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escrow: Power to the People: RESPA Rules Change on January 1, 2010 - 01/01/10 02:57 PM
The Dawn of a New Decade brings the Dawn of Consumer Rights When Shopping for a MortgageJanuary First is typically a day when many new laws across the land become effective...and this year is no different. The Department of Housing & Urban Development made one very important change to the Real Estate Settlement Procedures Act of 1974 law that is known as RESPA in the industry is now mandating that ALL mortgage lenders provide the consumer with the same information in the same format.There is no doubt that this is too little too late for the homeowners who are currently at … (80 comments)
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escrow: REPEAT BUYER: SELL FIRST OR BUY FIRST? That is the Question! - 12/28/09 12:50 AM
The year 2010 is going to be an excellent year for the repeat buyer to move up in this down market. The Hemet - San Jacinto real estate marketplace is a field of dreams for repeat buyers with equity in their existing homes. I have been covering various aspects of this concept in a number of articles I've recently written.In this article, I want to answer the question many Hemet - San Jacinto homeowners contemplate and need to know how to proceed. The question, of course, "Should I sell my current home before I buy?" and then, "What Happens if I … (1 comments)
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escrow: Closing Cost - What Are They and Can I Save Money on Them? - 12/12/09 11:05 AM
When a home for sale is bought and sold in the Hemet - San Jacinto Valley, CA the process will typically go through escrow to facilitate the transfer from the home seller to the homebuyer. The expenses of the transaction, other than the actual purchase price are generally lumped together and commonly referred to as ‘Closing Costs".Both the buyer of the real estate, and the seller of the home typically incur Closing Costs but it is often negotiable as to who will actually pay these expenses...depending on both local custom as well as what the buyer and the seller negotiate between … (6 comments)
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escrow: SAN JACINTO, CA | MARKET SNAPSHOT | SHORT SALES GATHER STEAM - 11/23/09 06:24 PM
The tides are changing in the local San Jacinto, CA real estate market as short sales take on a greater number of closed escrows each month, over the past 12 month period (November, 2008 thru October, 2009).Prior to June, 2009 the most Short Sales to close escrow in a month was 6, in April. December and January saw 4 and 5, respectfully and November, February and March only saw either 2 or 3 closed short sales. June reached the level of 8 closed short sales in a single month and after that we have been in double digits every month...with an … (4 comments)
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escrow: San Jacinto, CA | Market Report | List vs. Sold | 12 Month Snapshot - 11/23/09 05:14 PM
San Jacinto, CA at the north end of the Hemet - San Jacinto Valley has been one of the hardest hit areas in the country when it comes to foreclosures and the loss of value in residential real estate. For those who review the data on a national level, the Hemet - San Jacinto Valley is in the Southern California Region known as the Inland Empire which consists of San Bernardino and Riverside Counties.The MLS data shows that there have been 1,841 homes added to our inventory over the past 12 months (November 2008 thru October 2009) of which 1,501 homes … (0 comments)
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escrow: Why Does the Law Care What Escrow Company I Use...and Does it Really Matter? - 11/17/09 12:16 AM
I just received an email from ReaLegal®, brought to me by the California Association of REALTORS® that an announcement of a form revision.This post really did start off as a simple review of the form and changes that are now in effect. Read the whole blog and find out that it is much more than that...The REO Advisory (CAR form REO) has been updated to include the notice that Buyers of REO properties in the State of California (which include the Hemet - San Jacinto Valley, CA by default) that they are not required to purchase escrow services or title insurance … (8 comments)
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escrow: Repeat and Reep the Benefits - Tax Credit Bonanza for Repeat Buyers - 11/15/09 12:31 AM
The President of the United States signed legislation on November 6th, 2009 that became effective immediately, allowing current homeowners, or ‘repeat buyers' to claim a tax credit of up to $6,500 for the purchase of a replacement home.This is the same law that extended the current $8,000 tax credit to first time homebuyers and raised household income levels. This article will focus on the repeat buyer aspect of the bill.THE BASICSBefore we get into how it works, lets figure out who it works for. It should be pointed out right now that there is no requirement to ‘move-up' at all and … (6 comments)
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escrow: 45 Day Escrow...All the Time in the World, Right? WRONG! - 10/15/09 11:15 AM
45 Day Escrow...All the Time in the World, Right? WRONG!The real estate market in the Hemet - San Jacinto Valley, CA is dominated with investors and first-time homebuyers. The investors have all been through escrows and know what is expected of them to close and close on time, without incurring hefty per diem charges for delays. First-time homebuyers more often resemble a deer in headlights, believing that 45 days is plenty of time for everyone to do their job.The first time homebuyer who now has successfully negotiated a purchase contract, with the help of their REALTOR® or other real estate agent … (3 comments)
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escrow: URGENT: BUYERS AND BUYERS AGENTS: PAY ATTENTION TO THIS...NOW! - 10/03/09 01:43 PM
Ok, let me start off by saying that I am an REO Listing Agent in the Hemet - San Jacinto Valley in Southern California - right at ground zero for the current housing crises. I have been working with the banks since 2006...so please believe what I am about to share and believe that I have some clue as to what I am talking about.The real estate market has been driven by consumers wanting to get in on the government action and take advantage of the $8,000 tax credit that has been the subject of many discussions for months and everything … (15 comments)
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escrow: Has Technology Evolved the Real Estate Business in the Last 5 Years? - 09/28/09 10:26 PM
Reflecting on how the real estate business model has changed since I was first licensed five short years ago really is amazing. The way I do business now is so much different from the ‘old school' business model that I was recruited into.Perhaps the biggest difference is the website. Five years ago, very few agents had websites, let alone blogs or virtual tours or even IDX property searches. I would have to say that the website has had the greatest impact on our business as REALTORS®.Today, we are not in the house finding business like we were five years ago. I … (5 comments)
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escrow: 10 Steps to Buying Your First Investment Real Estate Home - 09/16/09 02:37 AM
Successful investors always have a plan. They have a strategy for getting into a property and they will have multiple strategies for getting out of a investment property.I offer a blueprint to success in real estate investing...1) Know what is Important to you in your life. I'm not just talking money - life itself has value - what is it that makes you tick. Figure this out and if real estate investing is not for you, then it's not for you.2) Clean Up Your Act - If you have issues with credit, taxes, ex-spouses - anything that disrupts your life or … (0 comments)
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escrow: What is the Fate of the First Time Home Buyer Federal Tax Credit? - 08/27/09 10:30 AM
Currently, one of the most driving forces in the Hemet - San Jacinto Valley Real Estate Market has been first time homebuyers scrambling to take advantage of the $8,000 tax credit (10% of Purchase Price - Max $8,000) that was created as a stimulus to the economy.
In my opinion, the program is very definitely a success. Yes the IRS may be out a few dollars; but look at the trickle down economics that is stimulating local economies. Not only are houses selling quicker than any time during the current housing crises, but new homeowners are spending thousands of dollars fixing … (3 comments)
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escrow: San Jacinto Market Analysis – SOLD 5/20/09 – 6/20/09 - LAND CONTRACT - 06/21/09 04:50 PM
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009. In this segment, I will look closely at a single San Jacinto home for sale that sold with a LAND CONTRACT.
Of the 136 properties SOLD in San Jacinto CA during the period of May 20, 2009 to June 20, 2009 there has to be … (0 comments)
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escrow: San Jacinto Market Analysis – SOLD 5/20/09 – 6/20/09 FHA LOANS - 06/21/09 04:38 PM
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009. In this segment, I will look closely at San Jacinto homes for sale that sold to owner occupied buyers with a minimal down payment using the government sponsored FHA loan program.
FHA Financing is the dominate method to purchase and finance a home in the … (0 comments)
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escrow: San Jacinto Market Analysis: SOLD 5/20/09 – 6/20/09 CASH SALES - 06/21/09 04:12 PM
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009.In this segment I will look closely at a very important segment of the market - the one controlled by CASH investors. Cash transactions accounted for 20.59% of all the closed San Jacinto real estate transactions during this 30 day period. Of the 136 homes that … (0 comments)
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escrow: BPO - A Question Answered - 11/29/08 10:17 PM
My last blog post, 500 BPO's and I'm Still Learning, was actually meant for the REO GROUP on LinkedIn that I administer - unfortunatley LinkedIn only allowes 2000 characters per 'Discussion' post, so I posted the entire article here on my ActiveRain Blog.(if you would like to join the REO GROUP at the LinkedIn Social Networking site, just visit the link and send me a request, throough the LinkedIn system. It would be nice if you let me know how you found the group.)
I received a rather lengthy reply from a out-of-state investor that I have worked with in the … (6 comments)
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escrow: How to Buy a Hemet, CA REO Property - 05/04/08 06:16 PM
About the Author: John Occhi REO REALTOR®, successfully started an REO Team in Hemet, CA that quickly expanded to 3 agents and 2 admin members with over 50 REO properties under his direct control. He was able to keep approximately 20% of his assigned inventory in escrow at any given time and another 20% entering the pipeline with properties in the pre-marketing phase of the business. Today John has been sought out to assist one of the largest franchises in America to expand their REO operations into the Inland Empire.
The CrestREO REO Home Buyer Protection Program CrestREO has REO sales … (4 comments)
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escrow: A History Lesson | Hemet CA Real Estate: February 2005, February 2006, February 2007 and February 2008 - 04/01/08 01:58 PM
No doubt the current market conditions have changed in nearly every real estate market across the country. In Hemet, CA, we have seen dramatic transformations over a year earlier, which is why it is so important to properly understand the value of a home in today’s market – whether you are trying to buy or sell an REO (Real Estate Owned – bank owned homes) or other property.
(The figures reported here only represent the data supplied by the local Hemet San Jacinto Association of REALTORS® - HSJAOR - on the local SoCalMLS and do not reflect the properties that were … (3 comments)
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escrow: Placing a Bid to Purchase a Bank Owned Hemet Home - 03/17/08 01:09 PM
Buying an REO home or other real estate in Hemet, CA (or elsewhere) can be a daunting experience, at best. The process appears to be fairly straight-forward, from the beginning. The banks each have their own proprietary addendums to our California Purchase Agreement which ends up negating many of the key provision of our ‘standard’ contract. CONTRACT CLAUSES Probably the most important is that the banks will not (typically) accept the provisions for liquidated damages, arbitration and mediation. Often time, the buyer will initial these clauses – but the bank will not. If the buyer’s agent does not pick up on … (0 comments)
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escrow: How I Got To List REO's...or No, Not Another Free BPO! - 03/14/08 09:38 AM
My business today is focused on the REO market and working directly with banks and Asset Managers – taking the REO listings and selling them in our area. What I would like to do here is answer the question of what does it take to break into this business, as I am asked constantly by agents, not only here in Hemet, CA…but Southern California and across the country as well.
First, I should point out that to be a successful REO Listing agent, do not expect this to be a slam dunk walk-in-the-park listing arrangement. It is very expensive and very … (59 comments)
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John Occhi, ePRO, Temecula - Murrieta CA Real Estate, 951-443-6259
Murrieta,
CA
More about me…
Exit Twin Advantage Realty
Address: 39755 Murrieta Hot Springs Rd., Suite G-110, Murrieta, CA, 92563
Cell Phone: (951) 443-6259
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