Sonoma County Questions on Real Estate? Call or Email us on the Real Estate Hour!

 What Kind of questions DO we answer on the show?

Allison and I spend many hours speaking with clients on a variety of issues. Through our email: NoDumbQuestion@gmail.com we have answered questions on the following, hence we also can answer these questions on the show, have, and will continue to do so!!

  • Loan Modifications—how to get one, when to ask for one, why would you want one, when NOT to ask for one, tips and tricks, and techniques to get to the powers that beØ
  • Short-Sales: We explain just WHAT a short sale is, why you should do one, Tax and Legal ramifications (referral to an attorney and/or accountant/CPA), how long do they take, what is a probable success rate, who are the Players in the short-sale arena, etc.
  •  Property Values—Estate purposes, Trusts and Fiduciary’s, Homeowner’s thinking of Selling, or possibly refinancing, what determines value, what to do to your property to bring up value, etc
  •  Buyers—strategies and techniques, getting pre-approved,areas that best fit your families needs, how an offer is structured, escrow procedures, closing costs, etc
  • Relocation—we have contacts not only in California but across the nation and throughout the world! I have the CIPS designation from NAR and I have contacts in England, France, Italy and espespecially along the French Riveria—Kukor is the MAN!!
  •  Investment properties, vacation rentals, Rentals and property managers, Return on Investment, 1031 Tax Deferred Exchanges (go to You Tube and search 1031 you’ll find me!)
  •  Plus you can see Mike’s Interview with Toni Esposti on 1031 Tax Deferred Exchanges—a classic which stands the test of time and the slowly changing 1031 IRS code!  You can go to YOU Tube and search Mike Kelly Realtor and our videos will come up for your viewing pleasure!

You Tube Video’s on 1031 Tax Deferred Exchanges-The Investor’s IRS gift!! Part 1,5

Those of you seeking a 1031 IRS exchange, which deferrs your tax until you eventually sell and take your capital gains, this video I recorded earlier on my radio show and since the IRS code for exchanges rarely changes, this video bears watching! I’m going to post all 5 parts of this show.

Below find the links to ALL 5 parts of our 1031 Exchange Broadcast

Part I just click on this LINK to go to You Tube. Alternately you can go to You Tube and search 1031 Exchanges and you’ll see all of the shows plus other video’s I’ve done.

Part 2 just click on this LINK

Part 3 just click on this LINK

Part 4 just click on this LINK

Part 5 just click on this LINK

Great Night Out at Sixth Street Playhouse! Fun in Santa Rosa, California!

  Last year my Realtor Chapter put  on a great “Theater night out!” and this year we decided to do it again!! CLICK HERE for information on a fun, family night out! 

When: Wednesday March 2, 2011

 7pm complimentary hors d’oeuvres & no-host bar  

 8pm  – The Final Scene

 A play by local playwright Gene Abravaya

 A hilarious romp about a soap opera star who is being written out of the script. She’s fighting for her “Final Scene”, and the fun begins… Continue reading Great Night Out at Sixth Street Playhouse! Fun in Santa Rosa, California!

Have a “Pick-A-Pay” loan? Need Modification? Sonoma County and California homeowner’s READ THIS!!

Brown Reaches Settlement With Wells Fargo Worth More Than $2 Billion to Californians With Risky Adjustable-Rate Mortgages

LOS ANGELES – Attorney General Edmund G. Brown Jr. announced today that Wells Fargo has agreed to provide loan modifications worth more than $2 billion to thousands of California homeowners with “pick-a-pay” loans and to pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure. 

None of the loans were made by Wells Fargo. All were originated by World Savings and Wachovia, banks Wells Fargo acquired. 

“Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford,” Brown said. “Recognizing the harm caused by these loans, Wells Fargo accepted responsibility and entered into this settlement with my office.” 

The pick-a-pay, or pay option adjustable-rate, mortgage loans allowed borrowers to make payments at various levels. The highest level fully covered the monthly interest and principal due. Another level covered interest only. At the minimum level, payment was insufficient to cover the monthly interest owed, and the unpaid interest was added to the loan balance.  Continue reading Have a “Pick-A-Pay” loan? Need Modification? Sonoma County and California homeowner’s READ THIS!!

December Sales–Distressed Homes 80% of all IN Escrow Homes under Continue to Show!

2010 December Sales Sonoma Cty   Active CTS Pending Sold Sold DOM Sold Med            
Entire Sonoma Cty Marketplace   1555 650 149 411 107 320K            
Distressed Market Sonoma County                          
REO   286 120 54 137 66 250K Solds for Reo down 16% year over year-     
Short Sale   382 399 45 93 186 295K Sales up 33% from Nov to Dec! Up 14% Nov to Dec!  
                           
% of market distressed   43% 80%!!! 65% 56%                
                           
Non-Distresssed–“Normal”   883 129 47 178 99 409K Sales down 2% Nov to Dec and down year over year 15%!
                           
Nov-10         182 96 397K            
Dec. 09         211 94 419.9K            
                           

Donate to the “Tree-A-Thon” for the Laguna De Santa Rosa restoration!

The Tree-A-Thon is a “Win Win!”

We are restoring riparian forest on Irwin Creek just upstream from where it empties into the Laguna and at the same time raising needed funds to support our programs.  Restoring riparian forests increases wildlife habitat, improves water quality and temperature, and mitigates global climate change.  Your donation will support not only this Restoration Program event but our Education and Conservation Science programs as well.

 Ready to Donate to the Tree-A-Thon?

It is easy.  You can go to our Firstgiving Page and donate directly to the Tree-A-Thon or you can sponsor one our great fundraisers.  Go to:   http://www.firstgiving.com/32164

 Or go to our main donation page and select Tree-A-Thon from the program list: donate now

Prefer the US Mail?  Just fill out and complete the  Pledge Card and mail it in.

  Thanks again.

  David Bannister, Executive Director

(707) 527-9277 ext. 103  david@lagunafoundation.org  

The Heart of the Tree
by Henry Cuyler Bunner (verse three)

What does he plant who plants a tree?          
He plants, in sap and leaf and wood,
In love of home and loyalty
And far-cast thought of civic good —
His blessing on the neighborhood
Who in the hollow of His hand
Holds all the growth of all our land —
A nation’s growth from sea to sea
Stirs in his heart who plants a tree.

 

Today’s Show! Laguna Foundation–David Bannister on why we need to preseve the Laguna De Santa Rosa!

Below is from a series of emails I’ve had with David Bannister, our guest today on the Real Estate Hour, as we delve into the large eco-system many of us just call “the laguna”. Over 250 square miles, this vital eco-system provides flood control and supports a diverse, intricate eco-system of wetlands, forests and all sorts of winged creatures big and small plus many a critter! I’ll let David give us a thorough explanation of one of Sonoma  County’s Natural Resources!  We will be talking about their annual “Tree-a-Thon” where hundreds of trees are planted to aid in the restoration of the Laguna. To make a DONATION click HERE!

Today, thanks to the efforts of the Laguna Foundation and others, people are starting to realize that the “purposes” the Laguna has been put to over the last 160 years by humans are not the only purposes of an ecosystem. We try to make people realize that natural systems like the Laguna provide a  host of ecosystem services to humans:

  • Flood protection-It is estimate that the 1964 Guerneville flood would have been 40 feet higher if not for the Laguna holding water back and releasing it slowly to the Russian.
  • Carbon sequestration in riparian forests  –Hence the Treeathon? Let’s also make sure we explain these concepts in listener friendly terms! But I find this very intriguing that this great bio-mass called the Laguna, in a very healthy state, would aid in slowing global warming.
  • Natural beauty and the ecotourism that follows—What are all those cars doing parked there? I never see anyone but the cars are always around the bridge? Docent led trips? Fisherman?
  • Wildlife habitat and some of that wildlife becomes food sources- Salmon/steelhead, deer, waterfowl, etc. Is the CTS in this mix? Continue reading Today’s Show! Laguna Foundation–David Bannister on why we need to preseve the Laguna De Santa Rosa!

2010 Top 10 Big Real Estate Stories Sonoma County,California and the US!

The Big Stories of 2010:

1.   Rates stayed at historic lows—we started at 5% and finished  at 4.875% –the biggest lender of them all, the U.S. Government, are keeping rates very low, artificially LOW.

2.   Underwriting and the vanishing Mortgage Broker! –Tighter and Tighter are the underwriting guidelines. The first time homebuyer should be buying the foreclosed properteis but is having the door slammed in their face due to tighter and tighter underwriting guidelines. Investors? Amount of properties owed is now a variable plus they also face tighter guidelines. CASH buyers–Seems the smartest way to buy!

3.   Government Intervention—the much touted HAFA (Housing Affordable Foreclosure Alternatives program)—Began in April, a “real game changer” but has laid a big egg!  Short-Sales seem to not be getting done any quicker or  increasing numbers. The much ballyhooed “HAFA Certification” has yielded nothing in the way of approved, REO-like, Short-Sales.  Short Sales for December of -09 where 80 with 171 Days on the Market and median of $297,000! Today–84 Short-Sales Dom 192 and Median Price $295,000

4.   Federal 1st Time Homebuyer credit—after it expired sales dropped a monster 20% in ONE month!! It did matter.

5.   The State 1st Timer program—absolute waste of money in my opinion. Much of it was GONE when it was enacted as many IN ESCROW quickly grabbed the $$$.

6.   The  “Shadow Inventory”? We’ve been hearing of a new wave of REO’s to eventually burst onto the market.  WHEN will they cometh?!! Last year at this time in Sonoma County we had 163 for December and today 122. Down 22%.

7.   FLIPPERS—Wow! Some of the prices at the court steps really blew away Homeowners trying to modify their home loans for a LOT more—only to see their lenders selling for a LOT LESS! And then the PD finds many didn’t even pull permits!!??

8. SB931– prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage.
 
9. 10 States AG Settlements Wachovia/World/Wells Fargo.

10. Government/State/City “road-bumps” on the road to foreclosure. “Sit-downs”, Mediations, California law to stop foreclosure during modification Negotiations.