Ed Tse

I went back to California from Texas. It has been one month for me to personally submerge into the current Los Angeles real estate market. A refreshment?!

I swear to myself that I would not say anything before I have some ways to get along with the market. For now, all I want is just sit tight, observe what the market is functioning and doing some purchases and investments. Hope no extra word of opinion out of mine.

One month watch leaves me a very impressive and confusing image on Los Angeles market. It is incredible to believe what could be like this, out of the housing bubble and Bernanke-Paulson-Gaithner‘s policy. What kind of monster is out of there? I wonder if a decent traditional real estate market does exist in terms of conventional wisdom, foreclosure, short-sale, justice and mortgage banking laws.

Using a foreign language to describe the current maze situation, such as "Shonda" is not good enough (please see Mortgage crisis is crying 'shonda'.) Not only it is still too foreign to me, but it confines itself within the angle of hindsight. It is not good to portrait the "REAL" pictures of the status quo, let alone the foresight, solution or predictable game rules.

If I have one word to say, it is "LP." In Taiwan, it is the word bearing a sense of "barbarian civilization." It will make the term of "jungle" too polite when a civilization meets this hard-to-explained situation.

What I mean exactly? It is difficult to imagine and explain what kind of real estate market the current Los Angeles is. Well, I believe nobody with reason can interpret the LA market without difficulty. Sometimes I have very difficult time to see what is going on like last night when I received two “addendum” from a REO banker in one day. The first email was revoked when the 2nd one arrived in 30 minutes.

I was so frustrated that I don't even know how to reasonably response or proceed. While the REO banker has totally ignored the original 8 page CAR form my agent presented, its asset management gave a brand new "addendum" as its counter offer or contract. Ann, the bank asset manager, is insisting on conveying the title to the property by a "quitclaim deed," even she orally and in her emails agreed to use "Grand Deed." However, in the last two addendum, she still insist to include the "quitclaim deed" in the contract and says that is the bank form which no outsider is able to change without its legal department's permission.

I have no enough reasoning ability to see why she or the bank lawyer wants "quitclaim deed" in the contract on the one hand, and, on the other hand, they claim all their transaction are done by a "grand deed" with no exception? They even went so far to admit it is illegal to use a "grand deed" in their transaction. But if the bank is not going to do "quitclaim deed," what is the big deal for the banker refusing to take the term "quitclaim" out of the contract? Does any my fellow agent understand the rationale behind this? Dealing with this banker, only this nonsense issue is enough for me to rush out for Rolaids. (NOTE: l don't want to mention other issues, such as the bank's right of unilateral termination to the contract. To rebut the "illegal" claim of their usage of "quitclaim deed", I may release the legal form of the attorney later for my agent fellow to review.)

Is it totally insane, irrational or crazy, or may be I should be not so strong to say, different from what I am used to. Hum, am I too old for this brand new ball game in the E-ages?

With the Californian judges denying gay community the marriage right, I am also wondering what is so important for them to fight to death, when some people decide to love and live together without a legal license? Hum, am I an old-fashioned? Am I normal or abnormal in facing the Los Angeles new game? At least at this moment, I have to think: By who’s definition of normality or the law of cause-effect?

I wonder, it would be much easier for Hilary Clinton to face and react to the recent behavior of North Korea than I am going through the Los Angeles real estate phenomenon.

Posting Guidelines - Regional News and Information

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Hardly for me to check my earned points. I am just farting my thoughts in AR. Who cares about points? But, today Jay invited me to join his political group so that I went to check other fields in "my home." It surprised me that my most recent 3 articles has been removed their points since 2 weeks ago. This is the first time I encounter this episode.

No idea for what's going on. The only thing I know of is I hate to play an unfair game under the rules unfairly set by others. Since I am an individualist and naturalist, I love freedom and hate to do "confrontation." Life is too short to mingle with something unpleasant; or to make this already miserable world more miserable.

So I left my inputs of reply to John, the CEO of AR in his blog above as follows:

To Linda, Pat, Steven and all of you:

I am with you.

All most recent 3 articles of mine are being treated the same way as yours. Points are removed without a clear explanation, just saying "view guidelines" in which I don't see anything specifically related and applied. I really don't care about points. What good is it for me? Can I use it to buy a pack of VERY EXPENSIVE cigarette without the recent Congress tax hike? No way, Jose!

Well, so that's fine with me. However, I just realize that talking or socializing in AR doesn't make things happen. I have no intention in attracting business to me or marketing a plan to profit myself. So, I'd better leave AR and save me some time in "farting" my love of our people or feelings about the surroundings here.

Ready to go out alone doing something workable about my dream: help the poor folks or little guys to have an affordable housing.

(NOTE: I just accepted two students.

2 weeks ago, Coldwell Banker's real estate agent Shanna and her husband Steve asked me to meet when they knew I plan to leave Texas this end of April. Now, I am doing my free intensive "mentor" to guide them step by step to understand the "distressed real estate market." Shanna has been working in real estate as an agent for 2 years or more. She helped me buying one piece of REO property and highly regarded my very profitable investment strategy, that created 500% return rate in the case which she got her little commission check.

Nobody knows better than her for how much I paid for the property and how much I sold it. She is not surprised how many little guys line up to buy my properties. But, she would be very surprised if she could talk to my buyers and see how happy they are. One of them is a mechanic. Knowing I am leaving, he volunteers to check and fix my old Mercedes 560 to make sure I have a safe long trip to California. That's what kind of people I love so much; but being ignored and mistreated by our government.

I am just wondering if a small poor guy with very limited source like me can help some of those little guys to easily and happily have a very affordable housing, why those big brothers and sisters like Tim Gaithner or Sheila Bair can't?

It is much more rewarding to my knowledge when they came to me for help knowing what they are short of, eager to learn my investment recipe by driving one hour to buy me a lunch and show their appreciation for what I put in my blog in AR. Besides being so honored and the lunch I ate, the most important qualities of them is I can see their desire to help other little folks in our society that makes me feel the need to teach them everything I know.)

Take care of yourselves. Wish you all good.

Date Points Description

04/16/2009	0	Blog Entry: Do you really know what "the first time home buyer" is - Points removed (View guidelines)
04/14/2009	0	Blog Entry: Dare to be in charge of life - Points removed (View guidelines)
04/11/2009	0	Blog Entry: Real estate agents deserve more bonus protection, not a sales tax. - Points removed (View guidelines)
04/11/2009	225	Blog Entry: To those new hybrid Auction Site: What a word of arrogance!

Q&A: Can we be married, but independent?

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I am not sure what modern "being married" is in terms of conventional concept of traditional marriage, since I am an old style family-oriented man. Don't mention about what "independent" means in terms of legal context.

Well, we have evolved so many legal concepts that contradict themselves sometimes. A buyer of mine asked me a good question when I told her about the new federal plan for first-time home buyer's tax refundable credit of $8,000:

"I have NEVER owned a property or house in my past 5 years or in ALL my LIFE. Do you think I am qualifying the program?"

Good question, isn't it?

To qualify as a first-time home buyer, the law (?) says: Who has never owned a home as his/ her prime residence in the past 3 years. Well, you may simply answer: she is over-qualified, isn't she?

Don't be so fast, did you consider other factors that may involved? At least, consider our "marriage penalty" in our legal system.

Even she was "legally" seperated for a while, She has been married until this moment. During their marriage, they are not mingling their property. It is a fact that her husband has owned a house where he, she and her kids live as their own residence. But, it is HIS sole property, not HERS. Looking everywhere in the county recorder office or courthouse, no file is able to deny the fact that she does not "legally" own any piece or part interest of property in USA or the whole world. So, you think it is very simple and clear that she is qualified to the federal mercy?

Are you sure about your conclusion? Please not be so fast again. Let's ask IRS bureacrats what they think first before she gets in trouble.

The answer from IRS is loud and clear: "NO! You are not qualified to apply the tax credit of $8,000."

Do you know what the rationale IRS has behind this interpretation? Let's see what my real estate agent folks think and answer first. I will continue the logic in 2 days.

Normal risk turn in normal reward, Normal people end up with normal life.

FICO Score Is "Fu*k" Score

Re: Fw: Land contract to *****

Tuesday, April 14, 2009 12:21 PM

From:"E T <et****@yahoo.com

To: Perry" <perry@com

Message contains attachments

, PIC00014.JPG (595KB), PIC00002.JPG (214KB)

******

Dear Perry,

Thank you for your kindness.

As I maybe told you, everybody has his way to do business. Sure, I have mine. As a free individual, I don't give FICO a shit and I don't have to follow a book or code as a banker.

My way to sell my house is easy, simple and humanistic. I treat people as a human being, not a number such as FICO. I am willing to give our American poor folks a chance to buy their dream home.

At this difficult time, my next buyer told me they have had decent FICO but still no way to buy a home with bank financing (they do have more than 10% down. But every banker asks more than that! ) There are 3 people working 3 jobs (one is a manager in animal hospital) in the household and they currently pay $1,200 rent money to burn by no help in getting into their own house. After they buy my house, they'll pay only $700 a month and have a dream home with much bigger living space and better conditions.

I try all my best to help, such as helping them to remodel the house to fit their dream. My house is in move-in condition. But, they don't like the wall color, particularly carpet. The buyer's dream is all tile and wood floor. I let them use part of down payment to do whatever they want. Yes, no banker will take this approach and don't count their labor and improvements as a value into down payment. I do!

They won't have enough money to improve their property if they put everything into down payment. But I am different and I do give value to what they are so motivated to improve the property.

We are waiting to close the house sale by the end of this month. Before they move in, we try to beat the time to have a TV "Extreme Makeover" jobs done (even it is moderate one.) Enclosed is some pictures for what they are doing now and I participate to do part of floor at my leisure time as a hobby to have fun too.

Well, that is my way to recognize a real EXCELLENT home buyer who are so anxious to have a decent home for themselves. The most important to me is the valuable quality, only a human being can own spiritually, in their desire to take the responsibility to pursue a dream: to own a sweet home as it should be and to dare to work hard to get more out of their lives. In this modern society, it seems most of the people talk about material stuff such as money. I am dare to be different to highly appreciate mental power or dreaming will of a person. In fact, I almost ignore my buyers' FICO score in the past 5 years. Nobody screwed me up too (except one time I just follow my "big heart" to let one person move into my property without close of escrow. Now I learn a lesson from that.)

Look at the whole family members working so hard after their 9-5 jobs and weekend. I am so happy to have them as my buyers.

Anyway, I believe we'll end up normal or so-so if we do things the normal way other people do. No way to complain since we are normal and we'll get normal result as everyone of those stock fat cats played the same SWAP game by institutional codes 2 years ago which led us into "recession or depression."

ET

--- On Tue, 4/14/09, Perry <perry@.com wrote:

From: Perry <perry@****.com

Subject: Re: Fw: Land contract to *****

To: et@yahoo.com

Date: Tuesday, April 14, 2009, 10:56 AM

Edward:

As always I wish you nothing but the very best and I hope

you accomplish your goals throughout all of life. Thanks for your

friendship.

Perry

Perry

(***) 333-****

email perry@******.com

Thank you, my friend.

For your info, the contract is subject to my providing payor's SSN (not their satisfaction or approval of payor's credit.) BTW, the house is built in 1998, it is only 10 year's old (not 20 years old.)

I am still waiting for Henry's contract/ proposal to approve its content. Who knows what the result is? Maybe it is another case just like Kimberly's proposal without an escrow that I rejected before.

At least, my friend Perry, it is so nice to work with you. Also, I was invited by my buyer/ payor to have an Easter's dinner. Since he collect antique car and he would like to buy my 1990 Mercedes 560SEL at the time he bought my house if I sell the other house to go back to SoCal. He showed me his 1970 Mustang. That's my dream car at college. He asked me if there is a permit needed for a garage from county. He'd like to build a garage at the property. I told him it is not needed, but I will double check. It is true that no permit is required.

I have a good buyer who has taken care of the house: he re-painted the house and transferred it into a very modern style. Inside, he changed the wood frame into "sweet walnut" color and took all old-fashion frame and fixture including the fireplace frame out to replace with a modern accent. That's a lot of beautiful works in 2 months.

Thank you, Perry. Keep in touch. We don't have to do business together to be as friends, right?

If you want, you can propose your purchase to buy my other note of $73,000 just listed in ***.com or a back-up offer to the one we talked about, in case Henry's deal doesn't go thru.

Thank you again.

ET

--- On Tue, 4/14/09, Perry <perry@***.com wrote:

From: Perry <perry@****.com

Subject: Re: Fw: Land contract to ******

To: et@yahoo.com

Date: Tuesday, April 14, 2009, 10:03 AM

Hi Edward:

Just saw your new posting of your note on ****.com. I wish you

luck. No one I know will buy a note where no information is provided on

the payer plus the collateral is a 20 yr. old mobile home which is not

really favored as a single family home would be. If I can be of help to you

with the proposal I gave you let me know.

Thanks,

Perry

(***) 333-****

Social media sites don't sell real estate

by Teresa Boardman

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Read Teresa's article yesterday.

Humm, what goes wrong with her?

She spent so much energy and money to work on real estate selling and almost got nothing in return. That fits into what I called "the least protected professional" in the world.

USA society is well managed; almost every acitivities involved a license, even a small job such as selling a used car needs a license in California issued by DMV. Sure, someone or something don't need a license. The most important public jobs like politicians including President has no specific license requirement. They don't even need a political training or test.

Nobody says all license are equal. A real estate license is not an Attorney license. Before getting paid, a real estate agent paid a lot in advance. After getting paid, a real estate agent has a lot of risk to lose a lot if someone doesn't like the result. Certainly, an agent is not an attorney who still gets very good handsome pay even he loses his client's case in court. An attorney has no liability when he pays no attention to ignore something to review a client's documents. But, for an agent, no way Jose!

Now, there is a bill waiting for politicians to pass which wants to charge sales tax on an agent's commission. Gee! I can't believe it. As I know, a sale tax is only applicable to tangible goods. Humm, very interesting! Since when a real estate commission is deemed to be "tangible" in the eye of politicians? I am wondering when we are going to pay sales tax on a barber's fee? For me, to wonder when an attorney's consulting due will be tangible to be taxed? Give me a break! No way, Jose, I am not so stupid. Don't you know I know who control the passage of a bill?

Well, back to the subject, we have a herd mentality to pursue a fancy internet commercial. A real estate agent is trying all the possible to outpace others. Everyone tries to get on board a new wagon, no matter it is working or not. Because life is too tough for them. They don't want to be left behind. They will take a slim hope by spending a lot of time, money and energy to try make it work.

Since 1991, I have surfed on internet. I really doubt its fancy ads function. I decided not to spent one cent for my real estate advertisement. I believe my old fashion: "real estate is a people business." On the net, it is very difficult to develop the sense of people relationship so that the effects would be very limited, if not failed as Teresa said.

I don't fall in love with internet real estate ads, particularly after I saw so many biggest websites do a lousy design to confuse outsiders such as HUD website that is almost a dumpster full of junks to waste our time(NOTE: please check out my article Do We Really Care? and see the enclosed weblink: http://ushud.com/dyn//i/clickandqualify/h/clickandqualify/FL/BREVARD+(CENTRAL)/search.html?&case=HH1***********C&on=CAPE+****************ND%00ROCKLEDGECOCOA, FL). Probably you will agree with me that "The bigger a website is, porbably the worse."

There are a lot of websites like a puzzle once you get inside. Two days ago, I tried to find a piece of property information listed under a nation-wide reputable brokerage. I spent about 2 hours in its corporate website. First, my password is not accepted. Then, it was rejected by keying in the password sent back to me. Well, they don't even have its office listing link on each of its independent franchise individual office. I had to use its nation-wide "search." Checked the agent's name, well, it said "NO SUCH an agent." Can't believe what I saw. But I have a strong personality, not so easy to give up. I tried to use just the first name "M," I got it now. Okay, I clicked on her own listings. Out of luck, there is no SUCH listing shown. So I gave my good agent friend at that brokerage an email. Now, I finally got the information/ answer by her connection.

As a buyer/ consumer, you will be better off to just make a phone call to a local real estate brokerage and let them busy working with a dumb computer (legally they get nothing). It won't cost you anything, not like a phone conversation with a lawyer. Why waste your time if you are not a seasoned investor knowing what you are looking for?

Did I use internet to broader the exposure of my properties? Yes, I did use all available free internet ads. Why I use them? Because they are free, no penny out of my pocket. Don't blame me for taking advantage to uploading my ads as I told everybody I am a cheap guy.

However, no matter what and where I sell, I have never had a property sale or trade from almost all the internet websites in the past 5 year (I have a lot of sale thru E-bay. I gave it up 10 years ago. So I don't think I have a problem with my marketing skill.), except just one producing a possible result for me.

Last month I came across a website "Kijiji." (NOTE: Be honest, it is not fit to what I am selling since it limits its program to be a local ads so that I have to spend time to re-type and re-load for each city I want) The newly used website really surprised me by sending me a serious buyer (sure, the website attracted at least 2 con-artists sending me emails too) a week ago and a binding contract of my trust deed note reached by emails yesterday (still waiting to close).

Talking about real property, I believe the old way works much better than those in cyberspace, unless someone like me can do purchases without a visit to the property. Recently, I sold my 2 houses in 5 months. How I sold them? Simple, thanks to my yard "FSBO" signs and my water company who allows me to post a sale sign at their entrance on a busy street (NOTE: it is illegal to post a sign on city sidewalk.)

Humm, nobody says life is fair. Nobody says everything works the same to everyone. Is the old fashion way still works better for you? You be the judge! Tell us your finding if you do periodically check your ads result.