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“Great Condo Near Hillsdale Shopping”
June 12th, 2011 by 206515278Beware of Mortgage Scams
June 10th, 2011 by 206515278Los Angeles Times
An old mortgage scam aims to hijack a payment or two
A mortgage scam in which con artists send letters telling borrowers they should begin sending their mortgage payments to a fictitious company that has begun servicing their loan, is making the rounds again. Unfortunately, by the time borrowers figure out their loan has not changed servicers, they’ve already sent one or two mortgage payments to the fictitious company.
Making sense of the story
- According to those familiar with the scam, it typically works because most borrowers are unaware of the rules when it comes to the transfer of mortgage-servicing rights. Under the law, the current servicer is required to send a “goodbye” letter notifying the borrower that payments should be sent to a new company as of a certain date.
- A week or two later, the law says the borrower should receive a second letter, which, by law, should include a welcome missive from the new servicer with the details of the mortgage payment – a breakdown among principal, interest, and escrow. The package also is likely to include a few payment coupons, if not a brand-new coupon book, and self-addressed printed envelopes for borrowers to make payments.
- Both the goodbye and welcome letter should include the mortgage loan number. If either letter does not, or if the information included in one doesn’t match what’s in the other, borrowers should call their original servicers to inquire.
- Borrowers only receiving one letter should be extra cautious. Even if everything appears to be standard procedure, borrowers are still advised to call the first company’s toll-free number just to be sure.
Short Sale Information from the California Association of Realtors.
June 9th, 2011 by 206515278Short Sale Soundoff: Lenders, sellers expected to lose $375 million due to short sales
A new study by CoreLogic shows banks and distressed home sellers will lose more than $375 million this year by selling undervalued houses to third-party buyers, which generally result in a quick sell and profit and tend to be fraudulent sales.
According to law enforcement and banking industry experts, the fraudulent work like this: Investor groups partner with local real estate agents whose job is to spot borrowers in financial distress and persuade the homeowners to sell to investors in a short sale at a low price. Then, the agent contacts the bank with the investors’ short-sale offer.
Meanwhile, the agent finds legitimate buyers who are willing to pay more for the property, but the agent never presents their offers to the bank. To back up the investors’ low offer, the agent produces an appraisal that confirms the low valuation. The bank then sells to the investment group. After the closing, the investors sell the house to legitimate purchasers at a higher price, then the agent and investors split the profits.
HOW IS A PROBATE SALE DIFFERENT?
June 9th, 2011 by 206515278In California, property of a deceased person goes into probate, the sale of that property is subject to certain legal requirements and regulations.
In the majority of cases in our area today, the estate representative (an executor or administrator of the estate) has the authority to sell the property through powers granted by the Independent Administration of Estates Act (IAEA). When the estate representative has full powers under this act, the administrator may elect to sell the property without the having a court confirmation hearing if there are no objections by interested parties to the estate, the sale can possibly be completed with minimum requirements. Most estate sales sold under the IAEA are completed fairly easy and are similar to a normal sale.
Sometimes, the representative of the sale of property in probate may be granted only limited powers through IAEA, in which case a confirmation hearing is required. Even if the estate representative has full powers, they may prefer to have the sale confirmed in court.
When court confirmation is either chosen or required, certain procedures are generally followed, as required by law:
An offer is presented and conditionally “accepted” by the estate representative. This purchase agreement is not binding on the estate.
After all buyer contingencies are removed from the accepted offer, a petition for the court hearing is made. The date of the court hearing depends upon the court calendar at the time, but is generally 20-40 days from the date of the petition.
The buyer needs to deposit 10% of the purchase price prior to or on the date of the court confirmation hearing.
The sale, together with the accepted offering price, is advertised for a statutory period in a local newspaper.
There is open, competitive bidding at the court hearing. The minimum first overbid price shall be an amount equal to the accepted purchase price of the accepted offer, plus five percent of that amount, plus $500. In the event of such an overbid, the court shall determine any further incremental overbidding amounts – for example, $1,000 or $2,000. The bidding stops with the final bid.
Any person who bids in court must make an unconditional offer meaning no contingencies and if confirmed must present a cashier’s check deposit for 10% of the purchase price as described above, or as determined by the court.
In the event a buyer defaults after a court confirmed sale, the buyer could possibly lose their deposit.
If the court confirms the sale to an over bidder rather than the original buyer, the original buyer’s deposit shall be refunded. If the sale is confirmed to the original buyer, the deposit shall apply to the purchase price.
The purchase price accepted must be at least 90% of the probate referee’s appraised or re-appraised value of the property.
Real estate commissions are subject to approval of the court.
The above information is a general discussion of certain probate sale procedures in California. This information is not intended as legal advice, or guaranteed accurate or complete. Specific situations may differ. Contact your attorney for information regarding any particular situation.
Ready to select a REALTOR®….I am here to help!
Jean Powers
Real Estate Broker, CRS, e-PRO, HAFA, SFR
Certified Residential Specialist (CRS)
Home Affordable Foreclosure Certified (HAFA)
Short Sale Foreclosure Resource Certified (SFR)
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Kane & Associates
510.908.9002
Homes@JeanPowers.com
http://www.JeanPowers.com
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Just Because Your Home Foreclosed Doesn’t Mean You’re Not a Good Person!
June 7th, 2011 by 206515278San Francisco Chronicle
Foreclosure victims not all deadbeats, report says
A new study shows that many homeowners who defaulted on their mortgages during the economic downturn subsequently proved to be responsible consumers and good credit risks.
What Improvements Give Back on Resale?
June 7th, 2011 by 206515278Home improvements that boost resale value
When deciding which home improvements to make, many homeowners consider the amount of resale value the improvement may or may not make and compare that against the cost of the renovation. Homeowners concerned with making home improvements that will pay off when it’s time to sell the property, should consider the following tips.
Making sense of the story
- The first improvement/repair homeowners should consider are those that impact the home’s basic structures and systems. Potential home buyers generally do not want to face expensive repairs, and if items such as the foundation, roof, air conditioning, water heater, or other basic structure need to be fixed, the property will be considered a fixer-upper and its market price will be discounted accordingly.
- Some minor replacements will produce big results for minimal cost. Replacing and coordinating bathroom and kitchen hardware and fixtures are generally inexpensive, but tend to make a big difference. The same can be said for getting rid of any dated finishes, such as old wallpaper and brass light fixtures.
- Homeowners who don’t know when or even if they will be able to sell their home are advised to choose home improvement projects carefully. Unless the home is located in an upscale neighborhood and the property already is immaculate, owners can skip expensive upgrades – such as remodeled bathrooms – and focus on the fundamentals.