Archive for October, 2010

Senate Bill 931 – Extends anti-deficency protection

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Effective January 1, 2011 the new law sets forth the protection that homeowners have regarding the sale of residential property (1 to 4 units)…meaning a single home to a four-plex, wherein the property is being sold for less than the outstanding loan amount.  I would be happy to email you a copy of SB 931.  I would recommend that you contact your financial advisor (CPA/Attorney) for professional and qualified advice!  I would also be happy to meet with you to discuss your options after a review of your financial situation!  I welcome your input!!

New Home Market…Is It Time?

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I know that many of you have been watching the housing market to take advantage of others loses.  Well, we have seen the prices drop to levels not seen for 15 years, and interest rates during that period were in the 8% to 9% range!  During that period of time homes could be built and sold for about the same price…actually in most cases able to buy a nicer home with upgraded features!

Todays resale homes, including bank owned properties and short sale transaction (meaning the lender is accepting a lower payoff to facilitate a sale of a home that the current owner can’t afford any longer), are being sold at less than what it cost to build a similar home on the same lot size and geogrphic area.

However, this is what I see!  Many homebuyers have been trying to buy these homes and are finding that they are participating in a bidding structure with other buyers.  After a couple of times trying to buy the home they decided was the one that would fit the needs of their family and could visualize their furniture in the home, the kids playing in a secure backyard and in the school district of their choice, they received word from their Realtor “I’m sorry, the bank accepted another better offer”  How many times can you fall in love with the biggest investment that you will probably make in your life and have to unwind your emotions?

What Happened To The Good Old Days?

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I remember when I first entered the real estate business back in 1972, we worked directly with our local bankers for home loans!  The bank would take the loan applications, run the credit, order the appraisal, draw the loan documents, explain the loan terms and conditions to the buyer and then fund the loan into escrow.  The bank actually retained servicing of the loan…meaning the bank would collect payments and issue statements to keep the homeowner informed about the loan status.  It was so simple and yet very effective and manageable.  We trusted our local bamkers that lived in the community, atttended school functions, worshipped and grew old in their years!  A far cry from where we are today!!!

Give me your thoughts and comments!!