One of my favorite places is in the backyard...here is a pic from the desert backyard.
Monday, October 24, 2011
Yesterday I hosted an Open House in Upper Hastings Ranch at 1225 Medford Rd, 91107..
http://www.zillow.com/homedetails/1225-Medford-Rd-Pasadena-CA-91107/20880571_zpid/
It had a good turn out. It's important for me to host Open House's. It's where I meet people and talk about the marketplace. Even in a slow market; a realtor can keep themselves busy.
http://www.zillow.com/homedetails/1225-Medford-Rd-Pasadena-CA-91107/20880571_zpid/
It had a good turn out. It's important for me to host Open House's. It's where I meet people and talk about the marketplace. Even in a slow market; a realtor can keep themselves busy.
Tuesday, October 11, 2011
Tuesday, October 4, 2011
Re NW Pasadena Short Sale purchase...
We performed our inspections (physical & termite) on Friday. The inspections were acceptable.
When you buy a short sale; you have to spend the money on the inspections. The seller signs the paperwork but is little more than a ceremonial actor. The seller does not pay for inspections.
The buyer (my client) is taking a chance by spending $550 for inspections. He has decided the final cost analysis will tip in his favor.
Now we wait 3-4 weeks to hear from the lenders.
We performed our inspections (physical & termite) on Friday. The inspections were acceptable.
When you buy a short sale; you have to spend the money on the inspections. The seller signs the paperwork but is little more than a ceremonial actor. The seller does not pay for inspections.
The buyer (my client) is taking a chance by spending $550 for inspections. He has decided the final cost analysis will tip in his favor.
Now we wait 3-4 weeks to hear from the lenders.
Client signed loan docs last night in what was an incredibly long escrow process. The big banks are methodical and there seems to be a lack of experience at the contact positions.
Even the most seasoned veteren in the real estate business cannot predict all the obstacles related to purchasing a home. The less cash involoved in a loan the longer the process. Be prepared to be patient.
However when its over we look back and say; what was all the fuss?
Even the most seasoned veteren in the real estate business cannot predict all the obstacles related to purchasing a home. The less cash involoved in a loan the longer the process. Be prepared to be patient.
However when its over we look back and say; what was all the fuss?
Wednesday, September 28, 2011
Wednesday, September 14, 2011
Today I am working on two escrows…
One is in Alhambra…
We have working on
this for seven weeks now. The escrow
process is slow. Everyone is afraid of
making mistakes. The appraisal process
took a week to long. The lender (major
bank) kept find reasons to delay. We
finally had the loan approved. Then we
found out the Water Heater needed a ventilation extension above the roof
line. The appraiser said it was
necessary before she would approve the final inspection. Curiously no one (including the appraiser
service) could cite the actual regulation.
The total expense is $125; and the work is being performed today. This little obstacle cost us another several
days.
The second
escrow is a short-sale in NE Pasadena…
You may have heard that short sales are difficult. What makes them most difficult is if they
have two loans. The first loan, usually
80% of the total price, is easier to deal with.
The second loan is usually between 5%-20% of the total selling price. The second lender always feels like the uninvited
guest. They are many shortchanged. They will stop the sale if they feel
cheated.
If you are buying a short sale and there are two loans, be prepared to
pay up to 15% of the second loan amount in cash. This cash payment will be extra to the
regular down-payment.
In our case, my client is putting 20% down. Plus he will have to spend another 5% of the purchase
price to pay-off the 2nd loan.
Saturday, August 27, 2011
Pending
home sales see slight decline
OCRegister
... to the California Association of Realtors. In spite of the dip, the index for pending home sales that the association uses was up 4.9 percent from July 2010. Cathy Haney is a real estate broker who grew up in and now lives and works in Irvine. ...
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OCRegister
... to the California Association of Realtors. In spite of the dip, the index for pending home sales that the association uses was up 4.9 percent from July 2010. Cathy Haney is a real estate broker who grew up in and now lives and works in Irvine. ...
See all stories on this topic »
Sunday, August 7, 2011
This article is very well reasoned...
Keep
your property unless you're planning to move
Lodi News-Sentinel
While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market ...
See all stories on this topic »
Lodi News-Sentinel
While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market ...
See all stories on this topic »
Sunday, July 17, 2011
Gov.
signs new protection on short sales
Santa Rosa Press Democrat (blog)
by Real.Estate California real estate agents are applauding a new law that prevents all lenders from pursuing homeowners who sell their properties via a process known as a short sale. Gov. Jerry Brown today signed the law, Senate Bill 458, according to ...
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Santa Rosa Press Democrat (blog)
by Real.Estate California real estate agents are applauding a new law that prevents all lenders from pursuing homeowners who sell their properties via a process known as a short sale. Gov. Jerry Brown today signed the law, Senate Bill 458, according to ...
See all stories on this topic »
Saturday, July 9, 2011
...median rent prices create a bottom to the real estate market...
Demand pushes rent prices up
Press-Enterprise
By LESLIE BERKMAN A sagging housing market and a large generation of potential renters entering the workforce is pushing up demand for apartments and rents in Inland Southern California and nationwide, according to a new report. ...
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Demand pushes rent prices up
Press-Enterprise
By LESLIE BERKMAN A sagging housing market and a large generation of potential renters entering the workforce is pushing up demand for apartments and rents in Inland Southern California and nationwide, according to a new report. ...
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Thursday, July 7, 2011
Stern Advice: How to help your kids buy a house
Reuters
When a client wants to help the next generation buy a house, the client puts up the 20 percent down payment, and the kid makes the payments. After five years (or other agreed-upon period), the home is sold, and the parent and child split the profits. ...
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Reuters
When a client wants to help the next generation buy a house, the client puts up the 20 percent down payment, and the kid makes the payments. After five years (or other agreed-upon period), the home is sold, and the parent and child split the profits. ...
See all stories on this topic »
Sunday, June 26, 2011
Home prices could be flat for 4 more years
OCRegister
We've done extensive research showing a bank-owned home sells for about 30% less than it would if it were not distressed. To illustrate this effect, imagine a single home in the Case-Shiller index. In 2006, the home sold for $300000 in a traditional, ...
See all stories on this topic »
OCRegister
We've done extensive research showing a bank-owned home sells for about 30% less than it would if it were not distressed. To illustrate this effect, imagine a single home in the Case-Shiller index. In 2006, the home sold for $300000 in a traditional, ...
See all stories on this topic »
Tuesday, June 14, 2011
Southern California home prices continue slide in May
Los Angeles Times
Sales fell 17.4% from May 2010, with a total of 18394 newly built and previously owned homes sold in the region last month. That sales tally was a three-year low for the month. Sales were essentially flat from April to May, up 0.3%. ...
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Los Angeles Times
Sales fell 17.4% from May 2010, with a total of 18394 newly built and previously owned homes sold in the region last month. That sales tally was a three-year low for the month. Sales were essentially flat from April to May, up 0.3%. ...
See all stories on this topic »
Thursday, May 26, 2011
The story below says we have to be patient in So Cal...
10 Worst Cities for Jobs Suffered From Housing Crisis
ABC News
(Joe Raedle/Getty Images) Riverside in southern California is one of many US cities that experienced a real estate boom in the past decade. It was the housing boom and bust that is now causing deep misery for jobseekers. Riverside, like nine other ...
See all stories on this topic »
ABC News
(Joe Raedle/Getty Images) Riverside in southern California is one of many US cities that experienced a real estate boom in the past decade. It was the housing boom and bust that is now causing deep misery for jobseekers. Riverside, like nine other ...
See all stories on this topic »
Sunday, May 22, 2011
10 fastest-moving real estate markets in April
Inman.com
... fastest-moving housing markets nationwide in April were in California, according to monthly data released this week by Realtor.com. To gauge how quickly properties move in 146 metro areas, Realtor.com calculated the median age of inventory for the ...
See all stories on this topic »
Inman.com
... fastest-moving housing markets nationwide in April were in California, according to monthly data released this week by Realtor.com. To gauge how quickly properties move in 146 metro areas, Realtor.com calculated the median age of inventory for the ...
See all stories on this topic »
Wednesday, May 4, 2011
Shadow inventory will keep housing recovery at bay for three to four years
Housing Wire
Meanwhile, the shadow inventory that is driving down prices in parts of the US is stalling an overall national recovery even though most of the distressed inventory is concentrated in Florida, California, Illinois, New York and New Jersey, according to ...
See all stories on this topic »
Housing Wire
Meanwhile, the shadow inventory that is driving down prices in parts of the US is stalling an overall national recovery even though most of the distressed inventory is concentrated in Florida, California, Illinois, New York and New Jersey, according to ...
See all stories on this topic »
Friday, April 15, 2011
Distressed Properties Make Up 57% of Home Sales in California
LoanRateUpdate (press release)
Distressed property sales made up 57 percent of California's resale market last month according real estate tracker DataQuick. Of those sales, 39.3 percent were properties that had been foreclosed on during the past year, which was down from 40.1 ...
See all stories on this topic »
LoanRateUpdate (press release)
Distressed property sales made up 57 percent of California's resale market last month according real estate tracker DataQuick. Of those sales, 39.3 percent were properties that had been foreclosed on during the past year, which was down from 40.1 ...
See all stories on this topic »
Wednesday, April 13, 2011
Southland Home Sales Still Slow, Prices Edge Down
Southern California home sales turned in another lackluster month in March, the result of a fussy mortgage market, slow job growth and a continued wait-and-see attitude among potential buyers and sellers. There were signs, however, that the market was a little less dysfunctional than in recent months... full story
Tuesday, April 12, 2011
| Some real estate agents feeling spring chill msnbc.com Carl Tate, an agent in Southern California, said by e-mail that he was nervous about the upcoming spring and summer selling season because markets in his area have not hit bottom yet, buyers are having trouble qualifying for loans and banks are forcing ... See all stories on this topic » |
Rebuilding commercial real estate
San Bernardino Sun
Commercial real estate is a key economic generator in the Inland Empire. For years our region led California in new home construction and industrial development, which allowed distribution, logistics and construction industries to thrive. ...
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San Bernardino Sun
Commercial real estate is a key economic generator in the Inland Empire. For years our region led California in new home construction and industrial development, which allowed distribution, logistics and construction industries to thrive. ...
See all stories on this topic »
Saturday, April 9, 2011
Distressed properties put stress on Inland Empire
Inland Valley Daily Bulletin
By Rebecca U. Cho Staff Writer A shadow inventory of homes, or distressed properties not yet on the market for sale, can upend the Inland Empire's still fragile housing market, market observers said. A nine-month supply of distressed homes in the US, ...
See all stories on this topic »
Inland Valley Daily Bulletin
By Rebecca U. Cho Staff Writer A shadow inventory of homes, or distressed properties not yet on the market for sale, can upend the Inland Empire's still fragile housing market, market observers said. A nine-month supply of distressed homes in the US, ...
See all stories on this topic »
Housing Rental Rates Expected to Fall in Los Angeles County
KTLA
According to a study released this week from the Lusk Center for Real Estate at the University of Southern California, the county's apartment market is expected to see some signs of improvement after a long period of decline. ...
See all stories on this topic »
KTLA
According to a study released this week from the Lusk Center for Real Estate at the University of Southern California, the county's apartment market is expected to see some signs of improvement after a long period of decline. ...
See all stories on this topic »
Apartment sector gaining momentum
Pasadena Star-News
... Staff Writer Following two years of negative growth, all four metro regions of Southern California saw a turnaround in their apartment sector last year, according to the 2011 Casden Multifamily Forecast from USC's Lusk Center for Real Estate. ...
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Pasadena Star-News
... Staff Writer Following two years of negative growth, all four metro regions of Southern California saw a turnaround in their apartment sector last year, according to the 2011 Casden Multifamily Forecast from USC's Lusk Center for Real Estate. ...
See all stories on this topic »
Thursday, April 7, 2011
Housing Prices Begin To “Double-Dip” In The Western Markets
Forbes (blog)
Foreclosures continue to flood the market and housing data firm Corelogic reported last week that a staggering 1.9 million units make up the elusive shadow inventory that hasn't hit the market yet but will soon. All the recent bad news is based off of ...
See all stories on this topic »
Forbes (blog)
Foreclosures continue to flood the market and housing data firm Corelogic reported last week that a staggering 1.9 million units make up the elusive shadow inventory that hasn't hit the market yet but will soon. All the recent bad news is based off of ...
See all stories on this topic »
Monday, March 14, 2011
Foreclosures plunge 27% - biggest drop on record
CNNMoney
S&P/Case-Shiller reported that prices are going down, and Zillow, the real estate website, said nearly 30% of borrowers with mortgages owe more than their homes are worth. Looking to the future, the 50 state attorney generals seem to be making progress ...
See all stories on this topic »
CNNMoney
S&P/Case-Shiller reported that prices are going down, and Zillow, the real estate website, said nearly 30% of borrowers with mortgages owe more than their homes are worth. Looking to the future, the 50 state attorney generals seem to be making progress ...
See all stories on this topic »
Banks Need to Streamline the Short Sale Process
Patch.com
Encino real estate agent says the number of short sales in the Valley is a major factor stifling the real estate market's recovery. A brand-new $1.1 million, 5200 square foot home in Davie, Fla. is offered for short sale. The number of homeowners who ...
See all stories on this topic »
Patch.com
Encino real estate agent says the number of short sales in the Valley is a major factor stifling the real estate market's recovery. A brand-new $1.1 million, 5200 square foot home in Davie, Fla. is offered for short sale. The number of homeowners who ...
See all stories on this topic »
California Realtors push for easier short sales
Los Angeles Times (blog)
Even as home seizures stall nationally with big banks facing a potential overhaul of the foreclosure system, California's real estate agents want to see an alternative to foreclosure made simpler. The short sale, in which a lender allows a borrower to ...
See all stories on this topic »
Los Angeles Times (blog)
Even as home seizures stall nationally with big banks facing a potential overhaul of the foreclosure system, California's real estate agents want to see an alternative to foreclosure made simpler. The short sale, in which a lender allows a borrower to ...
See all stories on this topic »
Saturday, February 12, 2011
Home Prices in US Declined 1.6% From Year Earlier
Bloomberg
It'll be a “long and bumpy” housing recovery, Stuart Miller, chief executive officer, said on a Jan. 11 conference call with analysts. “Shadow inventory and ...
See all stories on this topic »
Bloomberg
It'll be a “long and bumpy” housing recovery, Stuart Miller, chief executive officer, said on a Jan. 11 conference call with analysts. “Shadow inventory and ...
See all stories on this topic »
| Home-Vacancy Rate in US Rises as Ownership Drops to 10-Year Low of 66.5% Bloomberg Measuring empty residences is a gauge of housing supply that includes the so-called shadow inventory of properties not listed with real estate agents, ... See all stories on this topic » |
| Buyers are scarce in housing slump istockAnalyst.com (press release) 31, 2011 (United Press International) -- A home construction industry consultant in California said the housing market lacks a critical component: Qualified ... See all stories on this topic » |
Housing Inventory Posts Unusual Decline
Wall Street Journal (blog)
California markets saw the biggest increases in inventory, led by Orange County (up 3.4%), San Diego (2.7%), and Los Angeles (2.5%).
Wall Street Journal (blog)
California markets saw the biggest increases in inventory, led by Orange County (up 3.4%), San Diego (2.7%), and Los Angeles (2.5%).
The miserable state of California
San Francisco Chronicle (blog)
Foreclosure filings affected 6.9% of homes last year in the Stockton area, the seventh-highest rate in the nation...Stockton's violent crime and ...
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San Francisco Chronicle (blog)
Foreclosure filings affected 6.9% of homes last year in the Stockton area, the seventh-highest rate in the nation...Stockton's violent crime and ...
See all stories on this topic »
Luxury home sales jump 21% in California
Los Angeles Times
LA-area real estate offices also noticed the uptick in $1-million-plus sales. "I think last year there were a lot of buyers who said now is the best time to ...
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Los Angeles Times
LA-area real estate offices also noticed the uptick in $1-million-plus sales. "I think last year there were a lot of buyers who said now is the best time to ...
See all stories on this topic »
Friday, February 11, 2011
California Commercial Real Estate Turning Point Forecasted by 2013
Imperial Valley News
Los Angeles, California - Commercial real estate investors and developers are showing signs of optimism about California office and industrial markets, ...
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Imperial Valley News
Los Angeles, California - Commercial real estate investors and developers are showing signs of optimism about California office and industrial markets, ...
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New Real Estate Tax Rumor Explained
Patch.com
The president of the California Association of Realtors clarifies the 2013 real estate tax, as well as the anti-flipping rule and FHA loans for condos. ...
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Patch.com
The president of the California Association of Realtors clarifies the 2013 real estate tax, as well as the anti-flipping rule and FHA loans for condos. ...
See all stories on this topic »
Monday, January 24, 2011
Fewer US Homes Were `Under Water' in Third Quarter as Foreclosures Rose
Bloomberg
30, the Santa Ana, California-based real estate information company said in a report today. That was down from 11 million, or 23 percent, at the end of June ...
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Bloomberg
30, the Santa Ana, California-based real estate information company said in a report today. That was down from 11 million, or 23 percent, at the end of June ...
See all stories on this topic »
Hot Property: Who lived there? Bing, Bing, Bing
Los Angeles Times
Der Bingle sang of a "White Christmas," but the crooner's heart was in sunny Southern California, where he invested in real estate and built houses. ...
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Los Angeles Times
Der Bingle sang of a "White Christmas," but the crooner's heart was in sunny Southern California, where he invested in real estate and built houses. ...
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When will housing come back in California? Five experts offer their views
Los Angeles Times
The Times asked five California experts for their take on the state of real estate and what they think is needed to get the housing market moving again. ...
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Los Angeles Times
The Times asked five California experts for their take on the state of real estate and what they think is needed to get the housing market moving again. ...
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Sunday, January 23, 2011
Failing California hotels draw Chinese
Financial Times (blog)
California's real estate market lures interest as one of the worst hit in the US and the state has long-standing China links. “Many investors' children come ...
See all stories on this topic »
Financial Times (blog)
California's real estate market lures interest as one of the worst hit in the US and the state has long-standing China links. “Many investors' children come ...
See all stories on this topic »
Few bright spots in Southern California housing market
Los Angeles Times
"I don't think you are going to see any immediate, strong surges," said Kerry D. Vandell, director of UC Irvine's Center for Real Estate. ...
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Los Angeles Times
"I don't think you are going to see any immediate, strong surges," said Kerry D. Vandell, director of UC Irvine's Center for Real Estate. ...
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Sunday, January 9, 2011
How Can Bankruptcy Affect My Mortgage?
Stock Markets Review
If you are struggling under piles of debt and bankruptcy is the only option left, myriad questions flood your thoughts. What will happen to the business? ...
See all stories on this topic »
Stock Markets Review
If you are struggling under piles of debt and bankruptcy is the only option left, myriad questions flood your thoughts. What will happen to the business? ...
See all stories on this topic »
Friday, December 10, 2010
Southern California homes sales at lowest level in three years
Housing Wire
Absentee buyers — mostly investors and some second-home purchasers — bought 21.8% of the homes sold in Southern California in October, paying a median of ...
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Housing Wire
Absentee buyers — mostly investors and some second-home purchasers — bought 21.8% of the homes sold in Southern California in October, paying a median of ...
See all stories on this topic »
Monday, November 29, 2010
Southern California office rents a bargain compared with other world business ...
Los Angeles Times
London's West End held on to its crown as the world's most expensive office market in a semiannual survey, while comparatively cheap Southern California ...
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Los Angeles Times
London's West End held on to its crown as the world's most expensive office market in a semiannual survey, while comparatively cheap Southern California ...
See all stories on this topic »
Foreclosures Ease Slightly in October
DailyFinance
By DOUGLAS MCINTYRE Posted 6:30 AM 11/11/10 Economy, Real Estate Real estate research firm RealtyTrac says foreclosures eased a tiny amount in October. ...
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DailyFinance
By DOUGLAS MCINTYRE Posted 6:30 AM 11/11/10 Economy, Real Estate Real estate research firm RealtyTrac says foreclosures eased a tiny amount in October. ...
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Report suggests that mortgage lenders are tightening
e-wisdom.com
The Federal Reserve Board's October 2010 Senior Loan Officer Opinion Survey, a quarterly report, gathers banking industry trends by polling more than 22 US ...
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e-wisdom.com
The Federal Reserve Board's October 2010 Senior Loan Officer Opinion Survey, a quarterly report, gathers banking industry trends by polling more than 22 US ...
See all stories on this topic »
Zillow Study Shows Housing Slump Approaches Great Depression Levels
Portfolio.com
... and a report for the third quarter of 2010 says falling home prices and high foreclosure rates are taking the housing slump to Great Depression levels. ...
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Portfolio.com
... and a report for the third quarter of 2010 says falling home prices and high foreclosure rates are taking the housing slump to Great Depression levels. ...
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California Researcher Warns of New Mortgage Fraud Trend
Real Estate Channel
The residential real estate industry in the US just can't catch a break. The latest bad news come from Interthinx, a little-known company in little-known ...
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Real Estate Channel
The residential real estate industry in the US just can't catch a break. The latest bad news come from Interthinx, a little-known company in little-known ...
See all stories on this topic »
Foreclosure shadow inventory will take more than 40 months to clear: Fitch
Housing Wire
While those loans represent 25% of the entire mortgage market, trends and issues can be extrapolated to the rest, analysts said. ...
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Housing Wire
While those loans represent 25% of the entire mortgage market, trends and issues can be extrapolated to the rest, analysts said. ...
See all stories on this topic »
Sunday, November 28, 2010
Foreclosure activity up across most US metro areas
The Associated Press
As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who ...
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The Associated Press
As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who ...
See all stories on this topic »
Utah remains among highest in foreclosures
Deseret News
Las Vegas-Paradise, Nev., continued to post the nation's highest metro foreclosure rate in the third quarter, with one in every 25 housing units receiving a ...
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Deseret News
Las Vegas-Paradise, Nev., continued to post the nation's highest metro foreclosure rate in the third quarter, with one in every 25 housing units receiving a ...
See all stories on this topic »
Credit check for employment stirs debate
Atlanta Journal Constitution
A growing number of people affected by record joblessness and foreclosure rates in metro Atlanta and nationwide have a new worry: Will bad credit keep me ...
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Atlanta Journal Constitution
A growing number of people affected by record joblessness and foreclosure rates in metro Atlanta and nationwide have a new worry: Will bad credit keep me ...
See all stories on this topic »
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