Robert & Christy #1 Listing Agents in Corona Mountaingate Neighborhoods

According to recent MLS data, Robert & Christy Thompson, Realtors from the #1 Real Estate office in Corona - "Keller Williams Realty-Corona" are the number #1 Listing agents in the Mountaingate Neighborhoods for the last 2 years for combined Standard and Short Sales listings.

When asked how they did it, Robert responded "Some of our competitive agents in the area disappeared and pursued REO accounts. We made a strategic decision to stick it out in the area we know best and the community we are proud to work in. We have always had pride in the fact we fight hard to keep home values up on the homes we list. We have consistently had one of the highest list price/sale price ratios in the area and people know that and it is one of the reasons they hire us. I see some agents are back pushing mass door hangers the last couple of weeks to get their name back out here. Well all I can say is we have never left servicing our Mountaingate community"

With bank owned homes (REOs) dominating the market in 2008 and short sales taking over the market share in 2009 it was tough listing homes in a volatile market.

Christy Thompson added "We have a slogan that we firmly believe in: "A Family Helping Families Fulfill the American Dream with Honesty, Integrity, and Twice the Service" our clients see this reflected in our work and our results show it. Since we live in the area we also have a vested interest in keeping home values up. It is disappointing at times to see agents from outside the area like Orange or LA county that do not know our neighborhoods and list the price low to get a quick sale. We just don't understand the motivation sometimes. I mean, we list numerous homes outside our area as well, however because they are either past clients or referrals we still get top dollar for their homes."

With Short Sales still being the dominate sales type in the market, there has been a big push by some agents to encourage people to short sale their home and using questionable tactics to do so.

Robert added, "It really comes down to the owners motivation. If they prefer to stay in their home, their are definitely ways to help them. What is discouraging is some are coerced to short sale by questionable means. We know of instances where agents have told them they are representing or hired by the banks to do a short sale and that they cannot do a short sale with anyone else, and this is simply not true. We wrote in our blog last week on issues regarding short sales and homeowners who have Notice of Defaults filed and encourage anyone who is considering a short sale to read it here. "

Help! People keep calling me because I'm behind on payments!

"Help!! People keep calling me because of I am behind on my mortgage payment(s) and a Notice of Default (NOD) has been filed!
What do I do?,
How did they get my number?
Why do they keep knocking on my door?"

These are common questions we receive, especially lately. With record unemployment, increasing layoffs/furloughs, and a tough economy all of which have contributed to a record number of Notice of Default (NOD) filings. Although there doesn't seem to be any consistency on when an NOD is filed, it can be filed when a homeowner is 30, 60, or 90 days delinquent on their home.

If you are a homeowner that has an NOD filed and your intent is to stay in you home, do not ignore the problem of your mortgage lates. Make sure you are proactively communicating with the lien holder(s) on what your intent is.

If you have an NOD filed and you are getting people calling or knocking on your door and they may be telling you that you are going to lose your home. As with everything, the reason they are contacting you is their motivation. They may be coming to you out of sincere contribution. They may be coming to you to solicit business, either by listing your house for a short sale, performing a loan modification for a fee, or from legal personnel, encouraging you to file for bankruptcy.
How did these people get your number or address? There are a variety of websites and companies that search for NOD filings and they charge a fee to provide this information to anyone willing to pay for it.

It seems the overriding factor related to this subject in these tough economic times is every little button that gets pushed adds a level of stress to yourself, your family, friends, and coworkers around you. In tough times it is important to have someone to lean on, to help hold you up and provide encouragement. Whether it is family members, friends, or church members, make sure you have some level of support.

Robert and Christy are also a source to lean on, to get professional advice and direction from. Our slogan of A Family Helping Families Fulfill the American Dream should be updated to include And To Help Stay in Your American Dream Home. We are in the business of helping people. Our desire is to develop long-term relationships and hopefully get a few dozen referrals from you and if the need requires to assist you with any real estate required services.

Although we do successfully list and sell short sales, we only do so at the requirements of our clients wishes. More often than not, we meet with someone who is in a NOD status who wants to stay in their home. We can provide sound, professional advice and direction and can help hold off the barrage of calls and and door knocks. We obviously do not charge for this because we sincerely want what you want. A Win for you is a Win for us. Again, hopefully we will get a referral from you and can assist you with a real estate transaction when it is required.
We can be reached at 951-271-3068. Give us a call so we can help.

God Bless,
Robert and Christy

FHA Waives 90 Day Flip Rule

GREAT NEWS!! FHA Federal Housing Commissioner David H. Stevens waived the 90 day flip rule for 1 year.
This is GREAT news for Investors and Buyers.
Previously if an investor purchased a property, a buyer with a FHA loan was not allowed to purchase the property until the 91 day. This rule was always a burden for the typical First Time Home Buyer because they were not allowed the opportunity to purchase the property within the first 90 days.
With Inventory so low and a large pool of buyers and everyone bidding on the few properties that are available it didn't seem like the FHA buyers had a fair shake at purchasing properties. Investors also suffered by having to sit on properties for the 90 days which increased their holding costs and also hindered the investor on purchasing other properties to fix up and resale as a result.
This waiver will help many home buyers find affordable housing and contribute to the stabilization of neighborhoods hit hard by foreclosures.
The waiver, which takes effect Feb1, 2010 is limited to the following conditions:

1. All transactions must be at arms-length, with no identity of interest between buyer and seller or other parties participating in the sale.
2. Certain conditions are required if the sales price is 20% or more above the seller's acquisition cost. (see details at the link below)
3. The waiver is limited to forward mortgages and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

For details on those conditions and further information directly from the source at HUD, go to the link at our Corona Real Estate and Inland Empire Real Estate website: Robert and Christy Real Estate Investor Help

Corona Real Estate Home Values Increase

Corona Home values increased in 2009. In this crazy marketplace with all the negative news on the real estate market with foreclosures and short sales looming everywhere, this information is a breath of fresh air.
A far cry from the tremendous decrease in values over the past few years (although most of us agree homes were over inflated anyway) seeing that home actually INCREASED in value over the past year gives a ray of hope for existing home owners.
The numbers were run on Terradatum's Broker Metrics, a product which it obtains directly from the MLS. Single Family Detached homes in Corona, CA INCREASED 16% from Jan 2009 to Dec 2009.
From a Buyer perspective, this number can be very frustrating. Most buyers had a very difficult time purchasing a home in the last half of 2009. With inventory (homes available for sale) decreasing every month in last half of 2009 and a large supply of buyers resulted in Multiple offers on most properties which in turn was a contributing factor in the increase in pricing.

Typical economics, decreasing supply and high demand will drive prices up. Although pricing may be dancing slightly up and down over the next year, banks will be the biggest contributor to the rise and fall of prices. After what they have done to the market thusfar, that is a really scary factor. Let's pray they do not raise interest rates to high and to fast or start foreclosing on homes in the rapid fashion that they did in 2008.

To view the statistics click on this hyperlink Corona Real Estate Home Values

For further information on the market and obtain additional market statistics go to our website http://www.RobertandChristy.com .
If you do not live in Corona and would like home values on your home or market statitics for your city or neighborhood, let us know we would be happy to help.

God Bless,
Robert & Christy

Red Flags for Foreclosure Rescue Scams

With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit -- at your expense.

If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:

• Asks for money upfront before providing any service
• Instructs you not to contact your lender, lawyer, housing
counselor, family, friends, or others
• Asks for mortgage payments to be made directly to his or her
company or a bank account set up by that person, rather than
your lender.
• Requires payment only in the form of cash, cashier’s check,
or wire transfer
• Promises to stop the foreclosure process, no matter the
circumstances
• Advises you to transfer your property deed or title to his or
her company
• Offers to fill out paperwork for you
• Asks for something to be done immediately and without delay.
This includes pressuring you into signing paperwork that you
have not had the chance to read thoroughly or do not fully
understand
• Encourages you to lease your house and buy it back
over time
• Offers to buy your house for a fixed price that is not set by the
housing market at the time of sale
• Asks for you to give a power of attorney
• Asks for signatures on a grant deed or deed of trust
• Asks for signatures on a document that has lines left blank
• Fails to provide copies of signed documents
• Refuses or fails to put an oral promise in writing

If you have been a victim of a foreclosure-related scam or approached by a scam artist, go to our website at this location http://www.robertandchristy.com/1069654.html for information on organizations or government enforcement agencies that may help. We also have other resources listed to help you if you need help with the foreclosure process.

New Loan Disclosure Rules

• If the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan. Because of this new three-day waiting period, a lender's failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.
  
  This new requirement is part of the Mortgage Disclosure Improvement Act (MDIA) implementing new loan procedures to protect borrowers and foster greater transparency in mortgage lending. For loan applications submitted on or after July 30, 2009, the new MDIA changes to the Truth In Lending Act are generally as follows:
  
  
• Applicability: The new MDIA rules pertain to federally-related mortgage loans covered under RESPA and secured by a consumer's dwelling. The rules apply to both purchase and refinance loans.
  
• Early Disclosures: A lender must provide a borrower with an initial Good Faith Estimate within three business days of receiving the borrower's written loan application as specified. For this provision, a "business day" is generally defined as a day on which the lender's offices are open for business.
  
• Upfront Fees Restriction: Neither a lender nor any other person may impose an upfront fee on the borrower (except for credit report) until the borrower has received the early disclosures in person or, if mailed, three business days after the early disclosures are mailed. For this rule, a "business day" is defined as all calendar days except Sundays and legal public holidays as specified.
  
• Seven-Day Waiting Period: A lender must wait seven business days after providing the early disclosures before consummating the loan. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified. A borrower may waive the waiting period in writing in case of personal financial emergency, such as an imminent foreclosure sale.
  
• Re-disclosure Requirement: If the final Annual Percentage Rate (APR) at loan consummation varies more than 0.125% (or 1/8 of one percent) from the initial APR on the early disclosures of a regular transaction, the lender must provide the borrower with a corrected disclosure at least three business days before the loan is consummated. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified.
  
• Three-Day Waiting Period: For corrected disclosures, a lender cannot consummate a loan until three business days after the the borrower receives the corrected disclosure in person. If the corrected disclosure is mailed, the borrower is deemed to have received it three business days after it is placed in the mail. A borrower may waive this waiting period in writing in case of a bona fide personal financial emergency, such as an imminent foreclosure sale.
• If you are a Buyer and need further information visit our website at http://www.RobertandChristy.com/BuyerAssistance.html

The new MDIA rules and regulations are set forth at 74 Federal Register 23,289 (May 19, 2009) (to be codified at 12 CFR 226).
Information provided by California Association of Realtors. Copyright © 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Stimulus update

Ok,
Here is the latest on the foreclosure prevention plan from D.C.:

• Eligibility for refinancing incentives is limited to home owners who are underwater by no more than 5 percent.
• Financial incentives apply only to home owners whose mortgage is a conforming loan backed either by Fannie Mae or Freddie Mac.
• Lenders participate voluntarily and can receive financial incentives for lowering borrowers' mortgage burden to no more than 31 percent of their household income. Borrowers can get a financial incentive to participate as well.
• Borrowers who are current can participate, but they must show approaching hardship that could derail their ability to meet payments in the future.

Need more information?

Go to our website http://www.robertandchristy.com/ and click the tab "Homeowners Assistance" then on the left click "Save My Home", we have articles on Loan modifications, how to handle pre-foreclosure issues, and more information.

God Bless!

Robert & Christy