HAMP PRINCIPAL REDUCTION ALTERNATIVE PROGRAM TAKES EFFECT
Missed Opportunity? Think Again!
It was amazing to see how the buyer’s
Every Dog Has its Day.
Jack with 2 tennis balls and a stick! |
Alan and I have two great dogs including a white lab named Jack.
Truth vs. Myth in Real Estate Today
BACK IN THE BLOG AGAIN!
Real Estate business has changed
You can’t help but have noticed that, along with the Gulf Oil Crisis and the National Healthcare Bill, there has been a tsunami of foreclosures and short sales which have negatively impacted both the banking and real estate industries. In essence my business has changed dramatically over the past couple of years!
For my dear friends who haven’t heard from me as often as I would have liked, I wanted to assure you that we have not only survived these challenges but have actually thrived with our efforts to help clients who have been tragically affected by this market. Following the Darwin theory of survival, we have adapted!
As you can see by the dates of my past blogs, it has been a while since I have posted one. I can honestly say that it has been due in large part to the huge volume of distressed sales we have been dealing with. We have helped over 60 families in our community avoid foreclosure. Short sales are labor intensive transactions. The average length of time to complete one has been about 6 to 7 months with two going over 18 months. In most cases, we go through 2, 3 up to 5 or even 6 buyers before we get an approval with the buyer hanging in there!
So why do them you might ask. We feel a strong obligation to do our part to help people who find themselves in a true hardship facing losing their home. Even though it was not our practice to put our clients into some of the awful loans that got us where we are now, there is not a real estate professional out there that did not benefit from a buyer’s agent getting one of their listings sold and closed with one of those loans. Add to that many of our clients refinanced with predatory lenders and found that their good, fixed rate loan was replaced with a variable rate loan with a low teaser rate that lasted for about
As I Look Back at 2008
The Market As We See It!
The content of this newsletter was obtained from press releases from Realogy Corporation
and Coldwell Banker Residential Brokerage in recent weeks
The past few weeks have been an economic roller coaster. We have watched the market dip and climb as fear, frustration and questions in the stock and real estate markets mount.
What we are experiencing is the results of combining over-inflated pricing with unsound lending practices and greed. How many of you really believe that a home valued at $150,000 in 2001 should really be worth $447,000 in 2005? As a result of borrowing based on inflated prices, we began to see the foreclosures soar and by the end of summer the results took their toll bringing down major investment firms and banks.
As this situation took years to emerge, so may the recovery. However, we now see economic, political and business leaders work together to plan a recover strategy rather than attempting to individually fix this enormous problem. This lays the foundation for a solution instead of hoping that the problem fixes itself.
On the positive side, we now have prices approaching that 2001 value level. We also still have very attractive interest rates in the 6% range. (In 2001 interest rates were in the 7% range) There is a positive up-tick in the market as smart investors and home-buyers are snapping up those bargains. As a result, the inventory in the greater Sacramento market decreased from an 11+ month supply in July to a 5-1/2 month supply in September. We have seen an increase in units and conversely as decrease in price of the distressed properties, but they are selling. In many cases, we have seen the return of multiple offers and steady open house attendees starting as well.
There is no doubt that the state of the markets has much to do with consumer confidence and trust in the financial sectors. The credit crisis weighs heavily on everyone
After the foreclosure
What to do when in trouble
Eric, I’ve talked a lot about what to do if you are in trouble with other options to avoid foreclosure. But what if you’re one of the unfortunate ones who have lost your home to foreclosure. Again, the word is, don’t put your head in the sand.
If ever there is a time in credit history that future credit grantors will be compassionate and forgiving for those who have lost their homes to foreclosure, the time is now. However, how you behave after the foreclosure is critical.
When you know your foreclosure is eminent, start packing. The sooner you get out, the better it will be for you. Whatever you do, don’t let it go to an eviction. Not only will you still have to move, but in all probability you’ll be slapped with an addtional judgement for fair market rent for the time you remain after. Additionally in one case we just experienced, they were also charged for the bank’s attorney’s fees and if that is not bad enough, they now have the foreclosure followed the eviction judgement. Talk about “credit curtains”…. and it’s not necessary.
Most lenders understand the heart ache and the burden these homeowners are facing. To help them out, most are offering “cash for keys” as an incentive for those who have lost them homes to move. In essence, if you agree and move out within the time frame – usually 2 weeks – and leave the property broom clean and free of all debris, the bank will trade you relinquishing the property for a check. As always, if you have more questions, please don’t hesitate to give me a call at 973-4532.
Ose vs. McClintock – Slick ads vs. Issues
Ose vs. McClintock
Eric Hogue and I have talked many times about advertising and how slick ads often work whether it is in business or in politics, even when they are misleading. Doug Ose has really been spending a lot of money on his ads and I have to say they are extremely clever even though they are definitely misleading. On one hand you have Tom McClintock, who regardless of where he resides has been a tried and true conservative. He has held strong to his conservative beliefs and issues even though they have cost him many an election. Doug Ose, who I have known since he was about 6 years old and I supported, when he represented me in the 3rd district has not. He became a huge disappointment to me during his tenure in Congress with his voting record especially when it came to taxes and gun issues. I now live in the 4th district and originally was working on Rico Oller’s campaign, but when McClintock was romanced by the Republican Party to run for the 4th district, Rico and I both threw our support behind Tom. I would suggest that if you are a staunch conservative and a 2nd Amendment person like myself, do not be fooled by those expensive ads. Doug has a terrible rating by both tax payer groups and the NRA, the California Gun Owner’s Association, Safari Club International and other hunting and conservation organizations! Let me share with you a personal experience regarding Doug while in Congress. I had the honor to represent the Sacramento Chapter of Safari Club International back in Washington, D.C. where we lobbied Congress on many important gun and wildlife conservation issues. Because I grew up with Doug, I contacted his office letting him know that I would be part of the delegation from Northern California and would appreciate a few minutes of his time to share our views on these issues. When we arrived at Doug’s office, we were informed that the Congressman would not be meeting with us, but had arranged to have one his aides hear our message. That aide was a cute young woman who had little or no experience or background in hunting and gun issues. She was very polite, but it was a huge disappointment that Doug would not personally make time for us after traveling so far. On the other hand, Congressman Doolittle met with us and when our allotted time was up, instructed his staff to move his next appointment back 10 minutes as our issues were extremely important to the people he represented. He wanted to make sure he had the facts right! Later that night, in discussions over dinner, I learned that Doug had quietly joined the ranks of what hunters and gun owners call the “anit’s” . Anti guns and anti hunting. Tom McClintock on the other hand is in complete step with the issues that are dear to me and my fellow Americans who believe in the 2nd Amendment. At a recent dinner I had the opportunity to speak with him on Northern California issues like the water, our King Salmon crises and he is all over keeping Northern California wet (he wants to build the Auburn Damm and rattled off facts and figures surrounding that issue) and working to preserve our treasured resources. That is why he has the endorsement of the Placer Republican Party. I know the farther North you go up the state, the deeper the support for McClintock goes. A man who sat next to me at that dinner had driven down from Redding to attend and was extremely concerned about the aspects of Doug Ose representing the Northern Part of the state. He said that he did not believe that Doug Ose understood the issues of rural Northern California. Very interesting in light of the remarks Doug’s recent ads have fostered.
Now, do you want to know how I really feel? What ever you do, get involved, ask questions about the issues and past voting records and regardless of who you support, please get out and vote and vote your conscious,
Folks when it comes to having someone represent you in your real estate matters and are looking for someone who cares as much about you and your money as you do, I hope you will look at my record, talk to people who have turned to me and give me a call at 973-4532. I would be honored to put my 39 years of experience (career Realtor) to work for you and prove in real estate as in politics, experience is not expensive, it is priceless.