 5.8 percent increase. On the West Coast, Phoenix-Mesa-Scottsdale, Ariz., saw a decrease of 12.1 percent. San Jose-Sunnyvale-Santa Clara, Calif., dropped 15.8 percent.
Florida continues to drop in all markets tracked by eppraisal.com. Sarasota-Bradenton-Venice saw the largest decline with a drop of 17 percent to a median home value of $166,000. In Central Florida, the Orlando-Kissimmee area saw a decline of 8.2 percent to a median value of $188,200. In Southern Florida, the Fort Lauderdale-Pompano Beach and Deerfield Beach areas saw a drop of 8.9 percent to a median home value of $237,000.
Places that have pushed to the top of the list are small or midsized areas like Yakima, Wash., Ocean City, NJ, and Rome, Ga. Yakima saw an increase of 2.8 percent to a median value of $152,000. Ocean City saw an increase of 3.2 percent to a median value of $325,000. Rome saw an increase of 10 percent to a median value of $110,000.
A few areas in Texas continue to see increases in the median home value. Sherman-Denison, McAllen-Edinburg, and Waco all saw positive increases of more than 2 percent again this period. Sherman-Denison was up 4.5 percent to a median value of $95,025, McAllen-Edinburg was up 2.7 percent to a median value of $118,125, and Waco was up 2.2 percent to a median value of $122,000. Other areas in Texas continue to decline. Midland leads the list with a loss of 4.9 percent in value to $163,670.
Overall, most areas continue to see declines, alluding the bottom has not been reached. Click here for a full list of the areas tracked by eppraisal.com.
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