Thursday, June 30, 2016

Some Sellers Just Need A Reality Check!

When a property is on the market for a while, and then re-listed with a different agent for the same usually means the seller is stuck on an unrealistic price.

Story of the week. Regular home, nothing spectacular about it, but my people like the floor plan. Model match with upgraded bathrooms but no pool or view closed in last 90 days (what appraisers look at) for 35k less, 5% less.

So, knowing the work that needs to be done, giving value for pool & view, taking away for original baths, we wrote an offer at the model match floor plan price.

This home has been on the market for many months. On and off, different agents......all about the same price or even higher.

Seller comes back "AS-IS, no repairs, no termite repairs, not a shred of concession and 1% off their list price"

I tell my clients....we all agree the seller truly needs a....yep.....a Reality Check!

Unfortunately for the Seller, the agent needs a Reality Check as well. Things that he said had value, I've taken Appraisal courses & been doing this long enough, just don't get the value they want.

So, the house will continue to sit. Someday they will figure it out. Someday a buyer will come along that either wants to pay more or the seller gets tired of waiting for their price.

For us? Onward & Forward!

Friday, June 24, 2016

If I Could Find The Commercial Space That Zoning-Wise Would Let Me......

I would absolutely LOVE to do something like this!

Houzz brought this baby to my attention, and I thought to share.

An old laundromat in Fargo, transformed into a loft style home. Way better than just leaving it vacant and dilapidated, or getting dilapidated.

We do have a lot of commercial space un-rented.....just sayin'......

What cha think?

Tuesday, June 21, 2016

Some HAMP Mods Due To Re-Set

If you were one of the many that was able to modify your home loan with the Home Affordable Modification Program, you may be about due for your first interest rate bump up.

After 5 years, it is due to go up 1%, and each year an additional 1% til it reaches the market rate at the time the original mod was done.

If your loan wasn't a Freddie or Fannie loan, you were not eligible.

Fortunately, they have additional tools in place should your first bump cause a burden. One is actually refinancing through the HARP program, but that is due to expire at the end of this year.

The Treasury has been looking very closely at those that did utilize the HAMP program to stay in their home. They indicate there are several differently timed safety nets at your disposition.

Do Not Wait. If you did get a loan mod through the HAMP program, check with your lender about when your bump is scheduled for. See what the anticipated amount is and if you are not comfortable with that, think you can't do the increase, talk to them now!

Yep, take action before it's too late!

Friday, June 17, 2016

Homes Sales Activity For Santa Clarita & Surrounding Communities June 17, 2016

I am so happy to point out that we have moved up over the 600 mark for active listings.

From Acton to Stevenson Ranch, Newhall to Castaic we now have 622 active properties available for sale!!

We closed escrow on 371 in the last 30 days. That's actually a really good number considering the low inventory.

Under contract right now we have 732. 645 of those are Standard Sales, so that means we're still hovering about 10% of distressed sales. Bank owned, short-sales, maybe some HUD owned or probate in there as well.

The quickest moving ones are under 500-ish in our little valley. Priced right, marketed right, show nice? You're moving pretty quickly. Sales aplenty in that price range with a lot of competition.

Interest rates are still ridiculously low. The Fed did not bump them up this month. Talk again about September or December increase. For now though, below 4%.

All good in housing in Awesometown and neighboring 'villages'!

Tuesday, June 14, 2016

Another One Has To Go To Jail ~ YES!!

This one was out of Westwood California! Yikes. That's a fairly affluent area so it surprises me that he was able to bamboozle so many. Online ads obviously brought people in.

David Singui, of Direct Money Source (yes they are still on the web), set up a scheme to take peoples homes and money.

He reached out to people in financial distress. Offered to pay their mortgages for a period of time until they got back on their feet. It was called the 'Fresh Start Program'. Well sorta. He hooked them up with supposed credit investors. They would buy their homes and hold them for a year, allowing the borrower to get their credit back in order.

Supposedly then, the credit investor would sell them back to the original people that owned the home with a lower interest rate attached.

Unfortunately, never look a gift horse in the mouth. What's too good to be true usually is.

This guy arranged for another entity to hang onto these peoples homes for more than 5 years, collected 'rents' from them and earned equity for the 'credit investors' who were just the good old straw buyers. But the straw buyers ended up in debt as well because the DMS company never paid the mortgage payments!!!

Sheesh......Go To Jail.....Go DIRECTLY To Jail!

Friday, June 10, 2016

Best Selling Season?

Everyone says it's the Spring time right? Well, for most, yes, it surely is. However, if a large part of your community is not full with families of school age children....probably not as Spring fever-ish then.

But, if you are in a snow driven community...oh yes, Spring is best. In a year-round constant climate with more retirees coming and going, Spring isn't really going to matter. Well, not as much.

Not going to kid you, February til about August is our best season. Heck though, that's a solid 6 months. Me, I'm busy year round. Buyers and Sellers, Sellers and Buyers....year round.

Point of this blog subject? When you decide you are ready to buy or sell, speak with your trusted Realtor. One that knows the season that may be best for you. However, even after you do that, your personal reasons for a home purchase or sale may not coincide with the traditional seasons.

Keep in mind that once the 'hot' selling season is typically over, homes still sell. Serious buyers are out no matter what time of year. Less competition for sellers listing when it's in the fall or winter months too.

Food for thought.....tasty little morsels to chew on.....

Friday, June 3, 2016

More Non-Performing Loans Sold by Fannie Mae

I read this today. Purchased for about 70% of the notes' value by Goldman Sachs. Aren't they one of the ones that had HUGE issues for non-performing mortgage backed securities in our recent history? Or am I confusing them with some of the other big dogs?

Regardless, they purchased them at a good discount, higher interest rate loans. So, obviously they are gambling that they will be able to make up what they paid. But, still gambling.

Fannie Mae says they are hoping that this latest round of purchasing will actually help people stay in their homes. And, I of course, hope this as well.

Also hoping history does absolutely not repeat itself.