California Association Offers Mortgage Protection

California Association Offers Mortgage Protection

To make home buyers less skittish about purchasing a home amid concerns about job security, the California Association of REALTORS® has created a Housing Affordability Fund to provide mortgage protection.

The fund will pay buyers' mortgages for six months, up to $1,500 per month, if they become unemployed.

Eligible buyers are salaried employees who have not owned a home during the last three years, are buying properties in California between April 2 and the end of the year, and are working with a real estate pro on their transaction.

Funded by donations from REALTORS® and REALTOR® associations statewide, the program also offers $750 per month for six months to eligible co-buyers, along with a $10,000 death benefit and accidental disability coverage.

Source: American Banker, Kate Berry (04/06/09)

REALTOR® Magazine-Daily News-California Association Offers Mortgage Protection

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Tread Carefully When Making a Low-Ball Offer

Tread Carefully When Making a Low-Ball Offer
These days, it’s easier to make a low-ball offer than it used to be, but still it’s important to be smart. Here are some things that a real estate practitioner and would-be buyer should consider when contemplating such an offer:

— Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
— Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
— Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market? Is the buyer in a hurry?

If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.

Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)

REALTOR® Magazine-Daily News-Tread Carefully When Making a Low-Ball Offer

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"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com

Barbarainc@gmail.com

Coldwell Banker Nautilus

9535 Mission Gorge Rd #E

Santee, Ca 92071

Lic. #01742839

Property Tax Info Is a Few Clicks Away

The Lincoln Institute of Land Policy has put its property tax database online. The database is a comprehensive source of information about finance in every state and many municipalities.

Users can manipulate the database to compare property tax laws, rates, and assessment rules, and to identify property tax relief programs.

The institute, which is associated with The George Washington University in Washington, D.C., plans to shortly add a database of property values across the United States.

Source: Lincoln Institute of Land Policy (06/08/2009)

REALTOR® Magazine-Daily News-Property Tax Info Is a Few Clicks Away

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"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com

Barbarainc@gmail.com

Coldwell Banker Nautilus

9535 Mission Gorge Rd #E

Santee, Ca 92071

Lic. #01742839

With Economy Improving, Rates Become Focus

REALTOR® Magazine-Daily News-With Economy Improving, Rates Become Focus

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“Foreclosure Moratorium” explained

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a “90-day moratorium” and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs as defined by the Act.

Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact. For more information call 619-850-4174 to learn more about the Housing Stimulus Laws of 2009.

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Green Tip: What's your Water Footprint

Green Tip of the Week: What’s your water footprint?
To learn how water-intensive your lifestyle is and how to lessen your
“water footprint,” visit Waterfootprint.org

"Making Real Estate Simple!"

Barbara Ann Paul Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Industry Lobbies to Extend Buyer Tax Credit

Industry Lobbies to Extend Buyer Tax Credit
Key organizations in the housing industry are urging Congress to increase the $8,000 home buyer credit to $15,000 and make it available to all home buyers instead of just those buying a first home.

"What is being billed as a recovery is not showing up in the cash register yet," says Richard A. Smith, CEO of Realogy Corp. and a member of the Business Roundtable, which is orchestrating the lobbying effort.

The Roundtable’s campaign is also pushing Congress to make permanent expanded limits for loans eligible for government purchase or backing. The limit is now $729,750 in high-cost housing markets.

Source: The Wall Street Journal, Nick Timiraos (06/10/2009)

April sales and price report

For release:
Thursday, May 28, 2009

C.A.R. reports April home sales increased 49.2 percent, median home price declined 36.5 percent