Jean's Jingles

Buyers and Sellers! Do You Really Know the Difference?

Mon, 04 May 2009 21:10:07 -0500

The first thing I tell my buyers and sellers is to read about the different kinds of sales on the home page of my website. If you need help please contact me.

Regular Sale. Short Sale, REO, Pre Foreclosure, Online Auctions

In today's San Francisco Bay Area market there are numerous properties for sale. I have been working with buyers and sellers in this challenging market. For the most part, prices ranging from $200,000 to $400,000 are being sold as Short Sale or REO properties. There are some being sold on Auction websites. Very few homes in the above price range are being sold by homeowners as what we call a Regular sale. Below are a summarized definition of these types of transactions.

Regular Sale - A sale where the seller has equity in the property. The buyer and seller will thenegotiate price and terms of the sale. The seller is required to provide Disclosures according to California Law and statute. The transactions in this type of sale are generally much easier to come together as there are timelines in which the seller needs to abide by in the transaction. The seller is motivated to sell and move on in his/her life.

Short Sale - A short sale is the sale of real property where the fair market sale price is less than the loan(s) on the property. A short sale means the seller's lender is accepting a less than the existing loans on the property. Just because a property is listed with short "sale terms" does not mean the lender will accept your offer. These properties must be purchased "As Is" without any repairs or warranties. Some are in need of repair. The lender is already taking a 30% to 50% loss on the property. This is why a majority of the time, they will NOT negotiate on the price. In fact, in most cases in our area, there are multiple offers on most properties that are in good condition and the price will higher than the listed price.

If the property in encumbered with more than one loan, there could be a problem. All of the lenders must agree to a short sale or a contract can never be ratified. There is no guarantee the lender will

approve of the sale. My buyers have waited over 4 months for the lender to respond to their offer. We are still waiting for an acceptance! I have heard of circumstances where it took the lender over 9 months to respond and did not accept the offer. Statistics show over the last six months that only 20 % of these sales have closed. The homeowner should consult their CPA or Tax Attorney before entering into a Short Sale agreement.

REO/Bank Owned Property - REO is an acronym for a real estate owned property that has beenforeclosed on or repossessed by banks or lenders. These properties are also sold in "As Is" condition without any repairs or warranties. The seller (lender) is exempt by law from completing any disclosures. The agents involved in the transaction are not exempt from completing their visual inspection as per California's disclosure laws.

Prior to these properties going on the market, the lender has had an agent submit a BPO (Broker's Price Opinion). So, just as in a short sale transaction, the lender is already taking a 30% to 50% loss on the property. This is why a majority of the time, they will NOT negotiate on the price. In fact, in most cases in my area, there are multiple offers on most properties that are in good condition and the price will higher than the listed price. Again, some properties are in need of repair. The process for bank approval can be anywhere from 3 - 10 days.

Pre-Foreclosure Property - A property where the homeowner has fallen behind in their payments or when a Notice of Default (NOD) has been filed against the property by the lender. May not have much flexibility in negotiating. These properties may be regular sales or potential Short Sales. The homeowner should consult their CPA or Tax Attorney before entering into a Short Sale agreement.

Online Auctions - Recently I have found that some of the REOs that have not sold were placed on an online auction website. Do not be fooled in thinking that you can purchase these properties lower than what they were listed for by an agency. The agency still has the listing. The website starts with a minimum bid and the buyer is made to believe that they can purchase this property for this amount if there are no other bidders. Not so, there is a reserve amount that the lender expects to get for the property. This price is usually what the real estate agency has listed the property for in the multiple listing service. There is a 5-10% fee paid to the auction house in addition to the final bid price. These properties are all "As Is" sales without inspections or warranties.

A Great New Program for Homebuyers!

Thu, 09 Apr 2009 16:20:50 -0500

WOW! The California Association of Realtors has just rolled out another great service for the buyers who work with California Realtors to purchase a home. Through the C.A.R. Housing Affordability Mortgage Protection Program, first-time buyers who lose their jobs due to layoffs may be eligible to receive up to $1500 a month for 6 months to help make their mortgage payments. A co-buyer may be eligible to receive up to $750 a month to help make the payments. This program also includes death benefits and accidental disability insurance for qualified buyers. A first-time homebuyer is anyone who has not owned a home in the last 3 years.

An agent in my office came up with the idea a few months ago and sent it on to C.A.R. She has been very prominent on the Housing Affordability committee at C.A.R.

For all you first-time homebuyers who want to work with a Realtor in the Know, please call me for more details on this great program!

I have been serving buyers and sellers in the Alameda and Contra Costa counties for over 25 years.

calREDD The California Association of Realtors Statewide MLS

Mon, 09 Mar 2009 22:28:48 -0500

Our California Statewide MLS is moving along very fast! Aside from the fact that we will be able to search properties through out the state, I am very exited about the vendor! Concentric is the vendor of choice. The agents will be able to go on directly through Concentrics or if you MLS chooses, they can still use the front end of their existing MLS and the agents will not have a learning curve.

Of course your MLS will have to opt-in and join calREDD or the agents will not have statewide access. Concentric is a new company and it is a fantastic program! They are making presentations to Associations and real estate companies right now. You might want to sit in on a presentation. Go to the calREDD for more info. It is worth it!

The public needs to be aware of this new Multiple Listing Service too. They need to know if their agent will have access to this wonderful service.

Funding for Our Statewide MLS and More!

Mon, 26 Jan 2009 21:03:00 -0600

The directors of the California Association of Realtors voted on Saturday to fund a line of credit in the amount of 3 million dollars for future development and ongoing operations of our new State MLS. It will be called CAL REDD (Calfornia Real Estate Dynamic Data). Concentric provided a demo of their system. It is great! If MLS' opt in to the statewide MLS they can use their own front end system or go directly to Concetric's system. I do not know why anyone would want to continue with their own front end system when Concentric is so wonderful with a lot of bells and whistles that agents would love to use! Wait and See! I think you will like it.

Mortgage Help for Homeowners

Tue, 20 Jan 2009 00:59:52 -0600

I have the best State Association. The California Association of Realtors is always helping their members in every way. Everyday I receive helpful information. Not only is the information helpful to me but my association gives us information to pass on to the consumer and our clients. The information below is a help to all, you, me and especially the homeowner.

Mortgage Workout Program

The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs. In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.

For an informational chart on existing mortgage workout programs, click here. The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.

Consumer information sheets containing detailed information on specific programs I as a REALTOR® can share with you, please click on the appropriate link below.

^. HOPE For Homeowners (H4H)

^. Countrywide Financial (Bank of America)

^. Citigroup, CitiMortgage

^. JP Morgan Chase & Co.

^. IndyMac Federal Bank, FDIC

^. Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)

Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available:

^. Loan number

^. Income information and documentation

^. Most recent mortgage statement

^. Bank statements

^. Letter demonstrating financial hardship

Homeowners may go direct to work with a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor. For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA .

For help I am here for you! You may contact me anytime:

Homes@JeanPowers.com

800.398.9300

510.908.9002 Cell/Text

SB 133 Title Companies Can no Longer Provide Many Services to Agents

Sat, 17 Jan 2009 23:22:03 -0600

We just had a presentation in our office from a title company in Alameda. The marketing rep was talking about the new law SB133. She spoke about the services that they can do for agnents now that this law has passed. RESPA is really coming down hard on the do's and dont's of services to real estate agents. They can only offer services that actually are related to title and escrow. They can no longer provide classes, escrow folders, buyer's and seller's booklets and much more. This is being enforced so that title companies cannot offer services in exchange for business. What does your favorite title company have to say about this?

Give Back to Your Community!

Tue, 13 Jan 2009 00:58:28 -0600

Give Back to Your Community!

20 Ways to Give Back!!

Have any of you wondered how to find as many ways as possible to give back to your community. Well, here are 20 ways in which you can help others! Not every volunteer effort has to change the world. Let your efforts shine a bit more/ Here are some simple ways you can improve your community:

1. Help an elderly neighbor rake leaves, grocery shop or do home repairs.

2. Give away free flowers, seeds or plant to a neighbor in the Spring.

3. Put out flags for the Fourth of July in neighborhood front yards.

4. Sponsor a Little League team or any children's athletic team.

5. Become active in the Chamber of Commerce.

6. Start a garden or historical walk.

7. Speak at career day at the elementary school.

8. Repaint a playground.

9. Take your pet to the local senior center.

10. Organize and gather goods & beds for the Women's Shelter.

11. Be a Big Brother or Sister to a child.

12. Encourage homeowners to donate clothing and furniture.

13. Get involved with your local community.14. Sponsor a school to help with their needs.

15. Bring a carload of newspapers,towels & blankets to the animal shelter.

16. Ask a local teacher what supplies his or her class needs most and donate them.

17. Hold a canned food drive and deliver the goods to the food bank..

18. Organize a town or beach clean-up day.

19. Take a lonely child with you when your family goes to the movies.

20. Sponsor a family in need in providing food and clothing.

Choosing a Good Realtor!

Mon, 12 Jan 2009 22:01:03 -0600

How does one choose a good Realtor? There is a difference between an agent and a Realtor. a Realtor belongs to the National, State and a Local Association of Realtors. A Realtor must abide by the National Association's code of ethics. We have a good monitoring process if a Realtor does not abide the code of ethics. An agent is one who has a license but does not belong to the National, State and Local Association. They are not bound by our strict code of ethics unless they belong and are in violation of their Multiple Listing Service . In California the consumer should check the validity of the Realtor's license before working with them. The public can go to the Department of Real Estate's website to check any agent's license. I always check to see if an agent has a license before I write an offer. As of July 1st, all agents whether they are a Realtor or not will be required to place their DRE license number on their business cards and other marketing materials. Below is a little bit about me.

I received my Salespersons license in 1984 and with much further education received my Broker's license in 1989. I am constantly taking consumer protection classes in order to protect my clients. I currently holds six designations . Prior to working with Kane & Associates, I was part owner of a small Alameda real estate company, worked with two Alameda real estate companies and a prominent Bay Area Franchise. I have extensive real estate experience in sales, negotiating, technical skills, management, marketing and training other REALTORS®. I give the best service to my clientele. I stay in constant communication before and after the transaction closes escrow. I have been a State Director for the California Association of Realtors® since 1993 and continue to be active in Local Real Estate Associations. This keeps me updated with Real Estate Laws, Regulations, and Contracts.

The decisions we make today will determine our future, and I want to help my clients make the right decisions and find the perfect home or investment property. I take great pride in my dedication to high quality service and commitment to my clients. Thorough and thoughtful consideration is incorporated into each transaction to achieve the perfect balance of professionalism, sensitivity and toprovide a positive experience. With my prominent professionalism and sensitivity, your investments are in trusted hands.

This prospectus gives me the opportunity to highlight my background, strengths, experiences, and achievements. I am committed to providing the highest level of service to each buyer and seller and guiding them throughout the transaction process. Having been in the industry for 24 years, my negotiation skills, knowledge, and expertise will bring you winning results.

For Sellers, excellent positioning of the property and presenting it with positive market exposure is the key to getting the highest and best price for your property, regardless of market conditions.

For Buyers, keeping you updated with the most recent Real Estate market trends and information will help you make better decisions when you are ready to buy. As an experienced Real Estate Broker, I continuously attend seminars and training programs on how to better assist you in locating properties that will fit your needs. During the transaction process, I will make sure that you have a trusting qualified lender and a pre-approved loan to ensure a smooth and successful transaction.

I will keep in constant communications with you every step of the way. Making a decision to buy or sell is an important decision, both emotionally and financially. I recognize your needs and will be there to walk you through this exciting process.

You will find why it is important in selecting me as your real estate agent. Doing so, your real estate needs will be handled with the utmost professionalism and confidence. As a real estate Broker, I have more education and am better trained in my profession. My REALTOR® designations as a CRS, Certified Residential Specialist, which is held by only 4% of REALTORS® in the country, ASP Accredited Staging Professional, e-PRO, (Online Real Estate Marketing) and PMN (Performance Management Network), will allow me to better assist you in your investments and make your dreams come true.

If you are interested in Purchasing, Selling a property or have any real estate questions please contact me:

510.908.9002 cell/text

800.378.7300

Homes@JeanPowers.com

www.JeanPowers.net

I Love You Real Estate!!

Sat, 10 Jan 2009 17:30:23 -0600

What is it that you like about being in the real estate business? I have been a broker for over 24 years and sometimes I wonder why I am still here. I love closing escrows for satisfied buyers and sellers. I love educating myself to pass along to consumers and other Realtors. I love to help others. The most difficult part of the business is to be consisitent in getting business. How do you feel and what do you like about being a Realtor?

How do you the consumer feel about your Realtor?

I wish you all a Prosperous New Year in 2009!

My State Association Has Great Information for All!

Sat, 10 Jan 2009 17:19:03 -0600

I am off to Monterey in a week for the first director's meeting of California Association of Realtors. Being a director since 1993 keeps me updated and current on contracts and California's real estate laws. If you ever have the opportunity to attend it is worthwhile. Thursday is the best day to attend committee meetings and your regional caucus meetings in the evenings. It is a great way to network and meet other Realtors from every city in California. View Lesley Appleton Young's 2009 forecast. I believe the consumer can access this forecast too. It is always helpful and Lesley is very well known as a reliable economist. She is always sold out at our luncheons!

She Has Great Helpful Hints and Information!

Sat, 10 Jan 2009 17:05:22 -0600

I don't know where she receives all her information, but I always enjoy my messages from Judy Phebus. She always sends such great ideas, helpful hints, recipes and much more. I have a folder in my inbox titled Judy Phebus and I save all her messages. She is a Broker and CRS in Las Vegas and I have been in her contacts for many years now. If I ever have a referral for Las Vegas it will definitely go to her. Below is another email I just received from her and it is quite unique as ever. Thanks Judy for the helpful information.

COFFEE FILTERS: Not just for making coffee...

1. Cover bowls or dishes when cooking in the microwave. Coffee filters make excellent covers.

2. Clean windows and mirrors. Coffee filters are lint-free so they'll leave windows sparkling.

3. Protect China.
Separate your good dishes by putting a coffee filter between each dish.

4. Filter broken cork from wine. If you break the cork when opening a wine bottle, filter the wine through a coffee filter.

5. Protect a cast-iron skillet. Place a coffee filter in the skillet to absorb moisture and prevent rust.

6. Apply shoe polish. Ball up a lint-free coffee filter.

7. Recycle frying oil. After frying, strain oil through a sieve lined with a coffee filter.

8. Weigh chopped foods. Place chopped ingredients in a coffee filter on a kitchen scale.

9. Hold tacos. Coffee filters make convenient wrappers for messy foods.

10. Stop the soil from leaking out of a plant pot. Line a plant pot with a coffee filter to prevent the soil from going through the drainage holes.

11. Prevent a Popsicle from dripping. Poke one or two holes as needed in a coffee filter.

12. Do you think we used expensive strips to wax eyebrows? Use strips of coffee filters.

13. Put a few in a plate and put your fried bacon, French fries, chicken fingers, etc., on them. Soaks out all the grease.

14. Keep in the bathroom. They make great "razor nick fixers."

And you can buy 1,000 at the Dollar Tree for almost nothing.

I Surely do Love My Grandson!

Fri, 09 Jan 2009 23:05:01 -0600

I love my Grandson Luc. He keeps me young as I watch him a couple of time a week to keep him out of daycare. He will be 2 years old on January 18th. He is the love of my life! It is so different being a grandparent. When we are together we go to the park, out to lunch and visit people. People that have seen us together over the last year are now commenting on how much he has grown. He is good natured and funny. My daughter is due to have another baby in August. I am excited to see the difference of the personality of my new grandchild. I am sure he or she will be just delightful and my Grandson Luc! I am very thankful that being a Realtor for over 24 years has allowed me to take care of my grandson. Who knows, he may be my assistant in a few years!

The City of Alameda

Fri, 09 Jan 2009 21:55:50 -0600

I have lived in Alameda all my life. I love this little island located across the bay from San Francisco. i love this little island and all its changes. Boy has it changed a lot! I grew up on Bay Farm Island. Although that part of Alameda is not an island, it was farms and water when I was a child. i worked in the school district for 10 years and then started selling real estate 24 years ago. There isn't much I do not know about Alameda. Call me if you have questions about my city. I have included photos of Harbor Bay Isle, homes and other points of interest. Enjoy.

Pre-Inspections Before Marketing Your Home?

Fri, 09 Jan 2009 16:59:15 -0600

Benefits of Pre-Inspections

The benefits of ordering a Physical Inspection and a Structural Pest Inspection when initially listing the home can make the entire marketing process move smoother and quicker.

Establishes Objective Value

The price is not merely set by the seller but placed on the home by a disinterested third party whose profession is to value property.

Validates List Price

If the comparable sales and the list price are the same, there is less likelihood that the buyer will discount the "asking price."

Establishes Basis for Comparison

The comparable sales and the inspection can be used to compare with subsequent reports and can help to validate or challenge their findings.

Creates Awareness of Condition of Home

A third party inspection of the home by an inspector will identify areas that need attention and serve as a marketing tool to buyers to give proof to the condition. It can also be used to challenge claims that the buyer's inspector might make.

Anticipates Potential Problem Areas

If certain things are identified by the first inspection, it gives the seller the opportunity to repair them at competitive rates instead of possibly having to rush to get them done prior to closing.

Saves Time

By understanding what might need to be done to a home early in the marketing process, it can save critical time between the contract and closing.

A Couple of Tips for Sellers!

Fri, 09 Jan 2009 16:44:22 -0600

Consumers, Remember These Hlepful Tips.

· An open house should showcase the home to potential buyers and should depersonalize as much as possible.

· Remove family photos, mementoes, and distinctive artwork to help home buyers visualize the home as their own.

· Additions, such as a fire in the fireplace, fresh towels and linens in all the baths, and fresh flowers throughout the home will provide an inviting atmosphere.

Rates are Falling!

Fri, 09 Jan 2009 16:34:56 -0600

Mortgage rates fall to new low

The average rate on a 30-year, fixed-rate mortgage dropped to 5.14 percent last week to a new record low, according to Freddie Mac. A year ago, the rate was 6.17 percent for a comparable loan. As a result, mortgage applications last week jumped to the highest level in five years, with more than 80 percent of the applications for refinancings. There also was an 11 percent increase in applications for home purchase loans. Check out this article from the Washington Post for information.

Early Workout Loan Alterations

Fri, 09 Jan 2009 16:28:14 -0600

More lenders allow "early workout" loan alterations

Borrowers with loans owned by Fannie Mae no longer have to be behind in payments in order to qualify for a loan modification. Borrowers facing financial difficulty, such as losing a source of income, now can apply for an "early workout" loan alteration. Under Fannie Mae's program, borrowers who qualify will enter into a trial period of reduced payments, usually for four months. If the reduced payments are made on time each month during the trial period, the modified mortgage terms may become permanent. This article from the Los Angeles Times has quite a bit of information to help homwowners with early workout loan atlerations.

Selling a Home Out of Season

Fri, 09 Jan 2009 16:22:50 -0600

I was just reading an article on selling a home out of season. The Wall Street Journal has some interesting tips for sellers who are selling out of season. It makes sense that all homeowners who are thinking about selling during these times have as much information as possible to sell their home for the best price. Hope this is of interest to all of you selling during this time of the year.

Great Information!

Fri, 02 Jan 2009 12:54:35 -0600

Again, my state association has great information for Realtors to pass on to the consumer. I have been a state director since 1993 which keeps me updated on current laws, contracts and also allows me to be part of decision making on many issues that arise on our committees. Below is information I received from the California Association of Realtors regarding the timeline for foreclosure on owner occupied 1-4 unit properties.

When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline helps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale. Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured by owner-occupied residences. Indeed, loans involved in short sales are likely to be owner-occupied loans from the years 2003 to 2007, which was the heyday for subprime lending. The special foreclosure timeline does not apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations. The special foreclosure timeline will remain in effect until January 1, 2013. (Cal. Civ. Code § 2923.5.)

FORECLOSURE TIMELINE FOR OWNER-OCCUPIED REAL PROPERTY LOANS (made from 2003 to 2007)

The approximate minimum time frames for the non-judicial foreclosure of owner‑occupied real property loans made from 2003 to 2007 are as set forth below. In California, most lenders elect to foreclose non-judicially by conducting trustees' sales, not by judicial foreclosure.

Pre-Foreclosure Period

A lender may initiate the foreclosure process when a borrower defaults on a loan, such as by missing a mortgage payment. However, a slight delay may not justify acceleration and foreclosure by the lender. Hence, in practice, lenders generally wait a few months after a missed payment before starting the foreclosure process.

Day 1: Lender Contacts Borrower

For owner-occupied loans from 2003 to 2007, a lender initiating the foreclosure process must generally contact the borrower by phone or in person to assess the borrower's financial situation and explore options for avoiding foreclosure. During the conversation, the lender must inform the borrower of the right to meet with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency.

Day 31: Filing of Notice of Default

For owner-occupied loans from 2003 to 2007, the lender may file a notice of default 30 days after contacting the borrower to explore options for avoiding foreclosure. The notice of default must be filed in the county where the property is located and a copy must be mailed within 10 business days after recordation to the borrower and all other persons who have requested such notice. The notice of default informs the borrower of the default. It must also include the lender's declaration that it has contacted the borrower to explore options for avoiding foreclosure, tried with due diligence to contact the borrower, or the borrower has surrendered the property.

Day 121: Filing of Notice of Trustee's Sale

Three months after the filing of the notice of default, the lender may record a notice of trustee's sale setting forth the date, time, and place of the upcoming trustee's sale. Because of the gravity of a notice of trustee's sale, it must be widely disseminated. The notice of trustee's sale must be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation.

Day 145: Deadline to Cure Default

Up to five business days before the trustee's sale, the borrower may reinstate the loan by curing the default or paying the missed payments plus allowable costs. After the reinstatement period expires, the borrower still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage), before the bidding begins at the trustee's sale.

Day 152: Trustee's Sale

Although California law allows a trustee's sale to take place 20 days after the posting of the notice of trustee's sale, lenders customarily wait at least 31 days instead to help protect against federal tax liens. At the trustee's sale, the property is sold through a public auction to the highest bidder. Title is transferred to the successful bidder by trustee's deed.

USING THIS FORECLOSURE TIMELINE

A foreclosure timeline helps you as a listing agent ascertain whether you have enough time to market and sell the property as a short sale. Depending on the stage of foreclosure the homeowner is in ("Foreclosure Stage"), the chart below gives you the total time frame you have, at a minimum, to sell a property as a short sale before the trustee's sale occurs ("Minimum Time Left to Sell").

Foreclosure Stage	Minimum Time Left to Sell
Homeowner just missed making mortgage payment for the first time.	About 6 to 8 months total
Homeowner has just been contacted by the lender to explore options for avoiding foreclosure.	About 5 months total
Notice of default has just been filed.	About 4 months total
Notice of trustee's sale has just been filed.	Date of trustee's sale is on notice of sale

As an example, if a notice of default has just been filed, you have a minimum of about four months to sell the property before the trustee's sale may occur. That's four months not only to find a buyer, but also to get the lender to approve the short sale and close escrow. The short sale lender may agree to postpone the trustee's sale in some situations (such as when there's an accepted offer), but be sure to get any agreement for a postponement in writing.

Finally! This Has Always Been a Pet Peeve of Mine!

Fri, 02 Jan 2009 12:42:12 -0600

My State association, the California Association of Realtors is the best! They are consistenly help their Realtors with consumer protection issues. I have always had a pet peeve in my area regarding the seller choosing the title company and (most of the time it is the listing agent) making the buyer pay for title insurance. In my area, the normal practice is for the buyer to pay for title insurance, therefore they get to choose. These agents do not know RESPA laws. I always give my buyers choices but they rely on me to make sure they get the best insurance and title officer. I have been in the business for many years and as a listing agent have had to deal with many title insurance companies that make many mistakes and my title company at no cost has had to make things right for my clients. NOW, REO sellers (unlless they pay for the insurance) CANNOT force a buyer to use a particular title company! Below is the information I just received from CAR.

PRACTICE UPDATE: REO LENDER CANNOT REQUIRE BUYER TO PURCHASE TITLE INSURANCE FROM ANY PARTICULAR COMPANY
No seller can require that the buyer purchase title insurance from any particular title insurance company. This rule pertains to transactions involving a federally-related mortgage loan for one-to-four residential units as defined under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. section 2608). Although this is a well-established rule under RESPA, it bears repeating given the recent upsurge in REO transactions.

REO transactions are not exempt from RESPA requirements. If an REO lender chooses the title insurance company, as is often the case, it cannot require directly or indirectly, as a condition to selling the property, that the buyer purchase the title insurance policy. An REO lender that violates this RESPA requirement can be, among other things, held liable to the buyer in the amount equal to three times all charges made for such title insurance. Moreover, anyone who believes that RESPA has been violated may file a complaint (and may request confidentiality) to the U.S. Department of Housing and Urban Development (HUD). For more information about filing a RESPA complaint, go to http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HE2.

Are You Planning for 2009?

Tue, 30 Dec 2008 23:59:12 -0600

I have been showing a buyer property over the last 3 weekends. I wrote 2 offers. We were in escrow for 5 days on the first offer and he freaked out when it was disclosed that there was a development going in behind the home. He was worried that the construction would harm the foundation on this home. I think he made a mistake by cancelling. I never said he was making a mistake as you never know what can happen. Of course it was his decision. We did not get a ratified contract on the second offer as the listing agent purchased the home in a trustee foreclosure in September and didn't record the deed until December 10th. FHA will not give a loan on this circumstance for 90 days. Why the agent didn't record it at the time of purchase is beyond me. In my area most of the loans these days are FHA. I am hoping that we will find the right home next weekend whcih will start a positive beginning in the New Year. I am also planning to do more online marketing and continue with my sphere of influence and go back to the basics. I am thinking positive that the year 2009 will be a great year! Are you planning?

Buyers and Sellers! Do You Really Know the Difference?

Tue, 30 Dec 2008 23:46:55 -0600

This summary I have put together has helped many of my clients when searching for the right home.

Regular Sale - A sale where the seller has equity in the property. The buyer and seller will thenegotiate price and terms of the sale. The seller is required to provide Disclosures accordingto California Law and statute. The transactions in this type of sale are generally much easier to come together as there are timelines in which the seller needs to abide by in the transaction. The seller is motivated to sell and move on in his/her life.

REO/Bank Owned Property - REO is an acronym for a real estate owned property that has been

foreclosed on or repossessed by banks or lenders. These properties are also sold in "As Is" condition without any repairs or warranties. The seller (lender) is exempt by law from completing any disclosures. The agents involved in the transaction are not exempt from completing their visual inspection as per California's disclosure laws.

A New Year's Eve Wedding!

Tue, 30 Dec 2008 23:36:01 -0600

What are your plans for New Year's Eve? I am going to a wedding. My client, Michael, who is a friend now, is getting married for the first time. He is in his 30's. He has always enjoyed calling me just to talk. I met him quite a few years ago and sold him a condo. I then sold him a single family home on Thompson Avenue which is also known as Thompson Lane at Christmas. The entire block is lit up and decorated for the kids and Santa is there to listen to the children's requests. Of course a disclosure is signed regarding the electric costs during Christmas when a home is purchased on this street. I wish Michael much happiness and I am sure he will have a "Happy New Year".

A Little Bit of San Francisco Trivia!

Tue, 30 Dec 2008 23:22:56 -0600

Mexico was freed from the Spanish custody in 1821, which allowed it to go out of this earth by the North, in the direction of California. The Mexicans built several missions throughout their journey leading them to San Francisco..

Captain John Montgomery planted the American flag on Plaza, renamed Portsmouth Square. Today, in the financial district, a street was immortalized with the name of this national hero.

San Francisco was called at first Nova Albion by Francis Drake. Then when John Montgomery arrived on the lands of California, the city was renamed Yerba Buena. It was called San Francisco since January 30, 1847.

Sam Brannan was the first millionaire.

In 1850, California obtains its status of American state. San Francisco became an overpopulated city with the crime and corruption..

The streets of San Francisco go back to the time when the city was still named Yerba Buena. In 1839 Jean-Jacques Vioget a Swiss colonist, designed the plans of the city.

Chinatown was created in 1860

San Francisco was developed between 1870 and 1880. Golden Gate Park originated in 1870, cable cars in 1873.

The first big 8.25 earthquake of San Francisco happened on April 18 1906. San Franciscans took refuge in the Golden Gate Park after the tragedy.

.On October 17, 1989 was the strongest earthquake since 1906.

A long section of the Oakland Bay Bridge and a part of the Embarcadero Freeway collapsed.

Most of the latest movements started in San Francisco. The Beat Generation started in North Beach's district. Beatniks drank coffee and read poems.

The hippies settled in the Haight Ashbury district in the early 60's.

At the end of the war of Vietnam, San Francisco was known for its different demonstrations against this war. The homosexuals also demonstrated in the streets to assert their rights. A district, "Castro", is also known as being the district of the homosexuals.

December Birthdays!

Tue, 23 Dec 2008 00:15:24 -0600

Do you have a group of good friends and celebrate each other's birthdays? I do. Every year the group takes the birthday person out to dinner. Last week I have 2 friends, Michael and Sandra whose birthdays are in December. The group decided to take them out to lunch at Bing Crosby's in Walnut Creek. This restaurant opened a couple of years ago and became an instant hit. It's nostalgic with an atmosphere of the days that Bing was alive and a great place to eat. We all gave gifts to the birthday boy and girl and also exchanged Christmas gifts. Lisa's family makes their yearly tamales and we all received a batch! Umm Yummy! I can't remember whose birthday is next, but I do know we will find a wonderful place to go!