Affordable Foreclosure Alternatives Program (HAFA)

The U.S. Dept. of the Treasury recently announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP). The purpose of HAFA is to create an alternative to foreclosures for homeowners unable to successfully modify their troubled mortgage under HAMP, and to streamline the short-sale process.

MAKING SENSE OF THE STORY FOR CONSUMERS

A short sale is when the lender agrees to accept less than the amount owed on the mortgage instead of foreclosing. Many homeowners and REALTORS® have expressed their frustrations in the short-sale process, criticizing lenders for the amount of time it takes to process and approve a short sale. The CALIFORNIA ASSOCIATION OF REALTORS® listened to members’ concerns, worked with other industry groups, and responded by helping to create provisions to streamline the short-sale process.

The HAFA program simplifies and encourages short sales and deeds in lieu of foreclosure. It will permit pre-approved short sale terms before a property is listed; release borrowers from future liability for the debt; provide financial incentives to borrowers, servicers, and investors; and prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval.

Under terms of the program, the borrower and/or listing broker have three business days to submit an executed purchase offer and related documents to the servicer on a short sale, and the servicer has 10 business days to respond to an executed purchase offer.

The servicer also will determine the minimum net proceeds for a short sale. If an offer presented to the servicer by the borrower or listing broker meets the net proceeds requirement, then the servicer must accept it.

The program currently is available only for non-Fannie Mae- or Freddie Mac-owned loans up to $729,750 and is scheduled to take effect April 5, 2010. However, C.A.R. expects that many lenders will choose to implement it before the deadline.


Learn more...visit: http://makinghomeaffordable.gov/

Just Listed Homes for Sale in the Valley

Here is a cool new site which lists just listed homes for sale in the San Fernando Valley.  You can instantly view just listed homes in the following areas:

Sherman Oaks homes for sale

Encino homes for sale

Tarzana homes for sale

Woodland Hills homes for sale

Studio City homes for sale

Selling Tips for the San Fernando Valley

The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net. Listed below are the five main factors to accomplishing this goal.

Pricing Factor: It is very important to price your property in the San Fernando Valley at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. Exampe: Instead of listing your home at $310,000, price the home at $299,000.  It's interesting, but your first offer is usually your best offer. Here are reasons for pricing your property at the market value right from the start in order to net you the most amount of money in the shortest amount of time.


An overpriced home:

Minimizes offers

Lowers showings

Lowers agent response

Limits financing

Limits qualified buyers

Nets less for the seller

*New for 2009 & 2010 - Won't get appraised!

Access Factor - VERY IMPORTANT!!!

Top selling agents will not show your home if both the key and access are not readily available. They do not have time to run around town all day picking up and dropping off keys. They want to sell homes.  The harder you make it for an agent to view your home, the less you will net. 

When will Banks Finally Start Foreclosing?

I wonder when banks will start to foreclosure on homeowners?

I  know five home-owners here in the San Fernando Valley who haven't made a single payment to their mortgage companies for the past 15 months and are still living in the home - payment free.  No payment, no taxes, no HOA fee!  Who doesn't like a free ride at the expense of others? How is this possible? 

Thanks to the government and all the money they threw at the banks, banks are in no hurry to recoup the governements their losses.  It's gotten so crazy that Bank of America is returning the governments money because they don't like the restictions being imposed on them.

Read this story about how Bank of America is returning the government's $45 billion.
http://wallstreetpit.com/12667-why-did-bank-of-america-pay-back-the-money

Nonetheless, I believe there are so many home-owners in default that if the banks moved quickly to foreclosure, home-price would plummet to 1995 levels.  How about a 3 bedroom, 2 bath home for sale in Sherman Oaks for $250,000?  Down from a high of $800,000 just a few years ago.  It definitely would have been a reality if the government and politics did not step in.

Who wouldn't walk away?  What level-headed person would continue to pay for a home-loan who's value has fallen drastically and in which the purchase-price may never happen even after 15 years.  I wouldn't!!!

Richard Johnston
RE/MAX Grand Central
818-730-4128

Woodland Hills Homes for Sale

Woodland Hills Homes for Sale
Market Update

There are currently 137 available homes for sale in Woodland Hills, CA.  The lowest priced single family home in Woodland Hills is $306,900 as of November 24, 2009.  The lowest priced Woodland Hills condo is $199,000.

The median sold price in Woodland Hills has fallen 6% from October '08 to October '09 to $482,000.

The monthly supply of inventory has fallen 70.6% during the same time frame.

There are currently 16 available bank owned homes for sale in Woodland Hills and 38 Woodland Hills short sale homes. There are 40 Luxury Woodland Hills homes over $950,000.

Source: Homes.LA & Terradatum

Woodland Hills Mobile Notary

Toluca Lake Real Estate & Homes for Sale

Are you looking to buy a home for sale in Toluca Lake, CA?  Toluca Lake is a very desirable neighborhood hear in the San Fernando Valley.  Bordering Burbank and Studio City, many celebrities live in Toluca Lake because of the close location to Hollywood and the Burbank studios.

Here is the most recent real estate statistics for Toluca Lake.

There are currently thirty-two properties for sale in Toluca Lake.  Of these twenty-three are single family homes in Toluca Lake and nine are condos and townhomes for sale in Toluca Lake. 

There is one Toluca Lake short sale home. 

Average days on the market has fallen 18% since October '08 to October '09.  The medium sold price has increased 3% from October '08 to October '09.  During this time period, the number of homes under contract has increased 143%.  The number of new properties listed per month has decreased 61% from the same time period.

If you own a home in Toluca Lake and want to see what's has sold near your home, visit our Toluca Lake home value report page.  Thank you.

Source: Homes.LA & Terradatum
Link:
Toluca Lake Mobile Notary

Mortgage delinquencies hit record high

Visit msnbc.com for Breaking News, World News, and News about the Economy

Reseda Homes for Sale

Are you looking for Reseda homes for sale?  There are currently fifty-three single family homes for sale in Reseda and twenty-three Reseda condos and townhomes for sale.

There are nine bank owned homes in Reseda and thirty-five short sale homes in Reseda.  Bank owned homes are classified as homes which have been repossessed from the previous owners and now is owned by the bank.  Short sale homes are homes which the owner owes more than the home is worth.   Keep in mind that short sale homes are mostly likely pre-foreclosure homes in which the owner has stopped paying the mortgage payment.  Usually the home-owners are still living in a short sale home.

If you own a home in Reseda, you can find the Reseda home value report here.

Link:
Reseda Notary Service

San Fernando Valley Luxury Homes

Are you looking to buy a luxury home here in the San Fernando Valley.  You can use the following links to view million dollar luxury homes.  Prices start from $950,000.

Encino Luxury Homes and Estates
Sherman Oaks Luxury Homes and Estates
Tarzana Luxury Homes and Estates
Studio City Luxury Homes and Estates

To view more areas, click here.

HomeBuyer Tax Credit Plan - Los Angeles

HomeBuyer Tax credit plan

The homebuyer tax credit expansion measure includes these provisions:

• Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home by July 1, 2010.

• Homebuyers with contracts as of April 30 qualify for the credit so long as they close the transaction within 60 days.

• The full credit is available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.

• Not available for homes costing over $800,000.

• Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for five consecutive years in the last eight.

• Provides authority to the IRS to provide greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.

• Members of the military, military intelligence and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.

“Realtors® appreciate the swift action by Congress to extend the homebuyer tax credit and expand it to some current homeowners,” NAR President Charles McMillan says.


“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,” McMillan says. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”

Please consult with your tax professional for tax advice.

Burbank Homes for Sale

Burbank Real Estate & Homes for Sale

There are currently 101 active homes for sale in Burbank.  Of these, 8 are Burbank bank owned homes and 16 are Burbank short sale homes. There are 10 luxury homes in Burbank priced over $950,000.

Burbank real estate statistics:

The montly supply of inventory from October '08 to October '09 is down 61.4% for single family homes in Burbank, CA

The average days on market has decreased 21% during this time frame to 47 days.

The number of homes for sale has fallen 52%.

From the graphs above, the supply of homes available for active buyers has been reduced dramatically because more homebuyers in Burbank are in the marketplace.

Source: Homes.LA, Terradatum

Links:

Burbank Notary

Homebuyer Tax Credit Extended

BREAKING NEWS!!!!!

Obama Signs Extended Tax Credit into Law

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.
Read more...

Tarzana Real Estate

Here is the latest real estate market update for Tarzana, CA.  Monthly supply of inventory for single family homes in Tarzana is down 67% from a year ago.

The median sold price for single family homes in Tarzana has jumped 76% in the last year to $825,000.

According to Homes.LA San Fernando Valley Real Estate web-site, there are a total of 88 active single family homes for sale in Tarzana. 

Quick Links:

Tarzana Real Estate

Tarzana Luxury Homes and Estates
Tarzana Short Sale Homes / Pre-foreclosure

Source: Terradatum.com, Homes.LA

Is it a Good Time to Buy a Home?

Is it a good time to buy a home here in the San Fernando Valley?

That would depend.  It's hard to lump sum all buyers into one category when everyone is different, and what might be a good time for one buyer might not be for another.

If you're a first time home-buyer looking to buy a home in the San Fernando Valley, you probably have already missed the boat.  Why?  Because the number of available bank owned homes is down dramatically, and short sales homes are taking 4-6 months to close with multiple offers. 

It's important to note that the bottom end of the market, single family homes priced between $250K to $400K, has already compacted and going up in price.  In fact, I believe there are 15 buyers for every home in this category.

Homes priced between $400K to $729K are about to bottom out if not already done so. If you're a buyer looking to buy a home in the San Fernando Valley in this price range, you better move fast.

There appears some flexibility of homes priced over $729K. 

If you own a home here in the San Fernando Valley, be sure to get my market snapshot report. This free report details active and sold homes near your home in the San Fernando Valley.  Plus, you'll get updated every few weeks.

Encino Real estate Market Report

Here is the market update for Encino Real Estate .  The number of homes for sale in Encino has fallen 37% since September of '08.  Median sold price has fallen 14% to $683,500 from $799,000 during this time period.  The number of homes in escrow has risen 18%.  Average days on market for a home in Encino is around 38 days.

Here is the breakdown of active home for sale in Encino:
Encino Luxury Homes and Estates - 75 active homes
Encino Short Sale Homes and homes in pre-foreclosure - 23 active homes
Encino Bank Owned Homes - REO and Foreclosures - 3 active homes
Encino Single Family Homes - 97 active homes
Encino Condos and Townhomes - 39 active condos

Currently there is a total supply of 136 active homes for sale in Encino.

If you own a home in Encino, visit Encino home values to get your free market snapshot report.

Source: Terradatum, Homes.LA, Realtytech, SOCALmls
Data as of October 27, 2009
Encino Notary