Why I Chose Keller Williams Realty

Since originally receiving my Real Estate license in the early 70′s I seen many real estate brokerages come and go … now that I have transitioned from being a mortgage loan originator back to working as a real estate agent … I am very happy I have found Keller Williams … look at the following presentation and when you are finished … if you would like to know a little more … give me a call … 562-708-3530.

California State Senate approves SB 1178 extending anti-deficiency protection to Homeowners

Victory for consumers as California Senate approves SB 1178 extending anti-deficiency protection

Measure protecting consumers from overreaching lenders now goes to Assembly

LOS ANGELES (June 3) – The California Senate this morning approved SB 1178 (D-Corbett) by a 30 to 4 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is the sponsor of the consumer protection legislation.

“Currently, if a homeowner defaults on a mortgage used to purchase his or her home — known as a ‘purchase money mortgage’ — the homeowner’s liability on the mortgage is limited to the property itself,” said C.A.R. President Steve Goddard. “Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even if the refinance only was to obtain a lower interest rate. SB 1178 corrects this inequity and extends the same protections to consumers who refinance their home loans.

“Today’s vote was a victory for homeowners in California,” he said. “SB 1178 now moves to the Assembly for approval. California Realtors are calling on our elected representatives to swiftly pass this much-needed legislation and to send it to Gov. Schwarzenegger for signature.”

For more information on what programs and help is available to homeowners facing problems with their mortgages visit FREE Help For Homeowners

Technorati Tags: Help for California Homeowners,Jane Whitten,Short Sales,Foreclosures,anti-deficiency protection

CoreLogic Home Price Index Shows Second Consecutive Annual Increase

Last week, Carrie Bay with DSNews.com reported that …

National home prices, including distressed sales, increased by 1.7 percent in March 2010 compared to March 2009, according to CoreLogic’s Home Price Index released Wednesday.

The March data was an improvement over February’s year-over-year price increase of 0.8 percent, and marked the second straight month that CoreLogic has recorded annual gains in home prices, breaking a depreciation streak of more than three years.

On a month-over-month basis, the company reported that home prices nationally fell by 0.3 percent in March, which was more moderate than the previous one month decline of 1.7 percent from January to February.

The stabilization that seems to be finding its way into home prices is a welcome break from the freefalling days of the past few years that have put so many borrowers underwater.

CoreLogic says the peak-to-current change in its national HPI (from April 2006 to March 2010) is -30.5 percent when distressed transactions are included in the calculation. Excluding distressed properties, the peak-to-current change in the HPI is -21.5 percent.

“March’s year-over-year increase in the HPI shows that the housing market is continuing to exhibit signs of stability,” said Mark Fleming, chief economist for CoreLogic. “The differences between trends, including and excluding distressed sales, indicate the strong influence of distressed activity remains.”

Going into the summer months ahead, Fleming warns that the recent price growth will quickly fade as the influence of the homebuyer tax credit and the spring buying season recede. And because of the market’s swollen inventory of distressed properties, CoreLogic expects home prices nationally to fall another 5 percent over the next 12 months.

Detroit (-6.1 percent) is predicted to have the most price depreciation over the next year, followed by Seattle (-4.1 percent), Nassau-Suffolk, New York (-3.4 percent), and Baltimore (-3.3 percent).

Longer-term, the company’s forecast for home prices is more positive as the national economic recovery is expected to gain further traction in 2011. By March 2012, CoreLogic expects national home prices to increase by 2.7 percent.

For more up to date information on the current real estate market in YOUR area visit www.janewhitten.com

This Month in Real Estate – What do short sales and happiness have in common?

We all know that the happiest place on Earth is Disneyland but where do people consider to be the best place to live, where is the overall happiest city in America … or … are you interested in what are the most recent real estate trends across the nation … and how about what all this has to do with distressed properties and short sales …  Watch this short video for some interesting information.

For more information on short sales and Long Beach California Real Estate visit my website www.janewhitten.com

California Homeowners Tax Bills Poised To Be Forgiven

Jim Wasserman of the Sacramento Bee reported earlier this week that … Relief appears imminent for thousands of Sacramento homeowners hit with state tax bills for mortgage debts forgiven in 2009.

State lawmakers said Monday they plan to cancel the state tax obligations with a vote Thursday.

A Senate floor vote planned Thursday would send the bill immediately to the Governor who has repeatedly stated his support. The new bill is similar to one he vetoed March 25. But this time it omits a part he opposed – financial penalties for businesses that routinely seek state tax refunds. Democrats removed the section despite their contention that some firms “fish” for refunds whether or not they’re owed.

The new movement means that Californians who got unexpected tax bills of $10,000 or more in recent weeks could soon be off the hook. Most are borrowers who received loan modifications last year or lost their houses in short sales, in which banks accept prices below what they’re owed. In both cases, lenders forgave some of the debts owed them, a process that exposes borrowers afterward to taxes.

“We want to get it done before the (April 15) tax deadline,” said Alicia Trost, spokeswoman for Sen. President Pro Tem Darrell Steinberg, D-Sacramento. “We don’t want to have people jump through hoops.”

Many across the state have anxiously waited for the state to resolve the issue before the tax filing deadline – or have filed extensions.

Typically the state and federal governments view forgiven home loan debt as additional income and tax it. But both have backed off amid the housing crash. The federal government has suspended taxes on forgiven mortgage debt from 2007 through 2012. California suspended it for the 2007 and 2008 tax years. But disagreements over the business tax refunds stalled a bill extending it to 2009.

The bill being considered this week, Senate Bill 401, would cancel state tax obligations for forgiven mortgage debt through the 2012 tax year. The Assembly planned Monday to rewrite SB 401 from a bill regarding tax shelters to one that aligns much of California’s tax law with that of the IRS. That includes canceling taxes on forgiven mortgage debt and on recipients of federal renewable energy grants.

“We haven’t done a tax- conforming bill for four years, so it’s important to get that done,” Trost said Monday.

If you have questions about Long Beach Real Estate Short Sales CLICK HERE to contact me.

What Can Keep Your Escrow From Closing?

Last month, while processing the negotiations for a short sale, I recently had a very bad experience with one of my client’s short sale escrows because the buyer’s lender had not done their job correctly … 3 days before we were to close, while preparing the buyer’s loan documents, the underwriter noticed that the appraisal was 31% below the purchase price …  this occured  even after I had specifically inquired about the appraised value and had been told that everything was fine …  needless to say, we had a MAJOR problem!

Because this was a short sale transaction and … after a delay of another 20 days and obtaining a new approval from the seller’s lien holder, we DID CLOSE escrow but not without a great deal of stress and drama! The buyer’s lender was with a major bank but the loan officer was asleep at the switch! I now have a very strong opinion about using a Banker vs. using a Broker but … I’ll save that subject for another day.

What I want to focus on here is … according to a recent viewer participation poll conducted by Realtor Magazine, the factors that keep transactions from closing are as follows: Buyer’s Financing falls through – 45%; Property Appraisal comes in too low – 32%; Title problems – 3%; Short Sale problems – 3%; other reasons – 16%.

So what should this poll and my recent bad experience tell us?  Make sure you are dealing with a seasoned mortgage professional, with a proven track record of successful closings. I have a list of 4 Questions you can ask of a Mortgage Lender which can give you some idea of their level of competency … Contact me and ask for the 4 Questions and what the answers should be & I will be happy to email them to you.

Regarding problems with Property Appraisals coming in too low … do not get caught up in over bidding on a property with a price for a lot more than fair market value. Many agents list properties far below the fair market value in order to attract a lot of buyers, if this is the case make sure you know what the price SHOULD BE.

How do you determine the “Fair Market Value” of a property?  … Again, make sure you are dealing with a real estate professional that can help you answer all your questions as you shop for a new home. Someone who will sit down with you and determine what your mortgage qualified, price point should be.  Once you determine that, you’re ready to go!

For more information CLICK HERE !

Long Beach CA Residential Real Estate Market Improving

Last week, Shelly Garza of the Long Beach Real Estate Examiner reported that . . .

There are currently according to the multiple listing service as of February 16, 2010, 589 active single family homes on the market in Long Beach, up slightly from January 16 when there was 570 active. 200 of the homes on the market are short sales and 50 are bank owned/reos. Showing some improvement, 42% of the current market consists of distressed sales down from 55% in January.

982 single family homes sold in the last 6 months with an average sales price of $409,732 in 57 days on average. The absorption rate based on sales in the past 6 months is 3.61, meaning Long Beach has almost a 4 months supply of homes, which is relatively good in that the market is not too tight but there is a limited supply of homes in some areas of the city. Anything over a 6 months supply is an saturated market and under 3 months is a very tight market.

There are 352 condos and townhomes on the market currently and of those 156 are short sales and 42 are bank owned. 56% of the condos currently on the market are distressed. 477 have sold in the past 6 months at an average sales price of $256,370 in 69 days on average. The absorption rate for condos is a 4.43 months supply which is slightly higher than single family homes but still overall a healthy number.

Overall heading into the Long Beach spring real estate selling season, the market is showing slight improvements but still has a high level of distressed activity and an especially high number of short sales.

To conduct your own search for Real Estate in Long Beach CA visit my website www.janewhitten.com and click on the tab marked “MLS SEARCH”.

Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties

 

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.

“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help,” said Terry Edwards, Executive Vice President of Credit Portfolio Management. “Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home.”

Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.

For a referral to a HomePath lender, contact me and I can put you in touch with someone who can get the job done!

6 Steps To Picking a Real Estate Agent

Your real estate agent is someone who you will be working with you on one of the biggest financial moves of your life. Your agent will be negotiating with you, educating you and helping youevery step of the way as you buy or sell your property. It’s absolutely crucial to make sure you choose a good real estate agent that you are confortable with.

In this article, I will go over 6 powerful tips for choosing a good real estate agent in the Long Beach/Lakewood area.

Tip #1 – Look at Their Website
You can tell a lot about a real estate agent based on their website. This is where they’ll “showcase” the highlights of their service.
What sets them apart from the competition? How long have they been in business? Browse your potential agent’s website and see if who they are seems to  resonate with you.

Tip #2 – Trust your first impression
A working relationship with a real estate agent is based on trust. Trust that your agent will have your best interest in mind, not just a quick commission.
Often times your first impressions will be dead on. Can you trust this person? Do you feel comfortable doing business with this person? Usually you’ll be able to answer these questions in just a 15-30 minute conversation.

Tip #3 – What will be your marketing plan (Seller) or negotiation strategy (Buyer) for me?
A good real estate agent will have a plan for getting you the best price possible, whether you’re buying or selling.
When you’re considering working with an agent, ask them: What will be your marketing plan or strategy for negotiating for me?

Tip #4 – Work with a Residential Expert
If you’re looking for an agent in the Long Beach/Lakewood area, generally you want to work with someone who knows the area very well.
Make sure your agent has been local for some time and has completed several transactions in the local area. Your agent should have a good idea of the approximate home values in all the different areas of the city.

Tip #5 – How reachable are you? What will working with you be like?
What hours does your agent work? Will you be dealing directly with your agent, or will you have to go through an assistant every time?
How long will you have to wait each time you make an appointment? Can you call up a couple days before, or do you have to make an appointment a week in advance?
Know what it’s like to work with your agent before you decide whether or not to move forward.

Tip #6 – Can Your Agent Provide References?Satisfied clients will oftentimes provide references, letters of recognition or a phone number where other potential clients can call to see what it was like working with this agent.

If your agent has been in business for some time, they should have some references you can look at. Look into these references and see if your agent is someone you want to work with.

If you’re considering an agent in the Long Beach/Lakewood area, it’s important to work with someone who’s experienced and knows the local area. If you have questions about what you need to do to qualify for a new mortgage, feel free to give me a call … scroll down on the right and click on the Search the MLS link to search for the property of your dreams … happy hunting!!
For more information visit my website www.janewhitten.com

FHA Relaxes 90 Day Anti-Flipping Rule

Starting February 1st, 2010 The Federal Housing Administration is revising its “anti-flipping” rule in an effort to allow more people to buy houses. When investors buy bank owned foreclosures, then rehab them … they have had a small pool of available buyers … until now

First time home buyers are now able to use FHA financing to buy these properties. Prior to this, buyers who wanted to purchase these homes were forced to look to conventional financing which meant needing to have 10% for a down payment … now they can utilize FHA financing and buy their new home with 3.5% down payment.

Also many lucky buyers will be able to combine the $8,000 tax credit that is … provided they are under contract for the purchase of their new home and are able to close escrow by June 30th.