Hemet, CA

Hemet, California Real Estate REO Bank-Owned, Short Sales and Standard Sales Activity

Hemet, CA consists of many neighborhoods from the zip codes 92543. 92544, 92545, including Arroyo Fairways, Bautista Canyon, Camelot, Citrus Heights, Crean Acres, Denizen Heights, Diamond Valley Lake, Downtown Hemet, Dumont, East Hemet, Falls Church City, Four Seasons, Gilman Hot Springs, Hemet Ryan Airport, Homeland, Little Lake, Mayberry, Maze Stone Ranchos, McSweeny Farms, Mesa Grande, Mission Heights, Park Hill, Ramona Bowl, Reflection Lake, River Bend Estates, Sage, Seven Hills, Sierra Dawn, Soboba Springs, Spraig Heights, Stoney Mountain Ranch, Valle Vista, West Hemet, Willow Walk and Winchester. This is a monthly Real Estate report of REO Bank-Owned, Short Sales and Standard Sales Active Listings, Closed Sales and Pending Sales from December 2009 to January 2010 in Hemet, California.

Active REO Bank-Owned Listings for Hemet, CA: 103

Active Short Sale Listings for Hemet, CA: 207

Active Standard Sale Listings for Hemet, CA: 85

Closed REO Bank-Owned Sales for Hemet, CA: 114

Closed Short Sales for Hemet, CA: 33

Closed Standard Sales for Hemet, CA: 20

Pending REO Bank-Owned Sales for Hemet, CA: 162

Pending Short Sales for Hemet, CA: 132

Pending Standard Sales for Hemet, CA: 25

These numbers can give us a general idea of what type of listings and sales are currently in the Hemet, California area from 12/15/09 to 1/15/10. Keep in mind these numbers do not reflect properties currently under the status of Backup Offer, Contingent to Show, Expired, Canceled, Hold Do Not Show or Withdrawn.

For more information or if you have any questions please feel free to call or email us using our contact info below.

If you have a home to sell in the Hemet - San Jacinto CA Valley, you have a 1 in 350 shot of picking the right one for you. There are many good agents in the Hemet San Jacinto Valley that can do the job the right away and there are a handful of great agents - but how do you pick the right one from the 350 members of the Hemet San Jacinto Association of REALTORS®?

I have a list of 13 questions I provide sellers that they should ask when interviewing an agent and finding the one who is right for you...

1) Do you work full-time as a REALTOR®, or part time?

You should only consider working with a full time agent, otherwise you re bound to run into situations where your agent cannot communicate with other players in the transaction, including you. Full time should also equate to more attention paid to you and the sale of your home and less worrying about the boss and the 'day job'.

2) How many homes have you sold in my neighborhood?

The agent who specializes in your neighborhood is preferable, Is there an agent who makes contact with you at least once a month - be it a post card, door hanger or even a knock on the door? This agent will be most familiar with the nuances of each model in your neighborhood and be up to speed on recent sales and new listings in the neighborhood. The neighborhood expert should be able to zero in on a good market price for your home.

3) How may other homes are you currently representing on the market?

Typically, the busier the agent the more efficient they are. Selling real estate is all about systems and systems work best when they have a pipe line running through the process. Don't be afraid to ask questions about the different systems the prospective agent uses to sell homes.

4) Will you handle all aspects of the sale of my home or will you assign some of the tasks to another sales associate or an administrative assistant?

You want to make certain that you can contact your agent when needed and not be put through voice mail h*ll. But understand that knowledgeable assistants can be an invaluable benefit.

5) What will the cost of selling my home be?

Commissions are always negotiable and never set in stone. Remember though, the commission you negotiate is divided in four shares - there is a buyers agent and buyers broker who will presumably earn half and the other half by your agent and his broker.

Your agent should be prepared with a 'Sellers Net Sheet' that breaks down all of the costs associated with selling your home, including Title and Escrow fees.

6) At what price do you think my home will sell for?

This gives your prospective agent the chance to shine and display their knowledge of current market conditions and how they will effect the price and sale of your home. Your agent should have a CMA prepared to justify their pricing strategy. CMA stands for either a Comparative Market Analysis or a Comprehensive Market Analysis - the difference is in the amount of prep work that goes into the report.

Hopefully you see the value in this list and you'll come back in a couple of days to access the rest of the list which promises to make any homeowner knowledgeable in the process of selecting the right REALTOR® to help you sell your home, for the most amount of money, in the shortest time with the least amount of inconvenience to you...the home owner!

I have said for a long time that the Hemet - San Jacinto CA real estate market is one of the most affordable in the country and that a buyer with $200,000 could buy just about anything we have listed in our local MLS.

So I got to thinking, what could a million bucks buy in different markets across the country? so, I jumped over to Zillow to do some research and check out what I found. with a search criteria of $950,000 to $1,25,000...

HEMET

Unfortunately, there is nothing in this field in the local Hemet - San Jacinto real estate market, according

to Zillow. What I did find as the most expensive listing in Hemet is a home with 2,881 sq ft and 3 bedrooms that was built in 1931 on 2.36 acres for $810,000. The real value here, of course, is the land,

SAN JACINTO

Across the valley, in San Jacinto there is a 5 bedroom 3.5 bath home built in 1984 with 5,884 sq ft on a 6.91 acres lot wit a panoramic valley view offered for only $998,000.


The next area I though I would check is Temecula and Murrieta - the market directly to the south and about 30 miles away.

TEMECULA, CA

In Temecula, you can pick up this 6 bedroom with 6.5 baths and 6,114 sq ft of living space on just under 4 acres for a mere $950,000. This luxurious home has two master suites - one on the ground level and the other upstairs with the other bedrooms and includes 3 different family rooms, 3 staircases and a 4 car garage.

What amazes me is the listing agent does not have any more of a description than what I have provided. Seems to me that this English Tudor style home just may have a few more amenities to offer the discriminating buyer.

MURRIETA

For just over a million dollars (I'll bet the $1,099,00 asking price is negotiable) you can pick up a 3 bedroom 3.5 bath home with 3,224 sq ft on a 16,552 sq ft lot (approx 1/3 acre) that was built in 1999 in the exclusive Bear Creek Golf Club estates with panoramic views of the golf course and the valley lights below. The luxurious estate is reminisce of a French country chateau with fabulous gardens, fountains and landscaping. This entertainers delight has an office with built-ins, loggia, pool and spa, The gourmet kitchen includes all upgraded appliances, built-in frig, breakfast bar, walk-in pantry, separate eating area, island and all granite counters. Adjacent to the kitchen is the family room with fireplace, built-ins, room for a pool table and lots of windows show casing the views. Separate living room offers views of the rear yard and city lights and doors to the loggia. Stunning office has built-ins and storage closet. The separate dining room has a hand painted ceiling mural. The spacious master suite includes a retreat with fireplace, two walk-in closets and doors that lead to the loggia. Beautiful master bath features beautiful cabinets, granite counter tops, separate shower and Jacuzzi tub. Stunning loggia has a fireplace, ceiling fans, refrigerator, and granite serving counter and ample seating area. The rear yard features panoramic views of the golf course and city lights. A beautiful salt water pool, separate spa and gazebo with lights and seating. There are two viewing terraced seating areas accented with flagstone. The beautiful gardens are adjourned with flowers, shrubs and trees. This home has a long list of amenities such as crown moldings, 6 base boards, coffered ceilings, slate flooring, hardwood flooring, carpet, central vacuum just to mention a few items.

SAN DIEGO

San Diego is the next county to the south from Riverside county, where all of the above homes are located. While we have some pretty amazing deals here - we are not San Diego and we do not have the beaches that San Diego has...so you wold expect to get less for your money in San Diego, then in Riverside County.

What I found for sale here, at exactly $1,000,000 is a brand new never lived in home that has 4 bedrooms and 3 baths in 2,782 sq ft of living space on a 5,000 sq ft lot (tiny by Riverside county standards, but I guess that is typical for the overcrowded cities of San Diego County.

This home has views of the bay and city skyline. The downstairs of this home features a great room with custom stone fireplace in the family room, a formal dining room, a gourmet kitchen and 3 bedrooms with 2 full baths. The Master Suite and patio are located on the second level, both with the most amazing views of the bay and cityscape. This home is a Mega Re-model-- torn down to the sub-floor and rebuilt new. Elegant craftsmanship is evidenced.

Upgrades include chiseled edge travertine flooring combined with rich-designer carpet--Cat5 Internet wiring and speakers throughout, 10-ft ceilings in the downstairs living area, 9-ft. ceilings upstairs. The gourmet kitchen is truly a chef's delight w/ top-of-the-line GE Monogram appliances, gorgeous granite counter-tops, custom “knotty alder” cabinetry, stone back-splash, walk-in pantry & breakfast nook. Walk up the staircase to find a private patio--the perfect space for an intimate gathering of friends capturing the most incredible views of the cityscape and bay. The Master suite (upstairs) is 17x17 featuring enormous his and hers walk-in closets and a fireplace. The master bath features travertine wainscoting, custom stonework, a walk-in shower w/a large overhead rain shower and a 2 person Jacuzzi tub. Many other upgrades, too many to mention!

LOS ANGELES - ENCINO

Traveling west to Los Angeles I found a home in a desirable 'Valley' location in the community of Encino. This home was built in 1967 with 4 bedrooms and 4 baths, The 2,923 sq ft of living space is on a large 9,730 sq ft lot.

This designer home w/ guest house is located on a cul-de-sac in Encino's finest area. Offering the perfect combination of indoor/outdoor living with beautiful french doors, updated kitchen & bathrooms and a spacious floor plan perfect for entertaining. Skylights & picture windows allow plenty of sunlight into each room. Upstairs master suite includes an office/gym and walk-in closets. The grounds are lush in landscaping, providing a zen-like retreat complete with a large swimmers' pool surrounded by new patio stone. Other features include Asian-style redwood slat fencing, hones granite counters, new a/c system in master suite and upgraded electrical panel

SO, WHAT's IN YOUR NECK OF THE WOODS?

This has been a fun post to put together - informative as well.

So please, share in the fun and add listings from your own neighborhood. They don't have to be your own listings and please don't include addresses - but do let us know how many bedrooms and baths there are as well as the square footage of the living space and the lot... as well as any other information you can share that will justify the price for this home.

In the Hemet - San Jacinto, CA Valley we have been hit hard, as a community, with more than our fair share of foreclosures and bank owned (REO) homes for sale in our little neck of the woods known as the Inland Empire, CA.

As a small board, the Hemet San Jacinto Association of REALTORS (HSJAOR) belongs to SoCalMLS which uses the SentriLock electronic lock box system. Every board that surrounds us uses the Supra system. The two are not compatible. At a cost of almost $100 per lock box and an inventory of over 20 lock boxes, I am not interested in investing into a new system.

What bothers me is when out of the area agents get listings in this market and install their Supra Lock boxes on inventory in this market - thereby locking out local agents from selling local inventory.

This is not a minor issue that happens every now and then. Two thirds of our inventory is listed with out of town agents who do not belong to the local board and do nut use the SentriLock lock box system.

The Dawn of a New Decade brings the Dawn of Consumer Rights When Shopping for a Mortgage

January First is typically a day when many new laws across the land become effective...and this year is no different. The Department of Housing & Urban Development made one very important change to the Real Estate Settlement Procedures Act of 1974 law that is known as RESPA in the industry is now mandating that ALL mortgage lenders provide the consumer with the same information in the same format.

There is no doubt that this is too little too late for the homeowners who are currently at risk of losing their homes, but had these new rules been in effect 5 years ago, there is a good chance we would not be experiencing the meltdown of the American economy that we are. I have no doubt this will definitely protect the consumer from this point forward.

Shopping for a mortgage has always been complicated and very few every really understood their options to determine if they got the best deal or not. The challenge has been deciphering the differences between those lenders who advertised the lowest rates, which did not always mean the best deal. Many low interest loans have high fees attached that can wipe out any benefit of the lower interest rate. There are also the near-hidden features of loans that sit dormant waiting to blow up in the face of the borrower, such as pre-payment penalties. Of course, borrowers have had the opportunity to pay ‘points' to bring the interest rate down lower...this has been known to confuse members of MENSA. Another tactic of mortgage lenders has been to pepper the loan with numerous ‘garbage fees' designed to pad the loan officers margins and act as a diversion to the bigger picture, allowing the borrower to negotiate away some of these garbage fees.

Well, as of today, every lender in the United States of America is obligated to provide the borrower with a good faith estimate, within 3 days of loan application. Yes the Good Faith Estimate has been around since RESPA first went on the books in 1974 - the difference today is that every lender no longer can play hide the cheese with their own form and now ARE REQUIRED to use the 3 page government form, which can be found here.

The new Good Faith Estimate form requires that the lenders wrap all of the fees they control into one "origination charge" so that the borrower can compare one set of lender fees with another. I'll recommend to my real estate buyers in the Hemet - San Jacinto CA marketplace to focus on two points when shopping for a home loan: the interest rate and the origination charge which includes all of the lenders points and garbage fees.

This new easy to read form clearly states what fees the lender can increase, by no more than 10% (such as Title & Escrow); which fees are locked in and cannot be increased (such as Origination Charges, points, etc.); and which fees (such as home owner insurance) the lender has no control over.

THE NEWS GETS BETTER

To keep things as simple as possible for the consumer the new RESPA rules take it a step further and include a new HUD-1. The HUD1 has been and remains the form that escrow (Settlement Service outside of California) prepares to show where all of the money comes from and where it goes in a real estate transaction.

Once escrow opens it has been customary for escrow agents to prepare a preliminary HUD-1 or sometimes its called an Estimated HUD-1 that will give everyone an idea of what the deal really looks like on paper.

The new RESPA rules now call for a comparison between the estimate prepared at the beginning of escrow and the final closing statement.

In addition, the new HUD-1 will also include a summary of the loan terms.

WILL THIS WORK?

HUD has estimated that the average savings to the borrower will be to the tune of $700 in closing costs, for the typical consumer, in large part due to the ability of the consumer to shop intelligently. I believe that the new rules will indeed go a long way to leveling the playing field for the borrower, but it is hard to believe that the mortgage industry will not come up with some method to leverage the new rules to their advantage.

The home loan borrower needs to keep in mind that although the paperwork is now more universal to avoid confusion there will be many biases that the borrower will have to filter through. The real estate agent may have a lender that has an affiliate agreement with the agents company or recommend one that will get a loan closed quickly and not necessarily for the best terms. A builder will always want you to use their in-house lender and realize that mortgage brokers and loan officers are always working for themselves to earn a commission and not for you.

The consumer should realize that they have choices and that they now have an easy way of comparing the cost and terms of a loan. It may make shopping for a loan easier that shopping for a new car - but remember, you would never rely on an auto manufacturer to provide you with an impartial review of the competition in the auto park, now would you?

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UPDATE

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Make sure to check out the follow-up article on this important topic: RESPA - New ActiveRain Group

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