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lender: Unpermitted: California's Secret Little Property Tax Revolt Is a Ticking Time Bomb - 01/04/10 02:45 PM
"Chad" (not his real name) THOUGHT he was one of the lucky ones. His house had sold, and the buyers were lender approved.
Then the appraiser delivered the devastating news that caused the whole transaction to blow up: The appraisal on Chad's house could not include the entire 700 square foot downstairs area that had been converted into a cool media room, bathroom, and office. Why?
The conversion of the basement had been UNPERMITTED (done without permits). Why UNPERMITTED? TO AVOID AN INCREASE IN PROPERTY TAXES.
This is a story that pits an underdog (overtaxed, over-mortgaged Californians living in "high cost" areas) against bureaucrats (cash … (12 comments)
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lender: 2010 Has Cha-Cha-Cha-Changes in the Real Estate Industry - 01/04/10 01:35 PM
2010 is going to be a year like no other. I believe it is naive to think that 'business as usual' will be taking place when we return to work on Monday morning and expect it to be the same throughout the coming year.Yes, it may not seem very obvious at first. Maybe you'll have a buyer that you need to get pre-qualified and you call your lender thinking they can throw something together for you over the course of 15 minutes or so. You may become disturbed when your lender says that they are no longer allowed to provide this … (6 comments)
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lender: Not All Short Sales Are Created Equal - 12/07/09 02:09 PM
Short Sales: Keys to SuccessShort Sales have certainly changed the real estate landscape in the Hemet - San Jacinto Valley, CA over the last several months.I first started listing Short Sale listings in the MLS in the Spring of 2007, in the local Hemet - San Jacinto Valley, CA area. At the time, short sales were few and far between as the masses were still speculating if there was a housing bubble or not.Since then, I have learned there are four key elements that further the odds of a successful Short Sale listing, in the MLS.SELECTION: While there are many homes … (1 comments)
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lender: The Life of a Short Sale - Contact with HSBC - 12/03/09 05:51 PM
I decided that I would write a chronicle on the life of my new short sale listing. In case you missed it, I described my transition BACK to short sales from Bank Owned REO's as a listing agent and team leader in my recent blog post, Humble Pie...Or OH NO, Did I really Take a Short Sale Listing???? AGGGHHHHHHHH. Yes, it is true I went kicking and screaming...but here I am.I had a meeting with my two assistants and shared with them in detail what I expect to happen and started to figure out the game-plan of how we are going … (10 comments)
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lender: San Diego Real Estate - Demand for VA Loans on the Rise Here in San Diego - 10/09/09 08:01 PM
Here is a article a friend of mine wrote about the problems with VA Loans in San Diego. Although VA Loans only amount to about 3% of our closed escrows in the Hemet - San Jacinto Valley they do offer their own challenges...
Via San Diego Real Estate Voice authored by William Johnson (RE/MAX Associates):
San Diego Real Estate - Demand for VA loans is on the rise in San Diego.
For a lot of years, the VA loans had such a low loan limit, they didn't work too well for most homes or even condominiums here in San Diego.This past … (0 comments)
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lender: 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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lender: Hard Money is a Good Thing for Real Estate Investments - 09/03/09 02:32 AM
Hard money is often misconstrued in society. There are always visions of a couple of thugs in a pool hall loaning out money at exorbitant interest rates who result to violence and intimidation when payments are late.Well, I am here to tell you that hard money is anything like that at all. Hard money is a very powerful tool that every investor should consider utilizing to it's fullest in order to leverage the money the investor has - to make more money by buying more real estate in this volatile market.Hard money loans are always secured by real estate - typically … (7 comments)
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lender: REO – Agent Training and Marketing –What’s the Difference? - 09/21/08 02:05 PM
There is of course a huge difference between the traditional sale of a home compared to the sale of a home that has gone through the foreclosure process and is now owned by a bank / investor.
EMOTION To sum it up in one word it would have to be emotion. That’s right the traditional homeowner who wants to sell their home is emotionally attached to it. They know of the blood, sweat and tears that went into making it the home it is today and they want to be compensated for their efforts.
The traditional real estate transaction is … (7 comments)
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lender: Readers Want to Know...Cash for Keys and REO Property - 08/02/08 07:00 PM
I receive numerous emails on various topics that I have written with in the past. I try to answer as many as I can personally, but I thought if one person takes the time to write me with a question then I have other readers who have the same or similar questions. So, I decided to start a FAQ column.
From now on I'll be responding to questions via my blog - not to worry, I won't reveal any personal identifying information - I want to share with all. If you write me, I'll send you the link to my answer, and I'll be sharing … (10 comments)
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lender: Buying a Hemet – San Jacinto REO Home: The Loan Process - 05/14/08 01:13 PM
Buying a Hemet – San Jacinto REO Home: The Loan Process Many people want to take advantage of the current market conditions in the Hemet – San Jacinto Valley at the eastern end of the Inland Empire, in Southern California because we have such a high foreclosure rate and there are many bank owned (REO) homes for sale in the region at very affordable prices.
Finding a good home is typically not the problem – as we have many to choose from. Today there is even a wide selection from as low as $75,000…if you don’t mind taking care of some … (3 comments)
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lender: Buying an REO Property – The Pluses and the Minuses - 01/21/08 01:36 PM
In today’s Hemet California Real Estate market and the surround area known as South West Riverside County in the region of Southern California known as the Inland Empire we are one of the hardest hit areas in the entire country when it comes to foreclosures and REO’s. Now is an excellent time to take advantage of the market – a true buyers market. The irony is that many buyers are fence sitting…waiting for the bottom of the market to hit. Unfortunately, in a real estate market we will not know when either the bottom hits or the top peaks until 6 … (3 comments)
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lender: Just What is an REO? - 01/11/08 01:13 AM
REO stands for the term “Real Estate Owned”. This is a banking term used to describe real estate that a bank owns, typically because it was taken back from the homeowner through the foreclosure process. In a good real estate market, REO’s are not very common. However, in a market like Hemet, CA is experiencing where 72% of the homes going into escrow are either a REO listing or a short sale, the banks have a very definite role in the current real estate market. If you are a first time home buyer or an investor – you will no doubt … (4 comments)
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lender: Hemet Real Estate Market is REO Driven - 12/24/07 06:57 PM
The Hemet, CA Real Estate market is becoming an REO driven market. An REO property, in Hemet, is one that has already gone through the foreclosure process and has been taken back by the mortgage holder - typically either a bank or an investor. The Hemet REO property is not considered an asset of the bank but rather a liability since it is sitting vacant and costing them money on a daily basis. What makes it even more of a liability for the mortgage lender is that when they are finally able to liquidate the Hemet, CA REO property, they will … (4 comments)
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lender: Tips for buying a REO / Foreclosure Home - 12/20/07 10:07 AM
The Inland Empire market in southern California has certainly gone through a major transition in 2007, setting the stage in 2008, for what I project will be the best buyers market we have ever experienced.Homeowners who would like to sell for any of a number of ‘normal' circumstances will certainly be disappointed. Although I do believe that prices are near the bottom of the market, since a real estate investor can now purchase a property with minimal rehab expense and turn it into a positive cash flow rental unit.
Although my prediction that the market has come close to hitting the bottom … (6 comments)
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lender: How Many Ways Can a Mortgage Bank Throw a “Hail Mary”? - 12/18/07 10:13 AM
There is no doubt that 2008 will go down as one of the worst years for those in the mortgage industry and those of us whose businesses exist through the mortgage industry.Certainly it has been a year of changes, if nothing else.In this mornings industry news I read that GMAC is shutting doors and letting people go as it prepares to shut down 15 of it's company owned offices located in the North East. In comparison to some of the closures the mortgage industry has experienced this year, this is still relatively minor - effecting about 50 sales and management types, … (3 comments)
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lender: Now, Who is Helping Who? ... and a Few more Questions that need Answering... - 12/06/07 09:05 AM
We knew there would eventually be some sort of government intervention into the current housing situation in this country. Just this week the Treasury Secretary, Harry Paulson, proposed a plan that would either freeze or fix the rates on adjustable rate mortgages (ARM).On the surface, this appears to be good for the country, right? Or is it? I am just a simple REALTOR® who wants to sell real estate for a living. I do not pretend to be an economist or financial analyst, yet something does not smell right here.
The proposed program is being touted as helping the 4 to 7 … (6 comments)
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lender: When Do You Walk Away...and When Do Your Run? - 12/02/07 12:10 PM
Real Estate investing in Hemet CA has many excellent opportunities for the seasoned real estate investor as well as the first time investor...and even the first time homebuyer.
The Hemet market values are rapidly approaching the bottom. I say this, because I am constantly now seeing deals that will have a positive cash flow with a 20% down - which most real estate loans will require, in today's lending world.Now, please, don't misunderstand what I just said, the values are approaching bottom - not the market itself. I agree with every other analyst out there - 2008 will definitely see a huge … (12 comments)
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lender: Short Sales: A Revised Strategy: Commission - 11/25/07 09:58 PM
The big drawback to working short sales is that the agents typically receive a reduced commission, from the loss mitigation department, for more work than what is normally required.So, how do we stop the banks from fighting us for what is rightfully ours? How do we give in to something that one REALTOR® will never even ask another REALTOR® - a cut in commission?Well, I don't know if we can stop the lender from asking, but why not turn the tides to our favor. Lets ask for more to start with!
When I take a short sale listing today, instead of the typical … (44 comments)
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lender: Short Sales: A Revised Strategy: List Price - 11/25/07 09:20 PM
The one constant in working short sales is that they change on a regular basis. The lenders and their loss mitigation departments are changing their rules as we go on and the sellers are becoming more aware. Most importantly, the buyers and their agents are also changing with the times which require a short sale listing agent to continue to update their listing and marketing practices.
In the past, I would accept a short sale and initially post it in the MLS for an amount that would allow a potential buyer to pay off the existing debt recorded against the property, using … (20 comments)
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lender: Short Sales - A Common Question - 09/02/07 10:39 PM
Short Sales: A Common Questionby John Occhi, Hemet CA REALTORMission Grove Realty
Aside from my ActiveRain blogs and responding to questions that are left in the comments of the articles I write, I often receive email messages from people who for whatever reason do not want to post thier question in a blog article.
A common question I receive has to do with investors, as a matter of fact, I believe I have now answered this very question at least 3 times this week, that I received through email contacts from my ActiveRain blog.Let me post the specific question I received just … (14 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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