Hi People.
I've been the infrequent panelist on a radio show called The San Diego Money Makers (catchy).
I was on yesterday (Feb 6th) when we talked about V.A. loans and the difficulties they present, loan modifications and how they are the new "unicorn" in the real estate industry, appraisals and how that is the new "dirty" word in real estate and some other good stuff. So, give it it a listen and be kind, I'm very sensitive.
Click on the title to hear yesterday's podcast.
God Bless.
Sunday, February 7, 2010
Thursday, February 4, 2010
Less
What it look like, People?
Yikes! Realtors are running for the hills. The gold rush in California real estate has been over since mid '06 and the # of Realtors who got out of the game are representing.
The # of licensed Realtors fell 29,247 in California during '09. Down 5.5% in '09 and down 12% since '07. Oh my! That's mucho less real estate phone calls and people knocking on your door. Have you noticed fewer people with little shiny badges stating their name and realty association with forced smiles? How about people preaching the good gospel from "our first lady of the market is just fine and do not pay attention to depreciation and now is the perfect time to buy/ sell" church? Less bench ads, less mailers and less vanity license plates stating "#1 in SD".
This stat doesn't even talk about the people with an active real estate license who aren't working as a realtor anymore.
What does it mean? I do not know. Hopefully it will shake out all of the unprofessional in the real estate industry.
Prediction: This year the # will change. How's that for cowardly?
Read what the Orange County Register says (not exactly the Wall Street Journal) on the subject by clicking on the title.
God Bless.
Yikes! Realtors are running for the hills. The gold rush in California real estate has been over since mid '06 and the # of Realtors who got out of the game are representing.
The # of licensed Realtors fell 29,247 in California during '09. Down 5.5% in '09 and down 12% since '07. Oh my! That's mucho less real estate phone calls and people knocking on your door. Have you noticed fewer people with little shiny badges stating their name and realty association with forced smiles? How about people preaching the good gospel from "our first lady of the market is just fine and do not pay attention to depreciation and now is the perfect time to buy/ sell" church? Less bench ads, less mailers and less vanity license plates stating "#1 in SD".
This stat doesn't even talk about the people with an active real estate license who aren't working as a realtor anymore.
What does it mean? I do not know. Hopefully it will shake out all of the unprofessional in the real estate industry.
Prediction: This year the # will change. How's that for cowardly?
Read what the Orange County Register says (not exactly the Wall Street Journal) on the subject by clicking on the title.
God Bless.
Wednesday, February 3, 2010
Deficiency Judgement Or F... You, Pay Me.
Yo People.
Ray Liotta's character in "Goodfellas" said it best, "F... you, pay me! That's what's going on in the foreclosure and short sale world. You fall on hard times and you can't continue to make your mortgage payments. The bank says "give us 'da money". You say "I can't. I lost my job, I have a sixth grade education and a broken hip". The bank says "we'll take your house you expletive". You say "that sucks, but I understand & you gotta do what you gotta do". So, the bank either forecloses on you or maybe they'll allow you to do a short sale. In either case, you could owe them the deficiency amount. Huh? You could owe the bank what they eventually lost.
If you owe $300K and the bank only gets $200K (just simple math, there are all kinds of fees and expenses but it's all bottom line stuff) you will potentially owe the bank $100K. But you got the house? F... you, pay me. You said I could do a short sale? F... you, pay me.
Here in California there is a situation where you will not owe that deficiency. It's called non-recourse. It means if the money borrowed was used to purchase your home (not money to remodel, send kids to college or fix your broken hip) the banks have no recourse to come after the deficiency. Nice.
If you are in that situation where your mortgage is becoming too unbearable you need to talk to your accountant, your realtor and perhaps a bankruptcy attorney. These people will protect you as much as possible.
Read the article from CNN Money by clicking on the title.
God Bless.
Ray Liotta's character in "Goodfellas" said it best, "F... you, pay me! That's what's going on in the foreclosure and short sale world. You fall on hard times and you can't continue to make your mortgage payments. The bank says "give us 'da money". You say "I can't. I lost my job, I have a sixth grade education and a broken hip". The bank says "we'll take your house you expletive". You say "that sucks, but I understand & you gotta do what you gotta do". So, the bank either forecloses on you or maybe they'll allow you to do a short sale. In either case, you could owe them the deficiency amount. Huh? You could owe the bank what they eventually lost.
If you owe $300K and the bank only gets $200K (just simple math, there are all kinds of fees and expenses but it's all bottom line stuff) you will potentially owe the bank $100K. But you got the house? F... you, pay me. You said I could do a short sale? F... you, pay me.
Here in California there is a situation where you will not owe that deficiency. It's called non-recourse. It means if the money borrowed was used to purchase your home (not money to remodel, send kids to college or fix your broken hip) the banks have no recourse to come after the deficiency. Nice.
If you are in that situation where your mortgage is becoming too unbearable you need to talk to your accountant, your realtor and perhaps a bankruptcy attorney. These people will protect you as much as possible.
Read the article from CNN Money by clicking on the title.
God Bless.
Tuesday, February 2, 2010
Legal VS Moral And Your Deposit $
Hi People.
The difference between legal and moral is a very gray line. The law is only man's feeble attempt at justice. That's why there are so many people who get mad at a court's decision to punish too lightly or too severely in any type of legal scenario, from a terrorist to a jaywalker.
Same goes in real estate where the law usually comes down to what's in the contract.
So, first of all, know what's in the contract! Don't let it come down to "but I thought that meant....", it does not matter. What you thought is irrelevant, it's what you signed.
But, there are plenty of situations in real estate where you might have to sign something, even if you don't like it that much, in order to buy or sell a home.
A good example of that is the contingency periods on a contract. If you're a buyer in competition for a house you might accept a shorter or stricter contingency period, leaving your deposit a bit vulnerable. If you're the seller & only one person wants your house and they want certain contingency periods elongated, then you might have to or possibly lose that buyer.
But, either one of the scenarios does not eliminate your right to fight for the deposit if something goes against you when the contingency period is not on your side. I only suggest doing this when you feel that you have been wronged and that you are morally correct. Otherwise you're kind of creepy.
If you are a buyer in escrow and your contingency periods are up and something happens where you can not go through with the purchase, the seller will want to keep your deposit. If you think you're being screwed, fight him. He can't (or at least he's not supposed to) open a new escrow without cancelling (everyone has to sign this cancellation to make it valid) the current escrow. Meaning, he can't resell his house without all parties agreeing on the cancellation.
If you are a seller and the buyer still has his contingency periods you have hardly any leverage. You want to resell your house and the buyer (contractually) is in the right. If you get a new buyer then just sign the cancellation that gives the buyer their deposit. But, if you feel you have been wronged do not sign the cancellation until you get a new buyer. While you're waiting for a new buyer try to negotiate with the old buyer that you keep some of the deposit money.
In either case, the only thing the other party can do is threaten to take you to mediation, arbitration or small claims court. Don't go. Negotiate up to that point and if they don't budge, sign the cancellation because you will lose. When you do lose you will be stuck with the court costs. It does not matter if you are morally right, the courts do not care.
Whatever your situation, go with what your heart says. Trying to jerk someone will come back on you.
God Bless.
The difference between legal and moral is a very gray line. The law is only man's feeble attempt at justice. That's why there are so many people who get mad at a court's decision to punish too lightly or too severely in any type of legal scenario, from a terrorist to a jaywalker.
Same goes in real estate where the law usually comes down to what's in the contract.
So, first of all, know what's in the contract! Don't let it come down to "but I thought that meant....", it does not matter. What you thought is irrelevant, it's what you signed.
But, there are plenty of situations in real estate where you might have to sign something, even if you don't like it that much, in order to buy or sell a home.
A good example of that is the contingency periods on a contract. If you're a buyer in competition for a house you might accept a shorter or stricter contingency period, leaving your deposit a bit vulnerable. If you're the seller & only one person wants your house and they want certain contingency periods elongated, then you might have to or possibly lose that buyer.
But, either one of the scenarios does not eliminate your right to fight for the deposit if something goes against you when the contingency period is not on your side. I only suggest doing this when you feel that you have been wronged and that you are morally correct. Otherwise you're kind of creepy.
If you are a buyer in escrow and your contingency periods are up and something happens where you can not go through with the purchase, the seller will want to keep your deposit. If you think you're being screwed, fight him. He can't (or at least he's not supposed to) open a new escrow without cancelling (everyone has to sign this cancellation to make it valid) the current escrow. Meaning, he can't resell his house without all parties agreeing on the cancellation.
If you are a seller and the buyer still has his contingency periods you have hardly any leverage. You want to resell your house and the buyer (contractually) is in the right. If you get a new buyer then just sign the cancellation that gives the buyer their deposit. But, if you feel you have been wronged do not sign the cancellation until you get a new buyer. While you're waiting for a new buyer try to negotiate with the old buyer that you keep some of the deposit money.
In either case, the only thing the other party can do is threaten to take you to mediation, arbitration or small claims court. Don't go. Negotiate up to that point and if they don't budge, sign the cancellation because you will lose. When you do lose you will be stuck with the court costs. It does not matter if you are morally right, the courts do not care.
Whatever your situation, go with what your heart says. Trying to jerk someone will come back on you.
God Bless.
Monday, February 1, 2010
I Thought You Was That Other Guy!
Buenos dias People.
Just read an article (from the smarty-smarties at Forbes) saying that we are #1! We San Diegans do it better than anyone. Our home prices fell faster than I fell in love with my wife (aw). "San Diego has seen the greatest three month drop in asking price, falling 7.3% from Oct 09 to Dec 09" said Forbes.
Maybe asking prices falling means that less expensive places are on the market?
Maybe people are holding on 'til after the holidays?
Maybe I sound a little stupid? Stupid like a fox (stolen from Homer Simpson).
Actually, it was a case of mistaken identity. Forbes saw Carlsbad #s and thought San Diego.
The San Diego median home price went up from $325,000 to $330,000 from Oct 09 through Dec 09. Carlsbad, however, did go down 7+% from approx $860,000 to $830,000 during that same period.
Things are not usually as bad (or good) as reported.
Some fact checker is going to be in trouble.....
Read the article (click on the title) and pity those poor people at Forbes. Will they ever amount to anything?
Just read an article (from the smarty-smarties at Forbes) saying that we are #1! We San Diegans do it better than anyone. Our home prices fell faster than I fell in love with my wife (aw). "San Diego has seen the greatest three month drop in asking price, falling 7.3% from Oct 09 to Dec 09" said Forbes.
Maybe asking prices falling means that less expensive places are on the market?
Maybe people are holding on 'til after the holidays?
Maybe I sound a little stupid? Stupid like a fox (stolen from Homer Simpson).
Actually, it was a case of mistaken identity. Forbes saw Carlsbad #s and thought San Diego.
The San Diego median home price went up from $325,000 to $330,000 from Oct 09 through Dec 09. Carlsbad, however, did go down 7+% from approx $860,000 to $830,000 during that same period.
Things are not usually as bad (or good) as reported.
Some fact checker is going to be in trouble.....
Read the article (click on the title) and pity those poor people at Forbes. Will they ever amount to anything?
God Bless.
Saturday, January 30, 2010
Gots to read the whole article....
Greetings People.
I came across an article published by Rismedia (real estate news that claims to be "the leader in real estate news") with a huge title saying "Economic Optimism Reaches it's Highest Level". Sweet! No more recession, everything's honky dory (is honky still racist if it's used in this context?). Well, if you read the article it tells a very sun shiny story of how 335 executives were surveyed and how a gargantuan 1/3 of them thought that the worst of the recession was behind us. Squeeze me? Let's look at it.
First, 1/3 of the executives thought that "the worst of the recession was behind us". Thank goodness we get to keep the good part of the recession.
Second, 1/3? Only 1/3? 2/3s think we are still doomed.
People, do not get me wrong. This ray of light (very skinny ray of light) is good/ great. Things do seem to be happening. But, watch out where you're getting your info and make sure you know if they have an agenda, like trying to blow something up your nether land or trying to get you to drink "the economy's fine" kool-aid.
Read the report and see what you think by clicking the title.
God Bless.
I came across an article published by Rismedia (real estate news that claims to be "the leader in real estate news") with a huge title saying "Economic Optimism Reaches it's Highest Level". Sweet! No more recession, everything's honky dory (is honky still racist if it's used in this context?). Well, if you read the article it tells a very sun shiny story of how 335 executives were surveyed and how a gargantuan 1/3 of them thought that the worst of the recession was behind us. Squeeze me? Let's look at it.
First, 1/3 of the executives thought that "the worst of the recession was behind us". Thank goodness we get to keep the good part of the recession.
Second, 1/3? Only 1/3? 2/3s think we are still doomed.
People, do not get me wrong. This ray of light (very skinny ray of light) is good/ great. Things do seem to be happening. But, watch out where you're getting your info and make sure you know if they have an agenda, like trying to blow something up your nether land or trying to get you to drink "the economy's fine" kool-aid.
Read the report and see what you think by clicking the title.
God Bless.
Thursday, January 28, 2010
Obama talked for 1 1/2 hours and all I got was....
Hi People.
I haven't wrote (or written?) in a couple of days due to my new concoction of H1N1, swine flu, SARS, whooping cough and the boogey woogey flu. I am such a trail blazer. But, now I am back.
The President threw down his State of the Union speech last night and at the tail end of talking about how much better, and affordable, he's going to make education he said this about the real estate plan "That's why we're working to lift the value of a family's single largest investment -- their home. The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments. This year, we will step up refinancing so that homeowners can move into more affordable mortgages".
Then he immediately went into health reform. Now I know there are plenty of important things to talk about, but maybe he could have took another five minutes and went into it a little more. It's estimated that there will be 3 million plus foreclosures this year. His reply to that, we'll fix it.
Maybe I'm a little sensitive because the real estate world is where I work, eat and live.
He is a lovely speaker.
Click on the title to read the president's entire speech.
God Bless America.
I haven't wrote (or written?) in a couple of days due to my new concoction of H1N1, swine flu, SARS, whooping cough and the boogey woogey flu. I am such a trail blazer. But, now I am back.
The President threw down his State of the Union speech last night and at the tail end of talking about how much better, and affordable, he's going to make education he said this about the real estate plan "That's why we're working to lift the value of a family's single largest investment -- their home. The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments. This year, we will step up refinancing so that homeowners can move into more affordable mortgages".
Then he immediately went into health reform. Now I know there are plenty of important things to talk about, but maybe he could have took another five minutes and went into it a little more. It's estimated that there will be 3 million plus foreclosures this year. His reply to that, we'll fix it.
Maybe I'm a little sensitive because the real estate world is where I work, eat and live.
He is a lovely speaker.
Click on the title to read the president's entire speech.
God Bless America.
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