LOS ANGELES–(BUSINESS WIRE)– The CALIFORNIA ASSOCIATION OF REALTORS^®(C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

SB 458 contains an urgency clause making it effective upon signing. “

It amazes me how people will buy the most expensive things in life at the very top of the market, but once the market crashes and prices are 30-65% cheaper in some areas of the United States, people will not buy. I don’t get it, the house you wanted to buy that cost $600,000 – $1,500,000 a couple years ago is now going for $200,000- $400,000 less… Now I’m no Nostradamus, but history tells me that if you buy a house now, you will make money in 5-10 years if you decide to sell. Let’s dissect the market for the opportunities that I’m speaking of:

1. YOU CAN GET A GREAT DEAL:  50% of the market is distressed properties (short sales or Bank owned) which means you are getting a home that is 10-30% below market value in Southern California, possibly even more if the listing agent knows how to get the price down on short sales.
2. MORTGAGES ARE CHEAP: A 30 year loan is around 4.5% (that’s still historically low after a spike to 5.5% months ago) when Inflation picks up, you won’t see these interest rates till the next market crash. Also keep in mind that the government is looking to eliminate FHA purchases with 3.5% down and making all purchases 20% down. On top of that, there is talk of the 30 year loan being eliminated. If you are a potential home buyer or seller wanting to “WAIT” you might wait far too long to capture the 30 year loan with a 3.5% down payment. By the way, what are you waiting for?
3. YOU’LL  SAVE ON TAXES: Talk to your accountant on this one
4. IT’LL BE YOURS: You won’t be paying someone else’s mortgage. You can remodel the home to your liking. You will feel more fulfilled and comfortable by living in YOUR OWN HOME.
5. YOU’LL GET A BETTER HOME: That beautiful home of your dreams that was out of your price range years ago. Well, now its discounted by $200,000-$400,000 and it has all the newest design’s, technology already in it so there is no need to remodel!
6. IT OFFERS SOME INFLATION PROTECTION:! Real Estate is a long term investment. Most wealthy investors are buying now, will rent the properties out and sell them at the top of the market, and then start over again. Everyone wants to be wealthy; best way to become it is do the opposite of everyone else! Buy low and sell high, most people do the opposite of that!
7. FORCED SAVINGS: Right now, rent on a 2000 square foot home is almost the same as the mortgage on the same exact home. You’re basically paying someone else’s mortgage or should I say you’re paying into someone else’s equity at the moment if you’re renting. Use that $2,000/month to build your own equity and wealth!
8. LOTS OF INVENTORY: There is estimated 14,000 homes available in Orange County. There will not be a double dip or a wave of foreclosures. This so called double dip is the homeowners that bought in 2007 and their loans will be getting  fixed or are 30,60,90+ days late already and are trying to get a loan modification that they have a 90% chance of not getting! This basically means that more homeowners will be short selling their properties because of a mortgage that they can no longer afford.

Email me if you would like the factual graphs that I took all the information/numbers from to break it down into why it is now the time to buy a home. If you already own one, buy another!

I Hope this information was helpful, and if you or anyone you know is interested in more information  or would like me to set them up to look at ALL properties online for free, just let me know and I’ll make it happen!

At Your Service,

Cory Strickland

Prudential California Realty

Cory@Stricklandteam.com

As we are still climbing out of a recession, the urge for struggling Americans to take from others to support themselves or their family is still quite high. Although some of these tips might be obvious, it just might open your eyes about your own property and how secure it actually is… If you have any other tips feel free to comment below!

1. Use the peep-hole to see who is at the door. Do not open if you do not recognize the person

2. Have a strong solid core front door. For further safety, install a steel screen door

3. When not at home or at night-time: lock all doors and windows with extra locks and shut window shutters so people can’t see in.. Even on the second level

4. Possibly Install cameras if your budget allows

5. Keep property well-lit at night and while on vacation

6. Don’t have large shrubs around house. It makes it easier for an invader to hide and scope out your home

7. Keep ladders locked and put away

8. Don’t brag about what you just bought or are getting while out in public. People might follow you home

9. Cancel deliveries and mail when out-of-town

10. Don’t put spare key in a “common” area that every homeowner does

11. Have a dog in the house, one big enough and/or loud enough to scare intruders away

12. Mark Valuables with your name… Makes it easier to identify when found

13. ALWAYS change the locks when you move into a new property.

As we all know, the government has not been up to par in dealing with our nations financial situation. It’s got to the point where now both parties can’t come to agreement on the budget which is possibly leading to another Government Shutdown to take place by the end of the week. Some might think this could be the thing that opens the governments eyes on our spending/budgets while others might think the world will end if the government shuts down due to the fact they simply just don’t know what that means. If history truly does repeat it self then below is a list of situations that could impact Americans based on the 1995-1996 Clinton Administration Government Shutdown that lasted 3 weeks:

1. New patients were no longer accepted into clinical research at the National Institutes of Health. In addition, NIH disease hot lines and CDC disease surveillance were stopped.
2. Work on more than 3,500 bankruptcy cases in the federal court system was suspended. 
3. Hundreds of thousands of “nonessential” federal workers were furloughed for three weeks, from mid-December 1995 to early January of 1996. (Some of those workers eventually received back pay for their missed days.) 
4. Of $18 billion in Washington, D.C.-area federal contracts, $3.7 billion (more than 20%) were affected adversely by the funding lapse.
5. The National Park Service closed 368 sites, for a loss of 7 million visitors. The National Park Service administers 84.4 million acres of federal land in 49 states and other federal territories. Since 2008, park visits have totaled 285 million annually.
6. National museums and monuments closed, including the Smithsonian and other government buildings, with an estimated loss of about 2 million visitors.
7. More than 600 toxic waste dump sites went untended and uncleaned during the last shutdown. About 2,400 Superfund employees did not work.
8. The recruiting and testing of new law enforcement officials – including 400 Border Patrol agents – were suspended.
9. During the last shutdown, 20,000 to 30,000 applications for visas by foreigners went unprocessed each day, along with 200,000 applications for U.S. passports. Airlines also suffered, as many prospective travelers were unable to fly.
10. The Department of Veterans Affairs had to cut many of its services — including health care, welfare, travel and finance — as the department could not process compensation claims.
11. The shutdown meant a delay in processing alcohol, tobacco, firearms and explosives applications by the Bureau of Alcohol, Tobacco and Firearms.
12. The National Weather Service did not produce its regular reports.
13. New Social Security claims were not processed, because the agency furloughed more than 61,000 employees. As the shutdown continued, the agency regrouped, recalling workers to start processing new claims again

Both Shutdowns would be almost identical, let me explain: They would both happen after a major recession. Both parties are unable to agree on a budget for the following year. Major issue and question for both shutdowns is if the government should raise the debt ceiling (we need to learn to stop digging when were stuck in a hole), and finally both economies were sluggish to recover.

I hope this post clears the air on what a Government Shutdown might actually mean to you!

This is an article written by the California  Associatation of Realtors (C.A.R) reflecting the current market situation with loan modifications and short sales. Please read the article if you have any interest in what the real estate market is doing, since it probably is your biggest asset, i suggest you do! The key to a successful short sale is hiring the right agent and team with a skilled negotiator. The horror stories most people hear about short sales taking so long and being such a headache are from homeowners who hired an agent that had no clue what they were doing or from an actual agent who has no clue in the short sale process. This is an important message that i think homeowners should pay attention to.

If you have any questions, please  call or email me!

An important message from the CALIFORNIA ASSOCIATION OF REALTORS®:

I write on behalf of the CALIFORNIA ASSOCIATION OF REALTORS®, whose 170,000 members continue to witness the devastating consequences the home foreclosure crisis is having on California’s families, neighborhoods, and communities on a daily basis. 

The number of families affected by foreclosure is staggering.  During the past three years, more than 640,000 Californians have lost their homes.  With the number of homeowners who owe more than their home is worth hovering at 30 percent, experts predict there will be many more foreclosures in 2011 and 2012.  Unless we take immediate, aggressive action to assist these homeowners, any meaningful recovery in the housing market and overall economy will continue to be delayed.

Tragically, only a fraction of those who face foreclosure will remain in their homes when all is said and done.  Those whose incomes and financial circumstances meet strict guidelines may qualify for a loan modification that will reduce their monthly payment to more affordable levels.   Yet the federal Home Affordable Modification Program (HAMP) is expected to prevent only 700,000 to 800,000 foreclosures nationwide before it expires at the end of 2012, and the program does little to help those homeowners who are unemployed or otherwise no longer able to meet their financial commitments.  Their last hope is to sell their home, which often means convincing their lender or the investor who “owns” the loan (and, in many cases, the holder of a second mortgage lien and the mortgage insurer) to accept a “short sale.”

With a short sale, homeowners with a proven hardship negotiate an agreement to sell their home for less than the balance owed.  Although not every homeowner or mortgage is eligible, those who are able to finalize a short sale avoid a foreclosure on their credit record and can move on with their lives.  Last year, 20 percent of home sales in our state involved short sales.

Short sales can play an important role in our state’s economic recovery by accelerating the pace of home sales and reducing the inventory of bank-owned homes on the market.  There are other benefits as well.  Homebuyers who can qualify for a mortgage at today’s low interest rates also are able to purchase a home at below-market prices.  Banks get a nonperforming asset off their books and avoid the headaches associated with disposing of assets they don’t want to own in the first place.  Neighborhoods have fewer abandoned homes, and local businesses have more customers with money to spend. 

Unfortunately, many homeowners are unable to successfully negotiate a short sale.  According to a recent survey of 2,150 California REALTORS® who have assisted clients with a short sale, only three out of five transactions closed – even when there was an interested and qualified buyer. 

What’s the problem?  For one, no two mortgage agreements are the same, so it can be difficult to standardize short sale processes and procedures.  Many homeowners have second mortgages, which further complicate matters.  Then there’s the challenge of convincing multiple parties to take a financial loss or, in the case of loan servicers, to forego fees they otherwise might earn during the course of the foreclosure process.  Poor and slow service by many banks and servicers has only exacerbated the problem.  Horror stories abound from potential homebuyers and REALTORS® forced to wait 90 or more days for a response to a purchase offer or being required to fax short sale applications or other paperwork as many as 50 times.   These delays discourage potential homebuyers from considering a short sale purchase and undermine the process for those who short sales are intended to benefit – the hundreds of thousands of families facing foreclosure.   
 
Increasing the number of closed short sales by speeding up and streamlining the short sale process is one important way we can help California families avoid foreclosure and move our economy closer to recovery. That’s why the California Association of REALTORS® is taking steps to enable more families to arrange a short sale.  Recently, we advocated for improvements to short sale guidelines established under the federal Home Affordable Foreclosure Alternative (HAFA) program.  We’re meeting with major banks, U.S. Treasury officials, government-sponsored entities (including Fannie Mae and Freddie Mac), and others to urge them to standardize processes, comply with federal guidelines, improve communication with other stakeholders and increase staffing with the goal of eliminating service issues.  We’ve also offered our members training in every aspect of the short sale process so they can assist their clients.

But we can’t do it alone.  That’s why we’re focusing the spotlight on short sales and calling on regulators, elected officials, nonprofits, business organizations, companies, and individuals with a stake in California’s economic future to resolve this issue and others that get in the way of a recovery.   It won’t be easy, and some compromises will be required.  The important thing is that we need to act today.  Our families and our communities can’t wait any longer.

Sincerely,
 
Beth L. Peerce
President
CALIFORNIA ASSOCIATION OF REALTORS®

699 S. Morningstar Dr, Anaheim Hills, Ca

 offered at $469,000

This property is perfect for a rental, first time buyer, or someone with time to add their own personal touches!  Property is priced far below fair market value of what is selling in the area. Updated properties in the neighborhood selling  for mid $550,000′s and renting   anywhere between $2600 – $3000.

This property offers 4 bedrooms, 3 bathrooms, 2044 square feet. Back yard has a built-in BBQ, pre poured slab for a hot tub with electrical hook ups. Just around the corner from Running Springs Elementary and parks!

As I talk to more and more homeowners everyday that have either foreclosed, claimed bankruptcy, or are willing to short sell, there is always a common question I get; How long do we have to wait till we can purchase again? Well its more than just time, it’s based on your other expenses, credit and other circumstances that you are dealing with at the time. As for being able to even consider getting a loan, we put together a graph for you to take a look at that should be able to help you understand the “WAIT” time after you short sold, foreclosed, or claimed bankruptcy.

I hope this answers questions and makes you have new ones! For your buying, selling, and investing needs…or for a no cost, confidential meeting to discuss your current real estate situation Call me today! 

BANKRUPTCY Chapter 7

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 years

BANKRUPTCY Chapter 13

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 4 years

Conventional Jumbo: 4 years

SHORT SALE

VA: 3 years

VA Jumbo: 7 years

FHA: 2 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 year

FORECLOSURE

VA: 4 years

VA Jumbo: 7 years

FHA: 4 years

FHA Jumbo: 7 years

Conventional Conforming: 5 years

Conventional Jumbo: 5 years

 ”Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do. – Apple Inc”

With that being said, take it for what it is…

” you get what you think about out.. so why not as a nation do we think positive… how about instead of a recession we think how great it is to invest into property, instead of how high the unemployment rate is we think about how amazing that 90% of the nation is employed, instead of people saying they can’t find jobs lets say they should be entrepreneurs and become millionaires and then create more jobs. Sell when the market is hot, buy when the market is not! complaining the weather is too cold ? just think that global warming is on a halt… complaining the weather is too hot? think about your winter……… Plain and simple, stop complaining and take advantage of the situation you’re in… think about it – Cory Strickland”

Obama’s making homes affordable program is officially a failure. When the Government launched the program in 2009 they said they were committed to helping 4 million homeowners, now they say that only 700,000 homeowners will be helped nationwide.

 So far, the program has reached out to just around 485,000 homeowners nationwide with permanent modifications, with most of those homeowners still being left with unpaid principles that were higher than before they received the modification.

Temporary modifications have been issued to 1.4 million people with nearly half of the homeowners failing the trial modification and falling back into foreclosure and pushing their chances of short selling their property to the max, almost to the point where it is too late!

 So who is really benefiting? Well the servicers of the loan (your bank) are getting incentives from the government to prolong loan modifications to the point where the loan is almost in default or foreclosed upon. The banks are making money while homeowners are stressing out not knowing what is going on, and then eventually getting the declined letter.

 Obama stated “70% of homeowners that receive a permanent modification have failed to make the payments and eventually fall back into foreclosure”

As a professional real estate agent and doing my due diligence in communicating and getting feedback from the public in regards to what other “realTORS” say, its no wonder most homeowners are confused. Numbers dont lie, and from what it looks like, most homeowners going for a loan modification will not get it, sorry… It’s Funny to be able to talk to a homeowner going through a loan modification and tell them their story with the modification and the games the banks are playing with them, without the homeowner even telling me… Ladies and Gents, i hear the same thing multiple times a day and already have a good understanding of what the bank will do. It’s hard to gain the confidence of the public in real estate agents because you think were out there just for our selves, well my friends, we do get paid, but its not until we help you get out of a bad situation. The people still in the Industry are the good ones, all the people competing fraud are long gone serving burgers or in jail…. Trust us!

For a no cost, confidential consultation in regards to your Real Estate Situation, Call Cory today!

Right now is the BEST time in history to buy a house in America. Today, I’ll show you why… based on a few cold, hard facts!

First off, mortgage rates are lower than they’ve ever been in American history… Most investors have only seen a couple of decades of mortgages rates on a chart, but my friends at Global Financial Data have databases – including real estate data – that literally go back centuries.

I had dinner with the Global Financial Data team over the weekend. And they told me about their “Winans International” real estate indexes, with housing prices back to the 1800s and mortgage rates going back over a century. I had to share it with you…

Take a look at this chart of mortgage interest rates since 1900: As you can see, current mortgage rates are the lowest in U.S. history. When were mortgage rates even close to this low in the past? Just after World War II… And what happened  just after World War II, when mortgage rates were this low? The greatest postwar boom in housing prices – by far. Take a look. Mortgage rates bottomed in the mid-1950s, and house prices bottomed about the same time. Then the greatest boom in home prices in our lifetimes started. Today we have record-low mortgage rates and we have another thing in our favor…Homes are more affordable than ever.

Based on the 40-year history of the Housing Affordability Index… houses are more affordable than they’ve ever been. Take a look… “Affordability” takes three factors into account: home prices, your income, and mortgage rates. Home prices have crashed, and mortgage rates are at record lows. But incomes (nationwide) haven’t fallen nearly as much… So homes are now more affordable than ever. “Most people” out there will only tell you the bad news about housing… That’s the way it goes in a bear market. People drive looking in the rearview mirror. Meanwhile, we have some darn compelling facts out there…

Home prices have fallen by a third… and mortgage rates are the lowest in history. Therefore, U.S. homes are more affordable than they’ve ever been. You can listen to “most people.” or you can choose to ignore them and stick to these facts.  Based on these facts alone, now may be one of the best times in American history -even the very best time – to buy a house.

Contact Cory today for your buying, investing, selling needs.. or for a no cost, confidential meeting to discuss your current real estate situation!