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January 22, Sunday, here in Sonoma County, California–we have Chris Cone of Sonoma County Community Climate Action Plan plus our old friend, John Sutter of Applied Building Sciences (ABS), Building Performance Contractor AND John Shipman also an approved contractor AND trainer for the “Green Building” class taught to Realtors/Agents. We’ll be ALL OVER the California Energy Upgrade program and explore what is available to the homeowner to upgrade to a seriously energy efficient home! Thousands of dollars are available for rebates plus cheap money available through the SCEIP program and approved lenders up to $25,000! Give us a call at: 707-636-1350 between 9 and 10am PST!
Above left to right:Chris Cone, John Shipman & John Sutter .
View fellow Californians as they DISCUSS energy upgrades. Click here for VIDEO! If you wish information on the Climate Protection Campaign visit their website: http://www.climateprotectioncampaign.org/
Sonoma County, California–Mike and Allison thank you for making 2011 one of our BEST years ever! Our quest to meet our client’s goals and dreams when it comes to real estate resulted in our “Team” being recognized as industry leaders in professionalism and client satisfaction. Special kudos for Allison who had a special award for “Bravery” –as in keeping her head down, staying focused, as the market and economy tried to distract her! Her determination in assiting her client’s in getting what THEY want was singled out by our Operating Principle–Eileen Morelli. Congrats Alli!
 Alli cleans up!
Sonoma County homeowner loses job, has made 10 years of on-time payments–does the bank OWE them a modification? Moratorium on payments until employment picks up? Is this Naiveté’ on the borrower’s part?
Here’s the deal, you sign an agreement, make the payments on time, and the bank LOANS you the money to BUY your Home. The bank charges you an interest rate BOTH parties agree to as set forth in the terms of the note. The bank gives you 30 YEARS to pay them back. The bank THEN gives the money to the Seller and the bank secures THEIR LOAN on your new home.
If you don’t wish to use a bank; save up the money and pay cash. OR borrow the money from Mom and Dad, Aunt Harriet, your Best Bud. Perhaps they will be more understanding when you state you can’t make the payments any longer. YOU will be able to negotiate with them the interest RATE and TERMS. However, don’t think they’ll carry for 3.75% (going rate for FHA loan today) or 30 year payment plan!
Perhaps we need a better “NOTE” for borrowers in the future. We can insert a new clause into all future promissory notes, stating if economic conditions make it not possible to make a full monthly payment borrower will have…weeks,days,months, to pay less? NONE? Whatever you feel is valid. Good luck getting that one passed.
A hybrid would be a local regional bank with a soul, a love of the customer, to monitor “in-danger” loans and reach out to the distressed homeowner to see if a payment plan can be restructured. In our area we have banks operating like this today. You pays your money and takes your choice.
However, WHAT if a borrower has realized tax benefits for the payment of Interest, Property Taxes? Appreciation? Refinanced and pulled out a ton of cash? Should the borrower THEN be required to repay this amount! What’s good for the Goose is good for the Gander?
We have clients who strip themselves bare to keep making a house payment they cannot afford on a property “underwater” by $50,000,$100,000, $200,000. Why? They wish to honor their debt. I explain it this way. You made a deal with the bank. You signed a promissory note to pay–if you cannot make that payment they have the option to FORECLOSURE and take the home for the amount you owe. Simple deal. NOT making your house payment is NOT a moral discussion. Failure to do so results in foreclosure—hardly a spiritual or an IMMORAL moment.
Sonoma County, California “under contract” sales tipping towards “regular sellers” and NOT the “distressed Marketplace”–could bode well for “move-up” market as regular sellers see value and low interest rates as a reason to make a move. See Chart below–I’ll explain this!
 Regular Buyers are MAKING a comeback! Bodes well for MOVE up market
The above chart shows sales going back three years and is broken down into “Quarters” of the year. This report breaks out the Non-Bank portion of the marketplace or what Realtors call “Elective or Regular” sellers–those who DO NOT have a gun to their head (short-seller) or who own a property through the foreclosure process (bank owned or REO). If you go back to 2008 you can easily see how the “Distressed” market dominated sales (Q4,Q1 2008-2009). Now look at the last two quarters of 2011. One can easily see how the “regular” buyer market has rebounded. This can indicate a number of things; the distressed properties are NO longer dominating the listing landscape, “Regular” buyers are finding great value in the normal marketplace, consumer confidence is rising as “regular” buyers are once again on the move, interest rates are just TOO darn good! (3.75% FHA!).
Why is this a good thing? The Mid-range marketplace ($400,000 to $750,000) has been suffering as the dominate “Sellers” where “Distressed” meaning they were NOT buying anything when they sold. REO’s or the banks are NOT buying in the marketplace after seller and neither are those selling their homes “Short”. This surge in the “under-contract” marketplace of regular buyers indicates perhaps a move to this “mid-range” marketplace. We will need to watch this category to determine what price point is inherent in these numbers. But this portends of good things to come!
What a bunch of Hams!
Rockin’ Around the Real Estate Hour with Mike Kelly, Allison Norman and show engineer(and KSRO sports guy), Joe Pasquini. Merry Christmas everyone!! Our Christmas and new year shows are pre-recorded..But still lot’s of fun. Tune in 9-10AM Sundays www.KSRO.com, or locally at 1350AM
Here’s the PODCAST for the December 18th, 2011 “Real Estate Hour” radio show for Sonoma,Lake, Mendocino,Marin and Solano counties. We discuss prepping your home for Winter, Interest Rate update, Holiday fun and Frivolity!!
Michael Friedenberg, Realtor, Wine Country Group, lost his battle to cancer last week. Michael was a long time local Realtor, past guest and advocate for land preservation, open space district, and champion of the arts. He will be greatly missed.
We have our monthly BIG OPEN HOUSE EXTRAVAGANZA with scores of homes open Sunday 1 to 4pm! Much to choose from in Sonoma County. New Years resolution–BUY a Home in 2012!!
Monday, December 19, 2011 is our Keller Williams Christmas Potluck at OUR NEW east office at 3562 Round Barn Circle, Suite 200, Santa Rosa. Please bring a dish to share and arrive by 11:30 a.m. Realtors seeking a change or move to a progressive, education and agent centered office please come on by!!
 KWLuxuryHomes.com is a place for those seeking the very best in estates and upscale housing. Allison and I have been admitted to this Divison of Keller Williams Realty due to our selling of Luxury Homes here in Sonoma County. This is ONE of the homes we are featuring in the Luxury class. CLICK HERE to go to the KW Luxury Homes site and view this stunning estate on Frie Road in Sebastopol, Ca.
Plus More;
6 credit report Items that scare lenders….Realtor and Affiliate of the year…..remembering a fellow Realtor…honoring another. Tune in for all your LOCAL real estate information.
Here in Sonoma County, the “Wine” Country, our real estate market absorbs “Bank Foreclosure homes” at a pretty quick rate. We could use more as they are Buyer favorites as they are no-nonsense, close in a ready manner and present a good value. However other more urban areas in harder hit areas (Detroit, Pennsylvania, Florida, Las Vegas, etc) the amount of foreclosed or “Seized” homes cannot find the buyers and hence are sitting vacant; prone to vandalism, and illegal occupancy. The idea set out below in the article would encourage lenders to grant short-sales in a geographical area and then “Bulk sell” them to non-profits to be fixed up, make into rentals or aid various non-profits in providing housing to needy families! Here’s the full article below from DSN.com news: Continue reading “Bulk” Sale of Short-Sales could aid Blighted communites with rampant Foreclosures!
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