A Monkey Itself is Not less Than a Monkey

by qinfovio 25. March 2014 13:27
Good afternoon,
 
I am bringing you two important reports today.
 
On one side, it covered the housing distress sale market in California from Foreclosure Radar.
It really show you the declining market of default property.
 

2014 Foreclosure Radar Report

 

this report is more upfront with the market housing situation

 

                                than the other one that I attach "February 27.2014.

This one is coming from the California Association of Realtor that say that we are on the right track as the Economy continues to improve.

 

Home's sales are moving again for the past couple weeks.

 

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As I am touring the Monterey Peninsula to find the best market to buy in, I will have to say that you will have the more home for your money in the Carmel Valley area. From the medium $700,000 to a $1M and the more you go up, the better it is.

 

It is a great time of the year to visit this area, with lot of flowers that are just blooming from early spring.

 

Buying a home in this area is also safer at the higher price. But always try not to buy the best house in the neighborhood unless you have a bargain.

 

I want to bring this one to you today at  180 Calle De La Ventana Carmel Valley $1,080,00. It is around 10 minutes pass Carmel Valley Village, up on the hill on the right side. It is a really good bargain for this house.

 

What I have seen a lot in the Carmel Valley area; are that homeowners are using extra income for renting other spaces on their properties.

 

It is a great idea because it is probably the only way that you can qualify for a mortgage. This property has a nice entrance to the main house with an incredible view of the valley. On the left side of the property, there is a guest quarter that is very large, very spacious, very private, with almost a two bedrooms and one bathroom, kitchen, living room.

 

On the the other side of the property, there is another guest unit with one bedroom, one bathroom, living room, kitchen. 

 

Both units are on each side of the property with their own entrance. They bring an easy $3,300 of income. When you use this income to help you to get a loan, lender will use 75% of the income to bring into the loan, in this case $2,475. 

 

They have permit for all their bathrooms and guest units.

 

With a 20% down payment ($216,000), mortgage would be at around $4,823, minus rental income, get you down to $1,523.

 

You can also add the income to lower your down payment. You can also sell your home in other areas of the Peninsula that you bought two or three years ago, plenty of equity.

 

As it come to finance, you will be better off to use a mortgage broker that will have more flexibility on bringing you the best product/plan into your purchase.

 

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As I am starting to blog my Tuesday Talk and sharing this blog to Twitter, Face book....

I have to put a headline, a title for each week with couple pictures to get people to check it out.

 

I will name this week blog "A Monkey Itself is Not less Than a Monkey".

 

                                                                        

 

As I visited more property in the Carmel Valley area, I run into one where like 180 Calle De La Ventana where owners have couple living units in their barn with couple bathrooms. Very great idea to get more income.

 

The question that I ask to any Realtors with additional unit or even with a swimming pool, does the property has a well or is it CALAM water and if with CALAM, any permits? If owners did not get any permit and it has already use his 2 1/2 permit allowance, no other bathrooms will be permitted.

 

Selling a home with added bathroom unit and in this case in the barn, will need to be taking down. And in this case, they also added these units to selling price of the property.

 

What good is to list a property for sale without fixing any major issues. First you will need to take down $300,000...$400,000 of the selling price, even more if it was over price, then removed or cap all water supply. And of course, I am sure that sellers are all smiling and running the numbers already, but as the title for my week blog "A Monkey Itself is Not less Than a Monkey".

 

Thanks and I will see you next week!

 

Christian Viollaz
License 01318338
Don’t Pay Another Cent in Rent To Your Landlord ...

 

 

 
 
 

 

February 27.2014.pdf (4.77 mb)

03.25.14 NOD Liist.pdf (7.10 kb)

Tags:

Quacking Chicken

by qinfovio 18. March 2014 15:43
Good afternoon,
 
I want to bring you back from to my Tuesday Talk of March 04 with this PG's condo. It was sold for cash for $565,000. The link will not work anymore, only when it was active.
                                                                                        ____________________________
 
 
It is a nice townhouse located in one of the best complex in Pacific Grove. It is gated, it has 3 bedrooms, 2 baths, 2 cars garage, a patio over looking the lake tennis court with a monthly HOA of $310.
When I am looking to invest or buy a condo: I first check the location within the city, the city itself, location in the complex, the condition
of the unit, condition general aspect of the complex. I will rate this unit a A+. Once it comes to the price, it cannot be sold more than appraisal price.
                                                                                                         
                                                                                                            +++++
 
A short comment that I would like to add is by seeing and visiting many property, I and most real estate agents know when we have a good buy.
A condo versus a single family home? For most investors, they will check at the same items that I mentioned and also at income.
 
I have seen similar sales price in the Skyline Forest area, all cash. Investors are slowing getting out of the bond market to a safer place, Real Estate.
 
If you are planning to step in, It is very important to try bring an offer the sooner as possible and try to close the deal to compete with any cash offer.
 
                                                                                          ________________________ 
 
I mentioned couple weeks ago saying that I visited a bunch of homes in Seaside and that most of them were over price.
As today, inventory in Seaside is increasing to 32.
 
As now, I am beating the drum to buyers to step it. You are going to be able to renegotiate as supply is increasing. You don't have to wait for the price to be reduced. A lot of these homes are flipping homes and investors need to get their cash back.
                                                                
While I was walking to one these homes, getting to find the lock box,  I started hearing https://www.youtube.com/watch?v=lmevJzXALpk
couple chickens over the fence. They were extremely noisy and even with the closed door and double window panel.
 
Luckily by visiting other properties I ran into a site inspector from the City of Seaside under the name of Laura. I asked her what was the status concerning farm animals with our city. Chickens are allowed but rooster are ban.
 
It did not make much sense since I consider both farm's animals.
 
I am also aware that some properties around Del Monte Golf Course in Monterey have goats.
 
The reason that I am sharing with you this story is that you have to check with your City and County for their ordinances concerning farm animals. I loved them, they are fun and it is great to have them around on one acre or larger size property but I don't think that they fit in any residential property. They will affect the sale of your property. And a seller, be sure to disclose it if you plan to sell.
                                                                                    
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The world's economy, mostly in Europe and the U.S is still very fragile. We are using a lot of monetary printing not just to pay of our interest's debts, but try to cover our unbalance budget and we cannot catch up.
 
As we are getting into a new crisis with the situation in Ukraine, more specifically in Crimea with more economics' sanctions from the West to the East, and Russia back to the West. Russia is supplying over 30% of natural gas to Europe, with Germany being their larger trader.
 
I will expect this situation to affect our stock market, our monetary policy, and the rest will follow, including real estate, lending.
 
My on going studding with the book "Market Wizard" with all these main traders, showed how News affect market at different past financial events. Sometime the market react to News, sometime it don't.
 
Thanks and I will see you next week!
 
Christian Viollaz
License 01318338
 
To Find Out What's Your Home Worth?
 
 
 

Tags:

"The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."-

by qinfovio 11. March 2014 15:26
Good afternoon,
 
The slow dripping of homes ending as REO and 3 Party should be changing direction this year.
 
A quick review of: What is a NOD? The first step that as soon that someone default on their mortgage, lenders will follow
all regulated procedures that precede the foreclosure process. Lenders are required to make multiple attempts to connect with the homeowners and to assist them with any available programs. It usually takes an average 60 days and if no respond are made from homeowners, NOD Notice Of Defaultwill be recorded.
 
What is a foreclosure property that end up as REO or 3 Party? If no solutions were made to assist homeowners, property will be sold at
the Court House, and also online through Auction.com. Sales are cashier check, Buyers will be considered 3 Party/Investors and many
times, Lenders are ending getting their property back and it is then called REO property.
 
The biggest draw of this type of sale is that there is no title insurance, meaning you have to check if there is any other liens and their positions...
 
Meaning if you buy a property second loan that seems very appealing at first, there is a big chance to get a larger loan in front of it...
Meaning that you will end up with the need to buy the first loan or loose your money.
 
You have to do your homework and the best way to find out at the court house is if you are the only one that is betting on it.
It also happen when you try to buy from homeowner directly that will give you a grand deed, but has couple recorded loans on it.
 

                                                                  

Instead of having lenders that are getting heavily regulated to deal with the entire foreclosure process, these defaulting mortgages are sold to "Loan Servicers" that take over the process. Lenders might finally found a new flood gate!
                                                                                  ________________________
 
As the press like to use all kind of useless word to confuse and create fears on you, in today's world Banks and Lenders have the same
identity with the exception of few local banks.
 
We have a new regulation started with Chase Bank first, and if you run a property management, you will need to adjust with the change. You renters will not be allowed to make any cash deposit through deposit slip into your account, even if it is a business account. They will need to use check or handle you the cash deposit.
 
                                                                                    ______________________

 
I will be bringing this Tuesday Talk into my blog at my site  http://www.carmelforsales.com/default.asp that will be post into my face book
 
I am at the earlier stage to try to figure out how to use all these tools. The person that is leading me in this new venture is James Albucher with his book "Choose Yourself" and you should be able to click on the link above.
 
As I mentioned in another blog with the Lost Interview by Steve Jobs, one of his main message is To learn How to Think.
 
I had used his philosophy many times and most recently with our evolving economy. I am very fortunate to be in the right field for that purpose.
 
I am starting my 14 years as a real estate broker, and my own brokerage for 10 years. I brokered loans for 4 years, passed my real estate appraiser license. I had my financially hardship in 2009, I lived through it and now I try to figure how did the all thing happen.
 
As when I started my real estate career, it was a large 500 pieces puzzle to put together and is now completed.
 
I started over 4 years ago to research all the elements that created this big mess and it seems that everyone had forgot about it already.
 
Why? Because we were conditioned and put into a way of thinking, a mold for the past 50/60 years that does not allowed you to think.
Our government and politicians are doing the thinking for us, it is more convenient and without knowing if they are right of wrong.
 
As I already mentioned, you cannot just take a look at a specific item, like real estate, banks, but also at what create values, at our GDP,
at our the national and world debt, unemployment, stock market, monetary...try to interlink and put this 1000 pieces puzzle together.
 
It is more like looking at that the formation and the movement of the continents. And the biggest challenge is to find a way to bring it to You.
 
The latest book that I am just starting is "The Money Bubble" by James Turk & John Rubino.
 

                                                   

 
The first imprint in their book: "The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant."-Robespierre
                                                                                         ___________________
 
The purpose of this evolving and any kind of research is to understand what it takes to think.
 
I will be sharing and bringing to you all these items and at one the time, we will be able to pull the string and all pieces will fit together.
 
Thank and I will see you next week!
 
 
Christian Viollaz
License 1318338
9 Buyer Traps and How to Avoid Them
 
 
 

03.04.14 NOD List.pdf (10.52 kb)

03.04.14 REO 3 Party.pdf (5.36 kb)

 

 

Tags:

Real Estate Economics

Are Your Eyes Bigger Than Your Stomach?

by qinfovio 4. March 2014 16:14

Good afternoon,
 
I am meeting a lot interesting peoples with our new office location. I always like to have my real office to be located at the street level as close to the down town as possible. (But I will not pick Alvarado St in Monterey, why? Go check it out...).
 
That way, you can have a better feeling of the community, businesses around yourself. But according to our city in Seaside with their new zoning concerning the West Broadway Development, all offices are supposedly to be at the second floor in this project or heavy penalty for their use permit.
 
Just before noon today, someone, a lady, was walking through our door, looking for a rental. I listened to her story mentioning that they used to own a real estate office in Seaside. They lived through the creasy time of our last real estate boom, had many agents, were making a lot of money. From one single family home, went to buy a 5 acres mansion in the Prunedale area, Jaguar car....living a millionaire life.
 
And suddenly the market started to change, their real agents were living the industry with the up coming bubble, they lost all their properties, through foreclosures and end up in a 2 bedrooms, 1 1/2 bathroom apartment in South Salinas. Her husband went back to sales in a different industry. Then health issue came up, they have health insurance but not enough to cover all the bills at over a $1 million.
 
It is a true story that they tried to move on and get their lives back and it was not a long time ago, only 2009. But it seems that we try to forget this story that happen to millions of American family.
 
                                                                                            ______________________
 
We have been assisting buyers in the San Mateo area where the housing market is getting crazy. Since we are getting closer to larger cities, you will find better paid jobs. The price range that we were looking at around $650,000. Home prices were up 40% in less than 3 years, mostly due to low interest rates and more ARM loan coming available.
 
First choice of buyers to get the property would be a cash sale, conventional loan 20% down and both are usually "As Is" and the cash sale has no loan contingency.
 
And the last horse to come is our FHA's buyers that have absolutely no chance to get this property. And it is good news!
 
FHA loans required only 3.5% down payment and is a federal insured loan, just like a student loan. They cannot be discharged through bankruptcy with the court.
 
At the height of our bubble market, we all have at least two mortgages into a property 80/20, 80/10/10...and most of them had no down payment and we were able to dispose the debts if we were insolvents.
 
I said that FHA buyers should stay away from 3.5% down payment with FHA mortgage and 0% down payment USDA type of loans.
 
If the property value go back in reverse, let 's say 3.5% or back to 40% for San Mateo area, not only your property will be upside down but you will have to repay the debt. And it is the reason that I brought you the story from this lady walking through my door at noon.
 
The lesson that I learned from our previous "Crisis" you should not forget the word "Never" and don't get your eyes bigger than your stomach, don't consume more than your produce, and what ever will never happen to you will happen.
 
 
 
                                                                                                ____________________________
 
 
When I am looking to invest or buy a condo: I first check the location within the city, the city itself, location in the complex, the condition of the unit, condition general aspect of the complex. I will rate this unit a A+. Once it comes to the price, it cannot be sold more than appraisal price.
 
                                                                                                ___________________________
 
I went to visit a dozen of homes in the Seaside area, from asking price of around $250,000 up to $550,000 and I will said that the type of buyers from the high of the market in 2005 compared to 2014 are more demanding. All these buyers are properly pre-approved and they will not buy if property is not close to perfect condition or are over price.
 
First impression is the best impression, so if you are a seller, take an extra week to clean up the inside property and another couple thousands of dollar on the outside/backyard. For every dollar that you put in it, you will at least double the return.
 
                                                                                                ______________________
 
I noticed that agricultural commodities prices have been low, in a bear market for the last three years. Falling food prices have masked the increase in prices of other things-like health care, utilities (electricity and water).
 
But as you can tell by walking into any grocery store, food prices are going up –
 
Yesterday, I paid $8.99 for a pound of bacon. It wasn't the fancy, gourmet bacon, either. It was the pre-sliced, shrink-wrapped stuff you find in the packaged-food section of any supermarket. It was $4.99 a pound a few weeks ago.
 
Bacon isn't the only food going up. Beef, chicken, milk, and cereal prices are all headed higher in the U.S. and around the globe.
 
Expect higher food prices coming up the next 3 years until this cycle revert.
 
Thank you and I will see you next week!
 

 

Christian Viollaz
License 1318338
9 Buyer Traps and How to Avoid Them
 

 

 

03.04.14 NOD List.pdf (10.52 kb)

03.04.14 REO 3 Party.pdf (5.36 kb)

Tags:

Real Estate

Choose Yourself with James Altucher, are you next?

by qinfovio 25. February 2014 16:47
 
 
 
Good afternoon,
 
 
 
The micro climate in our area within a thirty minutes driving is very diversify. As yesterday I had to do a quick run from downtown Seaside where the weather was nice close to 70's, passing through
Hwy 1/Carmel area nicely under fog at around 50's to my destination at the Palo Colorado Canyon. It is located south on Hwy 1, just past the Rocky Point restaurant, first road on your left.
 
You will find a nice narrow road in the middle of a giant redwood forest and by 4.30 PM you cannot tell if it was sunny or foggy, but it make you feel like that you are wearing a big hat. I was very thanks full to the Fire Station that help me located a property.
As we had a short talk, all roads in most Big Sur area are nameless and in most case, cell phone don't work.
 
My only comment that I can make for this specific area, I hope that they will never, never have any fire because there is only one way out, up or down. Roads are so narrow, between giant trees and you can easily loose your sense of orientation.
 
                                                                                        _________________
 
I have to come back with last week concerning the credit report...the last, last thing that you don't want in it and you better to check it if you are a renter is any collection due to eviction.
 
As with our property management division, I will work with any and most situations but a posted eviction in your credit report, is a No!, No!
 
I suggested to my friend to call the collection agency, pay them off and get it out of your credit report. It is good as much for residential than commercial.
 
That was a time you were able to walk away without paying rent for months, breaking lease, damaging the property and so on,  and now it is over.
 
Any monetary issue could end up in this report, so check it out once a year.
 
                                                                                        _________________
 
I have to do a run to the water management last week to get my permit so I can open my office. They have couple buildings at 5 Harris Court of Hwy 68. At the same time I checked for one our client that was asking on getting a permit from 1 1/2 bathroom to a 2 bathroom.
 
The total cost of the permit including of junk fees for the extra 1/2 bathroom for shower or tub is around $1,000.00. I asked them if they added any lunch fees  into their junk fees and I almost get her.
 
Adding a legal 1/2 bathroom to your house is going the best return on your money and I will expect the price to keep rising, get it done while you can.
 
                                                                                          ________________
 
You can see in our REO 3 Party list of today, property located 362 El Caminito Rd in Carmel Valley sold at the court house for $834,900.
Most of 3 party sales are flip's property. I know this property and I will be watching once he come back on the market for asking price and selling price. It is a nice piece of property but the access is not my preferred one. I say that it could be a good one to buy and live in but to flip, I am not quite sure!!!!
 
 
                                                                           ____________________
 
A good and crazy book to check is the one from James Altucher "Choose Yourself". I am using the slow time of the year and also the reopening of our office on putting seeds on our marketing. 
 
I have been into practice for quite a while on how to learn to think to myself, it is sometime a painful process to go through but extremely rewarding at the end.
 
In his book, I was mostly interested  with the use of the multi media, the networking, blogging and try to understand how the entire pieces work together.
 
It is taking me back to last week subject with creating traffic with your search engine and it is the other way of going instead of Zillow.com.
 
He showed you on you can publish your book for a very low price.
 
He is also an extremely good successful entrepreneur and you are welcome to be the next.
 
Thank you and I will see you next week!
 
 
Christian Viollaz
License 01318338
 
To Find Out What's Your Home Worth?
 
 
 
 
P.S I have a request with good reference, searching for a studio or a room for rent in the Carmel Valley area up to $750

 

 
 

02.25.14 NOD List.pdf (5.53 kb)

02.25.14 REO 3 Party.pdf (8.18 kb)

Tags:

Real Estate Economics

The Lost Inteview with Steve Jobs, is Zillow taking the same Path?

by qinfovio 19. February 2014 09:30
Good afternoon,
 
In today's NOD list, I inserted all information that show in the detail report that I can email you.
It is all public information and it is recorded.
 
I strongly suggest to all of you to pull out your credit report once a year. It seems that more and more stuffs are
in getting in this report and it is also getting a requirement for most of job application. Be sure to remove what is cluttering your report and is incorrect.
 
                                                                        ____________________
 
The place where everyone go to get information on a property is Zillow.com and if not, by just entering a property address with zip code in yourGoogle search, Zillow.com will pop up. You will also see at least three Agents to pick on the right side.
 
It will cost an XXX amount of money for Agent to sign up with Zillow.com. They are also asking all agents to collect testimony from their past clients by sending an email from Zillow.
 
Zillow has invested $40 M in 2013 and is planning another $65 M in 2014 in advertising.
 
To get your top position in the search engine in the web, you have to create traffic by buying these positions,
and you need to create more traffic by forcing Agent's clients to get in to post testimony.
 
                                                                         _____________________
 
I want to bring and share with you and there is a cost to get it, you can also get it through Netflix
 
 
I am so fed up with the Microsoft's products for the past 20 years and this interviewing is telling you why. (good things that this interview was lost)
 
This interview kind of bring you the evolution of an industry and all industry in general. It takes you from all the way from the beginning, with the conception on how to learn to think. Steve was saying that when they have issues, they have to think on how to fix it.
 
He was ask, how did he learn to run a company? They started with the basic, the cost to build and develop a product.
 
But at that time, all they have been taught was estimate, because they did not have enough information and it is how it was done.
 
It is the way it was done because how it was done yesterday.
 
But with their new computerize system, they were able to narrow down to exact numbers.
 
Steve also said that every one should learn to program a computer so they will learn to think. It is the same that going to law school, learn how to think. But he also does not think that anyone should be a lawyer but law school teach you how to think.
 
He also speak a lot about the Product, People that build the Product and Sale/Marketing People that mostly end up running these company.
 
What make a company is the Product, but it comes to the point when it is secondary and they forget to make a good product.
 
You also have to be passionate at what you do. You have to bring the best players in your team. The average to best product is a 2 to 1 in most market, but in the software market, it has to be at least 50/1 if not 100/1 if you want to be the best.
 
He also said in the 1980s while he was visiting HP office that it was the time when company took pride of their employees and treating themvery well, 10.00 AM donuts basket and the whole stuff.
 
                                                                                    ____________________
 
I will say that we lost the perception of the reality. What I mean by that that we lost the balance between the product team and the sale/marketing team.
 
And now, I am taking you back to Zillow. They have a good product but their marketing team is very aggressive and almost unpleasant to deal with.
 
I am dealing with my sale rep to get a spot in one these area, but here again, by buying the entire search engine in real estate, we and you are force to go with them. But I think that their sale/marketing team might end up with "Déjà Vu" story from this Steve Jobs interview.
 
I will bring you next week on how I am taking the time to think with James Altucher and his book "Choose Yourself". A real entrepreneur, a very interesting guy that I am following. He is probably the Steve Jobs on the Multi Media.
 
                                                                                       
Thanks and I will see you next week!
 
Christian Viollaz
License 01318338

FREE Quick Over-The-Net Home Evaluation

www.MontereyBuyersClub.com
 
 
P.S. I did not brought you any property from our broker tour yet since this Tuesday Talk is not intend to sell you anything but it is in our list.
 
 
 
 
 
 
 
 

02.18.14 NOD list with all Info.pdf (34.16 kb)

02.12.13 REO Third Party.pdf (11.38 kb)

Tags:

General

New Casual Office, Flex Your Mortgage Option, Fire Your Lender!

by qinfovio 12. February 2014 12:43
Good afternoon,
 
We have finally opened our new office, still located in Seaside, just across the Goodwill Store.
 
At first, I put into my business card the renamed or added address from 704 Broadway Ave Suite C to 704 Obama...the post office has not recognized this name change yet and some mail person will not deliver to this new name.
 
I try to break the typical boring real estate office, with a bunch of intimidating desks, formal front desk or sometime the opposite with run down office to a more casual, friendly space.  
 
It has been a very good experience to lived as it took us close to eight months to go through the all process for changing to a new location.
 
It did not take me a long time to figure out the amount of time that it will take between a change of ownership in the building, the City new zoning plan for the West Broadway Redevelopment project. You just have to seat and wait and pay everybody little money et voila!
 
In this similar situation, you have to put your energy into other projects. I am mainly putting mine into researching value, and there is as much
technical part than psychology part.
 
The technical part is to learn all different types of market, stocks, bonds, commodities...
 
And the psychology part between who is right, who is wrong. It is usually more easy to do the convenient, like using debt to stimulate our economy,
but is it going to work?
 
To be able to understand the movement on how these plates are moving, you have to look at the global world. And most of the time,
you have to put your ego away. It is extremely fascinating because you can vision and built opportunities with the future.
 
As I said before that we can make as much money if not more when our economy is reversing. But you will need to have an open mind and be able
to adapt yourself.
 
I think that speaking about economy and anything around it is a lost of time and energy since we already all have our mind set.
 
The best way to use reflex ion is visual and I will plan to bring it to you at one time and I will let you know when it is ready.
 
                                                                                            __________________
 
I shared with you not long time ago experience between using lenders, like Chase, Wells Fargo, BOA, saying that their loan program
could be very restricted and if you don't fit into their program, you are out...but it is not because you cannot qualify for a loan to buy a home with them, that you cannot go use a mortgage broker to do it.
 
You have to be flexible and sometime work around opportunity. I believed that we might have a couple to three years left in real estate home value 
appreciation. I will expect interest rate to stay between 4.5% and  5.5% within this time period. In some case, you might want to use an adjustable rate to help you get into a house and lock yourself into a 30 years fix with home appreciation within this time period.
 
I also believe that interest rate will double within the next seven years.
 
I met with one of these three lenders insider yesterday and I was told that they were laying off their staff by lowering their wage.
 
The major issue that I have around these lenders are the inconsistency of their loan department. Their loan officers are not staying and myself
referring my buyers to them is just a waste of time.
 
I will plan to meet and bring you the best one (mortgage broker) that I can find to you. When I say the best one, I will try to bring not only a sale person that is just selling you a loan but someone that might have an more open mind in the near future for your best interest.
 
                                                                                               __________________
 
I am getting back into my routine with our broker tour, previewing and sharing with you all new listings coming in the market.
 
I think that there is more stress on buying on the higher end of the market, I am saying over a $1M dollar home. And the higher you
go, the more you have.
 
Thank you and I will see you next week!
 
Christian Viollaz
License 01318338
Don’t Pay Another Cent in Rent To Your Landlord ...
 
 
 
 

Tags:

New Short Sales Regulations Coming Up! Add yours for FREE

by qinfovio 24. August 2013 17:45

What a short sale veteran Realtor have been living through the past five years.

Since we do not have any kind of regulations to oversee short sales lenders/investors, we are bringing ours to our congressman and you are all invited to the same.

We all start our short sale in the same way. The homeowners have missed their first payment, they received their first calls from their lenders, then a bunch of mail start to piled up and lenders call again and mails keep piling up. By the same time, homeowners should have been receiving a ziliions solicitation through the mail from Realtors, all kinds of organization good and bad offering their help.  Once homeowners have pick one, let say a Realtor, our next step is to contact their lenders, sometime one, other times their second lender and we will stop there. We are required to provide and submit a bunch of documentation, starting with owners income tax, bank statement, HAFA program and a list of government programs available to homeowner.

The next step would be to list the property for sale, bring an offer in, and to start to upload all the stuff into their platform. There has been a lot of improvment since the earlier 2008, when at that time it was done by fax, and we have to stamped loan number on each page, fax and fax again.

After all documentations have been submitted, a negotiator will be attribute to our file. Our negotiator will review all document and will start requesting a zillion of informations from homeowners and then also frombuyer and seller agents and also buyers information, certification that nobody is related to homeowners. As in our area, we are using title company to check all recorded lien relevant to the property, to enter all the In and Out cost related with the sale on the property and we call it the HUD1. During that time, lender/investor will go through platform to order a BPO (Broker price opinion).

It will take a good 30 days more or less to get any respond for an approval and many times we find some concession, condition to get this short sale approve. And it take an average 45 days to get short sale approved.

But we have a black list of lenders/investors that we have no idea what is wrong with them? with them, they will keep requested to update all the documents that we provided them, they take more time than any other average short sale take to review documents and by the time they reviewed the last one, they have to go back to request to update all the documents they requrested 90 days ago, including a new HUD1 is. What also happen, they will bring a new negotiator into the process.

We had short sales with these specific lenders/investors going for four years and we need to contact our congressman, our governmemt, asking to regulatethem. The amount of man power put into these short sales would transalate in thousands of hours of frustration, of paper work, on the phone.

It is costing small business, brokerage a lot of money that we are not getting compesate. The personel (negotiators) used by lenders is very questionable. All parties involve in a real estate transaction related with short sale are regulated, from Realtor with the deparment of real Estate, to title company, to loan  officers. We are all licensed professional.

When researching any rules, there are some but only New rules will speed up short sales - Apr. 19, 2012 apply for Fannie Mae and Freddie Mac loan.

 

 

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What are the Tenants Rights with a Short Sale Property? What are the Owners Tax Liabilities on short selling an Income Property?

by qinfovio 29. July 2013 12:02

We are seeing more issues lately concerning tenants rights in a short sale or a foreclosure property.

With a short sale property, if the lease was signed before the owner miss any payment, this lease is valid and the lender will have to fulfill this lease. The Realtor will have to comply with tenant rights concerning all the showings and it will required a 24 hours notice, check with your state.

                                                                          

 

But the tenant rights and any obligations, that come with any federal and states law, work both ways. Realtors, property management, owners are required to obey by these laws and it also works for the tenants. They are obligated to show the property and respond to any of these compliances. They are obligated to pay their rent until the end of their lease and during the transfer of ownership.

As now, we have a case where tenant has some medical issues and showings are limited to couple days a week, within a specific time frame. The tenant in this case will need to come with a note from the doctor mentioning due to health condition, showings will have to be limited to a specific time. But I will say that in this case, the property will end up in foreclosure.

Once the property foreclosed, it will be turn to an asset management that will instruct tenant with future rent payment.

Usually with all foreclosed property, unless as the case above where it was a short sale and lenders is obligated to the lease, tenant will received a 30 days notice and in some case, they might get some cash for keys.

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Now I am speaking to all Home Owners and mostly the one that own investment property, rental and anything that is not their primary residence. I know that they are offering FREE Stay/ Hotel Room and you might have to share a room.

                                                                             

 

It is not because a short sale has been approved by your lender that mean you are FREE of any tax liabilities.

There are some specifics requirement. The majors ones are: The property has to be your primary residence or you have live there for 2 years since the last 5 years. If you did a refinancing/cash out, it has to be for improving the property and you will have to show all invoices, it can be done to only one property...as now another items was added to the list, for any job relocation.

Lenders will provide you with 1099-C and then you will figure out the rest.

And concerning your Realtor, they will provide you with a bunch of disclosures to protect themselves, mentioning that you should contact a tax attorney or anything similar to that, and that it. They will collect their commission. They will show you all their Short Sale Certification Specialist and the blabla like any sale persons...but when you reach this point, you will find no one to talk to.

I experienced the hardship on my own and my best advice to all of you is to consult with bankruptcy attorney. They will input all your incomes, expenses, and their software will figure out all your options. The main concern of any Debts and if not properly dispose, are the tax involvement.

Be sure to check with any attorneys specialize in this field, at least a real estate or tax attorney and if you have more than one property and you are insolvent, a BK attorney is the way to go. Because if you check with each of them, you have to pay each time, start from the last.

 

 

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Real Estate

08.28.12 New American Revolution

by qinfovio 28. August 2012 14:54

  The next American Revolution

For the past couple weeks, I was watching through DVD the American Revolution and also the the Prohibition from

the 1920 through 1933. This revolution came from learning from the older world, where you had only two class

of people the poor and the rich, no middle class. As B Franklin was visiting England in the 1760, he really felt that

he and the American peoples were not fitting in either class. The purpose of England to make

money with the new world was supposedly be done on trade not on taxing American peoples.

 

And itall start with Stamp Act of 1765, England could made all the money they need with the trade but then the kingdom need

to collect money to pay for his war. They were able to do it with all their other colonies and mostly India.

But in America, people migrated from England and they were not planning to live this policy in the world.

 

The biggest challenge once the war with England was over was to form a government. And it is where I want to make a point to

this Tuesday Talk today. American with only 13 states, was ahead of the world with the idea to create a new type of government

and creating a republic instead of a monarchy, with freedom of speech and the press. It took over 4 months

to write the American Constitution.

 

The New America has change the world politic moving from monarchy, to socialism/communism to capitalism. And the only politic  

 that work is capitalism. As now, our country and all the old world is turning into socialism, meaning that our peoples are expecting 

  in our government to take care of us.

 

At the beginning of the New America and all the way to the Prohibition (1920) there was no income tax. Income tax was created

to pay for the lost of revenue due to the prohibition. American had his up and down since the earlier to mid twentieth century,

economically speaking, but as our government start to need more money to pay for his war, income tax and mostly corporate tax went  

up   high enough forcing major corporations to relocate. And what was a capitalist system that we had is gone. And it is not only  

 happening over here, but to most develop country.

 

And now, a little more than 222 years from our last revolution, we might need to come back to our first purpose to be independent 

from our government not to be dependant. It will probably take a new kind of revolution in the US to get back into more a capitalist system 

and getting less power government/control.

 

We will need to reverse the wheel to go back to a 15% corporate and income tax, so it will be profitable and get the business back

to the US. And our actual crisis has already done a good part of it by readjusting our housing market and it will keep adjusting.

And the next biggest part will be to cut government spending and it is where an evolution that might turn into a revolution will bring us to

the next level, making the wheel to turn.

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