You don't have to pay the sellers just change the mortgage underwriting guidelines so that after a short sale where the seller fully participates (not someone who milked the system to live for free as long as possible) you can buy a home.  How about take the number of mortgage payments missed multiplied by a factor say 2, 3 or 4 + a base number ( say 3 months) and that is how long a buyer has to wait to buy a new home after a short sale versus the 3-4-5-7 years they have to wait for allowing the house to go into foreclosure. Do this and you'll get much better participation and you dont' have to use more taxpayer TARP-funded money to give to overextended homeowners.

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http://assessor.lacounty.gov/extranet/list/forms.aspx?catid=70

 

Important points to remember:

 

  • Comparables need to be from Jan 1 2011 to March 31 2011
  • Applications MUST be filed between June 1 and November 30, 2011
  • To apply online you need the 4 digit Pin that comes on your LA County annual property tax bill that the assessors office sends in the snail mail
Call or e-mail me if you need any help with this or any buying or selling related issues in LA County. Appeal Form  

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re: link below

I like this trend.  People shouldn't be allowed to live in their house forever, make no payments without consequences.  The extra losses caused by people that have started to take advantage of this fact drives up costs for everyone trying to operate as a professional or consumer in the Residential Real Estate market.

 

 

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fannie-logo_212 


As part of their neighborhood stabilization program, Fannie Mae is offering buyers’ assistance through a couple of different programs, HomePath and First Look.

HomePath


HomePath helps buyers buy covering their closing costs, up to 3.5% of the home’s purchase price.

To qualify, buyers must be purchasing a HomePath property; this is a home that is owned by Fannie Mae, usually as the result of a foreclosure or owner forfeiture.  Buyers need to make the initial offer on the home on or after June 14, 2011, and the purchase must close by October 31, 2011; initial offers made prior to June 14 are not eligible.

View full details on qualifying for this program.
Search for HomePath properties.
Read an FAQ on the HomePath program.


First Look
In addition to…

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The article fron Transunion entitled "TransUnion Study Finds Opportunity in Mortgage-Only Default Market" is the first data I've seen that shows what many real estate and mortgage industry participants have known for a long time.  People that have good credit take away mortgage lates related to a loan modification or a short sale are much lower credit risks than people that actually let their house go to foreclosure.  There are many reasons that may have forced a consumer to move at a time when due to greater macro economic circumstances there home may have been underwater.  They could have been laid off and had to find a new job in a new area being a very common cause in our current economy as an example.

I've always said that lenders want to lend,…

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26704-1_500

How hard is it to take a decent quality photo of your listings?  How do you justify a seller paying you 5-6% for your professional marketing expertiese and you can't even take the time to take a halfway decent photo of their house.

Attention fellow lazy real estate agents:  Please stop posting blurry, low resolution photos of listings on the MLS, you are doing a diservice to your clients and only degrading public perception of our trade.

 

 

 

 

 

 

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With the recent natural disasters in Haiti, Chile and Japan I know many Californians have been asking themselves if they are properly prepared for an earthquake of similar magnitude.  I think many people realize they are not adequately coverd but either aren't sure what they should do, don't know if they can afford to insure themselves against the risk or don't know if the cost of the insurance makes financial sense.  The website below has some great information to help people answer questions regarding whether or not earthquake insurance is right for you.

 

 

http://earthquakeauthority.com/ 

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