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Nancy Moeller

Congress has extended and expanded the homebuyer tax credit

Good news for buyers and the housing market. These changes are effective when the President signs the bill. The credit offers several new features, including a $6500 credit for people who are not "first time" homeowners and a binding contract rule which will take away some of the pressure in April, 2010 when the credits are scheduled to expire. See the chart below for a summary:

How to buy a bank owned property

This video had me laughing and crying at the same time.

As agents who list REO properties and also represent entry level buyers who are frustrated by the system, this video sums it all up and hopefully will remind all REO listing agents that we must rise above the insanity and do things right - every time, with every offer ... or simply say "no" to more listings.

We're still in "yes" mode, but if this is ever us, we're done!

http://www.youtube.com/watch?v=SM7oWKgCVo4

Nancy Moeller, CPA, Real Estate Broker

www.SevenGablesREO.com

www.TheOCExperts.com

www.OCBankDeals.com

Direct: 714 276-7006

From REO Broker to REO Brokers

I was reading a blog this morning by an REO listing agent who was baffled (and very upset) by the number of calls she gets for status on her REO listings, despite her warnings not to do so in the MLS. She promises that her listings are kept current daily and goes on to say that a property is always "active" until the seller executes final documents. That is absolutely true and also the problem.

This process from the seller selecting an offer to final seller acceptance can take 3 - 7 days. In the meantime, all other offers are effectively ignored, rejected or "held in back up".

As an REO listing agent, we update our listings daily, but and this is the key - we provide the information that buyer's agents are calling about so they don't have to call. Here's an example:

10/01/09 - Multiple offer situation. Highest and best were due yesterday. Bank has countered one offer and rejected all others. Paperwork is with buyer. Property will remain "active" until both buyer and seller execute. We welcome your offers and if this working offer is not executed, we will contact all agents who submitted an offer to confirm your buyer's commitment to their originally submitted offer.

And while we still get calls, we don't get nearly as many because we give them the information they are calling about, and as such - we are able to return our calls and maintain our relationships with our valued realtor partners.

Another tip - we used to get calls asking us "How many offers do you have ... where do we need to be?" Now, we answer in the MLS.

10/01/09 - Property is active - please show and submit offers. We welcome your calls, but we will not disclose the number of offers or offer amounts we have received. Please do not submit any offers without first showing the interior of the property to your client.

We must realize that we are all in this together and help make each other's jobs easier so we can serve our buyer and seller clients more effectively.

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

Direct: 714 276-7006

Fax: 714 917-2293

Loan Modifications - Is the glass half empty or half full ... you decide

A report released by the Office of the Controller today, lenders are worker harder than ever to help homeowners avoid foreclosure with loan modifications. However, they report that more than 50% of homeowners who completed loan modifications in the first half of 2008 had fallen behind on their payments again.

Is the glass half empty or half full?

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

www.OCMarketUpdate.com (blog)

Direct: 714 276-7006

Fax: 714 917-2293

Loan Modification Scams

For homeowners facing foreclosures and considering a loan modification, diligence is key.

This month, the State Bar of California launched a number of investigations into misconduct related to loan modifications. Some unscrupulous attorneys have allegedly taken fees, but failed to perform the services they promised.

According the State Bar of California website, about one-quarter - almost 800 cases - of the active investigations in the Office of Chief Trial Counsel (OTC) are related to foreclosure complaints.

The State Bar has even released the names of 16 attorneys under investigation. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395

Be careful out there - many scam artists and others simply out to make a quick buck without the proper expertise, are affiliating with attorneys in order to collect advanced fees and seem more credible to the public.

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

www.ZeroShort.com

Direct: 714 276-7006

Fax: 714 917-2293