Foreclosure vandalism and destruction by upset homeowners continues to happen and is a crime!

 We’ve heard how some homeowners on the verge of losing their homes to foreclosure have sold and/or ripped out everything, including the kitchen sink and it’s continuing. I just saw a video myself on YouTube on the subject.

With absolutely no regard for anyone including the neighbors the video demonstrated the efforts of the homeowner to sabotage the lender and the neighbors alike.

Last year one of my clients who bought a foreclosure property mentioned that she found used appliances for the home on Craig’s list. Right after our closing she had commented how many matching sets (of appliances) were listed for sale and thought they must have come been ripped out of another foreclosure sale.

Then last week a fellow REALTOR mentioned that  a neighbor held a “Demolition Sale” on their soon-to-be foreclosed home.  She said the owner sold everything he could even including the bathroom fixtures!  Any and everything was for sale. I let her know that was a very serious situation and lenders were beginning to prosecute people for doing so.

Then just the other day I received an email alert from legal counsel for our Association of Realtors reiterating that fact.

Home Owner Vandalism is Against the Law

The report said in summary, damages intentionally caused by the mortgage holder can be subject to criminal and civil penalties. In fact, removal of fixtures valued more than $100 constitutes a felony in the State of California and can result in a state prison sentence for a year or more.

Even fixtures totaling less than $100 can result in a misdemeanor and could include county jail up to one year and/or a fine up to $1,000.

Some may think it’s about big business, you know the ones with deep pockets “getting even with the man” but situations like this can impact us all. We know that stripped down homes, whether they’ve been vandalized by outsiders or damaged by homeowners usually sell for considerably less than others. Sales like this further add to the decline in neighborhood home values.   

So the next time you hear of someone contemplating something like this, educate and inform them of the costly consequences.

• Although these statutes exist in California, I would imagine that other states must have similar laws on the books, check it out.

Homeowner vandalism on foreclosed properties  risky business and is not okay in any way shape or form!

Whether it’s a loan modification or a short sale itself, it’s said that 1 out of 7 homeowners who either purchased or re-financed a home since 2005 is in trouble.

And we all know it’s not easy to navigate the waters out there, we’ve all heard and read about plenty of sharks…yes those who want you to pay up front to negotiate on your behalf. Fortunately in CA the state has now cracked down on such people so now it’s illegal for companies like this to charge up-front fees.

Almost as bad is getting into a long-term contract to sell you home with no way out when you find out it’s too late and you’re working with the wrong agent (s).

David and Michelle Seiler are the go-to REALTORS at Preferred Home Brokers when it comes to short sales and they’re sharing their know-how with you. They’re presenting two special events, two short sale presentations FREE of charge for consumers. Check out their video here:

• Thursday Evening ~  September 30th, 6:30-8:00
• Saturday Morning  ~  October 2nd, 10:30-12:00

Location:

• Placentia Library District
• 411 Chapman Ave. Placentia, CA 92870

David and Michelle can be reached at (714) 928-9458 text or direct, their website is DavidandMichelleSeiler.com

Visit the event at  their site here for more info and to sign up for the FREE seminar. 

And please, if you know of anyone who could use this help, please pass it along. This presentation is presented with no-strings attached!

Hope to see you there!

Seems like we all know by now, waiting for govertment response/help is not the answer. Each and every one of us needs to be prepared to take care ourselves!

Septemper if a month designated as National Prepardness Month.  As I was reading through the info myself  I was struck by…

Tip #1:  Prepare your Car before your Home. Why? 90% of Americans own a car and travel in it regularly… far more than any other nation. Your vehicle is almost always with you… whether at home or away.

Keep your Emergency Preparedness Supplies in your vehicle and odds are you will have them handy when you need them.

Interesting yet simple, isn’t it? Makes sense to me. I’ve had my earthquake kit in my car for years just because it seemed to me like it would be easier to find in the event of an emergency.

Here’s another resourced for you:

Citizen Corps  is a grassroots strategy from FEMA bringing together government and community leaders involving  citizens in emergency preparedness and survival.

So what are we waiting for, if now now when? Go for it and make a differene in your life and the lives of those you love!

Good luck!

Short Sale In Orange County

Anyone in a short sale situation knows, it’s anything but short, and it’s anything but predictable. 

In addition being in a short sale situation can be a stressful experience to say the least. No two are the same, however there are some common traits, at Preferred Home Brokers we do our best to help you get through the process.

Keeping you informed is step one, I hope you find this helpful: 

• Your lender requires your entire application/package be submitted all at the same time.
• Your approval may be determined by a third-party negotiator (asset manager) for your lender who is most likely over-worked and has more on their plate than they can handle.
• Your approval process can be more difficult if there is more than one loan. Even if multiple loans were made by the same lender, you may have two completely different departments (locations) needed to approve the process. 
• Your second lender won’t (and isn’t required to) roll over, they will expect some compensation/payoff to sign off.
• Your broker’s experience obviously is crucial, however (irrespective of what you may have heard from some) your broker does not have control of whether your lender will consent to the short payoff.
• Your broker will may not provide legal or tax advice, you are advised to see your own from the proper professional.
• Your lender (if approved after waiting months) will want a fast closing and condition the approval on a final last minute review of costs/expenses just days prior to closing.
• Your short sale addendum (to the purchase agreement) states you shall reasonably cooperate with the lender (s) in the short-sale process.
• Your buyer is not required to meet your lenders terms.
• Your buyer’s deposit check may or most like may not be placed into escrow until written approval is received from your lender.
• Your buyer may not stick it out, they may withdraw their offer at some point, depending on the length of time it takes.
• You and your buyer may incur some expenses during the escrow, i. e. inspection, appraisal, association documents. Etc.

As your REALTOR  I will do everything possible to obtain approval, often working for months, with no assurance of compensation. My success is dependent on your success.

Preferred Home Brokers is an independently owned real estate brokerage with track record of more than 30 years of helping buyers buy and sellers sell homes.

If you qualify, it could save you thousands $$$. The U.S. home buyer tax credit has been extended and revised to hopefully reach a wider range of potential home buyers.

It’s almost Thanksgiving 2009 and if you’d like to talk turkey about home buying contact me.

For more info visit California Senior Real Estate to learn more about the Senior Real Estate Specialists and how they can help you!

Home prices obviously vary widely among cities in Southern CA, even within a city and zip codes.  Many factors enter into the equation in determining value, like condition, improvements, location. etc. etc.

The list below is intended to be an overview of closed sales prices on residential re-sale properties. The figures below are based on the past 12 months ending 1/31/2009.

Cities are located in Orange and Los Angeles Counties:

Other factors could include:

• School district and location. ~ A big concern for young families, and you want to be close, yet not too close.
• Proximity to shopping. ~ Shop till you drop in your own backyard.
• Freeway access. ~ Again being close is great, but not too close.
• Single story vs. two story. ~ Single story homes often sell for more per square foot than a 2-level counterpart.
• Parks and recreation. ~ Recreational opportunities and actives in an area can be a big plus.
• ADA (Americans with Disabilities) Access. ~ With an aging population, floor plans with a downstairs bedroom are in higher usually more desirable.

–Data source: SoCalMLS & Real Data Strategies, time period  12 month consecutive months ending 1/31/2009.

Some of us have heard how some homeowners on the verge of losing their homes to foreclosure have sold and/or ripped out everything, including the kitchen sink. For some it may be an attempt to make a few bucks and/or retaliation against their lender.

Last year one of my clients who bought a foreclosure property mentioned that she found used appliances for the home on Craig’s list. Right after our closing she had commented how many matching sets (of appliances) were listed for sale and thought they must have come been ripped out of another foreclosure sale.

Then last week a fellow REALTOR mentioned that  a neighbor held a “Demolition Sale” on their soon-to-be foreclosed home.  She said the owner sold everything he could even including the bathroom fixtures!  Any and everything was for sale. I let her know that was a very serious situation and lenders were beginning to prosecute people for doing so.

Then just the other day I received an email alert from legal counsel for our Association of Realtors reiterating that fact.

The report said in summary, damages intentionally caused by the mortgage holder can be subject to criminal and civil penalties. In fact, removal of fixtures valued more than $100 constitutes a felony in the State of California and can result in a state prison sentence for a year or more.

Even fixtures totaling less than $100 can result in a misdemeanor and could include county jail up to one year and/or a fine up to $1,000.

Some may think it’s about big business, you know the ones with deep pockets “getting even with the man” but situations like this can impact us all. We know that stripped down homes, whether they’ve been vandalized by outsiders or damaged by homeowners usually sell for considerably less than others. Sales like this further add to the decline in neighborhood home values.

So the next time you hear of someone contemplating something like this, educate and inform them of the costly consequences.

********************

Lynda Eisenmann, Broker ~ PreferredHomeBrokers.com serving Southern California cities for more than 30 years working with home buyers and home sellers. Text or direct 714 595-1494. CA Department of Real Estate License #00492040.

As most of us know (witnessed by the recent fires in So Cal)  a disaster can happen with or without any notice and situations can change in a blink of an eye.  Orange County has set up a system AlertOC.com  by which participating cities can notifty their residents in the event of an emergency.

Folks living in these participating cities are advised to register their personal contact information into into the data base to be notified when emergency situations arise and/or changes quickly.  The current system is pre-set with land line telephone numbers, yet many of us like myself are in and out of the home all day long. For me personally, I’d prefer hearing about an emergency via my cell phone.  By registering yourself you can also provide additional contact points including email addresses widening the layer of notification for one physical address. In addition as a business owner you can also register your place of business. 

 Although we know it’s not always possible to have advance warning in the event of a disaster, the warning system can also provide detailed information like notices of shelters locations, assistance centers and/or public safety/health advisories.

So take the time to register today, it’s FREE!  Visit OC Alert now!

Need help with So Cal real estate? Contact me, Lynda@PreferredHomeBrokers.com

So-Cal’s Great Western Saving, Homes Saving and Loan, and American Savings, where are you when we need you?

If you’ve lived in So Cal for a while and you’ve been around pre-Washington Mutual days (and I know there are a lot of you) can remember a variety of other banks. The days before these were gobbled up by Washington Mutual.  At that time I can remember thinking, how could something be so big as Wa-Mu and take all these over?  To my disappointment we lost so many of our favorites before we knew it.

At one time we knew who had fastest processing, who would, or would not, loan on a busy street. I can remember who came out with the first 90% loan at the time. We also knew who we could count on to hold the rates and equally important those who wouldn’t.

You also knew your reps at each institution.  You knew who began a business day early, and another who worked late into almost every evening, while still in his office.  After dark you could look up to the second story window processing center knowing he was there, you could always count on Ernie to come through in a pinch, you just didn’t call him before 10:00 a.m.

Ah, those were the days, … you know the days when loans had to make sense!

As for the future, looks like size doesn’t really matter. As for who’s left standing, REALTORS and lenders alike…guess time will tell.