Very Well Maintained! Nice two bedroom just minutes away from the 805 Freeway. Close but not TOO close. Nestled in behind a shopping mall and adjacent from a Veterans pa...
Nice 5 bedroom home in Eastlake Greens. One full bed and bath downstairs. There is a large yard as well as a large side yard that belongs to the hoa....
Great single story on a cul de sac. Close to association pool and parks. Amazing upgrades too numerous to list but tiled flooring throughout, granite kitchen countertops,...
Gov. Jerry Brown has signed Senate Bill 458 into law that extends the protections of SB 931, from last year, to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Should there be two loans on a home one of the loans is always junior to the other, if he main loan agrees to a short sale and pays the second a small amount, which the junior agreed to, the second still could go after the seller for the outstanding balance. This is a worry of many seller’s in todays market. They want to be responsible and help sell a home that they shouldn’t have purchased in the boom years or they have a financial, personal or medical issue causing them to be behind and the dont want to conduct a foreclosure. This law now protects them so long as the banks agree to the sale in writing. There is an urgency clause in this bill making it effective upon signing. Your agent will receive a letter from the bank of which a seller can get a copy. Should you be considering selling your home short, I insist that you go and interview an experienced agent at a major Realty Estate company. Here at Realty Executives/Dillon we have a whole staff that works in harmony to see you are protected in the selling of your home. Please contact Jason at 619-279-6311 or visit me at www.teigerhomes.com.
There are few notices more distressing than an eviction. Since the housing bust, more than 8 million properties in this country have gone into foreclosure. 40 % of the people living in these were, and are, tenantes. They are often the last ones to know that a foreclosure is in the works, having paid their rent faithfully each month; and they are typically the most misinformed about their rights, through no fault of their own. A 2009 federal law requires that tenants be allowed to stay for the duration of their lease, or without a lease, for at least 90 days. However there is no federal agency which oversee the law’s implementation.
Tenants see a foreclosure notice, then get a knock on the door. Standing before them is not someone helping them, or even telling them of their rights, but an agent representing the building’s new owner. Generally the bank or investor who want to see the tenant get out. 5 things renters need to know about eviction proceedings.
1. The lease and tenancy take precedence.
The protecting tenants at Foreclosure Act of 2009 is a federal law that allows renters to remain in a foreclosed building for the duration of their lease. If you are at a month to month arrangement, you can stay at least 90 days from the date you receive a written eviction.
2 If someone official tells you otherwise, take a name.
There is a widespread violation of tenant rights by agents of the banks after foreclosure, and some of the worst violators are real-estate agents. Strict ethical codes govern what agents must disclose to buyers and sellers, those principles do not apply to what agents do, and do not tell, tenants. If you think you are being told something misleading, contact the state dept. of Housing or the local real estate board.
3.Get it in writing.
You as a tenant can make alot of these verbal harassments go away just by demanding everything in writing. If someone is at your door, simply tell that agent: “I don’t wish to discuss my tenancy any further. Please put it in writing.”
4.Cash for keys is only a request.
A tactic used by banks is to offer the tenant money to leave by a certain date. The tenant signs papers agreeing to a date chosen by the bank. The tenant maintains the condition of the property and then receives the check from the bank . This may be a good option for a tenant, but often it is not. What the tenant needs to know is that you can not take the money and still have your 90 days to vacate. It is important for the tenant to know that they have both options and one may work better for their situation than the other.
5.State and local laws may offer additional protection.
A small but growing number of municipalities are passing, “just cause eviction laws” that exclude foreclosures. This means that a landlord cannot evict tenants without cause and foreclosure is not cause. Should you continue to pay rent to a landlord that is not paying the mortgage and is pocketing the money? Unfortunately that is a bitter pill to swallow but the answer generally is yes if you want to stay in the property. Pay your rent on time and in full so the owner has no ammunition against you and confirm the identity of the owner and get that identity in writing. Then pay that owner. Unfortunately you will not recover your deposit as the landlord is bust and the time to and money spent to fight for that deposit would far exceed the deposit itself in most instances.
Most of the energy used by a dishwasher is for heating water. The Energy Guide label attached to new dishwasheers estimates the annual power needed to run the appliance and heat the water based on natural gas and electrical costs.
Here are some Dishwasher Tips
-Check the manual that came with your dishwasher for the manufacturer will suggest water temperature. Many models today have internal heating elements that allow you to set the water heater to a lower temperature like 120 degrees.
-Scrape, don’t rinse, lare food pieces and bones from dishes. Soaking or prewashing is generally only recommended in cases of burned-on or dried-on food.
-Be sure your dishwasher is full, but not overloaded, when you run it.
-Avoid using the “rinse and hold” on your machine for just a few soiled dishes. It uses 3 to 7 gallons of hot water for each load.
-Let your dishes air dry; if you don’t have an automatic air-dry switch, turn the control knob to “off” after the final rinse and prop the door open slightly so the dishes will dry faster.
Long-Term Savings Tip
-When shopping for a new dishwasher, look for the ENERGY STAR label to find a dishwasher that uses less water and 41% less energy than is even required by federal standards.
Beware of Home Rental Scam
01/10/12
Chula Vista—
ATTENTION!
This letter is to all homeowners in Chula Vista and to all readers of my blog and to all those who receive my monthly E-newsletter. There is a housing scam that is putting thousands of dollars into someone’s pockets while getting some people kicked out of their homes.
Prudent Constituents Association (PCA) is locating vacant foreclosed homes in Chula Vista and filing quitclaim deeds with the county recorder. They then rent the homes out and pocket the money. There is no current litigation that is ongoing as several real estate brokers in the area have found out. The Several real estate agents in the area are having this happen to the homes they are selling for the various banks. These agents have investigated and know they aren’t paying taxes nor the HOA fees. The PCA claims their money collected goes to fund a lawsuit against banking institutions on behalf of the District Attorney’s office cannot comment as they are investigating and reviewing the case.
Once a home is fully prepared for the market with a sign and lockbox placed on the home, the PCA removes them from the house, places their own signs and fraudulently places tenants into the homes. At present they have upwards of 30 properties they are renting in Chula Vista. 3 on one street!
The renters will be evicted once the authorities track down the rightful owner of the houses, which in most cases is the bank. The banks are not locally based and have such a backlog of foreclosures that this scam is only now getting on their radar. This quitclaim fraud could be done to your home. There is at present no way to prevent them from quitclaiming, your home and the county doesn’t have the manpower to make sure the PCA is the real owner. Be vigilant in your neighborhoods as some seedy elements seem to follow the PCA into the areas they are quitclaiming properties and problems with neighbors and legitimate home owners is now developing….. I will keep you informed.
Treasury Report Outlines Path for Winding Down Fannie, Freddie
WASHINGTON — The Obama administration laid out three broad options Friday for reducing the government’s role in the mortgage market. All three would almost certainly lead to higher interest rates and costs for borrowers.
The administration said in a report that the government should withdraw its support for the mortgage market slowly, over five years or more. The report describes a path for winding down the troubled mortgage giants Fannie Mae and Freddie Mac.
But rather than making a single recommendation, the administration offered Congress three scenarios and will let lawmakers shape the final policy.
The options are:
– No government role, except for existing agencies like the Federal Housing Administration.
– A government guarantee of private mortgages triggered only when the market is in trouble.
– Government insurance for a targeted range of mortgage investments that already are guaranteed by private insurers. The government guarantee would kick in only if those private companies couldn’t pay.
The private sector will assume a greater role in housing finance under all of the options. The government currently owns or guarantees more than 90 percent of new mortgages.
“Under any of the scenarios there’s going to need to be more private capital in the housing system,” said Michael Barr, who recently left his post as assistant treasury secretary to return to teaching at Michigan University Law School. “That’s going to mean more pressure on interest rates.”
The bailouts of Fannie and Freddie have cost taxpayers nearly $150 billion. Republicans have called for Fannie and Freddie to be abolished, and have largely blamed the two for leading the country into the 2008 financial crisis.
But there is a growing recognition that drastic action would upend the housing finance system, threatening the broader economy.
The report comes after years of debate about how to end the government’s role in housing. The options have been discussed for years as well.
By handing the decision to Congress, the administration sidesteps one of the most complex and politically explosive questions facing the financial system. Any of the three options will almost certainly cause mortgage rates to rise.
Treasury Secretary Timothy Geithner said the Obama administration needed to defer to Congress on a final decision to avoid having a “monopoly on ideas.” He said the housing industry was years away from recovery and that it would take five to seven years to dissolve Fannie and Freddie.
“We’re going to drive West without knowing where we’re going,” Geithner said. “Somewhere around Salt Lake City, we’ll have to make a choice.”
A near-complete withdrawal by the government probably would end the popular 30-year fixed rate mortgage or, at least, make it more expensive. Banks would prefer adjustable-rate mortgages that would fluctuate with the markets.
However, all three options maintain some level of government support, either through guarantees or through existing agencies,such as the Federal Housing Administration.
Administration officials said the proposals will end the hybrid model of public-private companies that left the public on the hook for billions when Fannie and Freddie failed.
The housing finance system should guarantee access to affordable housing for Americans who can afford it, they said. To that end, any plan would increase support for rental housing, add safeguards for people in rural and underserved areas and preserve FHA loans for low- and moderate-income borrowers.
The report, issued jointly by the Treasury Department and the Department of Housing and Urban Development, suggests several short-term measures that would effectively increase the cost of taking out a government-backed mortgage. Other financing options would become more competitive, drawing private dollars back into the market.
These include reducing the maximum size of mortgages purchased by Fannie and Freddie by more than $100,000, to $625,000, by October. The companies would require 10-percent downpayments for all loans. And the fee for the government guarantee would increase.
Geithner said the plan to dissolve Fannie and Freddie would proceed “very carefully,” and promised that the companies would have the cash they need to meet their existing obligations.
“We think there’s very broad consensus on the Hill and in the broader private market that there needs to be a transition to a much smaller role for the government,” he said.
The plan calls for changes beyond the government’s massive support for mortgage finance. For example, it says there should be national standards for the companies that collect borrowers’ monthly payments. Those companies, known as mortgage servicers, admitted last year to foreclosing on borrowers without filing the required legal papers.
-AP
Before you start making repairs, before selling your home or marking dates on your calendar for an open house, it’s smart to prepare a home selling plan. Of course, you want top dollar, but you could make costly home selling mistakes along the way if your enthusiasm for quickly selling causes you to run out and stick a for sale sign in the yard before you’re fully prepared to sell.
Motivation for SellingExplore your reasons for selling. Everybody has a reason to sell. If you aren’t truly motivated or committed to selling — if it just struck you one morning that you should move to the other side of town and you haven’t completely thought through the process — you could be setting yourself up for disappointment.
Buying a New Home
Most people who sell do so to buy another home. Put together a list of neighborhoods where you may want to live and drive them. Go to open houses. Check out pricing between newer homes vs. older homes. Weigh your options. You might find you prefer to stay where you are.
Call Real Estate Agents<Interview real estate agents, talk to at least three neighborhood specialists. Ask each listing agent to give you a marketing plan that explains what they will do to market your home. In addition, ask the agents to prepare a comparative market analysis for you and ask each for advice about:
Preparing your house for sale.
Repair costs prior to selling.
Home Staging.
Home priceing.
Call me as I am always happy to discuss the preparing and eventual selling of your home! Jason 619-279-6311.
This is the onset of a new blog that will be an ongoing daily communication with the vast buying and selling public. Additionally, I will be providing some information for my readers to digest as I am an avid student of the JFK assassination as I feel it was the end of an era where we the people controlled our destiny and it was placed in the hands of others. I will make one unequivocal judgement: The Warren Commission not only was wrong, it was a cover up. Four to the seven members of the committee didn’t even believe it themselves. Maybe if I can pause a reader to stop and think about my JFK anecdotes, I in turn can help bring about change.
New REO Statistics:
For those of you curious about the market as we head into 2012, look at these numbers.
1,600,000 Homes are currently owned by Lender/Banks
3,600,000 Mortgages are delinquent and at risk of foreclosure
14,000,000 Mortgages are at 125% or greater LTV than the actual home values.
JFK factoid # 1 (the inaugural event)
On the day of the assassination, there were 12 secret service violations that occurred: 1) no military protective presence. 2) Open windows along the selected route. 3) Police motorcycles were out of position 4) Agents were not riding in the Presidential limousine. 5) The vehicles in motorcade were in improper sequence. 6) The utilized an improper route which included a turn of over 90 degrees. 7) Limousine came to a near halt at the corner of Houston and Elm. 8) Limousine came to a halt as the bullets started flying. 9) Agents were unresponsive at time of shooting. 10) Blood and brain matter were washed out of the limousine at the hospital even before the President was pronounced dead. 11) The limousine was stripped down and rebuilt the Monday after the shooting. 12) Secret Service had no presence in the crowd along the route.
As a side note to number 9, the agent seen running to the limousine at the time of the shooting was assigned to Mrs. Kennedy. Does this seem like the actions of a highly skilled and honed and professional protection agency?
CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
California’s mangled real estate market saw a sliver of promise Tuesday.
The California Association of Realtors said pending home sales statewide rose in May, the first year-over-year increase in 18 months.
CAR said its Pending Home Sales Index in May was 118.3, up 1.6 percent from April’s revised index of 116.4 and a 12 percent gain over May 2010.
The index is based on contracts signed in May. CAR considers pending home sales an indicator of future sales activity.
“May marked the first year-over-year increase in pending sales since November 2009 and the largest annual increase since August 2009,” said Beth L. Peerce, CAR president. “And as a result, annual sales for all of 2011 should match or exceed last year’s annual pace.”
Housing prices fell in March to their lowest point since the downturn began, erasing the last little bit of recovery from the depths achieved two years ago, according to data released Tuesday.
The Standard & Poor’s Case-Shiller Home Price Index for 20 large cities fell 0.8 percent from February, the eighth drop in a row. Prices are now down 33.1 percent from July 2006 peak.
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More Options
 Your agent will receive a letter from the bank of which a seller can get a copy. Should you be considering selling your home short, I insist that you go and interview an experienced agent at a major Realty Estate company. Here at Realty Executives/Dillon we have a whole staff that works in harmony to see you are protected in the selling of your home. Please contact Jason at 619-279-6311 or visit me at www.teigerhomes.com.
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