Simi Valley, CA

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FORECLOSURE ALERTS!

BANK OWNED

PRE-Foreclosures

Foreclosures were filed on 332,292 U.S. properties in October, a decrease of 3 percent from September, but still up nearly 19 percent from October 2008, according to foreclosure sales site RealtyTrac.

October marks the third-straight month of declines in foreclosures, which many see as an encouraging sign that the worst of the foreclosures are behind us. Still, some skeptics predict another wave. "The real issue is we don't know what inventory banks are holding that they have yet to put on the market," said Stephen Miller, chair of the economics department at the University of Nevada at Las Vegas, during an interview with Bloomberg News.

Source: RealtyTrac (11/12/2009)

I just posted up on my homebuysblog.com website, information for sellers so they can better understand the short sale process.

What is a short sale and can I sell my house short?

Additionally, as a buyer the information is very useful so you can better understand some of the issues that sellers have to work through in the short sale process.

In Simi Valley, only about 10% to 12% of all houses listed as short sales close escrow. For single-family detached homes in Simi Valley, we are averaging about 80 closings a month. If you look at huge number of escrows open each month, you would be led to believe that our closings should be double or higher.

There is discussion that the banks are reorganizing their short sale departments in order to stem the flow of future foreclosures, the closing ratio is still low and those planning to sell their home short need to understand their situation, be organized, be persistent and work with a professional that understands the intricacies of the short sale process.

Thanks for reading
Author - Ted Mackel Simi Valley Real Estate Agent - Keller Williams Realty
Ted Mackel is a top producer at Keller Williams Realty Simi Valley,
specializing in Simi Valley Real Estate
(805) 432-7705

Earlier today the House of Representatives voted 403 to 12 to approved legislation to extend and broaden the homebuyer tax credits. The Senate had already voted and 98 to zero for approval. Over the course of the last several months I have seen Simi Valley home buyers have been snapping up properties in an effort to get their share of the $8000 tax credit. With the expiration date set for November 30th there much speculation about extending and expanding the tax credits and what form they may take.

The National Association of Realtors is one of the largest political lobbying forces in the United States which represents not only my industry, real estate agents, but also represents the interests of property owners and homeowners across America. The National Association Realtors fought hard to lobby Congress to extend and expand this tax credit. There is no doubt that NAR's efforts played a big part in today's victory.

Here are some of the points of the new expansion and extension.

• First-time homebuyers credit can total up to $8000
• Existing homeowners who have owned their home for a minimum of five years can apply for credit of up to $6500 on their purchase.
• April 30, 2010 is the cutoff point for buyers to put a purchase under contract.
• Any purchase under contract prior to April 30, 2010, will have until June 30, 2010 to close escrow.
• Those claiming the credit on their next tax return will need to attach proof of purchase with their return.
• Income limitations have been raised to 125,004 single buyers. And 225,004 couples.

The credit is based off 10% of the purchase price with the maximum credit of $8000 for first-time buyers and $6500 for move up buyers. California purchasers should have no problem hitting the maximum amounts as our base-level homes far exceed the national medium home price.

All that is left is for President Obama to sign the legislation.

It looks as if the shorter time frame coupled with the 60 day escrow. Expiring June 30 is an indicator that this program will not be continued. If the tax credit is a big factor in your next home purchase your window of opportunity is very small. Simi Valley has been experiencing historically low inventories in the entry-level market, combined with low interest rates and the decline in pricing, competition among buyers will remain brisk.

One advantage from now until Super Bowl Sunday is that many in the real estate industry go into hibernation mode. This could create opportunity for buyers who are persistent and diligent in the process.

Ted Mackel Simi Valley Real Estate Agent - Keller Williams Realty
Ted Mackel is a top producer at Keller Williams Realty Simi Valley,
specializing in Simi Valley Real Estate
(805) 432-7705

We all tend to judge a person by how they look. We will also judge by the color of the skin, the tattoos on the arm, the way words are spoken, and a thousand other ways. When will we learn that we really are doing a disservice by judging a book by its cover. If I would have judged in the first year of my career, I would have missed out not only on a business relationship but also a fine friendship now for many years.

The whole family came into the high-priced Simi Valley real estate listing I was holding open. They looked like real schleps! Like they just threw on the clothes and tennies. Hair messed, torn jeans...I figured they were just open housing. Didn't get much chance to talk with them, but I kept in touch, heard about their business out of the garage in the first-time homebuyer tract and how they wanted to buy a high-priced home. How, I couldn't figure out, as they looked like they couldn't afford anything.

Guess what! These folks outgrew their home as their business in the garage needed a commercial property, they wanted to sell their little first-time homebuyer home and purchased a big, beautiful new home that is a Simi Valley luxury home. Who kept in touch with them throughout the years? Who helped them with their purchases when it came time to locate Simi Valley homes for sale? And who would have lost out on a friendship that has lasted all these years?

I didn't lose...I didn't judge a book by its cover.