Americans Are On The Move! Are You Ready?

Barbara Whisenant  Barbara Whisenant Real Estate Group  BRE# 01357594

Solutions Real Estate

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Top 5 Reasons Why You Need a Realtor®

Barbara Whisenant  Barbara Whisenant Real Estate Group  BRE# 01357594

Solutions Real Estate

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North San Diego County HomeDex See the statistics now!

HomeDex Report for April 2013

 

Barbara Whisenant
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Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate

· Providing a different payment plan to help you get caught up

· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if

· Your property is worth less than the total mortgage you owe on it.

· You have a financial hardship, such as a job loss or major medical bills.

· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

· Help you set an appropriate listing price for your home, market the home, and get it sold.

· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

· Ease the process of working with your lender or lenders.

· Negotiate the contract with the buyers.

· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include

· A hardship letter detailing your financial situation and why you need the short sale

· A copy of the purchase contract and listing agreement

· Proof of your income and assets

· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.

· With a first and second mortgage with the same lender, the review can take about three months.

· With two or more mortgages with different lenders, it can take four months or longer.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Sincerely,

Barbara Whisenant

Click Here for the Latest in San Diego County Real Estate Statistics     

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Richard Realty Groups, Inc.    Barbara Whisenant    DRE# 01357594

Southern California Associate Top Producer

   

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Appealing Your Property Tax Bill

Appealing Your Property Tax Bill

If your San Diego County property tax is aligned with or assessed based on the value of your home, a swing in property values could warrant close scrutiny of your property tax bill.

Some more progressive tax jurisdictions will make the adjustment for you -- up or down -- but most only move your rate up or they'll wait for the property to change hands before adjusting the tax.

Even where adjustments are automatic, you still may not be satisfied and will need to appeal the deal.

Over valued or over assessed property is perhaps the most common and successful grounds for challenging your tax bill.

When the economy is faltering and spawning foreclosures, short sales and homeowners otherwise bailing out of homeownership, consider it a red flag -- it's time to scrutinize your property tax bill.

Many homeowners bailout, accept the foreclosure or take the short sale way out because their mortgage is more than the value of the home, which may have fallen for a variety of reasons.

The incidence of incorrectly calculated property tax bills may also warrant a close inspection of your property tax bill or an appeal.

Many errors in calculating your property tax bill also stem from clerical mistakes according to the American Homeowners Association (AHA) which, along with the National Taxpayers Union, offers a low-cost kit to help you check our property tax's accuracy and, if necessary, attempt to lower your levy.

Visit the San Diego County Tax Assessors office  (http://arcc.co.san-diego.ca.us/default.aspx) and download the form “Application for Changed Assessment”.  Call me and I will send you the comparables you will need to complete the form.

Tell-tale signs your property tax could warrant an adjustment include:

• Errors in the description of your property on the tax bill.
• Compatible homes in the area that have sold for less than your appraised value.
• Neighbors with lower assessments on similar houses. Keep in mind some homes retain the same assessed value for years and assessed values often don't rise or fall in step with market values or home sale prices.
• Value reducers in your home or area, including drainage problems, easements, re-zoning, heavy traffic, nearby railroad tracks, freeways, industry or toxic waste.
• Depreciation factors, including the quality of materials, inefficient heating, structural cracks, deterioration, or chronic defects.

When you examine your tax records in the local assessor's or property tax office to make sure the information is complete and accurate also ask yourself:

• Did you buy your home in a bidding war? An overvalued property is an over assessed property.
• Are there errors in your tax records? Look closely at your records and make sure there aren't reporting errors. A condo listed as a single-family home, square footage that's off, too many rooms and more can falsely boost assessed value.
• Do the math. Many states put a cap on how much above the market value an assessment can be and how much it can rise each year.

If you need to appeal the assessed value and related property tax, prepare yourself for a time-consuming ordeal.

In most cases the process is free for taxpayers, but you may want to enlist the aid of a licensed professional to assist you.

Typically, you'll have to find three, five or more comparable homes in your neighborhood that have lower assessments. Obviously, the lower the better. Also, the more comparables, the stronger your case. Truly comparable homes are homes nearly identical to your home's floor plan, age, lot size, improvements and other factors.

The information is largely public and available, with some digging, from your tax assessor's or property tax office, but you can hire a real estate agent or other professional with access to your local multiple listing service. They can quickly generate a comparable market analysis of homes both recently sold and those in escrow to hone in on your home's true value.

An appraiser with multiple listing service access can do the same, as well as perform an appraisal of your home.

If you hire a professional you could be out a few hundred dollars. Don't make a case if you don't think it's worth the cost to appeal. Call me and I will send you the comparables you will need to complete the form.

Approach the appeal objectively, not with an adversarial chip on your shoulder. You only want your due, not to incite the property tax system.

If at first you don't succeed, be prepared to appeal to a higher authority.
Written by Broderick Perkins

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

New Government Subsidized Home Alternative Program. Is it For You?

 

Well we’ve received yet anther government program to help people with distressed homes that comes with detailed instruction about how the lenders are suppose to attend to these types of homeowners.

If this program sounds like it would benefit you or someone you know, please have them give me a call. We can work through the terrible stressful time together.

Working the the North San Diego area has given me the rare opportunity to see for myself the destruction that many of our communities has endured. Oceanside has been of the the hardest hit communities in North County.  The more expensive communities thought they would escape the tragedy, but that was not to me. We are seeing foreclosures in all the communities from Del Mar and La Jolla to Rancho Santa Fe, Encinitas & Carlsbad.

If you need help to just talk it through, a sounding board to get it off your chest, or someone skilled in handling these types of transaction, please give me a call 760.583.2107 or e-mail me barbarawhis@cox.net.

What is HAFA?
HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell the property using a licensed real estate professional.

Eligibility
The eligibility requirements for a HAFA short sale include the following:
• Property must be borrower’s principal residence;
• Loan must be a first trust deed originated before 2009;
• Loan must be delinquent or default must be reasonably foreseeable;
• Current unpaid principal balance must be $729,750 or less for single-family home (or higher amounts for 2-to-4 units); and
• Borrower must be eligible for, but unable to complete, a loan modification under the Home Affordable Modification Program (HAMP).

 

Home Affordable Foreclosure Alternative Programs, Guidelines

Financial Incentives

• The government incentives under HAFA are as follows
• $3,000 to borrower for relocation expenses;
• $1,500 to servicer for each successful short sale; and

• $1 to investor for every $2 paid to extinguish junior liens, up to $2,000 maximum, not to exceed 6% of unpaid balance.

Effective Dates
April 5, 2010 to Dec. 31, 2012.

HAFA Procedures
The general standardized procedures for HAFA short sales are as follows:
Step 1: Lender evaluates borrower for a loan modification under HAMP.
Step 2: Lender evaluates borrower unable to complete HAMP modification for short sale.
Step 3: Lender issues Short Sale Agreement (HAFA SSA).
Step 4: Borrower lists the property for sale using a licensed real estate agent.
Step 5: Borrower and agent market and sell the property.
Step 6: Borrower submits to lender a Request for Approval of Short Sale (RASS).
Step 7: Lender approves RASS within 10 business days.
Step 8: Sale closes escrow.

Lender's Evaluation
Each participating lender will have its own written policy for approving or rejecting a HAFA short sale, based on factors such as the severity of the loss, market conditions, the borrower’s motivation and cooperation, property valuation, and title review.

Short Sale Agreement (HAFA SSA)
The Short Sale Agreement (HAFA SSA) will include, among other things, the following:
• Either a list price or net proceeds acceptable to the lender;
• An agreement to fully release borrower from all liability for repayment of the loan;
• An agreement not to complete a foreclosure sale if borrower complies with SSA;
• Amount of acceptable closing costs and up to 6% real estate commission.
• Notice that the sale must be an arm’s length transaction; and
• Notice that the buyer must agree not to resell the property within 90 days of closing.

Tax, Credit, and Other Consequences
A HAFA short sale may have serious tax, credit, financial, legal, and other consequences.  A homeowner is strongly encouraged to seek the advice of a qualified professional regarding these consequences.

Participating Lenders
A list of lenders participating in the HAMP program is available at http://makinghomeaffordable.gov/contact_servicer.html. Fannie Mae and Freddie Mac have their own HAFA guidelines for their loans.

More Information
http://makinghomeaffordable.gov/hafa.html.  
See also, Supplemental Directive 09-09 dated March 26, 2010 available at
https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf.

This chart is just one of the many legal publications and services offered by C.A.R. to its members.  For a complete listing of C.A.R.'s legal products and services, please visit www.car.org.

Barbara Whisenant

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

Barbara Whisenant Realty Group, A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Weekly Market Updates for California Real Estate

  Los Angeles Times

What do buyers want in a home? Survey offers clues
A recent study of more than 22,000 homeowners who bought their homes within the last nine years found that current homeowners plan to be “more practical” in their next purchase, focusing on livable space rather than unnecessary upgrades.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Many of the luxury amenities once considered necessities among home buyers, such as community clubhouses, dog parks, golf courses, and 24-hour security, are no longer priorities, according to the survey.  Repeat buyers also said a swimming pool isn’t a must, but a children’s playground with walking paths are essential.

• One of the takeaways from the survey, according to an architect firm, is that buyers nowadays should rethink space.  For example, buyers should look for kitchen cabinets that go all the way to the ceiling for added space and efficiency.  They also should pass on high-priced focal stairways, opting instead of steps that are tucked away and out of sight.

• Buyers also should be on the lookout for dead space.  If the dining room or media room is eliminated, at least some of the square footage should be dedicated to secondary bedrooms.  The once-standard 10-by-10 bedroom no longer is acceptable to most buyers.

• The survey also found that many buyers have transitioned toward green features, such as high-efficiency appliances, insulation, and windows that are not large areas of glass.  However, many buyers did not report the use of recycled materials as a necessity.

• Other findings from the survey show that large kitchens, with islands, are desirable, as are main-floor master bedrooms, and two-car garages.

To read the full story, please click here.

  The Mercury News

Government launches effort to help homeowners in short sales
The government launched a new effort Monday to speed up the time-consuming often-frustrating process of selling your home if you owe more than it’s worth.

To read the full story, please click here.

  The Wall Street Journal

Hold your breath: Borrowers could stay “underwater” for years
So-called “underwater” homeowners who owe more than their homes are worth could be holding their breath for much of the next decade.

To read the full story, please click here.

  The Sacramento Bee

California expected to cancel tax on forgiven mortgage debt
Relief appears imminent for thousands of Sacramento homeowners hit with state tax bills for mortgage debts forgiven in 2009.

To read the full story, please click here.

  Los Angeles Times

Sales of contracts for previously owned homes rise 8.2 percent in February
The number of previously owned homes placed under sales contract surged 8.2 percent in February, according to data released Monday, the first sign that the government’s extended tax credit for buyers may bolster sales this spring.

To read the full story, please click here.

  The Wall Street Journal

Cash dwindling for no-money down home loan program
A program from the Department of Agriculture’s rural development division, which offers no-money-down loans in certain parts of the country for low- and middle-income borrowers, is likely to run out of funding next month, just as a surge of buyers are expected to ink deals before the federal tax-credit expires April 30.

To read the full story, please click here.

  CNN Money

With caution, Americans still want a house
Nearly two-thirds of American would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday.

To read the full story, please click here.

  The Wall Street Journal

Homeownership for everyone?
With the subprime market in ruins, affordable housing advocates are looking at new ways to promote responsible homeownership for low- and moderate-income families.  While many policy makers would resign low- and moderate-income families to rental housing, a new study makes a case for keeping the door open to homeownership at all income levels.

To read the full story, please click here.

The Wall Street Journal

The ladies’ turn
Housing market watchers say builders are now strenuously working to win the hearts—and checkbooks—of female buyers.

To read the full story, please click here.

 

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

Be my Friend on Facebook: Barbara Whisenant http://www.facebook.com/barbarawhis

Be my Fan on Facebook: http://www.facebook.com/homes4salesd

Linkedin: http://www.linkedin.com/in/barbarawhisenant

Read my Blog: http://www.barbarawhis.com

Visit my Real Estate website: http://www.Homes4SaleSanDiego.com

Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008

DRE# 01357594

Homebuyer Tax Credits is About to Come to an End!

 

 

$18,000 IN COMBINED HOMEBUYER TAX CREDITS

 

FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.  To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.

Setup your own home search at Barbara’s Web Site.

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

Be my Friend on Facebook: Barbara Whisenant http://www.facebook.com/barbarawhis

Be my Fan on Facebook: http://www.facebook.com/homes4salesd

Linkedin: http://www.linkedin.com/in/barbarawhisenant

Read my Blog: http://www.barbarawhis.com

Visit my Real Estate website: http://www.Homes4SaleSanDiego.com

Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Home Buyer Tips

Here’s a whirlwind tour of the most important tips I can give you for buying a home.

First, get pre-approved for your loan so you know what you can afford.

Second, start driving around different neighborhoods to find the ones you’d like to live in.

Third, investigate those areas by checking the crime rate at the police station and checking the school district zoning.

Fourth, avoid major purchases, like a car. It will show up negatively on your credit report.

Fifth, don’t open any new credit cards. And never close credit card accounts. These show up on your credit report, too.

Sixth, when you close the transaction, you’ll be overwhelmed with paperwork. It’s your duty to read all the documents you sign. It could take several hours, but you need to know what you’re signing.

If you’re ready to make your home ownership dreams a reality, give me a call and well get started today.

FHA to toughen rules for home buyers

The Washington Post

FHA to toughen rules for borrowers
The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs.  The proposed changes are part of an effort to shore up the agency’s finances, which have been hit with rising defaults to its mortgage insurance program.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed.  Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.  In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market’s recovery.

• The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans.  Officials at FHA have yet to determine how much cash will be required.

• Up-front cash can include down payments as well as other payments.  Currently, FHA borrowers can put down as little as 3.5 percent.  One lawmaker has introduced legislation that would require FHA borrowers to put down a minimum of 5 percent.

• The agency also currently allows sellers to provide up to 6 percent of the home’s value toward closing costs or down payments.  Secretary of Housing and Urban Development (HUD) Shaun Donovan has said he wants the maximum permissible level to be lowered to 3 percent, in line with industry norms.

• The FHA has decided “for the time being” to raise its minimum credit score requirements for new borrowers.  The new requirements have yet to be determined.  Presently, borrowers with credit scores as low as 500 may qualify for an FHA loan.

To read the full story, please click here.

In Other News

  San Francisco Chronicle 

Gov’t increases pressure on mortgage industry
The Obama administration said Monday it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to ramp up participation in its mortgage assistance program.

To read the full story, please click here

Reuters

U.S. housing market meltdown not over yet: Zandi
The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures loom, a well-known economist said Wednesday.

To read the full story, please click here.

Los Angeles Times

New U.S. home sales rise 6.2 percent
Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

To read the full story, please click here.

The Washington Post

Home sales rebound to early-2007 level
Economists and policymakers got what they were looking for Monday: a clear uptick in the housing market.  The catch is few believe it’s sustainable.

To read the full story, please click here.

  Orange County Register

State ruling to cut most property taxes
State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.

To read the full story, please click here.

  Los Angeles Times

Average home sale price virtually unchanged in third quarter
The average price of houses sold in the country’s 32 largest metro areas was virtually unchanged in the third quarter from the same period a year ago, according to the latest government figures.

To read the full story, please click here.

  San Francisco Chronicle

Gov’t unveils rules to speed up “short sales”
The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages.  Homeowners will even get $1,500 to help cover their moving costs.

To read the full story, please click here.

  Los Angeles Times

Home loans will hold fewer surprises
Anyone who has purchased or refinanced a few homes has probably learned to dread the closing statement, which all too often included a pile of new or inflated fees that your lender had never before mentioned.

To read the full story, please click here

Setup your own home search at Barbara’s Web Site.

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

Be my Friend on Facebook: Barbara Whisenant http://www.facebook.com/barbarawhis

Be my Fan on Facebook: http://www.facebook.com/homes4salesd

Linkedin: http://www.linkedin.com/in/barbarawhisenant

Read my Blog: http://www.barbarawhis.com

Visit my Real Estate website: http://www.Homes4SaleSanDiego.com

Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594