Weather you are buying or selling real estate I am sure you have a dream you are trying to achieve. I believe in the power of having that inner vision. I hope this blog helps you achieve all you are dreaming of.
To say we are excited in Corona, CA about our new Farmers' Market is an understatement. After a lot of hard work by a lot of local people our dream of a Farmers' Market will be coming true. Beginning on July 11, 2009, Farmers’ Market Management Company, Inc., established over 30 years ago and known for its success in farming and managing certified farmers’ markets, will be bringing its farmers to Corona. It will be held on Saturdays, 8:30 am to 12:30 pm (rain or shine) Main Street Market Place (Main and Rincon). Mayor Steve Nolan said, “Our heritage is based on farming; it is a natural that we would finally have a certified farmers’ market to call our own.”
All produce available is locally grown by the farmers selling it and none is brokered. Some farmers will offer organic or certified organic fruits and vegetables.
In addition to the naturally ripened produce, fresh cut flowers and some simple food items such as kettle corn or BBQ beef will also be available. Local artisans will be selling handmade crafts.
Come join the fun and support this new effort. A big thank you for all who worked so hard to achieve this great market for Corona.
Home sales are increasing in Riverside County and although the sale prices are down I believe that supply and demand will correct this shortly. Many investors that I work with say they are buying homes in many cities and that they still are finding renters.
Single Family Residence
Time Period Number of Sales Median Sale Price
Apr 2009 3,363 $197,000
Apr 2008 3,020 $293,250
Mar 2009 3,407 $205,000
Mar 2008 2,555 $305,000
Information gathered from the Multi Regional MLS.
The First Time homebuyer programs are still a wonderful opportunity for people to get into their first homes. The $8,000 credit from the Federal Government doesn't have to be paid back like the earlier programs so don’t miss this opportunity! California also has a program that will give you an additional 5% of purchase price, not to exceed $10,000.
Financial Incentives and Uniform Process for Short Sales
May. 14, 2009
Have You Heard?
News Flash
Obama Administration Announces
Financial Incentives and Uniform Process for Short Sales
The NATIONAL ASSOCIATION OF REALTORS® (NAR) today announced that the Obama Administration has added new incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP), part of the administration’s Making Home Affordable plan.
Loan servicers may consider short sales or deeds-in-lieu of foreclosure for borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program.
·Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program, but don’t qualify for a modification or do not successfully complete the three-month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.
·Incentives include: $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).
·The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.
·Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.
· In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.
·The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.
·Servicers may not charge fees to borrowers/homeowners for participating in the FAP.
·The program is in effect through 2012.
·Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions)
Stop kicking yourself about forgetting that flash drive!
May. 14, 2009
www.Koziel.com
Stop kicking yourself about forgetting that flash drive!
I have to tell you about my new favorite website! If you have ever been caught sitting in front of the wrong computer when you need to access a document this new program is for you. LIVE MESH! Now connect your work computer, your home laptop, your Mac or your mobile phone. Files are needed on all devices but why keep copies of files on all devices? Synchronize files from all devices easily. Share files with friends and co workers. Now everyone can work on a project and see changes made by the team. Live Mesh notifies you when a member is added to your Mesh or when files are changed.
Second advantage: With software companies limiting the number of times a program can be loaded this is a great chance to access that special program from any computer.
If you are like me I have often emailed myself a file so I would have access to it at the office. Now I can synchronize important files on any device I like. Sync a folder with only one or two of your devices, or with all of them.
Live Mesh is free and you are allowed 5 GB of storage on your Live Mesh site. As the website states, “Who says you can’t be in two different places at once? With Live Mesh, you can connect remotely from one computer to another, so you can access files, programs, and settings as if you were sitting in front of that remote computer.” Check it out today at www.mesh.com.
Our CA Elected Officers are not thinking clearly again!
Do you think of real estate agents as a member of the financial service sector? Our we the same as mortgage lenders, pawnbrokers, banks, or credit unions? The California legislators think we are! AB33 (Nava), was approved by the Assembly Banking Committee. The bill would abolish the Department of Real Estate along with the Department of Corporations, the Department of Financial Institutions and the Office of Real Estate Appraisers. The new Department of Financial Services would now have jurisdiction and responsibilities for these departments. Since real estate agents do not provide financial services this seems strange to many of us. We are the only group from the group listed above that are individually licensed agents (independent contractors) who have fiduciary agency relationship with our clients.
When my children were little we watched TV and played the game "One of these things don't belong with the others" . Perhaps we should sit our legislators down and play this game again!
California REALTORS are helping first time homeowners
Apr. 11, 2009
www.Koziel.com
California REALTORS® are helping First Time Homeowners
Are you a first time homebuyer? Do you plan to purchase a home in California? Are you a W-2 employee? These are a few questions if answered "yes" could make you
eligible for The California Association of REALTORS®
Housing Affordability Fund. This new program is designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations. C.A.R. Housing Affordability Fund is now offering a Mortgage Protection Program. To qualify for this new program you must be a first time home buyer (not owned a home in the last three years). You must use a California REALTOR® in the transaction and open escrow between April 2, 2009 and Dec. 31, 2009.
Are you interested in such a program? Call me today for details or explore these links:
It appears that some buyers are finally starting to ask the right questions before they purchase a home. With today's economy being what it is this is a good sign. The last thing you need after purchasing a home are surprise expenses.
Many of the homes that have been built in the past decade have homeowners association but many homebuyers ask few questions about the association finances and protections. It is the buyer’s responsibility to ask for a detail report on the budget of the association and how healthy it is. How many homeowners are not current on their association dues and what action is the board taking to collect this money? Is the board currently saving in a reserve account for repairs that will be needed? If the reserve account is underfunded how is the board addressing this concern?
All associations have rules and regulations. Read them carefully before you purchase. It is unfair to purchase and then use the excuse that I didn't know that or I was never told about that rule. RULES ARE MADE FOR ALL TO FOLLOW!
One rule that is being reconsidered by many people in 55+ communities is the rule on having anyone living in the home that is not 55 for an extended time. Many adults are finding it necessary to have children move back in after they have lost a home. Although this is a very sad situation it doesn't change the rules that control the tax benefits of these developments. Why should the association lose its reduced tax benefits because a few households can't follow the rules.
There are many benefits for living in an area with homeowners associations but be sure you understand both the good and the bad aspects of association living.
News in real estate has been rather depressing but good news is on the horizon. It appears that the last quarter of 2008 was the bottom of sales in the marketplace. More buyers are in the marketplace but the sales are occurring in foreclosures and bank owned homes properties. This makes it a great time for buyers to find a great home at a record sales price. Why wait for the investors to enter the marketplace and multiple offers to be the norm? Interest rates are low and inventory is high. Many homes that have been on the market for awhile are getting only 70% of list price. It's time to jump in if you have been waiting on the sidelines. By being a homeowner you will be investing today’s' dollars for a high return later- a forced saving plan! You will enjoy not having to answer to a landlord and can use your home to your enjoyment.
If you listen to the news you might think that financing is hard to acquire. This is not true. There are many new loan programs plus government grants and loan programs that make the American dream still possible for you. Media coverage today leads us to believe no one can qualify for a home loan. Nothing could be further from the truth.
New and renewed loan programs:
o Low down-payment options (FHA, grants, gov't bond)
o Energy efficient (Green Loans)
o Conventional and non-conventional financing
It's not uncommon for buyers and sellers to feel lost in today's market place with all the confusing and sometimes conflicting messages in the media. Call me today for a private consultation on the local real estate market and financing data which can help you decipher for yourself if now is the right time to make your move.
January showed a large increase in sales with fewer new inventory entering the marketplace. Although many of the sales were REO or Foreclosures this increase in activity was a good sign. Home sale prices have dropped so more people can purchase a home. Local banks are once again lending and the federal government has several new programs to help first time homeowners.
According to a newsletter I just received from CAR REALTORS® have some good news for the family budget!
"NO MORE COMMISSION REDUCTIONS FOR FANNIE MAE SHORT SALES
Fannie Mae loan servicers can no longer require real estate brokers to reduce their commissions as a condition to a short sale approval. This new Fannie Mae policy takes effect on March 1, 2009. According to Fannie Mae, the closing of a pre-foreclosure sale cannot be conditioned upon a reduction of the real estate commission to a level below what the listing agent and borrower negotiated. An exception applies if the total commission is more than six percent of the sales price.
This good news may be tempered by the difficulty for REALTORS® to ascertain whether the underlying loan in a short sale transaction is a Fannie Mae loan. REALTORS® may wish to ask the lender or loan servicer whether the loan is a Fannie Mae loan, and to consider submitting the Fannie Mae Announcement to the lender with the short sale package."
Duane Gomer's -FOLLOWUP TO OUR LAST NOTE ABOUT CALIFORNIA LICENSE COSTS:
"The California DRE has proposed increasing all licensing fees to approximately double their current levels. If this is of interest to any of you, you can get more information at www.dre.ca.gov and on the home page click at the top on “Decisions Pending and Opportunities for Public Participation”. You can send in “written comments” before 3/5/09 and on March 6th there will be a public hearing in Sacramento. See you there.
So many readers sent me emails expressing their views that we have set up a survey so everyone can express their opinions about license fees, testing requirements and other items about California DRE Regulations. To participate, go to www.DuaneGomer.com and select “Important DRE Survey”. It will be fun and I will forward the results to DRE for consideration.
By the way, the DRE is operated solely on license and subdivision fees. No tax dollars are involved. The amounts being promulgated will bring the fees up to the maximum levels currently existing. In 2003 fees were reduced greatly because of the substantial increase in fees collected during the early years of this decade. Everyone wanted a license.
Fee increases of this type recommended by the Commissioner do not go before the State Legislature. Provisions are made for written and verbal comments at a March 6th hearing and then the recommendations go for Administrative Law Review. It is my opinion, after discussions with the DRE, that these increases will become effective July 1, 2009.
I intend to go to the hearing in Sacramento and will present any comments made to my blog and will present the results of our survey from interested parties."
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