Pasadena, CA

No wonder I love putting real estate transactions together without ever having to deal with a bank . . .

Jeremy Brandt is the CEO of companies like 1800CashOffer, HomeFlux.com and FastHomeOffer.com . . . all companies that bring lots of distressed sellers, investors and short sale agents together.

Check out this recording and transcript!

Over the past several months he’s been receiving all kinds of questions and complaints from his short sale agents about trouble with second lien holders. Read the full article, written by CNBC Real Estate Reporter, Diana Olick.

Brandt has apparently documented at least 200 agents that have had trouble with Citi Mortgage, JP Morgan Chase, Bank of America and other large banks, and a friend of mine recently told me the same thing.

She works tirelessly to help troubled home owners. She spends countless hours working with the lenders to get short sales approved so people can move on with their lives, and then is asked for most of her commission at the closing table.

A HUD specialist commented that this is clearly illegal and a violation of RESPA. So far, there aren’t any active investigations, though . . .

But why would there be? I mean, big banks are ‘too big to fail,’ so we’re rescuing them with taxpayer dollars anyway . . . why would we care that the poor beggars are grabbing for a little more? Just look the other way, George . . .

If anyone ever asks me to help them with a short sale listing, I hire a professional company who specializes in short sale negotiation so my client has the best possible outcome, and I’m not being asked (at least to my face) for my grocery money by some starving financial behemoth.

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A note in Alaska, consultation on seller carry backs in Wisconsin and Dallas . . . this is all fabulous, but I really enjoy the opportunity to network with local sellers and real estate professionals when I get the chance.

There’s a real estate broker in Whittier that runs a traditional sales business who recently stumbled onto my website and we’ve been chatting ever since.

Because he thinks outside the box, he’s going to be taking a listing that most agents wouldn’t be able to. He has more ways to help his client meet his objectives, and can articulate them with confidence. Here’s an email he sent his client recently:

“I thought that I would send you a link to the listing around the corner. They started off at $525k and now they are down to $509k. It’s been a month+ and no offers.

Offering seller financing may get her property sold. I am working with another seller who is selling his property to his tenant. I’m working with both parties and the ONLY way they pull this off is with seller financing.

In order to get the price you want, you’ll need to offer/market seller financing. You’ll get a lot more interest that way.”

The attorney/seller responded:

“I would like to talk things over with you and see what we can accomplish with my mother’s house. In terms of seller financing - yes we can consider that.

With a decent down payment, we could consider carrying back a note and subsequently discount and sell that note.

Perhaps the best thing to do is to simply list the property at our asking price and indicate that sellers will consider some form of financing. We’ll get a feel for what people are willing to do, and let them come to us with proposals to which we can counter with all sorts of creative financing methods.”

What a freaking breath of fresh air! You can feel how fluid this attorney’s attitude is because he understands the dance between property and paper.

And since he’s local, and I’m building a relationship with this Realtor, I’m hoping I’ll be first in line to take a crack at that note . . . who knows, maybe I’ll even be brought in as a consultant to boot.

But it sounds like this pretty pair is going to be OK without me. I wish I knew of more conversations like this going on. If you know of some, share! I want to hear your story!

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PASADENA FLEA MARKET ONLY ON SUNDAY

Held the first Sunday of every month at Pasadena City College. A three story parking garage full of antiques, clothing and...let's just say EVERYTHING you could imagine. It's a great place to hang out with the family, search for collectables and grab a bite to eat. Lots of people bring their dogs to run around with them while they browse. If you collect records the whole top floor of the garage is full of vinyl records. You must check this out if you live in the area. Free admission - parking structure $2. Google Map directions.

The campus is just beautiful

Thai Chicken $2 - YUMMY

It's a swap meet setting, very casual and relaxed, with booths spread out all over the campus parking lots.

I could not live without this used wooden head rest from North Africa - 15.00 dollars.

Tim Holborn models my new purchase.

Our dog Olive loved the Flea Market with all the other fur children.

Re/Max of North Orange County- Ron Holborn - 714 (469) 8198

Real Estate Market Report

West San Gabriel Valley November, 2009

Pasadena, Altadena, South Pasadena, and San Marino

Looking at the last few 12 months it appears that the area peaked in June and has been on a slow decline back to where we were in May. The Market Activity Index dropped 8 points, the a fairly significant decrease, returning the area to it's trendline. Some other areas have spiked UP due to buyers taking advantage of the First Time Home Buyer Income Tax Credit, however this area has not. The good news for buyers is that the downward shift in the Market Activity Index is resulting in lower prices.

Market Index - 0.43, down 8 points The Market Index fell 8 points to 0.43, down from last month's 0.51. Last year the index was 0.21.

New Listings - 125 new listings, up from last month's 199. Last year there were 154.

Pending Listings - 91 listings opened escrow, compared to 124 last month, versus 67 last year.

Pending Ratio - 0.73, close to the 0.62 last month, up from last year's 0.44 pending ratio.

Listing Inventory - 575 active listings, down from 619 last month. Last year we had 716.

Sold Listings -157 properties sold, down from 193 last month. Last year 84 homes sold.

Average Sales Price - $716,033, up from $802,780 last month, but only up slightly at 3.0% compared to last year.

Absorption Rate - 3.7 months, versus 3.2 last month, compared to 8.5 months last year. Note: A six-month supply is considered a balanced market.

Price Per Square Foot - $392.13, up from last month's $414.87, and down 3.8% from a year ago.

Conclusions

This area offers some excellent values for buyers. After showing signs of recovery earlier in mid-2009, prices appear to have resumed their search for the bottom of the market.

For buyers - Buyers need to be aware that interest rates are expected to increase by March. Escrows need to close by June 30^th to take advantage of the Federal Tax Credit.

For sellers - preparing your home for sale is the key to getting the best price. Although inventory levels are at historic lows, appraisals are causing problems. To find out how to maximize your sale price ask for the Highest Property Value Analysis.

Keith Sorem DRE#01374635

Glendale Realtor of the Year 2009

Frank Lloyd Wright (1867-1959) was an American architect, interior designer, writer and educator who designed more than 1,000 projects, which resulted in more than 500 completed works. Wright promoted organic architecture and was a leader of the Prairie School movement of architecture. He also developed the concept of the Usonian home, exemplified by the Millard House (also called La Miniatura) which is currently listed for sale in Pasadena, California.

La Miniatura contains block patterns inspired by pre-Columbian motifs, and sand from the site was added to cement to create a building that is well-integrated with its natural surrounds.

The home is listed on the National Register of Historic Places. It is 4,230 square feet and contains four bedrooms. The home is situated on nearly one acre of gardens. It is a magnificent example of Wright's work.

To learn more about the property (currently listed at $6,000,000), visit http://www.millardhouse.com