Mother & Daughter Blog: May 2009

I just heard on the news that a man who uses twitter frequently - just twitted himself into being burglarized!  I guess he sent out his usual "what I am doing" tweet and someone that is in the business of robbery went to his house and robbed him.  He was of course, upset about the burglary and said he would continue to twitter but would not be telling when he is going out of town or when he is away from his home.

A word to wise.  Do the same.  There are just some things that you just don't tell the twitter bird or the world!

Hearing this has made me wonder.... do I really want to get on twitter and start the short text detailing that I am sure I will get hooked on like so many others? 

 

I am trying to figure out how we can get the banks to offer to pay Cash for Keys in the case of a short sale approval.  Especially if the occupants to the property is a tenant.  In the case where the owner get up side down on their mortgage (which is a large % of the homeowners these days) -- and the occupants are tenants -- wouldn't it be a good jesture to offer the tenants a cash for keys amount to move out by a certain date or at least by the close of escrow date.

After all the tenants are not the ones that caused the property to be in an upside down situation, and they are the ones that are being forced to move out.

Cash for keys are offered to occupants (owners and tenants) that are left in homes after foreclosure - shouldn't the same consideration be given to the occupants that are involved in a short sale?

In addition to an offer for cash for keys - homeowners must treat the tenants right by law: (each state varies):

1.  Tenants are to be given a 30 day notice in writing

2.  Tenants have the right (or personal responsibility to ) follow up on any papers served on them in order to not get a surprised eviction - way before they thought they had to move!

3.  Tenants have rights as far as agents coming in and out of the property without their knowledge and agreement.  Some agents are plain rude to the tenants in order to show the property to a potential set of buyers.

4.  Tenants should check the "tenant rights" organizations in their state to see what their rights are -- Otherwise, homeowners and agents will walk all over you to get that property sold and the buyers take ownership.  They will tell the tenants they just have to move without the consideration of the 30 day notice.

WEBSITE: http://www.motheranddaughterrealtyteam.com

• Want to purchase a REO property? Want to know what properties I have to sell?
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide 
• For a FREE MARKET EVALUATION of your home  
• Need a Short Sale Specialist?   

Take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our aggressive marketing plan includes on-line listing advertising. For more information... Check out our Website and our Blog... - Website: http://www.motheranddaughterrealtyteam.com - Blog: http://activerain.com/brooksrm2042 - Check me out on Facebook

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If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-750-8282 or email at US.

While doing my walk today, I saw something that I just can't get out of my mind.  I saw a couch in the front yard and yes the family was out there sitting on it!  It is not one of those -- I just happen to walk by and see, this one has been out there for a while because the grass around it was yellow.

The house next door was vacant and the one on the other side was a very nicely maintained property.  I know that homeowner is wondering why this is happening to him and his family.  Why does the people next door have to put their couch out in the front yard like that?

Isn't it bad enough that there are so many vacant (foreclosed) properties on that street -- to add pain to pain - a blue and gold sofa in the front yard - an extension of their living room! This kind of display is only helping to bring and keep the neighborhood market value down.  Along with the REOs( bank owned) properties, the vanderlism, the short sale homeowners that by now just don't care how the property looks -- none of this is helping the market value come up!

Just imagine a potential buyer driving by and see that.... "Honey, start the car and lets get out of here -- this is not the neighborhood for us!"

Not cool.

In my opinion, this is a good reason to be cited by the City Inspectors.

(PS I took a picture to post with this, however... I cannot post picture as my graphic icon is not working)!  Hint, Hint to AR. Can you fix it please.  I have asked several times already!

Does the banks have a good reason for denying short sale requests and just going on with the foreclosure?  If yes, why don't they just tell the borrower and agent that there is no way they will take a short sale on the property.  Even if they do not give the reasons why they are not going to approve the short sale... they could at least tell the homeowner and agent so they will not waste months of hours waiting on something that is not coming -- a Short Sale approval.

Here are some of the possible reasons banks rather do the foreclosure rather than the short sale approval:

PMI (does it require a certain amount before they can file a claim)? And if there is, why isn't this public knowledge so we all know what we are working with?

Some buyers are not in hardship: some have enough money in the bank to cover the delinquent amount owned on the property.  They have great jobs and income and they have untouched 401K and other means of get it money.

In those non-recourse states - the bank can go after the homeowners for that the amount they loss rather than with the Short Sale there is a forgiveness that is in effect now.

I also read some place that it is possible that in order to file PMI the banks need to show proof of default and that document is a Sherrif's Deed ( you get the Sherrif's Deed after foreclosure)!

Although it still does not make sense or show any compassion when banks keep you hanging on hoping that they will approve your short sale request when there is no way possible that they will because of the reasons listed above or more reasons, but yet, they do not tell you!  It is not fair.

Yes, its not fair, but I still advise to not give up on requesting a short sale if that is where you are and what you need.  You just never know .... they may approve it!

WEBSITE: http://www.motheranddaughterrealtyteam.com

• Want to purchase a REO property? Want to know what properties I have to sell?
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide 
• For a FREE MARKET EVALUATION of your home  
• Need a Short Sale Specialist?   

 

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If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-750-8282 or email at US.

Dear Buyers:

This letter is written to all buyers (owner occupied, investors, second home, move ups, move downs... etc.). I am writing this letter to inform all the potential buyers that are sitting at the table trying to figure out if now is a good time to buy or not.  To those that are asking that one question "should I buy now or wait for prices to go down lower"? 

First, let me say that I do think that prices are going to go down a weeee bit more before we head back up, HOWEVER.. whether we believe it or not things are changing. This is the clearance rack, there is no 2 for 1 sales going on.  Right now they are changing because everyone is on hold to figure out the next steps to take.  This is not a good sign! This being on hold is painting an untrue market picture.  We have no idea of what plans are being worked up that will influence the hold.  There are programs being introduced, plans that are being put into place as we speak and who knows how it will all fall out to help the economy in a "true view" of what is really going on.

How do you know if we will get news that someone has figured out that housing is way too low right now and that we need to raise the prices -- starting NOW! Right now the market conditions that we see are really not real. 

There are numerous foreclosed properties just sitting in limbo status and we are not sure what the plans are or when they will hit the market or how.  We are not sure if Fannie and Freddie are going to open up a big "RENTAL" campaign and hold on to those properties or what. In other words, we do not know what the next plan will be or how it will affect the real estate market or the economy!

My advise... go for it now. There are so many REO (bank owned) properties, short sale that are listed so low that you may want to buy 2.  Don't wait expecting a blue light special of 2 for 1... If you can qualify now, go for it -- there are some really good deals out there on the MLS lists that will probably fit your dreams. Tomorrow is uncertain.

If you need an agent that will look out for what you want and what the best deals are available, CALL ME.  So grab your loan officer by the arm and let him get you approved NOW.

WEBSITE: http://www.motheranddaughterrealtyteam.com

• Want to purchase a REO property? Want to know what properties I have to sell?
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide 
• For a FREE MARKET EVALUATION of your home  
• Need a Short Sale Specialist?   

↑ Grab this Headline Animator

If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-750-8282 or email at US.

What it used to be in taking a nice walk through the neighborhood and what you now is just not the same !  The neighborhood used to be a full and lively community with all the homes occupied.  It used to be hard for people looking to purchase or rent a property --because they would not be able to find one -- at least not right away.  Seemed like every home was occupied with people that went to work everyday to keep their homes, and would be able to do other things with their family such as outtings, vacations, etc.  People always seemed to have time on the weekends to cut the lawns, kids playing basketball and other games on the sidewalks and in the courts -- and you'd see the jumpers up with kids have a great time.  It used to be people that would wave and smile at you as you walked by.

Now it is very different.  A Walk through the neighborhood does not bring you to think "Its a beautiful day in the neighborhood" as our Mr. Rogers used to sing.  Instead, we see:

1.  Lawns that are yellow, high weeds and litter everywhere!

2.  Vacant homes (about 18 vacant homes in less than a mile's walk) -- 5 with the lawns half way in good shape, 4 just empty and waiting on agent to come put the sign out front, and 9 totally out of control (vacant vehicles, bad lawns, eviction papers on the door, and just look like they are sitting there bringing the neighborhood property value down).

3.  Others are having garage sales, estate sales and you just get the feeling they are or will be the next distressed home in the neighborhood.

4.  And it is not a beautiful day in the neighborhood: there is a cloud over the neighborhood, due to the foreclosures, bank owned signs, bad lawns, vacant board homes, moving vans, abandoned cars, trashout on the sides and in front of the property, eviction paperwork on the doors and on the lawns and did I say YELLOW uncut lawns?  This is not beauty.

The bad thing is, the walk this week will be different from the walk next week and for as long as the foreclosure rate keeps climbing.

No things are just not the same as the good old days when a neighborhood was good and a place you love to take your walks in and wave at your neighbors.

I believe someone is listening! So let's give them THE LIST...

GOOD NEWS:  According to the U.S. Treasury update for 5/25/09, there is going to be some changes made to the Short Sale process for banks to follow - (can you believe.....Standards?). The new changes are sited to help distressed homeowners avoid foreclosure by streamlining the short sale process!  Yes, this is true.  Although they do not have it concluded that all banks are doing it yet... Bank of America has joined the band wagon and OMG I pray they all step up to the plate.

The main problem is -- I believe they will need more input from us the Real Estate Professionals in order to get this right.  I'd like to help them along by starting a list of real estate professionals frustrations to the present short sale process - so they will not leave out anything when making these changes.  Lets get it in print for those that are finally starting to listen to us!  I know if you are an agent and have worked on at least 1 short sale you have a frustration.  This is a no-brainer, so please let your frustration to the present short sale process and see if we can help the leaders made the necessary changes to the process.

I will start the list off, please feel free to join in:

1.  Standard short sale process - across the board: Rules the banks will have to follow

2.  Change the bank's strip to include valid updated information: open line with the rep that is working the file - leave out the front line customer call center operators

3.  Speed up the review process - keep it within 30 days or less!

4.  Talk direct with the real estate agent: No more delays of sending the information via US mail to the borrowers.  Use up to date technology: email so we have it in writing in the shortest period of time!

Come on agents - join in, list your suggestions, concerns, frustrations

 

 

Point:  ActiveRain is the largest network sharing site that directs so much opportunity to the Real Estate Professionals -- as of today there are 147,477 members here on AR.  As we know ActiveRain is a real estate social networking site that is set up to have us share information and the opportunity to learn much more than on any other network site.  So do you have enough knowledge and information to go around and share some of it with others?

If your answer is no to this question, you might want to sharpen up a bit and get busy blogging, reading and join on in and share with others.  I have always felt that sharing is caring and yes.... its OK to share a secret or two that you never just may help someone else in this business.

Don't be scared that another agent is going to steal your idea and take some work possiblities from you because it probably won't happen like that.  We are nationwide, so helping an agent in Florida has no bearing on hurting me here in California! 

While we can't give out stimilius packages here on ActiveRain, we can share good valuable information to help you in your Real Estate Business, and we can help Buyers & Sellers find the right agent to work with and also we give them information that they can have to help themselves.  So go ahead and share and release that fear that someone is going to steal your good idea.

Thanks AR for allowing us to share and find friendship here on in the RAIN!

Somehow I am going to try to relate this to real estate!! But first to answer the chicken question.  Since it Memorial Day holiday weekend... make sure when you cook the chicken you make sure it is done.  There is nothing more dangerous to you than chicken that is not completely done.  No it does not work like fish or beef -- it must be cooked completely.  That means no red.  If its red, don't eat it -- put it back on the grill, the oven or microwave and give it a few more minutes.  It could save your life.  Pork works the same way.  You're at a cook out.... fully cook your meat.

Now how does this relate to real estate? Uh lets see....:

When you're working with a client, complete the job - do your best to help the client, come clean with what you promise.  This includes your short sales, REO/Bank Owned properties and yes even the traditional sales (whenever they come back into the picture).

When you work with the asset managers - complete your tasks and do them prior to the the task becoming red... red is not good with chicken and it is not good with overdue tasks and asset managers

The above does include holidays and weekends - no exceptions.  It is not OK to tell the asset manager you could not get to it because it was the weekend or a holiday

Got a referral? Follow up - don't make the referee mad at you for not following up -- might put you in the red

When it is time to close a transaction, stay on top of it and keep your asset manager informed - makes for a good match and possible new listing assignments.

Oh and don't be chicken if you get too many listings and you cannot take care of them -- let your asset manager know that you have enough -- there is plenty other agents looking for work!

Enjoy your holiday and please be safe.

 

I would like to show honor to the US troops that are far away fighting for what they believe in -- America and Freedom!  On those days that we sometimes feel that life is dealing us a bad hand... that would be a real good time to remember the US Troops and all of those that has given their lives for America.  When we feel like whinning about .... oh lets say our "bad broker" --- lets stop for a moment of silence right at that time for the U S Troops and the Arm Forces that have went to war for us and what America stands for.

Give Honor to Our President for the faith and courage that he has in us all and for America.  And send a prayer for our US Troops, the President and all those many others that have shown bravery for us here in America.

Take your hat off, put your hand on your heart and say "God Bless America and God Bless - EVERYONE!"  Now don't you feel better!

Enjoy your day, and please be safe.