Silicon Valley Realtor

Happy Thanksgiving Everyone!

Wed, 25 Nov 2009 17:12:33 -0600

Hope we all have many things for which to be Thankful this Holiday Season.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Client References - ask for them

Thu, 19 Nov 2009 17:16:07 -0600

I am amazed by how surprised prospects are when I advise them I will provide references from past clients who have used my services, particularly, short sale clients. Yes, in the case of short sale clients, it is understandable that clients do not want to bring up and discuss the unpleasant hardships of the past with complete strangers. But as consumers of services you should have the right to see what you agree to buy.

Unfortunately in our changing business environment, there are too many people out there claiming to be “experts” in certain areas of our profession without providing any proof of their adequacy, let alone expertise. One simply is not an expert because one declares oneself as such.

Under normal circumstances, selling a house is important but does not have long term implications if the house cannot be sold. It simply means the homeowners stay in the house until a better time to sell comes along. However, in a foreclosure situation, if the house cannot be sold or if the terms cannot be negotiated with the lenders to get the approval for the sale, people not only lose houses, but they lose that important sense of “home” and go through an emotional roller coaster ride that comes along with being foreclosed. Houses can be replaced, but the emotional scars can remain for a long time…...

Ask for references. When you are talking to a Realtor, you are essentially interviewing him/her for a job. And what job interview does not involve providing references from past employers? If a Realtor does a good job for their clients, it is not difficult to get the latter to share their experiences with potential clients; as a matter of facts some become your evangelists if they had a good experience with you.

Some Realtors belong to an organization that rates the service via independent surveys and post those scores on the web. I belong to the QSC organization because I believe in its philosophy and strive to provide the best service I am able to provide and believe if I were on the opposite side, I would want to know how that person's past clients rated their service before engaging them. These are difficult times and you should get the best quality service available out there. After all, don't you deserve it?

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Foreclosure: a family saga

Thu, 19 Nov 2009 01:43:45 -0600

Unfortunately, foreclosures are no longer reserved for the sub prime borrowers. Now it has spread to the mainstream. All too often, it takes a few of bad months before the borrower falls so far behind, they are unable to catch up.

Besides job loss, catastrophic medical expenses is another common reason why homeowners are unable to make their mortgage payments. This is a why we should have health care overhaul to make sure people are not forced into foreclosures or bankruptcies because of medical expenses. The saga this family is living is being repeated by many other families here in Silicon Valley. It is a shame on us all as a nation, that a soldier who served us has to endure this crisis.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Home For Sale - 2856 Buena Crest Ct., San Jose, CA 95121

Mon, 16 Nov 2009 02:43:27 -0600

Steve Mun | Keller Williams Realty | 650-605-3188

2865 Buena Crest Ct., San Jose, CA

Evergreen Townhome surrounded by greenbelts with an excellent view of the mountain range. Close to everything.

3BR/2BA Condo

offered at $343,888

Year Built	1988
Sq Footage	1,216
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	435 sqft
HOA/Maint	$310 per month

DESCRIPTION

This is charming end unit townhome is flooded with natural sunlight and surrounded by greenbelts. The quiet location in the center of the complex is ideal for those who want peace and quiet in their home life. Walk out of the Yerba Buena Villas complex and you are surrounded on all sides by Million Dollar neighbors. Live the high life without paying the premium prices.

This is a 3 bedroom (one bedroom on the first floor) 2 bath 1216 square feet of sun-drenched delight with a full 2car attached garage. The unit is located in the center of the complex and away from the noise of the streets. Turn around the corner and you can take in the majestic view of the mountain range

Take advantage of the large communal swimming pool or the Jacuzzi or watch the kids enjoying themselves in the play ground. If BBQ is your thing, then you have a spacious patio for your hobby. Your friends will always want to come and visit.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Living room
- Breakfast nook	- Dishwasher	- Stove/Oven
- Microwave	- Laundry area - garage	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Guest parking	- Clubhouse	- Swimming pool(s)
- Playground

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 1
Photo 2	Photo 2
Photo 1	Photo 2
Photo 1	Photo 2
Photo 1	Photo 3
Photo 1	Photo 2
Photo 1	Photo 2
Photo 3

Contact info:

Steve Mun

Keller Williams Realty

DRE#:01358433

650-605-3188

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 15, 2009, 11:23pm PST

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

What percentage of properties in the MLS are distressed in Santa Clara County?

Thu, 12 Nov 2009 00:55:18 -0600

What percentage of the properties currently on the market are distressed (either short sales or REOs)? As a San Jose Short Sale Agent, I’m always curious about this answer as a barometer of what is happening in Silicon Valley and specifically with distressed properties.

I went to the MLS and pulled all of the active listings on one hand and pulled all of those same properties which were listed as either “short sales” or “REO”s. The data below are for all Single Family and Condo/Townhomes in Santa Clara County that are active as of today, November 11, 2009.

The answer to the question I posed above is 30%. The ratio for distressed properties to all active properties is 838/2780 or 30% by my calculation. It will be interesting to see if this percentage increases or decreases in the coming months.

Distressed

All Active

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Home for sale - 2688 Yerba Cliff Ct., San Jose, CA 95121

Mon, 09 Nov 2009 03:44:21 -0600

Steve Mun | Keller Williams Realty | 650-605-3188

2688 Yerba Cliff Ct., San Jose, CA

3BR/2BA Townhouse

offered at $348,888

Year Built	1988
Sq Footage	1,216
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	435 sqft
HOA/Maint	$310 per month

DESCRIPTION

This is your chance to own a townhome which truly feels like a singe family home. This is a rare end unit with the neighbors in front separated by a large greenbelt to give you that sense of privacy that all homeowners seek.

The home’s configuration is a 3 bedroom (one bedroom on the first floor) 2 bath 1216 square feet of sun-drenched delight with a full 2car attached garage. Walk out the main door and you are surrounded on all sides by a sea of greenbelts, almost feels like you live in the middle of a park. It’s a perfect location for kids to play in a safe and enclosed environment. If that is not enough, there are other options like the communal pool or the fully furnished play ground where the children can release their pent up energy. Like to barbeque? You have your own private patio to make that happen.

You must see it to appreciate all that it has to offer. Don’t lose out on this opportunity to make this rare unit yours.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Living room	- Breakfast nook
- Dishwasher	- Stove/Oven	- Microwave
- Laundry area - inside	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Garage parking	- Guest parking	- Swimming pool(s)
- Playground

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 1	Photo 2
Photo 3	Photo 1
Photo 2	Photo 1
Photo 2	Photo 3
Photo 1	Photo 1
Photo 2	Photo 3
Photo 4

Contact info:

Steve Mun

Keller Williams Realty

DRE#:01358433

650-605-3188

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 9, 2009, 12:05am PST

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Comparing the old versus the new Home Buyer Tax Credit

Sat, 07 Nov 2009 00:59:09 -0600

It's official now, Mr. President has signed it. So how is the newer version compared to the older version? Here is a chart comparing the two.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

$8000 tax credit extended until April 2010!

Wed, 28 Oct 2009 23:40:09 -0500

http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

AP announced that the Senate agreed to extend the tax credit.

Yes, it looks like first time buyers and even repeat buyers get upto $6500 and can can continue to purchase throught the spring.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Interesting Data from 2010 Housing Market Forecast

Tue, 20 Oct 2009 20:02:54 -0500

I was reading over CAR’s 2010 Housing Market Forecast Presentation today and came across some interesting data I wanted to share.

When did the housing market peak? In the San Francisco Bay area, it peaked in the summer of 2007, specifically, May 2007, when the median home price reached $853,910! As of August 2009, it decreased to $531,580 or a reduction of 37.7%.

Fig. A

Anecdotally, many of us who list homes see a lot of cash offers being made recently, especially towards the lower end of the price spectrum. What percentage of buyers are actually making all cash offers? In California, in 2009. 19.6% of buyers are coming in with all cash.

Figure B

Why are buyers purchasing now rather than at other times? 67% of buyers said it was due to lower prices while 39% attributed lower interest rates.

Figure C

Directly related to the notion of “lower prices” is the Housing Affordability Index which measures the percentage of buyers who can afford to purchase an average home in California. It just fell shy 70% in August of 2009. This means for the first time in this decade, approximately 70% of Californians can afford to purchase an average home. This figure corresponds almost exactly with the 67% of those who purchased homes this year believing low prices prompted them to bite the bullet.

Fig. D

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Stinky What??!!!

Fri, 16 Oct 2009 19:18:14 -0500

A good friend of mine and I like to meet up occasionally and go to a little hole in the wall restaurant which serves a wide array of Chinese food. The menu has literally a hundred items but we both eat the same thing and have for a few years now. We get together to have some good food and chat and catch up on things.

The other day, we were doing our usual routine of chatting and eating our same ole food. Suddenly, a foul, putrid smell overwhelmed and enveloped me. It literally stopped me in my tracks. I cautiously looked around to see what could be the problem, I was puzzled because I had never smelled such powerful stench in a restaurant and could only reach the conclusion that my friend had an episode of bad gas...... I tried not to make eye contact for fear that it would make him feel uncomfortable; after all, he did it, so he must be feeling really bad at that point anyway.....

I can't remember the exact details, but there was what seemed to be a long pause with no one saying anything and me not trying to make eye contact. The problem was the stench lingered; it would not go away. I quickly decided it was not him; it wasn't me, so it was ok to gather intelligence and talk.

So in my delicate manner, I ask: "Leland, what is that smell?" His reply was rather quick: "stinky tofu, I think." My mind instantly filled with images of Andrew Zimmern of Bizarre Food and other Travel Channel celebrities discussing the stench of this peculiarly but accurately named food product.

For those who have not smelled it before, you cannot imagine such an odor emanating from something sold at a restaurant is all I can say. I’ve been to my fair share of Chinese restaurants, but I’ve never seen or certainly smelled this delicacy before that day.

The table to my left had ordered a small plate of this harmless looking, but nose hair burning soy product. And rather than quickly eating them and relieving the rest of the restaurant from the agony, they left it there and ate other food while they were talking. I guess one gets immune from the smell, but obviously neither of us was accustomed to it. Rather than continuing to chat and catch up, we got our checks and left in a hurry. That was my first encounter with stinky tofu and I feel bad for thinking my buddy Leland's accidental gaseous tendenacies were the source of that smell.

And you are wondering how this is related to Real Estate? My buddy Leland is a Realtor too……..

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Appraiser from two hours away.

Fri, 16 Oct 2009 00:26:53 -0500

I had some things to say about a recent encounter with an appraiser who was sent out to my listing to place a value on it. The problem I had was that the appraiser was not local but from a suburb of Modesto, about two hours away. I was hot an bothered not only because he was non-local, but he also sent a trainee without accompanying him. Everyone hears about these non-local appraisers swooping in and killing the deal because they don't know the market. I was facing that scenario as well.

I promised to report back because some people wanted to see what would happen and follow the results.

The good thing is that the appraiser was smart enough to use the comps I handed him, so the appraisal value was exactly what I thought he should come out with; no drama there. Almost anti-climactic, because I almost wanted him to not use my comps, so I could challenge him and make a big deal of it. But that was it, no drama.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

I am now a Wachovia Short Sales preferred partner with local contact.

Thu, 15 Oct 2009 17:38:20 -0500

An advantages of being a Certified Distressed Property Expert (CDPE) is the connections and networking opportunity this certification and my successful experience affords me. One of those opportunities was the preferred partner opportunity with Wachovia Mortgages. I now have direct access to a local Short Sale Manager who can expedite the process for me.

Wachovia is one of the smarter lenders which understands that, generally, a short sale is a money saving opportunity for them when compared to when the homeowner is forced into foreclosure or bankruptcy. They also understand that one of the biggest reasons why typical short sales only close at 23% rate (Campbell Communications Survey, February 2009) is that the process takes too long and even if there is a good offer in hand, the long delay often causes the buyers to back out or simply lose interest and move on to another property.

Wachovia has committed to reaching out to successful short sale agents in a given area and working with them to expedite the process so good buyers don’t walk away from a deal because of the long delay associated with short sales. Remember, Wachovia isn’t necessarily doing this completely out of sense of compassion, they are doing this because their acturaries have detertmined expedited short sales will net them more money.

They are setting the new standard in efficiency: 45 days or less is their goal to close escrow from receiving the offer.

If you have attempted a loan modification but were not successful, or have received a Notice of Default or simply do not have other options or solutions, please feel free to contact me. I can give you a no-obligation consultation as to whether a Wachovia Expedited Short Sale may be an option available to you and your family.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Forclosure notices are up, but actual foreclosures are down. What's happening in Santa Clara County?

Thu, 15 Oct 2009 01:08:22 -0500

Article Here

The above article mentions an interesting phenomenon that occurred last month in Santa Clara County’s foreclosure market. Between August and September of 2009, the actual number of homes being foreclosed (either sold at auction or returned to the bank as REO properties) decreased, while filings of Notices of Default and Notices of Trustee Sale remained consistent.

“Lenders foreclosed on 415 homes last month, down about 5 percent from August.….. Of these, 109 homes were sold at auction to third parties and the remaining 306 were taken back by the lender. …… At the same time, lenders filed 1,257 notices of default, the first step in the foreclosure process, and 1,027 notices of trustee sale, the final step before actual sale of a foreclosed home. The numbers for August were almost the same.”

The author doesn’t really reach a conclusion but leaves us wondering as to why this may be happening.

Well, I will pull data from the MLS in an attempt to interpret what may be happening in our back yard.

But first, it is important to understand the process of foreclosure. Simply put, when a person receives a Notice of Default from the lender, they have 90 days to cure the default, or a Notice of Trustee Sale will follow, scheduling a date and time by when the property will be sold at the County Courthouse. By the Notice of Trustee Sale date, if the delinquent amount, plus penalty and interest is not cured, then it is sold. But there is a wonderful vehicle which by now everyone has heard, which can stop that foreclosure if executed properly: the Short Sale.

If, from the time that the lender issues the Notice of Default and before the auction date, an experienced San Jose Short Sale Agent can bring in a qualified buyer who is willing to take the property off the sellers’ hands and if the lender agrees to the terms of the sale, then that foreclosure process is stopped with the closing of escrow on the property in question.

What the article did not factor into the equation were approved short sales that closed escrow. I pulled data about Short Sales that actually closed during the months of August and September.

For the Month of August 2009, in Santa Clara County 187 properties identified as being short sales (both single family and condo/townhomes) successfully closed escrow (Fig A). But in September 2009, 251 properties identified as short sales closed escrow (Fig B). I’m not a mathematician, but by my estimate, that is an increase of 25% from August to September of short sales approved by lenders. And more than sufficient to explain the disparity as to why the notices are increasing but why the final result is decreasing.

So let’s look at the complete picture in September 2009 in Santa Clara County. Over 2000 notices starting the foreclosure process goes out to homeowners. Of those, approximately 1000 attempt a short sale and 251 of them are successful in preventing a short sale (Campbell Communication conducted a survey in February 2009 of Realtors and concluded only 23% of short sale are successfully completed). Of the 750 who were unsuccessful in their short sales, 415 of them actually get foreclosed (109 of them lose their homes to auction and another 306 of them are evicted and the lender takes over their homes). That leaves 1335 people still stuck in foreclosure limbo — the original 1000 who chose not to do a short sale and the remaining 335 who were unsuccessful with their short sales but have not gotten around to being foreclosed yet — wondering when they will be evicted. And these homes that have not been foreclosed or sold through short sales are often referred to as the shadow inventory of bank properties. Depending on how this inventory will be released, it could have a tremendous impact of flooding the market with cheap, bargain priced bank owned (REO) properties. Let’s hope the lenders will release them gradually, rather than all at once or, even bettter, allow more of them to be sold as short sales so they can stop the influx of undervalued properties from hitting the market place and bringing down home values.

Fig. A. August 2009

Fig. B. September 2009

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

3901 Lick Mill Blvd., #353, Santa Clara, CA 95054

Wed, 14 Oct 2009 00:36:49 -0500

Steve Mun | Keller Williams Realty | 650-605-3188

3901 Lick Mill Blvd. #353, Santa Clara, CA

Just look at this place! Best location in the complex, interior unit facing the central pool. Can't get a better view!

1BR/1BA Condo

offered at $260,000

Year Built	2005
Sq Footage	908
Bedrooms	1
Bathrooms	1 full, 0 partial
Floors	4
Parking	1 Car garage
Lot Size	Unspecified
HOA/Maint	$353 per month

DESCRIPTION

Come and lose yourself in the lap of luxury at the Rivermark Plaza Community. New complex with all the modern amenities an urban professional seeks these days. Largest 1bedroom 1 bath measuring 908 square feet of living space with plenty of storage for all of your things. You have to see for yourself to appreciate the beauty of this place. Walk to fine dining and shopping; located in the middle of all the major freeways; and access to large parks for your weekend private time. Come and live among your peers.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Tile floor	- Living room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Washer	- Dryer
- Laundry area - inside	- Balcony, Deck, or Patio	- Swimming pool
- Jacuzzi/Whirlpool

COMMUNITY FEATURES

- Garage parking	- Guest parking	- Clubhouse
- Storage space(s)	- Fitness center	- Swimming pool(s)
- Gated property	- Secured entry	- Elevator
- Wheelchair access

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 2	Photo 3
Photo 4	Photo 5
Photo 6	Photo 7
Photo 8	Photo 9
Photo 10	Photo 11
Photo 12	Photo 13

Contact info:

Steve Mun

Keller Williams Realty

DRE#:01358433

650-605-3188

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 13, 2009, 9:03pm PDT

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Blinded by Greed: a story of a short sale gone awry

Thu, 08 Oct 2009 23:20:02 -0500

I had a listing where a friend referred a friend whose family was going through financial difficulty and could not pay their mortgage. As a San Jose Short Sale agent, I agreed to work on their short sale in an effort at least to prevent the non-payment and the probable foreclosure from greatly affecting their family business. I explained exactly what I would do and how we would go about getting a good offer so as to slow down the foreclosure process and negotiate with the lenders for a mutually beneficial sale. They were genuinely thankful and wanted to do everything they could to help me achieve our mutual goal.

Two weeks later, I get a call from the father saying they wanted to cancel the listing because they wanted to try a loan modification. I had seen all of their financial statements, no lending institution was going to cut their interest rate or forgive portions of their principal – which was what he says he was trying to get. I didn’t want to be the one to splash cold water in his face; so I said I would withdraw the listing while he tried to get a loan modification.

Three weeks later, I get another call from the father. He wanted me to cancel the listing rather than withdraw the property from the market. Why I asked? He said that the loan modification person told him that in order for them to take on the loan modification project, they needed to sign a listing agreement. I was supposedly preventing him from getting a loan modification…… What could I say to that? He sounded so convinced that he would get a loan modification, I didn’t have the heart to tell him with their decrease in income, they were not going to get anything meaningful modified.

I knew a legitimate loan modification organization had no reason to sign a listing agreement. Why would they? All they were trying to do was get the loan re-worked; they had no need to list the house for sale for that purpose. I knew something was not right; but this was a friend of a friend, I didn’t want to appear to be standing in his way of getting at that loan modification in the sky.

Two weeks later, I check and the house is listed as a short sale with a Realtor and not some loan modification company. I sensed something was not right, but I wasn’t going to go back and demand an explanation. I just wrote it off as someone who must have found someone they felt would do a better job at saving them from foreclosure and moved on.

A few days ago, six months after I canceled their listing, I got a frantic call from the father again. He wanted to know if I could help him. According to the MLS, the house was supposed to close escrow in early October, but he was advised by the agent that the buyer had backed out and the Realtor wanted him to write a check for one month of mortgage payment after six months of non-payment to stop the foreclosure (What?!). Apparently he was told three buyers had backed out over the months. He graciously offered to give me the listing if I wanted it……..

I thanked him but declined. I advised him that the listing agreement was active for two more weeks and I could not take the listing even if I wanted it. So I started asking questions to see why the nice house in a good neighborhood had fallen out of contract on three separate occasions.

It turned out that the only reason why the father had me cancel my listing and went with another Realtor was because the other Realtor had offered to kick him back $5,000 after close of escrow! I do a lot of short sales, I understand the need for money and how enticing that could be for a family in financial distress. So right off the bat, I don’t blame him for being enticed and going against the recommendation of the friend who introduced me and my explanation of why I was best equipped to help with their short sale; he saw an opportunity to make free money.

What I was able to find out was: he knew absolutely nothing of what was going on with his short sale which progressed for the past six months and went through three offers. He never saw any paperwork, not even a copy of his own listing agreement, so he didn’t know when his listing agreement expired. He never saw any communication with the lending institutions, never saw the notice of default, the notice of trustee’s sale…..nothing. He was lulled into oblivion with the promise of free money. Yet, the Realtor had persuaded him to move out to an apartment because the buyer was going to close escrow.

I specifically asked him to go and get copies of the listing agreement, notice of default, notice of trust deed sale, and any other written communication from the lending institution explaining the status of his short sale, as he knew nothing except an offer had backed out and he was not going to get his $5,000.

We spoke again today. The realtor did not give him any of the documentation and had told him that the house went through an auction and is now an REO property. So why ask for one month’s worth of mortgage payment to stop the foreclosure on an REO property? They now have a foreclosure on their record, so my initial effort in trying to minimize the effect on their family business by avoiding a foreclosure on their record was thrown to the wind for the promise of free money which never materialized. He now wants to sue the Realtor……

So what did this family gain by going with a Realtor they did not really know but who promised them free money? They lost their family home; have a foreclosure on their record; live in an apartment and paid rent when they did not have to; all the family members probably went through an emotional roller coaster ride which could have been avoided; and now needs to spend money they do not have to sue this Realtor. Did this family’s fate have to end this way? Was one bad decision the result of these compounding negative effects?

What is the moral of this story? I believe it is that short sighted greed should not be the driving force behind your long-term decisions.

What do you think is the moral to this story?

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

No more Liar's Loans - too little, too late.

Fri, 02 Oct 2009 01:53:19 -0500

"Beginning Oct. 1, new rules adopted by the Federal Reserve will go into effect, requiring greater diligence on the part of mortgage lenders and brokers who issue high-cost loans for borrowers with less than favorable credit. The interest rates on these loans are at least 1.5 percentage points greater than the average prime mortgage rate." Read the full Article.

It's about time they outlawed "liar's loans" those Stated Income Stated Assets and No Income No Assets loan products which generated so much fees for mortgage brokers but left the gate with "foreclosure" written all over them. But as the article mentioned, it is a few years too late..... Once the lenders realized there were high default rates with these so called Alt-A loan products, they stopped offering them as well as the even more ridiculous option ARM loans. The damage is already done with these loans. But it is nice for the Federal Government to announce they are against these types of loans and require that people actually demonstrate that they have the financial wherewithal to make payments on these loans........

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Perfect Starter Home - 5649 Calmor #4 San Jose, CA

Wed, 23 Sep 2009 22:56:47 -0500

Steve Mun | Keller Williams Realty | 650-605-3188

5649 Calmor #4, San Jose, CA

First Time Homebuyer Special.

2BR/1BA Condo

offered at $135,000

Year Built	1970
Sq Footage	798
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	2
Parking	1 Car garage
Lot Size	8,040 sqft
HOA/Maint	$275 per month

DESCRIPTION

Perfect for the first time homeowner or investor. Excellent Blossom Valley location close to freeways and minutes from Oakridge Shopping Center. Quiet area away from major streets and walking distance to Calahan Park. Must see to appreciate potentials.

see additional photos below

PROPERTY FEATURES

- Central heat	- Living room	- Breakfast nook
- Dishwasher	- Refrigerator	- Stove/Oven
- Laundry area - inside	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Garage parking

- Storage space(s)

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 1
Photo 2	Photo 3

Contact info:

Steve Mun

Keller Williams Realty

650-605-3188

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 23, 2009, 7:44pm PDT

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Santa Clara County Market Conditions August 2009

Tue, 22 Sep 2009 22:13:07 -0500

It's that time again. People are asking me: "how's the market doing?" Probably due to the fact they want to see if they can take still take advantage of the $8,000 tax credit.

I always say providing data is how best to answer that question. That way everyone can come to their own conclusion based on hard data. Especially since we are here in Silicon Valley, where the population is over-represented with analytical, engineering type of professionals who love to look at numbers.

Here is data for Santa Clara County Market Conditions - August 2009, and the properties are broken down to Single Family Residences and Common Interest (condo/townhomes) residences. I have here 3 key measurements over a period of the past 24 months, which should provide some measurements for trending purposes. 1. Number of properties that have sold or closed escrow. 2. Number of properties that are available for sale. 3. Number of properties that went into contract. 4. Months of inventory.

SINGLE FAMILY RESIDENCES

CONDO/TOWNHOMES

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Option ARMs time bomb in the Bay Area waiting to go off

Mon, 21 Sep 2009 18:31:20 -0500

Article

I have been of the opinion, that our next wave of problem mortgages will be the option ARMs. Here is a situation where many homeowners took a chance at a gamble and failed; and the bill is coming due very soon with most being unable to meet their obligations. If this is not a recipe for disaster, I don’t know what is…….. None of these homeowners will be eligible to re-finance these loans, so their future is laid out for them already.

Finally some hard data for the Bay Area has been revealed. Between 47,000-57,000 loans with a value of $28 – $31 Billion in option ARMs are located here in the Bay Area. The bulk of these are set to re-cast between 2010 – 2012. Here are some additional details.

Metropolitan statistical area	% of all home loans originated 2004-08 that were option ARMs	% of 2004-08 option ARMs that are 60-plus days delinquent or in foreclosure
San Francisco-Oakland-Fremont (San Francisco, Alameda, Contra Costa, Marin, San Mateo counties)	19.52%	27.23%
San Jose-Sunnyvale-Santa Clara (Santa Clara and San Benito counties)	19.32%	28.36%
Santa Rosa-Petaluma (Sonoma County)	25.31%	24.94%
Vallejo-Fairfield (Solano County)	28.12%	36.91%

$584,000

Average option ARM loan in 5-county S.F. metro region

54,000

Number of option ARMs in Bay Area

$30.9 billion

Bay Area option ARM loan balance

Source: First American CoreLogic

94%

Borrowers who make minimum monthly payments

79%

Average loan-to-value ratio when loans were made

126%

Average loan-to-value ratio now

39.3%

Option ARM borrowers who are 60+ days delinquent

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

Are appraisers jeopardizing deals? Another real story.

Fri, 18 Sep 2009 14:43:56 -0500

We Realtors keep hearing about how the HVCC (Home Valuation Code of Conduct) is negatively impacting transactions because appraisers who are not local and do not understand local issues are being brought in and are killing otherwise, perfect deals.

I was hoping I would just continue to read about other people's woes......

I just came back from meeting with an appraiser that Bank of America ordered on one of my short sales. I was happy to see that the owner of the company who had emailed me had a local phone number. I was thinking he will know the values in the area and felt good.

He was supposed to meet me at 10:30 AM today, he showed up at 11:00 AM. The guy who showed up was not the owner who had been communicating with me by email and his business card said he is a Trainee. It was a young guy, about 20 and he gave me his card which had a local phone number but the address was in Ceres, which is a small town next to Modesto. Now I understood why the email only contained the phone number and no physical address. Now I was concerned.

Nothing against young people since they have to learn the business, but why isn't a Trainee accompanied by the person who is training him? I don't want to offend this guy and have my sellers suffer, so I keep my mouth shut and bite my tongue.

I asked him how counties he covers. He told me he covers 9 counties! A Trainee who covers 9 counties??!!

He told me he does about 4-5 appraisals a day, so I asked him how the market was in Hollister and Sacramento and how they differed. He couldn't give me an answer, except that Sacramento is worse. I ask why Sacramento is worse, he mumbles there are more foreclosures. Duh. Sacramento is a metropolitan area with millions of residents, whereas Hollister is a city with less than 50,000 residents; of course there will be more foreclosures there!

I asked how is the market in Modesto? He says he hasn't done an appraisal in Modesto in two month. His office is essentially in a suburb of Modesto, yet he hasn't had a job there for two months, but he is in Mountain View, some two hours away appraising my listing? What's wrong with that picture?

Don't get me wrong, he was a nice kid learning the business to make a living. More power to him. But what is the owner of the company doing? Why is he sending a trainee alone two hours away working in an area he obviously does not know?

Luckily, I always show up to these appraisal in person and let them in myself, so I can figure out with whom I am dealing. In this case, there is a special circumstance, so I wanted to make sure the appraiser (even if he were from around here and knew things) was spoon-fed information about the construction litigation and how that impacts the value compared to other units that are not involved in litigation. I brought a letter explaining what the reason was for the litigation, what the price difference was between litigation and non-litigation units in the past 3 months, a copy of the actual lawsuit along with the most recent comps of properties involved in litigation. I mean literally, I gave him everything he needs to determine value.

The kid was obviously grateful for all of the information I spoon-fed him, but what if I had not been so prepared? What if I had left the lockbox and he showed himself in and spent the whole 10 minutes he spent today to take measurements? What kind of value would I get from him?

He still has not produced a report for me, so I don't know what effect my package of information will have on him, but I am writing this post as a point of reference, in case I have to challenge the valuation in the future.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

12.2% unemployment in California - August 2009

Fri, 18 Sep 2009 12:14:43 -0500

Article

Talking heads on TV complain that the US will hit over 10% unemployment by the end of this year and are concerned about the negative impact that will have on the economy, blah, blah, blah…… Yes, it is rough for everyone out there and we should all be concerned.

But want to know how things are playing out in our own backyard? California has hit 12.2% unemployment in August 2009! That’s the highest ever since such data was tracked.

“Only Michigan, Nevada and Rhode Island, at 15.2%, 13.2% and 12.8%, respectively, have higher unemployment rates than California. The national unemployment rate in August was 9.7%.”

As I have been saying repeatedly, until we can resolve this issue of unemployment, foreclosure will continue at records levels, unless we can address one of the root causes: unemployment . People simply do have have sufficient cushion in their savings to allow for sustenance during their unemployment. Luckily, the government is aware of this situation and have started talking about helping out the unemployed stay in their homes.

We will have to see how this effort turns out, but at least we are headed in the right direction.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

twitter, facebook and likedin

Fri, 18 Sep 2009 11:16:26 -0500

Does anyone know of a widget or some sort of app which can unify posts into Twitter, Facebook and Linkedin? Rather than having to re-type or copies entries from place to place, I'm wondering if someone knows of a way to post it once and have it show up on three sites?

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

twitter, facebook and likedin

Fri, 18 Sep 2009 11:15:58 -0500

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

twitter, facebook and likedin

Fri, 18 Sep 2009 11:13:50 -0500

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

$8000 tax credit to be extended?

Thu, 17 Sep 2009 13:39:13 -0500

Article

Just like cash for clunkers, any Realtor will tell you that the first time homeowner credit has been wildly successful in getting fence sitters to come down and buy homes. It’s a simple fact: the $8,000 tax credit is sufficient incentive here in California. With nearly 12% unemployment here in Silicon Valley, the additional sales of homes will have a trickle down effect and give employment opportunities to Realtors, loan brokers, lenders, property inspectors, termite inspectors, title company employees, contractors, gardeners, Home Depot employees, etc……. who, in turn, will spend money and give other industries opportunities at employment. We need to get the housing sector back on its feet as it is the one which initiated the fall of our mighty economy.

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program