Tax Credit being Extended? stay Tuned!!

Update from Charles McMillan, NAR President and Jerry Giovaniello, NAR Senior Vice President Government Affairs
RE:  Tax Credit Extension and Expansion!
Senate leaders of both parties and key Senate Finance Committee members
and staff, and tax credit sponsors Dodd-Lieberman-Isakson have agreed on
extending and expanding the housing tax credit.  However, there is no agreement on how to attach this tax credit to the
pending Unemployment Insurance bill, or whether to offer the tax credit  agreement on another bill, or whether to bring the agreement to the
Senate floor and vote upon it as a separate, stand alone bill.

Continue reading Tax Credit being Extended? stay Tuned!!

Anti-Flipping Legislation challenged! What’s the story about this?

This is from Melissa Bastianon, Assistant Government Affairs Director!  Here’s an update on the Anti Flipping Rule….
At the October C.A.R. Board of Directors meeting, it was passed that C.A.R., in conjunction with NAR, “SUPPORT” the elimination of the FHA 90-day anti-flipping rule, and that C.A.R. write and publish a letter to the FHA Commissioner in opposition to the FHA 90-day anti-flipping rule.
Continue reading Anti-Flipping Legislation challenged! What’s the story about this?

Short Sale vs. Foreclosure

Our real estate market seems to be shifting yet again. It’s no secret that the banks lose significantly less money if they accept a short-sale offer as opposed to selling the home as an REO.

So, why don’t they pick up the pace on accepting short-sale offers? The reality is they lack the systems to make the process smooth and efficient and, quite frankly, haven’t wanted to throw good money after bad to put the infrastructure in place for a “temporary” period of time. Continue reading Short Sale vs. Foreclosure

Median drops ONLY 9%!! Can you spell B-O-T-T-O-M? But where are the REOs?

Mike’s Market Data for September—2009

The market for September’s Sales. I’ve added something new to the mix this month. I’m taking a harder look at the “normal” market.  I’ve designated this category “REO&Short-Sales Excluded”.  I do this to show you there IS an alternative to the “REO offer shut-out” and the “Short-Sale run around!”

Many folks still need a courageous Realtor to have a frank discussion with them about the current market conditions. Remember, you Sellers  need to price your properties “In-front” of the current market trends.

I’ve been using  Foreclosure Radar for a client balking at pricing it correctly. I go-online and show them their neighborhood. Foreclosure action is an indicator of tough competition coming for the homeowner. Many “Pre”, “Auction” or “Post” foreclsurethe bigger the impact! Conversely I did this to a buyer who thought he was going to go into Oakmont and get a steal of a price. I pulled a foreclosure radar search map up for Oakmont and there was virtually NOTHING THERE! No market distress, no upcoming distress, hence no market pressure!

  Many a reluctant seller will see the wisdom after showing the map on their neighborhood. If  there is plenty of “action” in the pre, auction or post foreclosure market (it will look like someone spilled a bag of M&M’s on the map!) then I advise, “Mr. and Mrs. Seller, as you can see the neighborhood here has much foreclosure activity. When these become bank owned they will be put on the market at a bargain price. Most likely undercutting your price substantially. They then become the new “comp on the block”. Wouldn’t you rather sell at a strong price today or  risk substantial equity erosion in the future?” Continue reading Median drops ONLY 9%!! Can you spell B-O-T-T-O-M? But where are the REOs?

Guest Lender–Justin Harris of Benchmark Lending


We are pleased to welcome a guest Lender to the Real Estate Hour this Sunday. Justin Harris of Benchmark Lending, our Lender partner with our Keller Williams Market Center, will be speaking on how he can close an FHA loan in 15 days while providing stellar, “Gold-Standard” service to all of his clients. Tune us in! Continue reading Guest Lender–Justin Harris of Benchmark Lending

Pete’s Rates for you Weekend Shoppers!

Pete Phillippe’s rates for you folks desperately trying to get into that first time homebuyer house for the $8,000 Tax Credit!

Projects are in for 2010 by the Mortage Bankers Assoc indicating loan volume will be only 1/2 of what it was n 2009! However, purchase loans are up a tad. The big reduction is the lack of refinances with NOT enough equity being the big culprit. You all KNOW THAT!   . . . 2010 will see a slight rise in interest rates with FHA coming out with more restrictive guidelines due to their alarming default rates. One study shows them with total loans defaulted and 60-90 days lates equaling almost over 16% of their portfolio. Normally, this would be around 1.5-2% Default with another 2% lates! FHA has been a savior to many who needed lower fico scores to get into their fist home. Rumor is they may spike these UP! Now more than ever is a great time to buy before the loan underwriting pendulum flies way out of wack!      

Rates as of : 10/15/2009              30 day locks shown on rates below

          To $417,000      4.75%   1 pt ,  30 yr fixed,     or on a 5/1 program    4.0% 1 pt !! Continue reading Pete’s Rates for you Weekend Shoppers!

Our New Radio Show commercial spot–NO! We are NOT Offering Loan Modification-Other avenues DO exist.

Missed a house payment? Not enough money at the end of the month, home lost much of its value? You may be a candidate for a “Short-Sale”  RadioShowShortSaleAD MIKE K KW 1009Don’t Delay! Call us today.

Our new radio show commercial is simply a plea to you the homeowner who may be in financial stress to NOT wait until it magically gets better! This is a “no-head” in the sand zone here! We have many resources to share with you the homeowner who may be “underwater” on your home loans, home equity line of credit, second note–the time to act is NOW!! Just a caveat–we are NOT LOAN MODIFIERS!! However, we can direct you to resources which may help you down this path! But the big idea here is DO NOT DELAY! Call us today. Allison is very empathetic to your needs and is a single Mom with three young-ones at home and knows the financial stress inherent with these economic times. Call us today.

This Week’s Show–Allison Norman joins me! Demo Permits run amok! Mid-Range Analysis!


Team member, AllisonCanDoItAllison Norman, joins me on the show this weekend as Co-Host. Allison works with Buyers through all price points and is urging all of her First Timer’s to get their deal done and take advantage of the $8,000 tax credit. But remember, not every first time homebuyer is in the “entry-level” marketplace. Allison and I represent client’s in the $500,000 to $1,000,000 range as well as those over this price point.

  We will analyze this marketplace and discuss the opportunities which exist. Sellers? This is a time when you must “lead the market” and this will also be a focus of our discussions.

Also–How you must ALWAYS examine your “pre-liminary” title report for those “special items”–we’ve got one now which is a nightmare! I think I’m in a Kafka novel! The injustice of this process, the regulation, speaks to our times and a bloated bueracy run-amok! Perhaps good intentions but WAIT until you hear the blood curdling details! And it STILL is NOT resolved!

Allison’s great weekly newsletter sent to her clients will be referred to I’m sure as she has some great insights and information for all. Stay tuned! This Sunday, 9 to 10am PST! or 1350AM, KSRO!

Help Keep the $8000 Federal Tax Credit Alive; Call to Action

The Northbay Association of Realtors(NORBAR)California Association of Realtors(CAR) and the National Association of Realtors(NAR) is working feverishly with congress to extend the $8000 tax credit.

The Federal Tax Credit which is due to expire on November 30, 2009, has been a huge buoy to the current market for first time homebuyers. Recent surveys show that 30-50% of first-time buyers would not have purchased a home without the tax credit. 

Statistics show that every home purchase has a ripple effect into the local economy of approximately $63,000.  With the local economies,( ie; contractors, plumbers, home improvement stores, home furnishing stores, city revenue…the list goes on) tied so closely to the “health” of the real estate market, its easy to see that this tax credit is a valuable tool…..and helps more than just the first time buyer.

Your support should be voiced to your local congress representative; contact info below; Continue reading Help Keep the $8000 Federal Tax Credit Alive; Call to Action

Janne O’Neil–Attorney–“Common Ways to Take Title to California Real Estate” Back by popular Demand!

We are delighted to have attorney and friend, Janne O’Neil back on the show. We will be discussing the common ways to take title to California real estate. Click HERE to go to a chart describing the various methods to take Title. Janne tomorrow will go into more depth on them!  Please call in with your questions to: 707-636-1350!

Janne can be reached at:

(707) 577-8805

2300 Bethards Dr
Santa Rosa, CA 95405-9000