Tuesday, October 11, 2011
Friday, July 1, 2011
Short Sale is Alternative to Foreclosure
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Foreclosure Alternative: The Short Sale
A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Call me to make an appointment to discuss your situation.
Sea Coast Exclusive Properties Barbara Whisenant
DRE# 01357594
“A referral is sending someone you care about, to someone you trust.”
Sea Coast Exclusive Properties
6949 El Camino Real Suite 102
Carlsbad, CA 92009
Cell: 760-583-2107
E-Fax: 760-496-1649
Email: barbarawhis@gmail.com
Website: http://www.Homes4SaleSanDiego.com
Thursday, July 29, 2010
California Home & Loan Headlines
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Home prices rise despite fewer sales
Following the expiration of the federal home buyers tax credit, sales of existing, single-family homes in California declined 4.2 percent during the month of June compared with the prior year, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) June sales and price report. Meanwhile, the median price of existing homes in California rose 13.6 percent on a year-to-year basis to $311,950. The median price is the point at which half of the homes on the market sell for more and half for less.
KEEP THIS IN MIND
• Although the median home price in California rose in June on a year-to-year basis, in month-to-month comparisons the median price declined 3.8 percent, according to C.A.R.’s report. Despite the slight decline in month-to-month home sales, California’s housing market continues to recover at a quicker pace than the national housing market. Nationwide, home sales declined 5 percent in June and the median price rose only 1 percent, according to a report from the NATIONAL ASSOCIATION OF REALTORS® (NAR).
• C.A.R. expects home sales to be lower in the second half of the year because of the absence of the federal home buyers tax credit, but sales should remain above the long-run average and be significantly higher than the trough in 2007.
• According to C.A.R. President Steve Goddard, “It’s important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own.”
• Home prices continued to post modest gains in June, due in large part to the lean inventory of homes for sale in many regions of the state. C.A.R.’s Unsold Inventory Index slightly rose to 4.8 months in June compared with 4.6 months in May and 4.2 months in June 2009. However, inventory remains well below the long-run average of a 7.1-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
To read the full story, please click here: http://www.sacbee.com/2010/07/23/2909637/home-prices-rise-despite-fewer.html
In Other News…
Los Angeles Times
Credit rescoring can help you qualify for a mortgage
Rapid rescorings by independent, legitimate firms use procedures approved by the three major credit bureaus and can help correct errors or omissions that are dragging down your scores.
To read the full story, please click here: http://www.latimes.com/business/realestate/la-fi-harney-20100725,0,7390703.story
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Los Angeles Times
Sellers should ensure that condo projects are on approved list for FHA mortgages Condominium owners who are trying to sell in today’s agonizingly slow housing market should make sure that their community is on the Federal Housing Administration’s approved list. Ditto for someone who is thinking about refinancing a condo.
To read the full story, please click here: http://www.latimes.com/business/realestate/la-fi-lew-20100725,0,7727492.story
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Wall Street Journal
Mortgage delinquencies fall in June, still near record high
Some 9.39 percent of all loans were 30 days or more past due, down from 9.54 percent in May, according to LPS Applied Analytics, which tracks loan data. An additional 3.69 percent of mortgages were in some stage of foreclosure, down from 3.72 percent in May and the record high of 3.81 percent in March.
To read the full story, please click here: http://blogs.wsj.com/developments/2010/07/26/mortgage-delinquencies-fall-in-june-still-near-record- highs/
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Los Angeles Times
Home prices tick up 4.6 percent in May
Home prices in 20 major U.S. cities gained in May, according to data released Tuesday, boosted by the effects of federal tax credits that have now expired.
To read the full story, please click here: http://www.latimes.com/business/la-fi-home-prices-20100728,0,7277846.story
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San Diego Union-Tribune
Consumer confidence falls to lowest since February
Americans’ confidence in the economy eroded further in July amid worries about a still-stagnant job market. The report raised concerns about the overall economy and the back-to-school season.
To read the full story, please click here: http://www.signonsandiego.com/news/2010/jul/27/consumer-confidence-falls-to-lowest-since- february/
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Wall Street Journal
The threat of “sidelined” home sellers
How many homeowners have been sitting on the sidelines during the housing downturn, waiting for massive price plunges to pass? The prospect of home-price stabilization is raising that question in some of the nation’s housing markets, say real-estate agents, who report an uptick in listings from “sidelined” sellers testing the waters.
To read the full story, please click here: http://blogs.wsj.com/developments/2010/07/27/the-threat-of-sidelined-home-sellers/
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Bloomberg
Americans tap $8.3 billion in home equity, least in a decade
Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances.
To read the full story, please click here: http://www.bloomberg.com/news/2010-07-28/americans-use-of-8-3-billion-in-home-equity-last- quarter-least-in-decade.html
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Wall Street Journal
Doubling down on housing
The housing crash has left at least 11 million people in the unenviable position of owing more on their homes than they are worth—and many more millions with properties worth far less than they paid for them.
To read the full story, please click here: http://online.wsj.com/article/SB10001424052748704421304575383490870014662.html?mod=WSJ_hpp_sections_personalfinance
What you should know about the market
• Federal foreclosure-prevention programs have been expanded to encourage delinquent borrowers to avoid foreclosure by streamlining the short-sale process. In the new program, participating lenders now are required to advise eligible sellers of the minimum amount they will accept for the short sale prior to the house being listed for sale. If the seller secures an offer for the agreed price and meets the lender’s terms of the short sale, the lender must approve the proposed sale within 10 days.
• Another component of the new streamlined process requires the property to be listed with a licensed real estate professional who works in the community where the property is located. However, homeowners should be aware that because short sales require the bank to accept an amount less than the amount due on the mortgage, lenders may not approve a short sale, even if the price is comparable to recent sales in the neighborhood.
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
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Sincerely,
Barbara Whisenant
A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H, Carlsbad, CA. 92009 Office Line: (760) 603-8377 Ext 311 Cell: (760) 583-2107
Wednesday, July 28, 2010
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
“A referral is sending someone you care about, to someone you trust.”
Cell: 760-583-2107 E-Fax: 760-496-1649
Email: barbarawhis@gmail.com
Website: http://www.Homes4SaleSanDiego.com
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Friday, June 25, 2010
Information for Better Living
Welcome to houselogic. Take a few minutes to look around. You will find lots of really good information.
Call me with any of you Real Estate needs.
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Barbara Whisenant
Your Friend in the Business
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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
Thursday, June 17, 2010
Appealing Your Property Tax Bill
Appealing 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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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
Wednesday, June 9, 2010
Curb Appeal for Home Owners
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Landscaping for Curb Appeal
A well-landscaped yard creates curb appeal and helps your property retain maximum value. Read
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7 Gardening Mistakes to Avoid
Novice gardeners can get their landscapes off to a healthy start by heeding some tried-and-true tips from the pros. Read
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Lawn Maintenance Calendar
Regular lawn maintenance gives your home maximum curb appeal and preserves the value of your property. Read
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Save Money with Your Edible Garden
An edible garden featuring vegetables and herbs can save you a bundle if you keep it simple and raise plants that offer high yields. Read
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10 Tips for Saving Money in the Garden
Smart landscaping strategies can save you money while they add to the curb appeal and value of your home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
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