Short Sale Expert and Luxury Real Estate Chat

Foreclosure Sale Delay, Trustee Sale Delay

2011-05-06T12:16:00.000-07:00

Foreclosure Sale Delay, Trustee Sale Delay

JPMorgan's Dimon: No mortgage writedowns

2011-03-31T11:29:00.000-07:00

JPMorgan's Dimon: No mortgage writedowns

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

2011-01-17T17:41:00.000-08:00

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Surefire 2011 Housing Market Prediction

2010-12-15T16:38:00.000-08:00

Sharing Stream, Real-time Sharing, Trending Shares - ShareThis Stream

Short Sale Management for Home Owners

2010-04-11T14:34:00.001-07:00

Short sales can be stressful and a time-consuming process. But in many cases they will be necessary in order to get you out from under your mortgage debt, especially with property values declining like they are today. By doing a short sale, you will be able to take a large bite out of the money you owe to your mortgage company, so that you are no longer liable for the entire amount.

In order to start the short sale process, there are several documents that are needed from you (see below). First off is a third party authorization. This form is so that a third party can speak to the bank on your behalf. This will be included with the rest of the short sale package, or it can be sent over ahead of time. In cases where your Lender requires your property to be listed in order for them to accept a short sale, then we can refer you to many of our top-producing, local agents that we have worked many successful short sales with.

Typical Short Sale Requirements (to be collected from the homeowner)

* Hardship letter – which states what happened to cause you to fall behind, when it happened, and what you’re doing to fix the situation
* Financial worksheet – a breakdown of all your income and expenses
* Your last month of pay stubs or a recent profit and loss statement if self-employed. If you can’t provide either of those then you’ll need a signed and dated explanation of why.
* Your last two months of bank statements
* Your last two years of tax returns (the first two pages only)
* Purchase and Sales Agreement and a listing agreement

In some cases your lender may require additional documentation, or they may require updated documentation, so always keep important paperwork handy and be ready for those requests! If you’re unable to provide requested paperwork in a timely fashion the lender may close your file and you’ll need to start all over! *please note: If you don’t have one or more of the short sale required documents please hand write a letter stating why you do not have that document(s) and sign and date it.

Once those documents are collected the short sale package will then be submitted to the lender(s) and the process will begin. And once the process has been initiated on your property you’ll be able to check the current status of your short sale by visiting Trilogy Property Solutions. You will be given a secure login and password to view the status of your short sale in Real-Time. You’ll also be able to access any other documents you may need, or that will be needed from you.

Email me your property address and telephone number to get started
mike@wemovela.com 323-251-4351

The “frugal aesthetic” pulls down sales of million-dollar homes

2010-02-16T10:03:00.000-08:00

first tuesday journal online » first tuesday blogs the news » The “frugal aesthetic” pulls down sales of million-dollar homes

2010-02-05T15:01:00.000-08:00

MARKET FORCAST: TRENDS TO WATCH

Jobs, foreclosures, option-adjustable-rate mortgages, and interest rates are among the top trends that could dictate what will happen in California's housing markets this year. Here's what you need to know to make sense of how these trends could affect the real estate market.

1. Market Fundamentals
Three market fundamentals that turned positive in 2009 could be good indicators this year as well.
First, home prices have fallen lower than replacement costs in many markets. This means a home can be bought for less than the cost to build it.

Second, home prices are "a lot more attractive" relative to rents than they have been in many years; and
third, inventory of for-sale homes has "dropped very dramatically," says Richard K. Green, director of the
USC Lusk School of Real Estate in Los Angeles. That suggests some markets have stabilized, although
homes priced at more than $1 million may be an exception. "There is still a lot of pain left to come"
in that segment of the market, Green warns.

2. Jobs
"Painful" describes the employment picture and the outlook for wage hikes and job security. Moreover,
housing may now be less sensitive to traditional jobmoving patterns, observes Stefan Swanepoel, a real
estate trends expert, author, and speaker in Aliso Viejo. Home sales that involve corporate relocations or
year-end job changes may be moribund until the employment situation improves.

3. Foreclosures
Jobs are an important factor in foreclosures, though "not everyone who has lost a job has lost their
house yet," Swanepoel says. Homeowners who've lost a job may have had to live on lower wages or one
income, or may have had to tap into their savings or retirement accounts to get by. "If they don't get a
decent job or a good job soon, I can see their houses still coming on the market in foreclosures or
short sales," he says.

Another trend to watch is that some homewners have dodged foreclosure even though they haven't
made their mortgage payments, according to Sean O'Toole, chief executive of ForeclosureRadar.com.
"We don't have the political or societal will to foreclose on [that many] people, but nor do we have
the will to bail out those homeowners who can't afford their payments," O'Toole says. That stalemate
has slowed the pace of foreclosures, which may mean fewer opportunities for REALTORS® to list and
sell those homes, he suggests.

4. Lenders and Loans
Home loans are crucial to healthy housing markets, so REALTORS® need to keep an eye on national
lenders that originate loans locally, Swanepoel suggests. "As they digest the companies they've acquired and find out what loans they have, what loans they are servicing, and what their exposure in certain markets is, they might change their rules and terms and conditions," he warns. Tougher requirements for loans insured by the Federal Housing Administration (FHA) could have an effect on housing as well.

5. Interest Rates
Interest rates could turn out to be the ultimate wild card. How long the Federal Reserve will keep interest
rates low is an unanswerable question on which hangs the future of housing. The Fed's ability to
maintain low interest rates is "the greatest risk to the real estate industry right now," says O'Toole.
"If interest rates go to 8 percent, this market is over."

6. Option-ARM Recasts
Low interest rates have taken the sting out of adjustable-rate mortgages (ARMs), but the paymentoption
variety is still watch-worthy because a recast to make up negative amortization can result in an
enormous payment shock, Green notes. "You could set up a fairly simple example where interest rates
don't go up at all, but the payment doubles," he says. "If that loan was originated with a 90 percent
loan-to-value ratio and you are piling up principal, you could be deeply underwater and unable to make
the payment." Aggressive loan modification programs have blunted the expected blow from option-
ARM recasts, but many homeowners still owe more than their home is worth and 30-day delinquencies
have continued to climb, O'Toole observes.

That suggests more homeowners may throw in the towel. "Strategic walk-aways from negative equity
and/or due to job loss are going to be a bigger issue because modification programs and low interest
rates likely have taken up the slack from the reset/recast issue," he explains.

2009-10-01T21:07:00.000-07:00

Rates to Begin Gradual Climb through 2010

The Fed's recent announcement that it will be tapering off its mortgage-backed securities (MBS) purchase program by the first quarter of 2010 means one thing: mortgage rates will begin a gradual rise back to around 6%.

If you are waiting to purchase or refinance, further delay may mean missing the opportunity to lock-in rates that have remained around 4-5% for much of the year. The MBS-purchase program was designed to help keep rates low, and while this announcement does not mean we'll see a sharp, sudden increase in rates, we can expect a steady climb in rates through the program's end at the beginning of next year. Meanwhile, inventories of unsold homes have fallen to their lowest levels since April 2007, as more buyers move to take advantage of the current low rates and the government's $8,000 first-time buyer tax credit. Due to this refinance boom our team is originating mortgages with all major lenders.

If you are currently debating whether to purchase or refinance a home? Call me today, and let's discuss your situation to see how can help you take immediate advantage of the opportunities that exist in today's market.

2009-09-01T22:40:00.000-07:00

See my interview on Real Estate Web Talk

http://www.realestatewebtalk.com/property.php?id=146

My listing got LA Times Home of the Week

2009-07-01T11:45:00.001-07:00

Sweeping views, grand style - Los Angeles Times
Sweeping views, grand style - Los Angeles Times

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I got mentioned in the Wall Street Journal

2009-07-01T11:42:00.001-07:00

http://online.wsj.com/article/SB10001424052970204456604574206570543366410.html

2009-07-01T09:52:00.001-07:00

Southland median sale price inches up for first time since ‘07
June 17, 2009
La Jolla, CA---Southern California home sales rose for the 11th consecutive month in May as sales of $500,000-plus homes started to come back. The median price paid increased slightly from the prior month for the first time since July 2007, the result of a shift in market activity where sales of deeply discounted foreclosures waned and mid- to high-end purchases rose, a real estate information service reported.
A total of 20,775 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties last month. That was up 1.3 percent from 20,514 in April and up 22.8 percent from 16,917 a year ago, according to San Diego-based MDA DataQuick.
Sales have increased year-over-year for 11 consecutive months.
May’s sales were the highest for that month since May 2006, when 30,303 homes sold, but were 21.2 percent below the average May sales total since 1988, when DataQuick’s statistics begin.
Foreclosure resales – homes sold in May that had been foreclosed on in the prior 12 months – accounted for 50.2 percent of all Southland resales. That was down from 53.5 percent in April and from a peak of 56.7 percent in February. May’s figure was the lowest since foreclosure resales were 50.9 percent of all resales last October.
The remarkably sharp declines in the Southland’s median sale price over the past year have been exacerbated by a shift toward an above-average number of sales occurring in lower-cost inland markets rife with discounted foreclosures. However, the number of homes lost to foreclosure declined over the winter, leaving fewer for bargain hunters to scoop up this spring. Meantime, sales have begun to rise a bit in many mid- to high-end markets, which could be due at least in part to sellers dropping their asking prices.
Last month 83 percent of the existing Southland houses sold were purchased for less than $500,000, compared with 84.8 percent in April. Conversely, sales $500,000 and above rose from 15.2 percent of sales in April to 17 percent in May. The last time the $500,000-plus market made up more than 17 percent of all sales was last October, when they were 19.9 percent of sales.
The median price paid for all new and resale houses and condos sold in the six-county Southland last month was $249,000, up 0.8 percent from $247,000 in April but down 32.7 percent from $370,000 a year ago.
The median price hadn’t risen from one month to the next since July 2007, when it increased 0.6 percent from $502,000 to $505,000.
Last month’s median was the second-lowest for any month since it was $242,000 in February 2002, and it stood 50.7 percent below the peak $505,000 median reached in spring and summer of 2007.
“We appear to be in the early stages of the market gradually tilting back toward a more normal balance of sales across the home price spectrum. As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we’ll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose,” said John Walsh, MDA DataQuick president.
“Let’s not forget we’re into the traditional home buying season right now,” he continued, “meaning more people are purchasing for all of the normal reasons, such as a new job or to get settled before school starts. Many are concerned with finding the right home in the right area, not just the most deeply discounted home.”
Among the reasons high-end sales have been nearly frozen the past year: The “jumbo” mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40 percent of Southland sales were financed with jumbo loans, then defined as over $417,000. Last month it was only 12.0 percent, though that was up from 10.6 in April and the highest since last November, when $417,000-plus loans were used for 12.2 percent of home purchases.
At the lower end of the price spectrum, first-time buyers continue to rely heavily on government-insured FHA financing. Such loans were used to finance 38.4 percent of all Southland home purchases last month, down slightly from 38.9 percent in April but up from 19.7 percent a year ago. In the Inland Empire, more than half of all May home purchases were financed with FHA loans.
Absentee buyers, including investors who will have their property tax bills sent to a different address, bought 19.4 percent of the Southland homes sold last month. That’s up from 16.9 percent a year ago and 18.6 percent in April. The monthly average since 2000: 15 percent.
MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Southern California buyers committed themselves to paying was $1,052 last month, up from $1,038 the previous month, and down from $1,782 a year ago. Adjusted for inflation, current payments are 52.1 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 60.7 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains near record levels, while financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes and flipping rates are stable. Non-owner occupied buying has risen and is above-average in some markets, MDA DataQuick reported.

1754 Sunset Plaza Drive. The uncomparable Hollywood Hills Estate

2009-04-19T12:36:00.000-07:00

Amazing new Estate By Richard Tuil. www.1754sunsetplaza.com
Set behind gates in the most vibrant of LA’s celebrity neighborhoods modern architectural lines seem to blend seamlessly with old world craftsmanship. This newly constructed Hollywood Hills view estate defies classification and is beyond compare.
In creating his own residence, renowned celebrity designer and architect Richard Tuil has realized a masterpiece and perhaps defined a new genre of fusion architecture. Entering though the glass rotunda and descending in to the grand ballroom is nothing less than thrilling experience. A massive glass wall perfectly frames views of the city below and with the touch of a button… this ballroom transforms into a full size theatre with seating for 18. Each vantage seems more artful than the next, the craftsmanship and attention to detail are astounding.
The master suite begins with a romantic and intimate boudoir with rich wood paneled walls warmed by a fireplace. Open a hidden door to the bedroom and the scene turns sexy. Slide away the 20-foot glass walls to reveal a cascading infinity spa and 100’ long pool that melt into the horizon. This suite contains two lavish baths both with city views one, with its limestone vaults, is an astonishing work of art.
Dazzling city light and ocean views serve as the backdrop for luxurious and grand outdoor living space thoughtfully served by a 2nd chef’s kitchen. Refresh at the swim up pool bar or simply relax in the elegant roman spa.
As if refusing to be ordinary the living room and dining room are graced by turquoise waters from an additional swimming pool. A triumph in engineering this estate is unforgettable, exciting, and undeniably cool just like the neighborhood it presides over. 6 bedrooms 12 baths, call for pricing information

Buyers and Investors; Now is the time.

2009-02-27T14:13:00.000-08:00

An Opportunity of a Lifetime

Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.

Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.
The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone – from those looking to purchase their first home to seasoned real estate investors – are buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."
Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.
New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.
Why Buy Now?
Three very important reasons to buy now are:
1.Interest rates are at all time lows;
2.Home prices have declined to levels not seen in years; Many condo's and a few homes are being sold for less than replacement value. Think about that!
Lower Prices Don't Always Equate to Lower Payments
One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.
Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."
Call me and we can discuss the best options for you today.

Hollywood Hills Price Trends over the last 8 Years

2009-01-29T12:38:00.000-08:00

The above chart shows the change in the average price per square foot paid for homes in the Hollywood Hills over the last few years.
You can see how quickly prices were driven up. In fact prices more than DOUBLED IN FIVE YEARS! This growth was due to seemingly limitless mortgage financing that allowed anyone and everyone to be a buyer. Today that financing is gone, those buyers are gone, and that demand is gone. What and we are now left with is expensive real estate with few able and/or willing buyers. The market has ground to a halt. For this reason many predict, myself included, that prices will fall back to late 2003 or early 2004 levels. Many pockets and many homes have already hit this level and sold for those prices-Mostly bank owned or short sales. This is what has already happened in most other parts of the country that are now hitting the bottom. Our bubble burst late and price corrections are in full swing as of now. Please discuss

1 in 10 homeowners troubled.

2008-12-09T17:55:00.000-08:00

The LA times reported on Saturday that a record 1 in 10 homeowners are either late on their mortgage or have entered foreclosure at the end of September! Although I was a little shocked to read that, I does seem that way. Much of our business right now is helping distressed homeowners. We have become very skilled at negotiating short sale transactions.
You probably know someone that is struggling with their mortgage payments and/or owe MORE than the house is worth. Please pass along my contact information to them. Our goal is to discretely handle these situations and help maintain the home values of our neighborhoods.

Short sales are pretty common and nothing to be ashamed of.
This isn't a thing that irresponsible people with bad credit do. Usually our clients have excellent credit but they just purchased a home at the wrong time. (not represented by us I might add) A short sale is when a person sells the house for less than they owe on it. This is generally considered to be a better option than foreclosure. It is a win/win for both the lender and the homeowner.
Homeowners elect to do this when they can no longer afford to make the payments OR when they really don't see any benefit to making the payments anymore and keeping the house. This would be because the home is worth less than they owe on it. Due to recent law changes with the mortgage debt relief act if the short sale process is handled by a trained professional it is not a bad option and for those who qualify. I can go one all day about this subject and it is actually quite complicated. Please ask any questions you have at this point.

First Post

2008-11-07T15:10:00.000-08:00

Reduced to $1,135,000, sellers loss is your gain.
This is now a great value in the Hollywood Dell.

Very hard to find a done Spanish house for just over 1 mil! Spanish style homes will hold their value.

See pics and at www.6464Odin.com