Monday, November 28, 2011

I Keep Telling Everyone ~ Now Is The Time To Buy!

Okay, maybe I'm harping on you all. Maybe you still think the market is going to drop...maybe it will.


And, I'm not the only one saying's an article with a video link too!

If you want to go back and find my mathematical example, have at it. The interest rates are low, prices are low, what more do you want?

Friday, November 25, 2011

When Someone Dies, Wonder What Happens To Their Home Loan?

I just closed a Short-Sale for a newly widowed seller. It was an obvious situation. The spouse passes away, the survivor can't pay the mortgage. Instead of having a foreclosure on record, we maneuvered a settlement via Short-Sale.

But, what happens if your elderly father dies? And, you're supposed to get the home? And, what if there is a loan against the property?

"Under federal law, the mortgage must be allowed to remain in effect without changes when it passes from one person to another because of a death. This negates any due-on-sale clause in the mortgage."

Now, that's good to know, right? Yes. But, if you can't pay, or there are other people involved? There could be many considerations about what to do. It's good to know that the mortgage stays the same. However, you may need to consider foreclosure, Short-Sale, paying off heirs, etc.

This link shares the whole article that prompted my little post this morning:

I would definitely like to remind my readers that if you have an elderly parent, it is wise to make sure there is some idea ahead of time about what would happen should that parent die with a loan outstanding. And, advise you to consider it could happen at any time....sooner than you'd expect.

Wednesday, November 23, 2011

Pre-Turkey Day Stats for Santa Clarita Valley

Same old news posting around so I decided to share the latest stats just before the Thanksgiving holiday....I suppose it's to remind everyone that we do have some things to be thankful for.

REO's ~ 160
Everything Else ~ 473

(I include Pending and Taking Back-Up Offers here)
REO's ~ 160 (weird, huh)
Everything Else, again ~ 130

REO's ~ 83
And, one more time...Everything Else ~ 110

So, I am again thankful that homes are still selling. I did finally have a buyer denied a loan in this market. Not my buyer, of course!

HAPPY THANKSGIVING, Enjoy what you have!

Thursday, November 17, 2011

How To Figure Out Your Homes' Value Using The Internet?

Hubby is out working, I just finished a delicious dinner salad. Opened a new escrow today, still waiting to hear back on another offer out. Closing a listing escrow Tuesday. So, obviously, settling in for the evening. Thought I'd peek around and see what's interesting in the news, etc.

Came across an article that is so right on. "How To Figure The Fuzzy Math Of Internet Home Values". There are several websites that give Zuestimates on a home value. Some sellers like to start here before they talk with a Realtor about possibly selling their home. I say, right on, again! I want my clients to have as much information as possible about what they think their home is worth before I even walk in the door!

But, I want them to get it from a reliable source.....(yes, that would be me).....before they make a firm decision.

Zillow,, Trulia...and several more will certainly assist a seller in determining an approximate value, but they have self-admittedly found numerous errors in their calculations. I'm glad they admit them.

Now, they have gotten much better, trust me. I used to hate going into a home that the seller met me with "Zillow says my house is worth xyz!" When xyz was significantly higher, or lower, than my knowledge presented.

And,, they were weeks behind. They are better too!

All of them are getting better....but, they are not perfect. And, neither is any Realtor that says they are. We can show our stats of list price ratios to sale price. We can show the market as it stands now, and 3 months ago. We can suggest, based upon our experience, where we think the market is going to be in 3 months. We can tell you what our marketing plan is. And, because we are the ones that are pounding the streets, seeing the inventory, working the escrows....we know significantly more than a computer algorithm.

Enjoy the full article:

Monday, November 14, 2011

When the House-Hunt is Taking too Long

I'm one of the most patient Real Estate agents I know. I work hard to try and keep my buyers patient about the home buying process as well.

Sometimes there just doesn't appear to be a home out there for them. Sometimes they think they should write an offer on something that really doesn't suit their needs.

A great article for those of you that think it's taking just waaay tooo long:

These 5 items noted are good, appropriate and justified.

But, sometimes, the right house just doesn't come along at the right time ~ therein lies the need for patience.

After all, it is a Virtue!

Wednesday, November 9, 2011

Don't Worry ~ You're Probably One of The Many!

The Internal Revenue Service is still struggling with the tax credits that helped boost the housing market a few years ago. And, the article I read today made me giggle.

Why anyone, IRS included, would put together a program without considering all the T-crossing and I-dotting required is beyond me.

Now, they are asking people for money that don't owe it. And, not asking people for money that do. Had to hire an outside agency ~ more money wasted ~ to try to figure out if people still lived where they were supposed to, if they owe it or don't. Yikes!

But far more commonplace, according to auditors, were shortcomings by the IRS in distinguishing between taxpayers who were supposed to repay their credits over a 15-year period — as required under the original $7,500 program in 2008 — and people for whom there was no such requirement under later versions of the program allowing credits up to $8,000.

So, you know who you are and you know what you owe. Don't fret if you get the wrong notice from the IRS, a lot more tax-payers are too!

Friday, November 4, 2011

Triggers of Lender Scrutiny ~ A Refresher Course

I know I've touched on this before, but it bears repeating, repeating, dare I say it .... repeating. 

I read this article in the NY times this morning. Feel free to read the whole thing via the link below:

At any rate, people are talking about how hard it is to get a loan these days. Only until this month did I have someone denied for a loan that I was working with. Not one of my buyers, one that was purchasing a listing of mine. Regardless, it happened. And, it happened because the paper trail that needed to be followed just got narrower and narrower. So minute, that the lender couldn't follow it any more. So, poof, he was gone. No worries, we got another buyer in 48 hours!

So, really, just stick to the basics. Don't do something fraudulent, or even attempt something round to fit in a square hole. It's not going to work these days.

Loans of today are far different than loans of years gone by. And, when it comes down to that last few days of escrow and the damn lender is asking for things you feel are redundant and downright stupid? Just do it, send them what they ask for. 

You won't get your house if you don't!