Peter 's Blog

California Eliminates "Short Sale Tax"

Peter Carlseen (RE/MAX Praecelsus) — Tue, 13 Apr 2010 15:52:23 -0700

California has brought its tax code up to match the federal standards when dealing with short sales, foreclosures and loan modifications.

Under Senate Bill 401, homeowners who have or will experience one of these potentially-taxable situations can rest assured that government finally believes that if you can't afford to pay on the loan, there is certainly no way you can afford to pay taxes on $200,000 that you never made in the first place.

In order to qualify for the tax relief, the home must be a qualified principle residence (no rental properties). Aslo, the debts must be discharged from January 1, 2009 through December 31, 2012.

Californians who have already filed 2009 taxes, besides being much more organized than myself, can take advantage of this new law by filing a form 540x amendment.

If your situation involves a second home or rental property, you may still be exempt. The most common exemptions are for those who are either bankrupt or otherwise insolvent.

This bill should assist many homeowners in the San Diego area, as home values have seen major decline, some as high as 60% over the last 3 years. Prices in many communities of Chula Vista are back down to 2002 price levels, so anyone who purchased a home in the last 8 years runs the risk of being upside-down.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov

HAFA - Get Paid to Sell Your Home!

Peter Carlseen (RE/MAX Praecelsus) — Fri, 09 Apr 2010 18:08:25 -0700

Well, according to the new HAFA program rolled out earlier this week, homeowners who short sale their home can receive a "moving allowance" check of $3,000!

The new Housing Affordable Foreclosure Avoidance program, named HAFA, is here to hopefully make life for homeowners in distress a little more comfortable. Personally, my first complaint is the acronym. Seriously, couldn't they think of a name for the program without having to put the words out of order? But it's government people, let's be patient with them. Their amazing foresight had a lot to do with why we are in this mess to begin with. But that's another topic altogether...

So yes, it is true, under the HAFA program, homeowners in distress are eligible for the following perks:

•ü Avoid Foreclosure

•ü If you are already in the foreclosure process, the foreclosure can be SUSPENDED

•ü Stay in your home throughout the entire sales process

•ü Save Your Credit

•ü Get FULL release from your lender (no deficiency judgment)- your mortgage debt is GONE!

•ü The bank pays for EVERYTHING, even Realtor fees.

•ü The whole process is FREE to you

•ü AND you get paid $3000!

Let's face it- foreclosures are devastating for everyone. They destroy the homeowner's credit, the bank loses more money every month the property is in default and property values in the neighborhood suffer.

Well, the government finally DID something! This program allows you to sell your home at current market value and upon the sale, you walk away without the worry of an over-bearing mortgage anymore AND the bank pays you $3000 to cooperate in the sale. There is no money required from you to participate in this program.

The program is referred to as HAFA or Housing Affordable Foreclosure Alternative. So how do I know about HAFA? I am a Certified Distressed Property Expert with RE/MAX- the number one seller of real estate IN THE WORLD! Many agents are unaware of the many changes going on with short sales and how those changes affect you.

As a dedicated Realtor and Associate Broker, I spend many hours in training every week to stay up-to-date on the ever-changing world of short sales. I am taking it upon myself to make sure that you are aware of this new law and how IT WILL BENEFIT YOU!

The banks are motivated to do this because, believe it or not, it is cheaper for them to sell NOW, then wait until it is foreclosed on and THEN try to sell it. The banks will pay all of the Realtor fees, all closing costs on your behalf, and will forgive the difference between the balance owed and what they actually get from the sale of the home.

The short sale process is very easy for you, as a seller, but to ensure that everything is done professionally, YOU MUST USE A CERTIFIED SPECIALIST! The biggest reason short sales fail, is because agents do not know what they are doing. I have successfully negotiated short sales in this area and I want to help YOU!

I am sure that your schedule is busy, so I would like only a few minutes of your time to meet in person and help you to get clarity and peace of mind. Please call or email me at your earliest opportunity. Time may be running out, so don't wait!

HAFA Vs. Hoffa - Any Chance of Finding a Body?

Peter Carlseen (RE/MAX Praecelsus) — Fri, 09 Apr 2010 17:47:02 -0700

Since cynicism runs deep in my blood, I thought I would ask the ever-present question on every skeptic's mind- is this new foreclosure avoidance program REALLY going to help anybody?

I ask this because, not only did the last government-authored homeowner-assistance program not help anyone (I exaggerate, it did help ONE person), but there are so many loopholes in the wording of the new HAFA program, that it is easy for anyone to smell what's fertilizing the lawn on the other side.

Don't get me wrong, I WANT this program to work. I WANT to see the housing crisis that was brought about by government mandating that risky mortgages be made be solved by the same people that created it. True, I may be leery that this will work, but hey, as long as it makes the Big G look like they care and are actually doing something with a POSITIVE outcome, then I am all for it.

So what's my beef? Well, it simply is this. While HAFA seems to include a good number of people, the fact that individual lenders and investors can set their own parameters, unrestricted, including whether or not individual investors want to even participate, could easily cause some problems. Now let's face it- it may not and this all may be written for naught. Plus, I couldn't use that catchy title if there wasn't some skepticism, so I admit; there is a bias to this argument.

So seller A wants to get rid of their home. Let's say that they meet all of the eligibility requirements, namely the following:

•1. The loan is for a home that is their principle residence.

•2. The first mortgage was originated on or before January 1, 2009

•3. The mortgage is either delinquent or default is reasonably foreseeable

•4. The current principle balance is under $729,750

•5. And the total monthly payments exceed 31% of the borrower's gross income.

First of all, did anyone else see any grey area in the requirements?

But I digress. So let's say, for instance, that this loan is serviced by Bank of America. Since they are the big player, it's easy to use them as an example. What many people do not realize, is that the money that Bank of America uses to lend to homeowners for the mortgage may not come from Bank of America! There are numbers of private investors who allow Bank of America to lend out their money. In the case that the loan is owned by one of these investors, there is a reasonable chance that the investor will decline the short sale. Or, the investor might mandate that the borrower be delinquent 60 or 90 days before they qualify. Each investor can have their own set of guidelines that will mandate whether or not they will accept the short sale in the HAFA program.

But for argument's sake, let's just say that the investor DOES participate. The investor can mandate that up to 31% of the borrowers gross monthly payments be made during that time the home is on the market. This may or may not be feasible, but again, for arguments sake, let's just say that it is.

Finally, the investors, who don't live in the area or, in most instances, have a clue about local real estate markets, decide on the lowest amount they will accept for the sale of the home. I would hope that this is at fair market value, but there is no guarantee. And sure, agent and borrower could argue with the investor what the home is really worth and extend the whole process...

HAFA touts that it shortens the time frame of the short sale because they qualify the seller before the property is marketed. Great idea- I thought that would have been a common sense beginning, like three years ago when short sale became prevalent. But hey, better late than never, right? However, the HAFA short sale process can still take up to 4 months! Unfortunately, this IS better than many short sale right now. But still a bit on the long side for most people. It's not like we're dealing with hazardous or explosive objects here- they're HOUSES!

Sure, I WANT to get excited, I WANT this program to work, I WANT to help preserve property values and neighborhoods with a pre-emptive strike against foreclosures before they happen, and I WILL work like mad to make sure that I help as many homeowners as I can...sometimes it's just hard to get excited when you know who's behind it all.

So let's work together to find someBODY to help, and make the best with the tools that are given to us. And in the meantime, let's also work to make sure that better tools are available in the future.

Last Chance for up to $18,000!

Peter Carlseen (RE/MAX Praecelsus) — Wed, 31 Mar 2010 12:23:56 -0700

The window of opportunity is closing for Californians looking to take advantage of up to $18,000 in tax credits. Here is how it breaks down:

The federal government is chipping in the follwng funds: First time home buyers can receive a tax credit of up to $8,000 IF they are in escrow by April 30, 2010 and close no later than June 30, 2010. If the home buyer is NOT a first-time buyer, they can still receive a tax credit of up to $6,500.

And the wonderful state of California is giving an incentive to ALL buyers who purchase homes that have never been lived in (a long way of saying "new homes"). Funds have been set aside for this program to offer buyers up to $10,000 in tax credit for this purchase.

So if you or someone you know is actively looking at homes to buy, make sure those deadlines are met! Always feel free to contact me for more information on this or other real estate matters.

The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

Snag a Mortgage Before Rates Rise!

Peter Carlseen (RE/MAX Praecelsus) — Thu, 18 Mar 2010 17:58:05 -0700

To help keep interest rates low, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac since early last year. This week, the Fed has stated that they will no longer be purchasing these loans. This was a planned move by the Fed, that has brought up fears that interest rates may rise 1-1.5% by the end of this year. One person told me, "Sorry for the sarcasm, but I've heard that one before."

True, I have heard many people "in the know" stating that rates were going up, up, up only to see a minor increase followed by another drop in rates.

This time is expected to be different though. And here is why.

When loans are originated (i.e. when people purchase a home or refinance a loan), these loans are generally sold on the secondary market, referred to as "mortgage-backed securities."

Well, if you are an investor, you want to put your money where you get the most return on investment given your risk parameters. With the departure of Fannie Mae and Freddie Mac from the scene, private investors will once again need to be the ones to purchase these investments. Keep in mind, these are the same types of investments that were sold a few years, causing investors all over the world to lose billions of dollars. So there may be a little bias there...

Long story short, to be competitive with other investment vehicles, the loans need to have a higher return on investment for the investor, which translates to a higher interest rate to the borrower.

(the remainer of this is taken from www.CAR.org)

MAKING SENSE OF THE STORY FOR CONSUMERS

Interest rates have hovered at or near historic lows for much of the past 18 months, resulting in lower payments for many borrowers. With the Fed discontinuing its purchase program, some analysts believe a rise in interest rates could range from 0.25 percent to as much as 1 percent by the end of 2010.
The federal tax credit for home buyers also is scheduled to end April 30. The tax credit combined with the expectation interest rates will increase has created a sense of urgency for many home buyers. In fact, 23 percent of California home buyers purchased a home in 2009 due to the perception that interest rates will rise and they would be priced out of the market, according to C.A.R.'s 2009 Survey of California Home Buyers.
Rising interest rates will have an effect on home buyers. For example, a qualified couple with a combined pretax income of $100,000 per year and debt obligations (excluding mortgage) of $500 who receive a mortgage rate of 5 percent could qualify for a loan of up to $590,000, assuming a 20 percent down payment. If the interest rate were to rise to 6 percent, as analysts at Barclays Capital predict, the same couple could only qualify for a mortgage of $540,000.

So if you want to get the lower rates, be sure to act quickly- my crystal ball does not see any decrease in rates, but an increase is very possible on the horizon.

Foreclosure Update, March 16, 2010

Peter Carlseen (RE/MAX Praecelsus) — Tue, 16 Mar 2010 11:41:28 -0700

Copied from ForeclosureRadar.com. Check out up-to-date foreclosures EVERYWHERE in the US at http://www.bobcarlseen.com/mx/Foreclosure/index.cfm?

Updated California Foreclosure Report:

After reaching the lowest level in a year last month, Notice of Defaults, the start of the foreclosure process, increased by 19.7 percent in February. The number of properties scheduled for foreclosure sale remained near record levels, yet foreclosure sales, either Back to Bank or Sold to 3rd Parties, dropped by 11.9 percent total.

"The disconnect between delinquencies, and foreclosure sales continues to widen," says Sean O'Toole, Founder and CEO of ForeclosureRadar.com. "While efforts to slow foreclosures are clearly working, it remains unclear that anything has yet addressed the core problem of excess household mortgage debt."

After four consecutive months of decline, Notice of Default filings bounced up by 19.7 percent to 31,004 filings. Filings of Notices of Trustee Sale, which sets the date and time of the foreclosure auction, increased slightly as well, rising 3.6 percent to 28,195 filings.

Foreclosure sales are the last step in the foreclosure process and result in the property being transferred from the homeowner either back to the bank, or to a 3rd party, typically an investor. Foreclosure sales decreased 11.9 percent in February, with the portion going Back to Bank dropping by 14.3 percent and the portion to 3rd Parties dropping by 2.7 percent. Despite our prediction that we may see a wave of Cancellations as the Administration pushed to make trial loan modification permanent, Cancellations remained flat, likely indicating that the Home Affordable Modification Program conversion drive is failing.

Despite the increase in Notice of Default filings in February, our estimated number of properties in Preforeclosure dropped 8.0 percent due to the relatively high number of Notice of Trustee Sale filings. Properties exiting the foreclosure process nearly matched the number of new Notice of Trustee Sale filings, leaving the number of properties Scheduled for Sale in February flat compared to January. Year-over-year, the increase in properties Scheduled for Sale is a dramatic 126.3 percent, as more and more homeowners have found themselves on the brink of foreclosure. Banks continue to resell their Bank Owned (REO) property in a timely manner, with their inventories also flat from January to February.

The courthouse steps remain highly competitive with discounts to market value dropping from 17.5 percent in January to 15.2 percent in February. Despite fewer foreclosure sales overall in February, as well as smaller discounts due to competitive bidding, 3rd party investors purchased more foreclosures, at 23.2 percent, than at any other time since we began tracking trustee sales in September 2006.

While the Time to Foreclose appears to have leveled off, the Time to Resell has increased in recent months. It is not unusual for home sales to slow in the winter months, which would naturally impact Time to Resell. This will be an important metric to track as we move into the Spring selling season as further increases could indicate housing market weakness.

What's so Distressing About Distressed Properties...

Peter Carlseen (RE/MAX Praecelsus) — Mon, 13 Apr 2009 15:44:13 -0700

Every real estate market, no matter the time or place, is bound to be influenced in some way or another by "distressed" properties. In a "healthy" market, anywhere from 1-3% of the homes are generally distressed sales.

So what qualifies as a distressed sale? A distressed property will fit into at least one of these four categories:

Property that is in poor condition
Property that is or will soon be in the foreclosure process
Property owned by someone who is experiencing financial problems
Property on which the mortgage and lien amounts exceed the value of the property AND an owner must sell.

Well, if you've driven around the San Diego area, you will notice some neighborhoods with obscene amounts of homes for sale (i.e. it seems like every other home on the street has a "For Sale" sign in front), while other neighborhoods have been minimally affected by housing market.

I spoke with an agent from Seattle the other day, who informed me that there were a few short sales and foreclosures, but that those prices did not detract much from the "normal sales." Well, here in Chula Vista, the distressed properties comprise 90% or more of the properties on the market in Chula Vista!

This results in more poorly-maintained properties, more neighborhood eyesores, potential safety problems with vacant homes, disgruntled neighbors, an overall bad vibe in the area, the list could go on. Also important to mention, is the fact that condo associations could lose their ability to have VA and FHA loans written on purchases in their complexes, resulting in a downward spiral of decreased demand, increasing inventory and plummeting property values.

Another important point, is that homeowners who are not paying their mortgage, are probably not paying their property taxes either. This results in lower revenues for the municipalities in which the people reside, throwing off revenues received and creating problems with local, county and state budgets. This can affect everyone.

Despite egregiously high levels of taxpayer dollars, we have not yet seen a major shift in the way banks are handling the hundreds of thousands of impending foreclosure properties. Without a major change in protocol, it is likely that we will continue to see housing prices decline despite low inventories of homes and large numbers of buyers.

As a Certified Distressed Property Expert, I ensure that homeowners who are trying to short sale their property are successful. Foreclosure carries with it many unforeseen problems. The truth is, with the right representation, homeowners who have a legitimate reason for short selling their homes should be able to avoid foreclosure. This will help to keep our friends, our family and ourselves, happier and better able to cope with the other "issues" that life brings.

Wondering about the foreclosure levels in your neighborhood? Get up-to-date information on foreclosures and pre-foreclosures at http://www.foreclosureradar.com/flx.php?id=48ee5897d7070.

VA Loans- a Great Choice!

Peter Carlseen (RE/MAX Praecelsus) — Mon, 13 Apr 2009 15:15:19 -0700

When it comes to great loan ooprtunites, VA definitely seems to be the way to go for anyone who qualifies. Well, just when I thought it couldn't get any better, it did! VA loan limits have now increased to $625,500 effective now!

Here are just a few reasons why buyers choose to go VA:

Generous loan limits (now $625,500)
Zero-down loan options
No private mortgage insurance payments (a BIG savings!)
Fixed and Adjustable rate programs availalbe
Flexible income, employment and savings requirements

And just in case you are curious about monthly payments, here are a few purchase scenarios to whet your appetite! (payments are principal & interest based on interest rate of 5.25%)

$200,000 purchase, 0-down, for only $1104/month!
$300,000 purchase, 0-down, for only $1657/month!
$400,000 purchase, 0-down, for only $2209/month!

Now is an amazing time to buy, so be sure to call or email me right away for the best information on your next dream home!

Search the enitre MLS and get real-time foreclosure property information at http://www.HottestHomeBuys.com

VA Loans Are Getting Even Better!

Peter Carlseen (RE/MAX Praecelsus) — Tue, 03 Mar 2009 13:47:15 -0800

Here are just a few reasons why buyers choose to go VA:

Generous loan limits (now $625,500)
Zero-down loan options
No private mortgage insurance payments (a BIG savings!)
Fixed and Adjustable rate programs availalbe
Flexible income, employment and savings requirements

And just in case you are curious about monthly payments, here are a few purchase scenarios to whet your appetite! (payments are principal & interest based on current rate of 5.25%)

$200,000 purchase, 0-down, for only $1104/month!
$300,000 purchase, 0-down, for only $1657/month!
$400,000 purchase, 0-down, for only $2209/month!

Now is an amazing time to buy, so be sure to call or email me right away for the best information on your next dream home!

$18,000 Tax Credit... Anyone?... Anyone?

Peter Carlseen (RE/MAX Praecelsus) — Mon, 02 Mar 2009 12:42:47 -0800

Good news for first-time home buyers that are looking at new homes in California!

As many people are now aware, there is an $8,000 tax credit for first time buyers, thanks to the "stimulus" package that was recently signed.

In addition to this however, the state of California is also offering a $10,000 tax credit to people buying new construction homes. There is a healthy amount of paperwork to fill out, and "standard operating procedures" have yet to be established, so the best bet is to apply early before the money runs out.

The state has a budget of $100 million for this tax credit.

For more information, please visit: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

For information on new homes that qualify for this tax credit, please be sure to contact me as soon as possible! Don't miss out!

New FHA loan limits for San Diego County

Peter Carlseen (RE/MAX Praecelsus) — Wed, 25 Feb 2009 16:36:36 -0800

Like a proverbial yo-yo, the FHA loan limits have once again changed direction.

The National Association of Realtors has been working in Washington DC to help the Federal Government structure the American Recovery and Reinvestment Act of 2009.

As a result of its passage, today HUD published changes to FHA's single family loan limits.

The new FHA loan limit for sinlge-family homes in San Diego County is $697,500.

Download a pdf document with the San Diego limits here: Limits

You can find the FHA loan limit for other areas at:
https://entp.hud.gov/idapp/html/hicostlook.cfm.

California Foreclosure Update- February 2009

Peter Carlseen (RE/MAX Praecelsus) — Mon, 23 Feb 2009 17:33:33 -0800

Since the foreclosure market tends to drive the current housing market here in San Diego and Chula Vista, accurate information is key to udnerstanding what to expect in the coming months.

Here are some of the key facts that I noticed in a recent report by Foreclosure Radar- a wonderful service to anyone looking into the foreclosure and pre-foreclosure market- (click here for instant Foreclosure Radar access).

- From December '08 to January '09, Wells Fargo, (which recently purchased Wachovia) saw NOD fillings decrease 46% while JP Morgan/Chase/Washington Mututal saw declines at 49% for the same period.

- Juxtaposed to that, Bank of America/Countrywide saw filings increase 281%, still lower though, than the record numbers set in the second quarter of 2008.

- Overall, Notice of Default filings were down 11.8% from December '08 to January '09, with an average daily decrease of about 3% (figuring that January had 2 fewer filing days than December).

- There were 22,328 Notices of Trustees Sales filed in January, a decrease of 8.3% from December, and a 4.5% decrease from filings in Janaury 2008.

- There were 15,314 properties sold at auction representing about $6.8 billion in loan value.

- Just over 94% of these properties were sold back to the bank at auction.

For more facts and figures, keep this blog bookmarked, and check out a free sample of Foreclosure Radar at our website.

And remember, the HOTTEST DEALS are at www.HottestHomeBuys.com!

9 Secrets For Getting an Accepted Foreclosure Offer!

Peter Carlseen (RE/MAX Praecelsus) — Wed, 18 Feb 2009 19:30:05 -0800

Okay, so the market here in San diego, specifically Chula Vista and Bonita, is absolutely cranking! Two-thirds of the inventory are short sale properties, but the stuff that is selling is selling fast, above list price, and with multiple offers.

There is nothing more heartbreaking (or maybe there is, just not in real estate) than finding the perfect home, falling in love with it, only to lose it to another buyer.

So what can you do to maximize your chance of getting the accepted offer? These really are strategies, some are just common snese, but I call them "secrets" because not many people seem to be following them. And they have a lot of rejected offers.

1. KNOW the market inside-out and backwards! You MUST know what the home is actually worth, not acording to Zillow, not according to list price, not according to your gut instinct. Hard, raw data must dictate the reason. No excuses.

2. Offer a REASONABLE price. Otherwise you are wasting time and paper. Let me share a secret with you- listing agents oftentimes list properties for LESS THAN IT WILL SELL FOR ON PURPOSE! With short sale properties, it is usually because the banks need an offer to get the paperowrk going. With foreclosures, this tactic is used to incite an auction-type environment where only the "highest and best" offers are looked at. You will not get a second chance at the offer.

3. Shorten the "contingency periods" from 17 days down to 7 or 10. REO agents love to see buyers who are willing to make everything happen right away and if it is going to fall apart, they want toknow now so they don't waste time.

4. Don't bother asking for the seller to include a home warranty, termite repairs, property repairs, etc. The home is sold as-is. Asking for any of those will kill the deal. You, as the buyer, may do all of that at your expense.

5. If you are using a VA or FHA laon, and the property is in a condominium complex, check ahead of time, and know with CERTAINTY that the complex is approved for VA or FHA lending. Many are not, and many are losing their eligibility due to rising foreclosure rates and insolvency in the HOAs.

6. BE PRE-APPROVED! You must have a letter in hand from a direct-lender (not a mortgage broker) that you are approved for at least the amount of your offer and that the only stipulations needed to draw loan docs are the property address and final sales price.

7. BE PREPARED TO ACT. When the property appears onthe market, you must act right away. You don't have time to get the pre-approval.

8. DO NOT WAIT! The good properties (and many of the not-so-good properties) will have multiple offers in the first week. If the seller is motivated, they may have a verbal acceptance in the first 24 hours.

9. INCLUDE with your offer AND pre-approval letter, proof of down-payment funds, not just the deposit check, along with copies of your credit scores.

Let's face it, with all of the properties going into escrow every day with multiple offers, you need to do everything possible to make sure that your offer ends up on the top of the pile. Anything other than the top doesn't get you into the home of your dreams!

Please feel free to call, email, comment on any of these items.

For the hottest deals, check out www.HottestHomeBuys.com

Salt Creek Elementary's 4th Annual Mountain Lion Fun Run!

Peter Carlseen (RE/MAX Praecelsus) — Fri, 06 Feb 2009 17:07:28 -0800

When: Saturday, March 14, 2009 at 8:00am.

Where: Montevalle Park in Rolling Hills Ranch

Entry fee: $15 per participant

Each Participant Receives:
Bib number
Race day t-short
Medal
Goodie Bag
Entrance into a drawing (must be present to win)

Now I admit it, I am completely new to the world of school-sponsored fundraisers. My first child just made it to the rank of Kindergartener this last July. We are both learning a lot about schooling.

Having minimal running experience (Coronado 15k) I may be a little naive, but this looks to be a greta event for a great cause. I look forward to being a proud sponsor and hope that all parents will encourage their children to get out, get some exercise, and show some Mountian Lion Team Spirit!

We'll see you at the races!

Recommendations for the Stimulus Plan

Peter Carlseen (RE/MAX Praecelsus) — Fri, 06 Feb 2009 16:55:12 -0800

I really enjoyed this blog post from a few days ago. Jennifer Lee in Boca Raton, although 3000 miles away, really has some great ideas.

Please do not take this next comment to be insensitive to those who have lost jobs, homes, etc.

My favorite- look at paragraph 5- what about a tax credit to those who ride out this storm without losing their property?

Maybe there needs to be limitations based on income, but come on, let's give some incentive to people who sacrifice to keep this economy stronger. I have heard too many stories of people buying a larger home, moving out, and then purposely letting the existing home go to foreclosure. It's not because they can't afford it, but because they don't WANT to pay. Shame on them! This puts a huge burden on everyone that has integrity and is trying to play by the rules.

Again, I know that there are plenty of people, if not the majority of those who have lost homes, that tried to do the right thing, who sacrificed everything to try and keep their home and my heart goes out to everyone in that situation.

But perhaps, if we entice people to do the right thing, even though the motive migth not be a pure one, we ge the right thing done.

What do you think? Let me know.

Via Jenniffer Lee (RE/MAX Complete Solutions):

I like the idea of a 10% tax credit up to $15K for the purchase of property, but I believe it should be extended to all buyers, including investors and non-first-timers. I also think it should 15% to $22,500 for cash buyers. That will create more of an incentive for all and encourage buyers that won't strain the lending system.

I like the idea of 4% interest rates, but again I believe discounts should be available to all buyers as there are many potential buyers that are not first-timers and we need them too.

I think the period for these incentives should be shortened to 4 months. That will cost less money and create more immediate activity. When department stores have sales they have them for ONE weekend or ONE week, not extended periods, to get buyers to act NOW. Housing takes longer to find, pick, finance and close, but a 12 month period is too long. It can always be extended if needed, but human nature is to wait until the last minute, so a shorter period will get people to act NOW.

In addition, I think there should be a tax credit in 2010 for all who ride out the storm in good standing. The people taking second jobs, cutting out their cable, selling their cars, etc, to pay their mortgages as agreed should be rewarded too. If you do the right thing and hang on to you property, you should get rewarded as that is good for the housing situation too. If we shorten the incentive periods, money should be available for those who do the right thing to receive a credit in the future too.

I think there should be a tax credit available to any business start-up within the last 6 months or next 6 months, as those businesses will create more jobs further helping the overall situation. Those business owners are part of the solution and are showing faith and should be rewarded for such. More businesses will be encouraged to open with tax credits aimed at such and the businesses opened within the past 6 months will be aided in their growth. Big companies have bailed out, why not help the small ones get going? These will produce jobs that will help people keep their homes or buy new homes.

Lastly, I would like to see a government guarantee program set up for condominium loans. The government insures FHA, VA, SBA and could just as easily back condominium loans. That would make them much easier to sell by re-opening closed financing channels.

Those are my 2 cents. If you agree with ANY of them or have any of your own, please email your representatives ASAP and encourage them to do something NOW. We need a package aimed at housing, not pork. Email your representative before it's too late. A true targeted focus on housing will change the whole economy. Don't wait for your neighbor to do it. Take action yourself! If we band together and insist on change, we are more likely to get a package that works.

PLEASE TAKE THE TIME TO SPEAK OUT! Cut and paste any part you agree with or send your own suggestions to your officials!

You can find your senators here: http://www.senate.gov/ and your representatives here: http://www.house.gov/

PLEASE TAKE THE TIME TO SPEAK UP! THANK YOU!!

Jenniffer Lee
RE/MAX Complete Solutions, Inc.
21301 Powerline Rd #106, Boca Raton, FL 33433
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Get Ready for Your Credit Score to Decline - New FICO Formula Kicks in This Month

Peter Carlseen (RE/MAX Praecelsus) — Wed, 14 Jan 2009 16:17:45 -0800

I found this interesting article today and thought that everyone should know about it. I think it will come as quite a shock when peole start looking at their FICO scores this year, especially borrowers whose lowered scores may wreak havoc on their ability to obtain loans.

Via Mike Saunders (Keller Williams Realty - Greater Athens):

FAIR ISAAC is changing the playing field again, implementing it's latest version of credit scoring FICO 2008. And it doesn't appear that the change will be leveling it. The three major credit reporting agencies will be rolling out the new scoring system this year, with Transunion deploying it in January, Equifax in late spring and Experian at some later date.

The new FICO is touted to better predict the likelihood of a default on the part of the borrower. However, many of the changes appear to be designed to lower credit scores. FICO 2008 will place more emphasis on available credit, not just balances. So, even if you are not carrying a balance, if your credit line is reduced, your FICO score could be lowered. It appears, under the new scoring system, the more available credit you have, the better your score would be. (I remember having been rejected for an airline credit card in the early 90's because I had too much available credit even though most of it was unused). You will also have your credit score reduced by having only a few open and active credit accounts.

Supposedly, there are three changes that will benefit credit consumers.

It will ignore debts gone into collection if original debt is less than $100

It will not punish single credit set-backs, such as write offs or repossessions as long as all other accounts are in good standing

It will continue to use some "authorized-user" information (although this is only a change from the fact that they were going to discard it entirely).

What will this do to the real estate and mortgage industry? I don't see anything good, at least for the first few months of implementation, especially since at any one time the credit agencies may be using different versions of FICO. That can only lead to confusion. Perhaps, in the long run it will lead to fewer defaults, but until it has rolled out completely, the only change that I can see is some tightening.

Personally, I know that my current FICO score is around 800. I am expecting it to drop just since I am using my cards less and my only installment loan will be paid off in April.

Do you know what your score is? You can get an estimated range here.

Chula Vista Foreclosures Expected To Rise Drastically

Peter Carlseen (RE/MAX Praecelsus) — Wed, 14 Jan 2009 13:03:29 -0800

Just when we thougt we were gaining some ground on the fight against freclosures, there appears to be a large surge on the horizon.

According to ForeclosureRadar.com, filings on Notices of Default, ebbed temporarily through November 2008 as California State Senate Bill 1137 tried to force banks to work with more homewoners prior to foreclosure. December saw 42,421 NODs filed, nearly double November 2008 when 21,557 NODs were filed.

But this was to be expected, since NODs filed from December 2007 to January 2008 surged nearly 55%.

Athough filings for Notices of Trustees Sale remained fairly level, it is expected that these will increase sharply in the coming months. These notices are filed, on average, 116 days after the NOD is filed, according to ForeclosureRadar.com

The Notice of Default is filed 60-90 days after non payment on a loan, and is a public record notifiying the owner that the forecosure process has started. The trustee must wait at least another 90 days once the NOD is filed to file a Notice of Trustees Sale. The NOTS gives minimum 21 days notice to the occupant that they need to vacate the property or face eviction. The NOTS is normally taped to the front door and can come as quite a shock to unsuspecting renters.

For free information on Chula VIsta, Bonita and all San Diego county foreclosures, please visit our website at www.HottestHomeBuys.com!

Free Foreclosure Lists for Chula Vista and Bonita

Peter Carlseen (RE/MAX Praecelsus) — Tue, 07 Oct 2008 16:47:00 -0700

Yes, it is a work in progress, but I would love to hear all feedback for this one.

www.HottestHomeBuys.com

Thanks in advance for the calls and emails.

Chula Vista Distressed Sales Update- October 2, 2008

Peter Carlseen (RE/MAX Praecelsus) — Thu, 02 Oct 2008 18:39:48 -0700

Distressed sales account for nearly 85% of the active inventory in Chula Vista! I consider distressed sales to be either foreclosures or short sale (pre-foreclosure) properties.

As of October 2, 2008, short sales accounted for about 63% of the listing inventory in Chula Vista, but only account for 33% of the pending sales and only 17% of closed sales since April 1, 2008. Keep in mind, the percentage of short sales actually closing is increasing as lenders get more pressure to keep foreclosures off their books.

Also since January 1, 2008, there have been approximately 2,250 short sale listings taken in Chula Vista, and only about 20% of those have gone into escrow. Furthermore, only 10% of those short sales listed since January 1 have even closed escrow.

So if you're looking to short sale your property, the cards are stacked against you, but with the right agent and the right help, the odds are not as bad as they may seem.

The other good news is that banks are getting more pressure than ever to facilitate the closings of short sales before the properties go to foreclosure. I hear rumors of banks beginning to streamline the process down to 30-60 days, but as of yet I have not seen the results.

Foreclosures

Foreclosures in Chula Vista currently account for about 10% of the active inventory, but a whopping 60-65% of the pending sales. About 87% of Chula Vista foreclosures will end up selling within 90 days.

Most foreclosures in Chula Vista are going into escrow with the first 3 weeks, many times receiving multiple offers within the first 5-7 days.

What The Future Holds

In my crystal ball I see a continued invetory of distressed properties for at least the next 2-3 years. Most of the legislation passed in Congress I believe will have little effect on the local market but will keep my fingers crossed that things will begin to improve. Other portions of San Diego County have already seen increases in prices, but as long as the supply of homes remains as high as it is, prices are likely to remain down.

Now is still a great time to buy as rates are relatively low and loans are still available! But it may not be the right time for you. The future looks a little uncertain, so the best thing for you to do is meet with a professional like myself, who knows the area and the market and can help create a game plan for your individual situation.

10 TOP Alternatives to Short Sales

Peter Carlseen (RE/MAX Praecelsus) — Thu, 02 Oct 2008 18:20:03 -0700

Are There Any Alternatives To a Short Sale?

Always. Only one or two of these may apply, but at least there are alternatives. In fact, here are ten. Keep in mind, anything other than full, on-time payment to the lender can have credit, legal and/or tax consequences.

Bankruptcy. Always get legal, credit and tax advice from a licensed professional!
Foreclosure. Refer to the comments above.
Stay in your home and rub anything lucky in hopes that the market will turn around soon (I'm rubbing the rabbit's foot right there with you!). Stay away from breakable mirrors.
Deed in Lieu of Foreclosure. You and the bank agree that if you give the home back, they don't foreclose on you. You give them the grant deed, they release you from the obligation to pay it back. Everyone walks away whole. No blood, no foul.
Forbearance from your lender. The most common is for the bank to take the money you have not paid and instead of calling it late or delinquent, it is added to the principle. This is more of a short-term fix for temporary losses in income.
Lease your property and use the proceeds to make the payments. You may have to move in with the in-laws or friends though. Might get uncomfortable, but hey, you gotta do what you gotta do, right? Plus, it's just short-term and there is a better chane that your credit will be salvaged.
Loan modification. Lenders may be willing to work with you if you have a legitimate reason and can show that you will make the payments under the revised terms. Banks are getting more pressure than ever to get modifications done, so be sure to try this if you want to stay in your home, especially if a recent spike in rates led to your circumstances.
Sell the property and pay the "short" amount at escrow. Cut your losses if you can. This will help salvage the credit consequences of a short sale. You might drain savings and retirement though.
Sell the property and take back a promissory note to pay back all or part of the short amount over the course of 10 or 20 years (depending on the shortage amount). This may also help to salvage your credit.
If you have other properties with equity, take a note on those for the short amount and us ehte increased cash flow to get debts under control.

So there you have it, ten alternatives to short sales. I would love to hear any comments, questions that people have, so please respond and make your voice heard!

The Long & Skinny on Short Sales- Part 2

Peter Carlseen (RE/MAX Praecelsus) — Thu, 25 Sep 2008 17:18:11 -0700

I Am Ready To Short Sale My Home, Now What?

Well, get prepared for a lot of paperwork, a lot of waiting, and a lot of paperwork. Then you will need to wait some more.

Get the right agent
Have a legitimate reason to short sale
Be prepared to give a lot of documentation
Be ready to take back a note and pay back the balance due to the bank- everyone is easier to work with when they get their money back.

What Do I Look For In A "Short Sale Specialist?"

Well, it seems today like every agent is a "Short Sale Specialist" and touts their seemingly endless knowledge as bait for unsuspecting sellers. If you want to hire an agent to help you short sale your home, then go down this checklist...

The ideal short sale listing agent has people who work with them and has systems in place to get the short sale listing sold. Make sure your agent knows everything that can happen with a short sale and someone that has experience negotiating with banks and has (or employs someone who has) great follow-up skills, because follow-up with the banks can make all the difference in the world
Just like in a normal sale, they must have a strong knowledge of the immediate neighborhood and be in touch with local and general market conditions. Having some no-name, out-of-area yahoo can always go just fine. And if it does, you better play the lottery too, because you're defying the odds.
There must be a game plan that includes more than just signs and the MLS. There must be good pictures (not just pictures), preferably virtual tours, and someone who can give prospective buyers information on the property at any hour of the day. A comprehensive online presence is always great too.
Equally important to knowledge and marketing prowess, your agent must have a strong reputation in the industry. This allows other agents to submit strong offers, knowing that they are not wasting their time with agents who don't know what they're doing. Word gets around and agent reputation can mean a world of difference in getting your home sold.

Have The Right Expectations

It's like Ferris Bueller- for his tenth sick day he's gonna have to barf up a lung. Think of this as your tenth sick day. Remember, put yourselves in the bank's shoes. If someone came to you asking for debt forgiveness on the magnitude of $100,000 or more, you would want a really good reason (or a lung, depending on the analogy). There must be a legitimate, unforeseen hardship such as:

Death
Divorce
Unexpected medical problems (loss of lung perhaps?)
Loss of income
Job transfers that make commuting completely impractical (a 20 mile transfer does not count).

Things to never ever ever (can't say it enough) EVER include as a reason for a short sale:

I don't like it anymore.
I don't want it anymore.
I don't feel like making the payments any more.
I want a different one.
The rents are too low.
I can buy a bigger home for the same price now.

If someone else came to you with your reason, would you tell them to get lost? If so, you're probably wasting your time. No sick day for you.

What Documentation Will The Banks Require?

When you are ready to get your home sold through a short sale, be ready to provide at least the following:

Hardship Letter (with the legitimate reasons specifically spelled out)
Letter to the lender authorize your listing agent and any of their assistants to negotiate a short sale on your behalf
Two year's tax returns
Two months of most recent bank statements (checking, savings, etc)
Two months of paystubs
Monthly cash flow budget- income and expenses as detailed as possible
Most recent statements of any other assets and their values. This could be cars you own, 401k's, stocks, bonds, investment real estate, etc.
Some banks are beginning to require an up-front, non-refundable payment for the processing of the short sale. This does not guarantee that it will be approved, only that they will look at the file.

Remember, they want to know that you cannot afford to keep the home and that you are acting in good faith and mitigating their losses by requesting a short sale. If you cannot provide these things, the banks will not even begin to process the file of your short sale.

There is a good chance that the lenders will require additional information or that the information be provided on their specific forms so be ready for more.

Other than that, just sit back, be patient, make sure your home shows well and keep a positive attitude!

The Long and Skinny on Short Sales- Part 1

Peter Carlseen (RE/MAX Praecelsus) — Wed, 24 Sep 2008 18:41:38 -0700

First of all, whoever came up with the term "short sale" should be cited for false advertising. The only thing "short" about a short sale tends to be the patience of everyone involved. As any buyer or agent that has been involved in any number of short sales can attest to, the process is usually long and arduous, and the rationale of the banks involved hardly rivals that of a two year-old trying to pontificate on the mysteries of the universe.

What is a "Short Sale?"

A short sale occurs when a property is sold for less than what is owed on it. In short, at least one party is on the undersized end of the stick, and must therefore accept a loss at will or have it forced on them through foreclosure. In most cases, the parties involved in the loss are lenders.

What Happens if There is More than one Loan?

All lenders must agree to the terms of the short sale. This takes a lot of negotiating, schmoozing, begging, patience, whatever you want to call it. Short sales can be tough enough with one lender, but with two lenders it is four-times as difficult and with three lenders it may be nearly impossible.

Most properties will have at least one loan but can be encumbered by up to three or four or even five loans. The loans will be paid off in order, namely the original mortgage (commonly referred to as "The First") will be paid off first, followed by Seconds (also called home equity lines of credit or HELOCs). If there happen to Third loans or Fourth loans, those will be paid off in order until the proceeds of the sale of the property run out.

If the "short" is excessive, there may be nothing left for the second or third lenders to recover. It is interesting (for lack of a better term) to see how each lender reacts. The second and third lien-holders may be very interested in going through with the short sale as long as they get a few thousand extra dollars kicked back to them, since a foreclosure would wipe the out completely many times 9at least here in Chula Vista, California). The first lender, however, may be hesitant to do anything until the last minute, when it may be too late.

Getting it all worked out successfully takes a lot of effort, skill, and yes, I will admit it, even luck.

How Do Banks Choose Which Short Sales to Approve?

Banks are under more pressure than ever to get short sales worked out quicker to avoid foreclosures. At the same time, they are completely inundated with short sale requests and foreclosures. Banks look at many criteria for accepting short sales, some of which we can predict and/or control, and some of which may be out of our realm of understanding. Here are some typical things that they look at:

How short is short? Are we talking $40,000 or $400,000?
Is this a recourse or non-recourse loan? In other words, does the bank have "recourse" or legal ability to go after the homeowner for the short amount? Usually purchase money loans are non-recourse. However, many people have cashed out equity, refinanced, or taken out a HELOC thereby opening themselves up to liability when the sales amount falls short of what is owed.
How many sources of encumbrances are associated with the property? Or in other words, how many loans are we talking about?
How many of these loans will remain unpaid? If any are wiped out, will the first throw them a few thousand to settle things?
Are the lenders even willing to negotiate a short sale? Some lenders have a blanket "No Short Sales" policy. Others may charge an up-front, non-refundable fee to even look at your file.
Are any of the lenders in financial distress? If a lender goes bankrupt, it will stall the whole process or kill the deal altogether. I was involved in one short sale deal where one lender went under and after three months I still could not get information on who was servicing the loan. An uncooperative seller didn't help either.

If They're Losing So Much Money, Why Do The Banks Even Approve Short Sales?

A Great question with a short answer- it's all about the money.

A foreclosure can cost the bank a lot more money. Add it up:

- 6-10 months of no payment

- risk of vandalism (taking appliances, breaking windows, ripping out flooring, toilets,

shower stalls, you name it, I've seen it)

- Possible eviction of owner or tenant

- Foreclosures diminish the amount of money a bank can lend by increasing the reserves that the

bank is required to have on hand.

- Equity loss from losing time in a declining market

When all is said and done, a foreclosure can cost a bank 15-25% of the home's value. In some instances, substantially more.

So Why Don't They Approve All The Short Sales?

There may be several answers to that one.

Banks are like any other business- they are profit driven; or in this market, it's whoever can lose the least amount of money. Mortgages are going into default all the time and banks risk losing billions of dollars (just look at Countrywide, Lehman's Brothers, Fannie Mae and Freddie Mac). Whether it's a short sale or a foreclosure, the banks will lose a lot of money. The question then becomes, how much is a lot, and under what circumstances will they lose it?

As expensive as foreclosures are, setting the wrong precedence can be even worse. A bank could lose even more money if everyone sees how easy it is to short sale their property. Think about it. Wouldn't it be cheaper for a lot of people who bought 2-5 years ago to just give up their home and buy another one at today's lower prices? Sure there are restrictions on that, but dishonesty sometimes prevails when greed is involved.

Also, the banks simply do not have or choose to not have the man-power to facilitate tens or even hundreds of thousands of short sale properties. Here in Chula Vista, probably 60% or more of the inventory is short sales. That equates to thousands, just here in a city of 200,000 people.

Finally, the banks don't print their own money- they get it from investors. Lenders can only write off so much in losses. They still need to answer to their stakeholders and there are numerous other internal issues that may complicate things as well.

Mortgage Update September 22, 2008

Peter Carlseen (RE/MAX Praecelsus) — Mon, 22 Sep 2008 18:00:29 -0700

These are times that we are going to look back at and say, "Wow!" Keep in mind though, that now is just a moment in time. Things change, markets progress, some people do well, others lose out.

We saw another signiifcant drop in the 30-year fixed rate- down to 5.78% from last week's low of 5.93%. The 15-year rate also dropped from 5.54% to 5.35%. Check out current interest rate info here.

Bankruptcies, government bailout plans and the sale of Merrill Lynch sent shockwaves throughout the stockmarket last week, causing sgnificant drops and gains. All of this also caused many investors to bail on stocks and rush out and buy government debt. The annmouncement of a proposed government bailout plan calmed fears slightly, but opinions from experts vary greatly on the effectiveness of the proposal.

The Fed's next meeting is October 29th. Increased fears of inflation may very well prevent the Fed from lowering the Federal Funds Rate, despite signs of economic weakness.

Seven Steps to Your Almost-Perfect 9.9

Peter Carlseen (RE/MAX Praecelsus) — Fri, 19 Sep 2008 17:28:28 -0700

For numerous, perhaps countless numbers of reasons, home buyers today seem more hesitant than ever to pull the trigger when given the opportunity to buy a home that fits 99% of their criteria.

Too many times, peope get frustrated with the home searching process becasue they can't find anything good. There is always something wrong with the property.

Well, instead of looking for reasons to NOT buy a property, look at the reasons TO BUY IT. I'm not saying to buy everything you come across (and if you want to, you have my contact info) but if you are looking to buy, then LOOK TO BUY. Make sense? If not, stop reading, you're wasting your time.

Hey, we've all been guilty of that at some time or another in some way or another. So how do we avoid getting stuck on the little things?

First, make a list. That's right, do some homework, get out a paper and pencil or pen and write it down! Once you think you have everything on that list, pretend that you just boarded the plane for a 3 week vacation to Europe, and remember everything that you just forgot. Like what? Like the granite counters, the corner lot or cul-de-sac location, the color of the doors in the neighborhood (a long, frustrating story I'll save for later), tax rate, proximity to schools, parks & shopping, power lines in the backyard, view, bedroom/bath downstairs, you get the idea. There may be 30 or 40 items on the list. No problem.

Second, rank it all. On a scale of 1-10 is preferred. As long as the ranking is consistent, it doesn't realy matter. For the stuff that really doesn't matter, throw it out, cross it out, get it gone.

Third, compare this with your spouse or other party involved (if there is one). It's better to duke it out in private, rather than take off the gloves in front of your Realtor.

Fourth, decide how many homes you actually want to see. Seasoned buyers may be ready to buy on the first dream and only walk through one door. Some buyers may not feel comfortable submitting an offer until they have seen every property for sale. Most people are somehwere in between. Let your Realtor know so that they can plan accordingly. There is nothing worse than having your agent pull the used car salesman line after every home, "So, how about we go back to my office and write up the offer!" Or even worse, never ask to write up the offer, leaving you wondering "What was wrong with the property? Was it really so bad that the agetn doesn't think it's worth it?"

Fifth, look at some homes online. You should be able to preview most of the homes, to some extent, online. At least here in San Diego, we can pull maps with aerial and bird's eye views so we can check to see if that is a park behind the home or a landfill or a canyon or the freeway. Most properties will have pictures (and by October it will be mandatory- thank goodness!) and may have virtual tours. However, those foreclosures and look pretty rough, so be prepared. Also remember, pictures are not the real thing. Some great homes look terrible in the pictures and vice versa. We're Realtors, not professional photographers.

Sixth, look at the homes in person WITH your Realtor. If there are new home communities, visit them first WITH your Realtor. A good Realtor will know when the builders can pressed for lower prices, etc.

Seventh, as my overly-energetic calculus teacher used to say, "it's plug and chug." Rank it, rate it, compare it, score it- just be consistent. You have the formulae, now do the math (or have your kids do it for you if you forgot how).

The rest should be evident, but the key lies in the upfront leg work. You do all the right work, and the process is much simpler and you will be much happier and more confident in your decision to buy. Now go make that list for your next dream home and keep looking!

Great Buy at $325,000- Lots of Work Needed Too!

Peter Carlseen (RE/MAX Praecelsus) — Tue, 16 Sep 2008 20:29:38 -0700

Yes for those wanting to buy a home for well under market value, put some money in and still have $60k in equity (even in today's market!), then this is for you! Be ready to buy everything except lower kitchen cabinets and the tile counters and the windows. Needs ALL flooring, cabinets, paint, bathroom fixtures, showers, tubs, toilets, towel holder, and yes, even toilet paper holders. You put a lot own or even apply for a renovation loan. Read about renovation loans in my other blogs. The previous owners were very thorough in the removal of items, and if you are wanting to strip your home, you may want to call them.

Just kidding, I don't condone such behavior, but seriously, these people were THOROUGH!

On the bright side, the yard is one the biggest in the neighborhood, the location is decent and it has already fallen out of escrow once. It probably won't happen again, so if you are serious, now is the time!

This listing is courtesy of MBI Real Estate Services

Call or email me to get all the info on this home or check out foreclosures and search the MLS at www.HottestHomeBuys.com