As recently as a few months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.
That’s all changed. And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.
With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.
The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.
This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.
As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties. I invite you to visit my website http://www.newportbeachavoidforeclosure.com/ to learn more and feel free to contact me any time at (949) 370-7792 or Salas@ColdwellBanker.com if you or anyone you know is struggling with an unmanageable mortgage.
Recently I received a call from a reader. Mark told me he is appealing the 2010 property assessment for his Newport Beach home. He asked if I could supply “Sold” information to help with his case. No problem, was my response. I supplied the information, Mark was satisfied. I have not heard from him about the results. These things take time. Right? Well maybe not.
I told Mark about my experience of trying to do the same thing last year. I decided to appeal my “Investment” property’s Tax Assessment. The duplex is located in San Clemente. I jest when I use the word, “Investment”. I purchased the property in 2005. Perfect timing – Top of the market. Ouch!
Suffice to say the value plummeted. My 2009 tax assessment came in way over the current value. No way! I decided to roll up my sleeves and go for an appeal. It was late August. The deadline for filing an appeal was September 15. So I thought, if I’m going to do this, I better get started, the wheels of government grind slowly.
Here’s how it went…
Friday, about 3:30 PM, I checked out the Orange County Tax Assessor’s online form for making an appeal. So far, so good. When I reviewed my tax assessment notice, it said if I wanted to appeal, to call and talk with a appraiser. Great! Talking with an appraiser, I am feeling comfortable with that notion. Hey, I talk with apprasier’s all the time. We speak the same language. So, I called. Within a couple of minutes, I hear a friendly voice saying, “Hi, this is Wendy."
I told Wendy my story plus, I let Wendy know I am a real estate agent and could pull “Comps” for her. She said, “Great!”
I pulled the comps, faxed them in Friday about 5:30 PM. Monday, I called. Wendy was out of the office. Tuesday, Wendy called. She reduced the valuation! During our conversation I just start talking about some of the comps on the list and Wendy stops me and said, “Oh, I didn’t realize the location of that one. I’ll bring it down some more.” Wow! And that was it. Over. Done with the process of getting the property valuation reduction. The overall reduction amounted to 32%!
I have to say, you hear a lot of people knocking “City Hall” and complaining about the Tax Assessor’s Office, but I’m here to tell you, the experience exceeded my expectations. I could have not been happier. I thanked Wendy and told her how impressed I was about how easy this was. She said that my timing was right. Her work load eased up a little and she was able to fit me in just fine.
If you have tried or plan on trying to get a new valuation for your property, post a comment below and share your experience.
I just learned about a new and exciting 4.75% Jumbo loan interest rate program today. Do you want a lower rate? Pay one point and the rate falls to 4.25%
I know a few people who are sitting on the fence, because of the Jumbo rates. Maybe it's time to think about taking action!
With this great interest rate, you can start looking now for your Newport Beach dream home.
But before we get ahead of ourselves, let's make sure you like the program.
Here are the details:
Don't like paying points? With 35% down you can get the rate down to 4.50% That's not shabby!
These aggressive rates are difficult to find. First Capital Mortgage, considered a preferred customer, is being offered these rates by the lender.
For more information, you can contact Tim Sibley, First Capital Mortgage, directly by calling 949.718.1511 or by e-mail: tsibley at firstcapitalmtg dot com. Tim is our in-house "go to" guy when it comes to getting the best rates and service. He just can't be beat!
For a quick look what is happening now in the Newport Beach real estate market, check out my charts for Market Trends. You can also sign up for automatic chart delivery.
What do you think is happening with the Jumbo market? Do you think this is the beginning of lower Jumbo rates...or is this just a momentary low, to be followed by higher rates?
People love Real Estate Market Statistics!
I did the research for Newport Coast and Crystal Cove Real Estate for the year 2009 up to January 10, 2010. The results are interesting.
If you are thinking about making a move, now is an excellent time to take a look at market value and activity. I'm here to help you estimate the market value of your home, or to help with a purchase strategy. Feel free to reach out to me. I'm here to help. It's what I do.
Where do you think Newport Coast and Crystal Cove home prices are headed?
Please hop over to my Blog to read the entire report and check out my nifty charts...
Real estate news released by DataQuick on December 16, 2008, reflected a 34.4% decrease of the average single family home sales price in Orange County.
With the interest in Crystal Cove Real Estate market trends, learning how Crystal Cove realty compares for the same time period, November 2007 to November 2008, is important for buyers and sellers of real estate.
Take a look at the charts below for Crystal Cove real estate. All of the charts reflect activity for single family detached homes in Crystal Cove, CA.
The first chart shows a Median Sold Price decrease of 100%. The reason for the sharp drop is due to the fact that zero homes were sold in the Month of November 2008.
The chart below shows the number of homes for sale has increased by 119%.
The chart below shows the supply of single family detached homes for sale has increased by 119%. The demand has decreased by 50%.
The next chart indicates the number of New Properties listed by month is up 50%.
And finally, the last chart shows the number of under contract properties is down by 100%. The reason for the sharp drop is due to the fact that zero homes went into contract in the Month of November 2008.
I have more charts available. Would you like to see more? All of them?
Armed with the information contained in these charts, what is your opinion of today's Crystal Cove real estate market?
Get the conversation started. Please leave a Comment.
Orange County, CA. Especially, Newport Beach, Corona Del Mar, Newport Coast, Crystal Cove and Eastside Costa Mesa
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