PMZ iPhone/iPod touch AppPMZ Real Estate is pleased to announce the immediate availability of our real estate search application for the iPhone and iPod touch. This app represents a leap forward in real estate search allowing house hunters to search for homes when it's convenient for them. Our real estate search app is also perfect for the on-the-go real estate agent. The app is free for all! You can grab the app by clicking here (will open iTunes). You can also download the PMZ Real Estate Search app by tapping on the App Store icon on your iPhone or iPod touch and searching for "PMZ."

With the PMZ App, PMZ Real Estate brings you thousands of California listings straight to your iPhone or iPod touch.

The PMZ app can automatically find homes for sale, for rent, and open homes based on your location using GPS. If you want to find properties in other cities with defined criteria such as price, beds or baths, you can do that too! You can also save properties that you love and easily go back to them later from the home screen.

PMZ App ScreenshotFeaturing:

  • Location aware home and rental searching
  • Search by city, beds, baths and more
  • For Sale, For Rent and Open House searches
  • View ALL property photos
  • Contact an agent right from property view
  • View a map of the property location

PMZ currently offers property results for listings in Stanislaus, San Joaquin, Merced, Calaveras, Tuolumne and East Bay counties. Coming soon: All Northern California Homes for Sale!

 

Both Paul Harmon and Phil Levin, managers at PMZ Real Estate, have stressed to agents the need to be aware of any fine print pitfalls the banks (property holders/owners) have been including into the purchase contracts of bankowned properties.

Please be sure to review your contracts and agreements that you have between your buyers and the banks. An overview of this information with responsible scrutiny will help protect your client’s and yourself from being taken advantage of by any seemingly deceptive changes to contracts by the banks.

Consult with your brokers legal adviser if necessary.

 

Back when the market was smoking hot, sellers wanted their agents to hold open houses to bring in the buyers.

Well now the market is smoking hot again, but for different people. With the flood of foreclosures, the banks are the sellers and they are looking for buyers. We may not have the pressure from the banks to hold open houses, but to gain prospects, open houses are a great tool.

Even if you don’t have a listing to show as an open house, ask another agent if you can hold their listing open.

You’ll have a flood of potential buyers at your fingertips that you can match with other properties and prospect.

Have a simple information card that they fill out so that you can contact them later.

Try it a few times. You’ll be surprised at how many prospects you can gain.

 
Moving to a place down the block, to another city or another state can be stressful. In many ways, your pets can react to moving in the same way humans do. It is a stressful time for them too. Here are some helpful tips to keep in mind while moving yourself and your pet.
  • Make sure your pet has a check-up with your vet and ask the veterinarian if they know of any diseases that your pet might be at risk for in the area you are moving to.
  • Pack your pet's medical history.
  • Pack your pet's toys, food dishes, blankets, etc in the same box for quick access.
  • If you have a smaller animal that lives in a cage (like a snake, hamster or bird), keep it in there during the move, take out anything that might tumble around and injure your pet, and cover it with a blanket so they don't become overstimulated with new scenery.
  • If you're traveling, never leave your pets alone in the car with your windows up.
  • Don't wash your pets favorite blanket or pillow during a move. This allows them to have a familiar scent in their new home.
  • Let your pet stretch and relax as soon as you can, and walk them around the property so they are familiar with their boundaries.
 
At PMZ Real Estate, our agents are anything but short of amazing. That's why I'm pleased to announce that Barbara Miller, at age 68, has been inducted into the USA Masters Track and Field Hall of Fame. Miller holds 8 of 10 US records for different track events. Congratulations Barbara and keep up the pace!
 
Think the housing market is bad here? Take a look at this picture: This is the entrance to someones home. A place where 6 people sleep, water is stored in used, chemical laden drums, and clothes are hung on the barbed wire to dry. Even the metal used to protect the home from looters (yes looters), vandals and the elements gets ripped off and sold for cash. Instead they use plastic garbage bags and wooden polls. This is the life of a Native-Mexican tribe in Ensenada, Mexico. They are outcasted by the people of their country and relegated to live in these sub-standard conditions. If you hit one of them while driving and kill them, you only receive a fine of $700 and then you're free to go. Matt Keenan, Recruiter here at PMZ Real Estate, went down to Ensenada, Mexico with his church to help rebuild a church. While he was down there he said he had a "life changing experience," and even picked up the language pretty well. He was able to help support this tribe by making sure they had a place to come together as a community and by donating rice and beans to the tribe which usually traps a rabbit in a tin bucket and shares between the ten of them. Matt and his church group were also able to bring hundreds of pairs of clothes to share with the indigenous people. If you are interested in finding out how you can help, contact Matt Keenan at (209) 557-6267.
 
Qualifying for the Beijing 2008 Olympics must be an amazing experience. Suzy Powell of Modesto has qualified with 2 other women for the 2008 Beijing Olympics discus throw event. This is her third Olympic qualification. Go for the Gold Suzy!
 

Some homeowners who can’t afford their mortgage payment, and find themselves in property foreclosure are not only walking away from their home, but they’re also walking away from their pets.

They’re called, “foreclosure pets” and when the owner walks away from the home they leave there pet behind. You’d think it would be as simple as taking the animal to the nearest pet shelter or finding the loved one a good home, but it’s more complicated then that.

Animals who get “left behind” are the personal property of their owners, and therefore cannot legally be taken from the property.

A woman named Cheryl Lang, president of REO management firm Integrated Mortgage Solutions, heard about the growing problem and started a non-profit organization called, No Paws Left Behind. She utilizes her network of contractors to feed and care for the abandoned pets until they can legally be taken from the home.

If you are a property owner who is about to be foreclosed upon and have no place to take your pet, or if you are interested in helping or donating, visit the No Paws Left Behind website at: http://www.NoPawsLeftBehind.org

 

American Home Shield was gracious enough, for the fourth year in a row, to sponsor a legal update with Gov Hutchinson, Assistant General Counsel and Staff Vice President of the CALIFORNIA ASSOCIATION OF REALTORS®.

All staff and agents from PMZ attended to hear about the latest laws and form updates.

Here is some interesting information:

Three year moratorium on Short Sale income tax reporting
The President has signed legislation implementing a law that eases the tax burden for homeowners who have had debt forgiven on a mortgage due to a foreclosure or short sale.

Previously, the tax code required a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower had been forgiven. Then, if the property was sold at foreclosure or was sold for less than what was borrowed, the difference was considered income and subject to be taxed. The new legislation provides a temporary, three-year change to the tax code to eliminate taxes homeowners might face when banks renegotiate the terms of a home loan and forgive a portion of the outstanding mortgage balance. The change in the tax law will cap untaxable forgiven debt at $2 million and apply only to principal residences.

Gov mentioned that similar legislation should pass through California State law.

For more information, view the White House fact sheet: Mortgage Forgiveness Debt Relief Act of 2007.

California’s anti-deficiency law saves short sale sellers
When you short sale a home in California, seller’s may be protected from paying the deficiency of the sale to the bank. California’s Code of Civil Procedure, Section 580(b) in plain English states that the bank cannot seek a deficiency judgment against the borrower if the loan was for purchase money on a residential one-four owner-occupied property. These loans are commonly referred to in the lending industry as “non-recourse” loans. The borrower has to live there—if it is an investment property or vacation home, then 580(b) may not save the borrower.

Full details of California CCP 580(b)

Laws regarding rentals
Immigration status - When screening tenants for rental eligibility, property owners can no longer ask the prospective tenant their immigration status. They will need to focus on other eligibility requirements such as income, employment, etc. More info on California Civil Code § 1940.3

Firearms - Similar to no tolerance procedures for drugs, property owners can evict tenants who own illegal firearms, un-permitted firearms, etc.

DRE Licensing Laws
The DRE can revoke or suspend a real estate license if an agent is convicted of a misdemeanor or felony, but only if it is Real Estate related.

There is a good chance that it will be required next year to include your DRE license number on your business cards, so consider jumping on board the bandwagon early or just ordering seven months worth of business cards if you are close to running out.

Those are just a few interesting facts I picked up today from the meeting. Thanks a lot for coming Gov!

Note: This article is not to be used or construed as tax or legal advice.  Please consult with a tax professional for tax related inquiries or a lawyer for legal counsel.

 

Now that the market is ripe with foreclosures and other bank owned property, we want to take a moment just to clarify what a short sale really is.

What is a short sale?
To sum it up quickly and concisely, a short sale is a situation in which the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss.

How does it benefit the homeowner?
After submitting thorough documentation, including, but not limited to:

  • W-2 and pay stubs to verify income
  • Bank statements to assess assets and financial situation
  • Hardship Letter to explain why the bank should consider your property for a short sale

the bank may consider a short sale. The process can help keep the homeowner out of bankruptcy and save their credit rating.

The house will be sold and the difference between what you owe the bank and what the bank received on the sale will either be written off or the seller will be responsible for it.

NOTE: It is important to understand that if the bank writes of the difference, they will more than likely report it as 1099 income for the seller. This could adversely effect the seller’s tax liability.  Speak to a tax professional.  Remember, just because they write it off, doesn’t mean it disappears.

For an even more thorough look at short sales, check out the resources below:

The Definitive Short Sale Article

Short Sale (Real Estate) - Wikipedia

 

 
 
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PMZ Real Estate

Modesto, CA

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PMZ Real Estate

Address: 1120 Scenic Drive, Modesto, CA, 95355

Office Phone: (209) 527-2010

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