Best Financial Decision... Paying Off The Mortgage...?!?!

According to a new survey 40% of people aged 55 and older say the best financial decision they have ever made was paying off their mortgage.  Starting to save early ranks right at the Top-of-the-LIST Ditching the Mortgage  should probably come a little later in life. 

And The Winner Is...!?!

 A California contemporary with ocean views and impressive rock formations, and a Florida "conch"-style estate are just two homes competing to be  WSJ House of the Week.

Steady Improvement In Prices In The West...!!!

Despite  Midwest Price Weakness, home prices posted their strongest year-over-year gain in almost seven years in February, according to the Case-Shiller 10- and 20-city Home Price Indexes released Tuesday. 

Completed Foreclosures Rise in March, Foreclosure Inventory Falls

Completed Foreclosures were down 52 percent from the peak in 2010, and almost all of the top 100 major metropolitan areas have declining foreclosure rates; Florida held its spot as the state with the highest number of completed foreclosures. California followed in second place.

HIRING: Escrow Officer -- Diamond Bar, LA County, CA

Crossroads Escrow Services, Inc. is seeking a full time Escrow Officer/Executive Assistant to the CEO/President; the Escrow Officer is responsible for maintaining existing accounts as well as establishing new escrow accounts and processing escrow documents in accordance with established policies and procedures.

        Job Summary:

·         Complete real estate escrow transactions by determining requirements, assembling, preparing, reviewing, processing, and distributing closing documents, and disbursing funds.

·         Determine escrow requirements by studying and clarifying buyer, seller, and lender instructions.

·         Obtain clear title by ordering title reports, resolving title defects, and coordinating satisfaction/release of existing liens and encumbrances against property or sellers.

·         Establish escrow accounts, handle escrow funds, and maintain records.

·         Prepare transaction documents by completing forms and statements and collecting and reviewing documents.

·         Complete calculations for prorating taxes and interest.

·         Complete closing transaction documents by assembling documents, reviewing documents with parties, explaining provisions and procedures, answering questions, checking documents for completeness and accuracy, and obtaining signatures.

·         Complete closing by recording and filing documents and preparing and distributing final closing statements and title policies.

·         Prepare HUD statements in accordance with lender instructions and applicable law.

·         Close escrow account by balancing and disbursing funds.

·         Comply with regulatory requirements by adhering, and enforcing adherence, to applicable regulatory requirements.

·         Update job knowledge by participating in educational opportunities, reading professional publications, maintaining personal networks, and participating in professional organizations.

·         Enhance organization’s efficiency, reputation, and environment by accepting ownership for accomplishing new and different requests and exploring opportunities to add value to company’s production, profitability, image, and environment.

Requirements:   

·         High School diploma or equivalent;

·         2-4 years related experience with 3+ years’ experience directly handling escrow transactions as an escrow officer and/or assistant;

·         Knowledge of Microsoft Office applications;

·         Ability to read and interpret documents, such as operating and maintenance instructions and policy and procedure manuals;

·         Ability to write routine reports and correspondence;

·         Ability to communicate effectively with customers and other employees of organization;

·         Ability to calculate figures and amounts, such as discounts, interest, commissions, proration’s, and percentages.

Escrow Officer Certification from the Escrow Association or completion of escrow officer training program by a title company or bank is a plus. Contact Phillip Allen/Director of Marketing; submit resume to: pdallen12@verizon.net

What's Up (or Down) With Housing?

Mixed Signals seem to be everywhere; existing-home sales dropped month-to-month as the median price increased in March, according to a report released April 22, while another report showed new home sales fell as the median price increased.

One week before those reports, the Housing Market Index, a measure derived from a survey conducted by the National Association of Home Builders, dropped for the third straight month largely on the basis of a decline in “buyer traffic,” meaning that at least in the eye of builders, window-shopping—literally —is slipping.

Moderation Is Always BEST...!

After “months of robust and largely unsustainable annual home value appreciation,” the national housing market finally showed signs of Moderate Growth in this year’s first quarter, Zillow reported Thursday. 

According to Zillow’s research, housing markets can expect annual home value appreciation of roughly 3 percent, historically speaking. Looking ahead, the company’s Home Value Forecast shows national home values rising 3.2 percent through March 2014, an annual appreciation rate more in line with historic norms.

Yes, We Closed Another Short Sale...!

Jacumba, CA  - Yalda Alawi / Solutions Real Estate

TEAM Short Sale - We Get Approvals... YOUGet Paid...!

The Realtor's Roll in a Strategic Default... is there one...???

  Wow...! it's refreshing to read a responsible discussion regarding a borrower doing a "strategic default" on their mortgage; many Realtor's believe they're immune to the possible ramifications from being involved with this type of borrower(s) "business" decisions... let me be brief and to the point; every strategic default will be audited by the lender... and, if fraud is suspected, everyone involved will be investigated for FRAUD...!!! including and especially the Realtor...!!!

Short Sale EXPO... are YOU going to attend...?!?

ShortSaleExpo2013

Ten reasons why you must attend Short Sale Expo

1. Learn to overcome objections with Short Sale Expos live role play training.
2. Learn how to increase your volume by using Top Short Sale Negotiation Companies
3. Learn cutting edge Social Media that works
4. Learn how to build a Successful Short Sale Team
5. Learn how to help your community and build your business at the same time
6. Learn how to get the most money for your client- Bank of America, Co-Op, Chase Short Sales and HAFA
7. Best lead sources and marketing materials for short sales that really work
8. Understanding Short Sale disclosures to avoid legal issues
9. What is the Homeowners bill of rights and how does it affect my business in 2013 for the good-bad
10. Learn proven Short Sale lead generation methods that work

Spring Is Here... It's Time To LIVE...! It's Time To RIDE...!!!

Sit Down; Shut Up & Hang On…! 

If you're a complainer ride at the back of the pack so you won't contaminate the rest of the group.

Wrongful Foreclosure... Your Check Is In The Mail...!?!

“Got $300… lost everything, but am thankful for even this paltry [sic] amount.” 
The disgraceful paltry sum being sent to 4.5 million Americans is getting mixed reviews from consumers. How much will your check be...???

BTW - For checks in an amount of $600 or greater, the Paying Agent will report such payments as income to the IRS and appropriate state agencies and to borrowers on a Form 1099 MISC.

Yes, We Closed Another Short Sale...!

 Lancaster, CA +Diana Blum RE/MAX All-Pro

 TEAM Short Sale - We Get Approvals... YOU Get Paid...!

No Doc Modification...!!!

In July 2013 non-paying homeowners will be able to apply for a new loan Mod Streamline No Docs program with guarantees provided by Fannie Mae and Freddie Mac - and  ultimately the American taxpayer will be shouldering the burden.  

Those who can afford to make their current mortgage payment will be rewarded if they strategically default, in which case they can qualify for a program in which their new monthly payment is lower. The end result: Fannie and Freddie—and ultimately taxpayers foot the bill... AGAIN...!!!

Are You In A Flipping Frame Of Mind...?!?!

In March 2013, sales for distressed and non-distressed transactions decreased 12.9 percent from a year ago, while foreclosure sales plunged 50.7 percent during the same time period, according to a property report from the analytics firm.

On the other hand, California Flipping activity, which ForeclosureRadar defined as reselling a property within six months, nearly tripled over a one year period ending in March after accounting for 5.2 percent of total sales.

NAR: Prices Up, Existing-Home Sales Down in March...!!!

Prices Up Sales Down

Distressed homes—foreclosures and short sales—accounted for 21 percent of March sales, down from 25 percent in February and 29 percent in March 2012, the NAR said. Thirteen percent of March sales were foreclosures, and 8 percent were short sales. Foreclosures sold for an average discount of 15 percent below market value in March, while short sales were discounted 13 percent compared with February when foreclosures sold for an average discount of 18 percent, while short sales were discounted 15 percent.

Apartment Market on Cruise Control...!

"The apartment industry is operating on cruise control", as the expansion continues unabated,” said Mark Obrinsky, NMHC’s VP for research and chief economist.

A Venetian Traffic Jam

A photographic study of Venice; a city of of islands, lagoons, canals & bridges.  A Venetian Traffic Jam.

Please Get Out Of Here...!!!

Unsuspecting father and daughter are caught off guard of  pending Texas Fertilizer Plant Explosion.

Is the US Housing Recovery a Mirage...?!?!

What Housing Recovery...?  After reading several articles published by Mr. Jurow it is clear there is a concerted effort to manipulate the residential market in the US... and its not just the banking industry; you can put at the top of the list Fannie, Freddie, FHA, and other investors. Hundreds-of-thousands of people make their living in the RE industry; and we all want to see a real recovery. Unfortunately there are those that have their own agenda; and of course the most insidious supporters reside among the activists members of NCRC ( http://www.ncrc.org/ ) which is where the problem began in the 70's...!!!

You Say You Need To Relocate...!!!

Top 10 Cities to Make A Good Living...!

Previous Defaulters Are Making A Comeback...!!!

 According to a news release, 23 percent of previous defaulters are making a comeback; and able to consider repurchasing a home. 

They were found to be eligible to purchase after losing their home through a foreclosure or short sale. About 29 percent of test takers are looking to buy a home immediately, while 15 percent are looking to buy in three months and 43 percent plan to wait 6 months or more.

Slowdown in Foreclosure Sales & Short Sales in the Golden State...!

Short sale activity and foreclosure sales have been dwindling over the past few months, as indicated by foreclosure-to-REO and foreclosure-to-liquidation roll rates. With continued concern over additional litigation and possible violations of HBR lenders have become significantly more cautious when carrying out "foreclosure sales” in California. 

You Work Five Extra Days To Pay Uncle Sam This Year...!!!

April 18th Is "Tax Freedom Day" 

On The Ground Floor With Nothing To BUY...?!?!

Home prices are rising as a result of several components;  first time buyer unable to qualify or reluctant to enter the market, investors buying up properties at record lows, interest rates at record lows,  and homeowners reluctant to sell and move up. Thus creating an artificial increase in the Home Price Index. and NO INVENTORY for those that want in on this "Ground Floor Opportunity"...!!!

Mastering Excellence in Escrow...!!!

Debbie & I have been joined at the hip for over 34-yrs... but I have also relied on Debbie Allen to close my escrows too...!!! Crossroads Escrow Services, Inc. is EXCELLENCE in a settlement agent...!

Wine A Little... Pinot Grigio Anyone...???

Photographs Of Italia Art

Verona is one of our favorite cities in Italy. This photograph captures the main piazza of the city. We enjoyed a wonderful afternoon lunch followed by a great Pinot Grigio.

A photographic study of Italia; (Greek) meaning "land of young cattle" ; these photographs depict an artist view of Italy from the incredible city of Venice; a city of islands, lagoons, canals and bridges; to Verona, Florence, Rome, Lecce and the beautiful west coast city of Sorrento. All of these photos have been enhanced with various techniques of color saturation to express my artistic impressionism. I hope you enjoy them.

Uncertainty Plagues the Mortgage Lending Industry

With a multitude of new regulations facing the mortgage lending industry is it any wonder why lenders are reluctant to loosen credit guidelines.  If you are seeking answers you only need to look to the mountain of government regulations that loom over the lending industry - CFPB & Dodd-Frank as well as other triggers for unease among lenders include enhanced scrutiny of the Community Reinvestment Act, state consumer lending laws, and the National Mortgage Licensing System Secure and Fair Enforcement for Mortgage Licensing Act.

Walton Realty Strikes Again...!!!

  Another Short Sale Approval...!!!

  Chino Hills, CA - +Philip Lin Walton Realty

 

TEAM ShortSale We Get Approvals... YOU Get Paid...! 



Short Sale Discounts... Is It Possible...???

Will short sale buyers be able to find deep discounted prices in today's real estate market... probably not...!!!

California Homeowners Bill of Rights Violated...!!!

Lenders continue the practice of dual tracking when a homeowner is requesting alternatives to foreclosure. Dual Tracking, which is when a lender continues foreclosure proceedings against a homeowner who is also pursuing a loan modification, short sale consideration or other options was reported by more than half of the counselors surveyed even though the practice is
prohibited...!!!

 

Who's a Fat Boy...?!?!

Fat Boy in Florence

 

Hanging out of a tour bus in Florence I saw the first and only Harley parked along a side street... luckily I was able to snap this photo before we speed off. Check out all my Photographs of Italia on my website.

Back To The Future...!!!

Administration lobbies for a 'broad' based program to make loans to Weaker Credit borrowers through government insured programs like FHA. Does anyone remember what started the housing crisis, or is it just me having a Back To The Future Moment...?

Click here to see article as reported in the WP.

Survey Says Housing Crisis Is Not Over...!!!

Most Americans are unconvinced that the Housing Crisis is over; 58 percent of Americans said they believe we are still in the middle of the housing crisis, many still believe the worst is yet to come.

Cyprus $1B Bail Out Plan...!?!?

Will the Cyprus bailout plan reach $10B...? does it really matter...? The  Cypriot population are already taking a hit; higher taxes, fees, up to 60% in depositors losses. And the US continues to follow Europe's lead... unrestrained spending...!!!
Watch this video

La Dolce Vita...!!!

The Sweet Life...!!!

 

A picture I took on a road trip to the wine country in Sanoma & Napa; we toured the countryside on our Harley's (and Scott's Honda) over 1800-miles over 5 fabulous days... not to worry, when we did the wine tours I rented a car...! The Sweet Life...!!!

The HUD-1... An Art Form...!!!

The Settlement Statement (HUD-1 Estimate)

Preparing the HUD-1 is truly an art form. This is primarily because mathematical calculations need to be done in order to assure that there are no closing cost shortages on the closing date.  And . . . since it is difficult to determine how long the bank is going to take to approve the short sale, under calculating the fees or missing to put all of potential seller costs on the HUD-1 could possibly blow the deal or, at the very minimum, add costs to the buyer or cut into the agent’s commission.

As agents, before short sales we didn’t spend too much time scrutinizing the estimated closing statements. You usually left that work to your escrow officers. Unfortunately, now these estimated settlement statements have become significantly more important than they used to be.

Why? Well . . . the Seller/Servicer requires it as part of the short sale process. The short sale lien holder relies on the HUD to reflect the ‘Offer’ being presented to the investor as the short payoff; and they want to see their bottom line.

Often I see settlement estimates which do not include section J. (Summary Of Borrower's Transactions) completed; the explanation I usually get from the settlement agent is that the buyer’s lender costs have not been provided, or we have not been provided the purchase contract, and we have not opened a title search because we do not open the escrow until there is an official short sale approval; so we cannot complete the buyer’s closing costs.

Well, if you’re a Listing Agent, and expect to cover all the unexpected costs and maximize the costs being paid by the sellers’ lender, you need to reinforce the settlement agent just how important a short sale settlement estimate is to the bottom-line. I see 1 in 3 HUD settlement estimates that are completed correctly; it’s important to provide as much of the transaction summary as possible; after all the lender is going to determine  their ‘Offer’ based on what is represented on the settlement estimate… how much money are they going to net? How many cents on the dollar will they be forgiving?

Short sale deals are tricky and time consuming, nobody wants the deal to go south and nobody wants to give away any of their commission. In order to protect yourself, it is absolutely necessary to prepare the HUD-1 with a closing date that is realistic. This way taxes and any penalties will be calculated to a realistic date, and not a date only a few weeks out.

Another thing that I recommend is to CAREFULLY consider adding into the purchase contract that the buyer is aware of other fees or costs not accounted for; did you allocate money for pest control, home warranty, HOA fees, potential judgments and other liens, etc.?

While it was probably never your intention to get into the escrow component of the deal, imagine how much more knowledgeable you will be . . . and imagine how much more appreciative you will be of our fellow escrow officers once this current wave of short sales is over! 

“I’mjustsayin’ TEAM ShortSale”

Looking for Lake-Front Property...?!?

Your own Lake Tahoe cabin for a mire $28.5M...!

Double-Digit Price Growth Questions Sustainability...?!?

Although prices are improving and foreclosures are declining, there’s still room for economic uncertainty to "dampen"  housing activity.