San Diego Short Sale and Foreclosed Homes

 
 
This past weekend I showed a a well-qualified couple an active listing that happened to be located just two houses away from and in the same subdivision as a home I sold/closed on January 2nd of this year for $215,000.  (Three weeks ago!) FYI,  I didn't even show my buyers who purchased the home on January 2nd this property because it was out of their price range...or so we thought!

The home I showed this past weekend was listed for $248,000.  So, why was this home priced $33,000 more than my recent sale?   As I toured the property it didn't take long to realize the two homes were nearly identical. Since my current buyers were very interested in the property I decided to pull the MLS listing sheet and the tax records to see if I could find any significant differences.  Here is what I found:
  • Model/floorplan were identical
  • Square footage of both homes was 2,077
  • Year built = 2003 for both homes
  • Lot size:  .63 versus .71 acres...both flat, well landscaped with irrigation systems
  • Active listing has a spa, my sold property had a pool
  • Active listing had an extended patio, my sold property had a nice sized patio and a 100-year oak tree
  • Both homes showed extremely well and have been meticulously maintained.
  • The active listing did have one more bathroom off of the bonus room upstairs
As part of my feedback to the listing agent (as requested by her) I explained that I had sold the neighbor's property and that while my buyers had some interest in her listing, I pointed out the difference in her listing price versus my sale price. 

 

Here is the listing agents response to me: 

"Thanks for showing Property ABC.  I did see that you sold the other one.  I bought this up to my client.  I did not go in your listing. However, my client knew them, and I think she said they priced aggressively to sell because of a personal situation.

I think my client is priced based on all of the extras.  I know the bath upstairs was added.  Also the extended patio at back and at the side of the home.  There was one other one with the same floor plan that sold for $237,000.  I think she also has value for the fence, hot tub, and the utility building.  Also there is irrigation, and the landscaping is super nice.  Just giving you some idea of where her thought are for pricing. Let me know if I can help further.



Just so you know, the home that sold for $237,000 closed on 10/10/08, was brick versus her vinyl siding and was on a 1.33 acre flat lot (twice the size) with a forest behind for complete privacy and even a stream in the back yard.

What the seller, and perhaps even the listing agent, doesn't fully understand is that:

  • My sold property @ $215,000 is going to be THE comparable sale used by any appraiser whether for my buyer or someone else.
  • The appraiser won't care whether the sellers of my property were "more aggressively priced because of a personal situation".  What matters to them is that the two properties are nearly identical and mine sold for $215,000 just three weeks ago.
  • The appraiser will look at the fact that this active listing has been on the market since 9/19/08 so the other two sold during the time this home was also listed for sale.
  • Even if some buyer came along and was willing to pay full price, the property will not appraise because in this down market if the most recent comparable sales are much lower, those are the numbers the appraiser is going to use.
To make this example perfect, I will have to report back to you when this active listing sells, but I would be willing to bet it won't be far from $215,000 or even lower if they sit on the market for a long time.

Do you agree?  Our market was very late to start it's downturn so I haven't had too many problems yet with low comparable sales.  I would love to hear YOUR experiences with this kind of situation!

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If California were a big furry dog, its owner would have a clogged vacuum cleaner. That's because California is SHEDDING JOBS at a fast and furious pace.

What's left behind is just as worthless as a bunch of dog hair on your carpet: a big fat mess that needs to be cleaned up.

Oh if it were only as easy as plugging in the vacuum. But instead, our State Controller has warned that California is down to "PLAN D" on the checklist of paying bills.

  • Cash reserves are piddling
  • Special funds that have been borrowed from are tapped out
  • No one in the private sector will lend the state money at a reasonable rate (I wonder why?...we call this having "no assets" in the mortgage world).
Since a state cannot file bankruptcy, part of plan D is to issue IOU's. Not only to vendors and landlords and schools, but also for taxpayer refunds.

Upon hearing this, most Californians have wondered aloud, "Can we pay our taxes with an IOU?"

You wish. Not happening.


And just like a rampaging disease, everyone you talk to either is either sick, knows someone who is sick, or is afraid they will be the next to catch the highly feared "no jobitis".

Where will it end?

  • College graduates so discouraged they have stopped trying to find a job
  • Older Americans who got the axe first... because they could easily be replaced with someone younger who needed less benefits, and who would work for less money
  • The thousands out of work because their company just shut its doors. Forever.
  • Those industries that are still around, but operating on a skeleton crew after laying off most employees
  • People near retirement age who had no intention of taking retirement, but either threw in the towel, or were forced to retire early
If we believe in free market economics, we must also believe that these people will somehow eventually be re-distributed to jobs that will serve our battered economy in a better way. That will fit better in a new era of constrained spending. 

Already, enrollment at our colleges and universities is soaring.

I am wondering what those NEW jobs will be?

Just like the guy who can't figure out why his big furry dog keeps dropping gobs of hair. And how long his vacuum cleaner will last.

Do you think those jobs should be "created" by the government? Or do you think creating jobs is the REALLY the first cousin to the bailouts (handouts?) being bestowed upon the companies of America?



Written by Janet Guilbault, Mortgage Lending Expert Based Out of the San Francisco Bay Area

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A tip for everyone whether in Real Estate or any kind of business to set yourself apart in the world of customer followup. It is

A Customer Technique To Make Them Smile.

It is called boring old "snail mail."

In today's electronic age with emails whizzing back and forth, set yourself apart with an "occasional" thank you card, followup handwritten note, just thinking of you card. Hand write it. Insert a news clipping. If you are great with photos put that in there.

I prefer the great cards at the card store or a WalMart and have mastered picking out cards when I find the time. I purchase them ahead of time and store them for future use. I prefer their greater variety, wider texture and being able to insert things in them.

For those not as organized as that, there are companies like SendOutCards you can use that you can order them off the web and they'll even apply the postage, mail them out, and "look" like hand written cards.

The reason I know this technique works to build relationships and spread smiles is I LOVE getting something other than junk mail in the mail and others tell me they do too.

So don't think that mail truck going through your neighborhood is a dinosaur just yet. It may be showing others you come in contact with that YOU are the one work with, and just maybe you care A LOT more than the average person.

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With the battered housing industry at the heart of the economy’s slide, Congress and the Obama administration have identified foreclosure relief as a top priority. But the problem has been stubbornly resistant to quick fixes.

After a year of failed efforts, Congress and the new administration are considering more aggressive measures, including a possible change to bankruptcy law. Homeowner relief could come as part of a new economic stimulus plan, a revised financial system bailout program or as a standalone measure.

So far, progress remains painfully slow. More than 3 million homes have been lost to foreclosure since the housing bubble burst. Roughly one in 10 homeowners with mortgages are either in foreclosure or more than 30 days late in payments — the highest delinquency rate on record.

Without more aggressive measures, another 8 million to 10 million foreclosures are forecast over the next four years, according to Credit Suisse. That amounts to roughly one in six households with a mortgage.

“It is simply mind-boggling to me that (Congress and the White House) have moved so slowly to address this issue,” said John Taylor, president of the National Community Reinvestment Coalition, which has been lobbying for foreclosure relief.

Congress and the incoming administration are taking a multipronged approach to foreclosure relief.

"Accelerating foreclosures is obviously, in my view, the huge driving problem right now,” said Elizabeth Warren, a Harvard law professor appointed by Congress to chair a panel overseeing the financial bailout. "Until we think in a more comprehensive way, we can't create solutions that will really make a difference," she told Congress last month.

Many of solutions tried so far have been stymied by the legal morass created by the modern mortgage.

In past recessions, it was not uncommon for lenders to work out more affordable terms with borrowers who had fallen on hard times. Bankers often prefer to cut their losses by lowering monthly payments and stretching them out over a longer term rather than bearing the cost of foreclosure. But the complex system of financing the recent housing boom — which was based heavily on the pooling of mortgages that were then sold to thousands of investors — has hopelessly complicated a once fairly simple renegotiation between lender and homeowner.

Multiple classes of investors, each with different claims on the same mortgage, often have conflicting interests. Some will do better with a loan foreclosure while others would profit by keeping the loan performing. Some contracts setting up these pool pay loan “servicers” — the companies that manage mortgage payments to investors — more generous payments for loans in foreclosure and offer little financial incentive to undertake the more costly process of modifying terms.

“You have got to have the investor or their representatives come to the table motivated to do something,” said Taylor. “And that’s currently what we don’t have.”

To break the logjam, Congress is considering various proposals, including both "carrots" and "sticks."

One of the "carrots" is included in a proposed revision to the $700 billion bailout of the financial industry known as the Troubled Asset Relief Program, or TARP.

Now, as Congress prepares to authorize the second $350 billion in spending for the program, Democratic leaders are pressing for changes that would expand beyond the banking industry, which has been the primary beneficiary of the program. A House Committee heard testimony Tuesday on revisions that would commit between $40 billion and $100 billion of TARP funds to various foreclosure relief measures.

One proposal would expand an FDIC program aimed at standardizing the loan modification process and paying mortgage servicers a fee for every loan they modify. To cap monthly payments at no more than 31 percent of a borrower’s income, loan servicers could extend the loan to 40 years or defer some interest until the borrower sells or refinances their home. The measure would also provide mortgage servicers some protection against investor lawsuits claiming a loan modification lowered their returns.

The TARP revision also could include changes to the Hope for Homeowners program, which provided $300 billion in guarantees to help lenders refinance troubled borrowers into FHA mortgages. Lenders balked because the program was too costly; changes in the law are expected to make the plan more attractive.

Congress also is considering various proposals as part of a planned $800 billion economic stimulus program, including tax cuts promoted by the home building industry for home buyers. That could include tax credits for all homebuyers, not just first-timers, of $7,500 or more. Mortgage interest would be deductible even for taxpayers who don't itemize; tax incentives may also be given to owners who rent out vacant properties.

The most controversial foreclosure relief proposal — and the biggest "stick" being considered — involves changing the bankruptcy law to allow courts to modify terms of first mortgages on primary residences. (Those are the only form of debt currently excluded from the bankruptcy process.)

First proposed over a year ago, the latest proposal would require borrowers to contact their mortgage lender 10 days before filing for bankruptcy to give the two sides time to work out a modification. If the lender doesn’t make an offer, a judge could then adjust the loan balance to fair market value, cut the interest rate and extend the loan as part of a court-ordered five-year payment plan. There’s no guarantee, however, that a foreclosure could be prevented if the mortgage balance greatly exceeds the homeowner's ability to pay it down.

This so-called "cram-down” provision is strenuously opposed by the lending industry, which argues that the new risk that a loan will later be modified by a judge will increase the cost of borrowing.  Some financial analysts caution the move could also make mortgages harder to finance.

“Investors outside the U.S. will now view the U.S. mortgage market as riskier and therefore they may be willing to commit less capital to it,” said Jaret Seiberg, an analyst with the Stanford Group.

But that view is disputed by some economists. Adam Levitin, a professor at Georgetown University Law Center, say his research comparing mortgages on single-family homes, which are excluded from bankruptcy court revisions, and multifamily homes, which aren’t, showed the difference in interest costs amounted to a fraction of a percentage point.

“There was a statistically significant impact, but it was small,” he said. “I would expect to see that impact borne by the highest-risk borrowers, and that’s very good policy. It would inject a little prudence into the mortgage lending process.”

Though it was defeated twice in the last Congress, the measure got a major boost last week when Citigroup agreed to support the proposal, with some modifications. (One key change would restrict the provision to existing mortgages, preserving the bankruptcy exemption for new first mortgages.) The National Association of Home Builders, also a staunch opponent last year, has signaled it would consider supporting some form of the provision.

Congress also is looking at additional measures aimed at reducing mortgage rates to spur home buying, including providing an explicit government guarantee and raising limits on conforming loans issued by Freddie Mac and Fannie Mae. But those measures offer little relief to the roughly one in six homeowners whose home’s value has fallen below their mortgage balance.











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While plunging mortgage rates have spawned a frenzy of refinancing, borrowers with larger, so-called jumbo loans are still seeing interest rates in the 7 percent range, prompting many to abandon refinancing plans altogether or resort to creative transactions.


The high rates are particularly an issue in Greater Boston, where expensive housing forces many people into jumbo-loan territory, which is currently $465,750 and above. In 2006, more than 10 percent of borrowers in Massachusetts took out jumbo mortgages.

Borrowers with conventional mortgages - those at or below $417,000 - are getting rates as low as 5 percent, while the national average for a jumbo loan hovers around 7 percent.

There is a new, third category of mortgages between jumbo and conventional loans, created last year by Congress, called conforming jumbos, which now average about 5.6 percent, according to a provider of industry data, HSH Associates.

"I think it is crazy you can't get as good a rate," said Julia Blake, 36, who with her husband is looking to refinance the Cape they bought in Wellesley for $695,000 in 2007. "To me, a jumbo loan should be a luxury house, and in Wellesley it is not. You can't get anything less than $600,000."

Another Wellesley resident, Paul Barnhill, wants to refinance his adjustable-rate jumbo loan into a fixed-rate loan, but not at current rates.

"I would refinance in a heartbeat if I could get 5 percent," said Barnhill, 44.

Jumbo mortgage rates are higher because lenders who initiate the loans are having trouble selling them on the secondary market, where the resale of mortgages provides funds for new loans. The banks and investment groups that buy mortgages are reeling from the credit crisis and the subprime mortgage debacle, and are steering clear of any loans that smack of higher risk. The major players on the secondary market, government-sponsored Fannie Mae andFreddie Mac, do not purchase jumbo loans.

Industry groups are calling on the federal government to intervene. For example, the Federal Reserve Bank is purchasing huge amounts of mortgages and related securities, which industry officials said would result in even lower rates for conventional loans. The National Association of Realtors wants the Fed to do the same with jumbo loans.

"It's unfortunate that the jumbo interest rates are very high and the government is not being responsive to that," said Lawrence Yun, the trade group's chief economist. "It is not only hurting the Main Street, but it's a fairness issue. Why are people who are slightly over the loan limit being punished?"

Last year, Congress raised jumbo limits when it allowed Fannie Mae and Freddie Mac to buy or guarantee higher-balance loans. In Massachusetts, the limit increased to $523,750, from $417,000, with jumbo loans being above the higher amount, and conforming jumbos between the two figures.

The Federal Housing Finance Agency recently recalculated the loan limits for 2009, as required by law, based on recent home sales.


That resulted in the jumbo limit for the Boston area being lowered to $465,750, meaning some borrowers who would have qualified for lower rates in December are now back in the jumbo category.

US Representative Barney Frank, Democrat of Massachusetts, said Friday that he wants jumbo limits to be raised again - to the previous level, if not higher.

Frank, chairman of the House Committee on Financial Services, pledged to include a provision for this in the economic stimulus bill Congress is expected to take up with President-elect Barack Obama. He also wants to change the way the loan limits are calculated to reflect real market conditions.

"Even if you accept the principal we shouldn't be financing luxury housing; what's a luxury house in Nebraska is an average house in Quincy," Frank said. "I'm lobbying hard to get at least last year's level to be put back where it was."

Meanwhile, borrowers in jumbo territory are scrambling to avoid paying high-interest rates.

Kerry Scarlott, 46, and his wife, Rebecca, 44, are refinancing the jumbo mortgage on their Hingham home with two smaller loans: a jumbo conforming loan at about 5 percent, with the balance covered by an adjustable-rate home equity loan, currently at 4 percent, which they intend to pay off as soon as possible.

"The jumbo rates were pretty atrocious," said Kerry Scarlott, who has been looking to refinance for about a year. "The key for us has been in staying involved in what is happening in the market and knowing when these opportunities come up."

Some lenders are offering competitive jumbo rates; many are smaller banks and credit unions that hold the mortgages, and so don't have to deal with higher prices in the secondary market.

One is South Shore Savings Bank, which through its Hingham-based mortgage company, Cambridge Mortgage Group, is offering jumbo loans at 5.875 percent. Even so, John Battaglia, the mortgage firm's president, said he still hears from disappointed customers who expected to lock in at even lower rates.

"People will look and see and say: 'Hey the rates are 5.25.' And they do get excited until they hear the rate for a jumbo," said Battaglia. "There's a lot of people out there with a higher balance."

Chris Shedd, a Wellesley mortgage broker, said he tries to avoid quoting "ridiculously high" jumbo rates.

On Friday, he said one lender was offering a 5.25 interest rate for conventional loans, 5.75 percent for conforming jumbos, and 8 percent for jumbos.

"In Wellesley, sadly, it's just frustration," Shedd said. "They don't understand why there is such a big difference. Anybody who has a jumbo loan, they are usually very good clients and are thinking 'Why not me?' "



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The 30 year fixed rate fell to 5.01%, its lowest level since Freddie Mac started conducting its survey in 1971.


Mortgage rates fell to another all-time low, declining for the tenth consecutive week.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year.

The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971.

Mortgage rates continue to respond to the Federal Reserve's decision to purchase mortgage backed securities from Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE,Fortune 500) and Ginnie Mae, according to Frank Nothaft, Freddie Mac vice president and chief economist.

"On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008," Nothaft said in a release Thursday.

The 15-year fixed rate mortgage this week averaged 4.62%, which is down from 4.83% last week. A year ago at this time, that rate averaged 5.43%.

The 15-year rate has not been this low since June 13, 2003, when it averaged 4.6%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.49% this week, down from last week when they averaged 5.57%. At this time a year ago, the 5-year ARM averaged 5.63%.

And the one-year Treasury-indexed ARM averaged 4.95% this week, up from 4.85% last week. Last year, the 1-year ARM averaged 5.37%.

"Since the end of October 2008, these rates have declined by almost 1 1/2 percentage points," said Nothaft. "[That's a] payment savings of about $184 a month for a $200,000 loan - an additional $11 from last week."

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Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again.

How exactly do they plan to accomplish that? So far, no one's saying.

IndyMac collapsed July 11, 2008, the victim of an ill-fated strategy of using high-interest deposits to fund mortgage loans to borrowers who often weren't asked to document their earnings or assets.



Its new owners are led by Steven Mnuchin, chairman of Dune Capital Management, who will serve as chief executive of an IndyMac holding company. Other investors include bank buyout expert J. Christopher Flowers, hedge-fund operators John Paulson and George Soros, and a firm that manages money for computer mogul Michael S. Dell.

Terry McLaughlin, a veteran banker, is to be president and chief executive of the bank.

The new owners declined to be interviewed. In a statement, Mnuchin said his group was working with regulators "to structure a mutually beneficial transaction to restore IndyMac as a healthy banking institution. At closing, we will inject significant private capital into IndyMac so that it can once again effectively serve its customers and communities."

Mnuchin didn't offer any details. Officials with the Federal Deposit Insurance Corp., which seized the bank last summer, also declined to discuss how the new team might revive the bank now that the market for high-risk mortgage loans has evaporated.

FDIC spokesman David Barr said overseeing the business of the reborn bank would be the responsibility of the U.S. Office of Thrift Supervision.

In a statement, the OTS said: "The business model for the new institution would focus on home mortgage lending and mortgage loan [customer] servicing." A spokesman declined to elaborate.

The new game plan is key for IndyMac. After delinquencies soared on its loans in 2007, the thrift attempted to shift to making old-fashioned, fully documented loans of the kind that mortgage giants Fannie Mae and Freddie Mac traditionally bought. But it was unable to make any money in that business, and now its only new loans are reverse mortgages, which allow older people to extract equity from their homes.

The FDIC's announcement said it had agreed to sell what was being called the New IndyMac to the investors group for $13.9 billion.



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If you dare to look out your window at houses for sale, you might be surprised at what you can buy and with how little money. Prices are falling, and inventory is plentiful; it's a buyers' market.

Alas, credit is so tight, potential buyers might think they need boat loads of cash or a superlative credit score to wade into the devastated housing market. But it isn't so, largely because of dramatic changes at the Federal Housing Administration (FHA), a federal housing loan insurer.

FHA makes it less risky for lenders to provide mortgages because it will pay a claim to the lender in the event that a homeowner defaults on their loan.

Until this year, FHA loans were capped so low that the program was out of step with the real price of a house. But in February 2008, the ceiling in the highest priced markets went from $362,790 to $729,750. That amount is scheduled to go down a bit.

As of January 2009, the new ceiling in the top markets will be $625,500. FHA loans in 2009 will cap out at 115 percent of the median home price in a county or metropolitan area. Still, huge swaths of the housing market will remain, as never before, eligible for an FHA loan.

With the implosion of the sub-prime market, the real estate industry has been working to explain to brokers, listing agents, homeowners, and anyone else who will listen, that FHA-backed loans have become the last best deal for many buyers.

FHA's rapidly increasing market share tells the story. Between 2003 and 2006, the number of homes purchased with the help of FHA had fallen to less than 4 percent of the houses sold. That number has rocketed up. FHA is now expected to back as many as 25 percent of the mortgages signed in 2009, according to the National Association of Realtors. Some predict FHA will soar right past that mark.

In other words, for many homeowners, an FHA loan has become the way to buy a house.

National Association of Realtors spokesman and veteran Minneapolis, Minnesota, realtor John Anderson says, "Most first-time buyers are going to be FHA ... (A)nd FHA is being used by second- or third-time buyers." Anderson recommends, "Anybody who doesn't have at least 10 percent to put down should think about an FHA loan." This Old House: Best places for first-time buyers to get old house

As lawmakers struggle to get ahead of the housing crisis, they've been making frequent changes to FHA. Buyers should keep an eye out for additional changes in the weeks ahead. But, in the meantime, here are the current rules of a program that -- unlike other mortgage options -- has become increasingly viable for many buyers.

• FHA loans must be obtained through an FHA-approved lender.

• Down payment requirements are minimal. Buyers need only 3.5 percent of the house's price tag.

• The down payment can be a gift from a family member, employer, local charity, or local government program.

• You can get an FHA loan even if your credit history is less than stellar.

• You must have a two-year employment record. Your mortgage payment must be less than 31 percent of your income, and your total debt (mortgage, students loans, etc.) must be less than 43 percent of your income.

• Help is provided if you ever have trouble making your mortgage payments.

Some brokers say even clients with good credit are thinking about FHA loans. Minneapolis realtor John Anderson says he's dealing with one couple that plans to use either a conventional or an FHA loan, depending on the house they buy. If the house needs work, they want to make a smaller down payment with an FHA loan, and hold some of their own cash for repairs. This Old House: Best places to buy a fixer-upper

If you don't have extra cash for repairs, and you're interested in buying a house that needs work, FHA has a program for you, too. Known as 203(k), this program allows buyers to borrow the price of the house and funds for home repairs all in one loan.

Marc Schwaber is president and COO of one of the largest broker firms in the Northeast, Preferred Empire Mortgage Company. He says the newly streamlined 203(k) program is becoming popular because it "can turn 'This Old House', into 'Your New House'." This Old House: 47 skills you need to survive homeownership

But Schwaber and Anderson warn against seeing FHA as a panacea. Here's why:

• FHA loans are more expensive than conventional loans backed by the traditional 20 percent down payment. Buyers with lower down payments, including those who turn to FHA, pay a bigger premium for mortgage insurance. "FHA is not like opening a gift on Christmas morning. It has good and bad to it," says Marc Schwaber.

• Borrowers should also watch out for predatory practices. Even though government regulators must approve FHA lenders, there have been reports of loan officers abusing the program and luring consumers into houses they cannot afford.

John Anderson says, "I warn consumers that when you shop for a lender, make sure that they are directly endorsed by the FHA." Anderson says those lenders are scrupulous, are experienced with FHA, know they can be audited, and work faster than mortgage companies who rely on a larger bank's FHA underwriters to close a loan.

How can a borrower make sure that their lender is on the up-and-up? Schwaber says, "Call the state banking department and ask if the company is well rated. If they say this company has a lot of complaints, just because they show you the golden goose doesn't mean it's made of gold. Run things by an accountant."

Despite all the bad news, these real estate pros are bullish on the deals to be had. Anderson says it's an ideal time to think about getting into the market with an FHA loan. "Interest rates are down, inventory is up, prices are down, and there are motivated sellers."


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