Will I Still Owe the Bank Money If I Do A Short Sale?If you have one mortgage loan on your California home the answer is no.  Senate Bill 931 allows that after January 1, 2011, if a lender on a first mortgage accepts a short sale, they are agreeing to waive the deficiency amount.  So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not paid back the entire loan balance.  In fact, in my opinion, that is the entire goal of a short sale.  You definitely should discuss the impact of Senate Bill 931 with your attorney when considering a short sale. If you have two mortgage loans, the issue of whether you will continue to owe the second mortgage lender money is negotiable.  The goal of the short sale negotiation is to obta... 05/11/2011

Can My Sister Buy My Short Sale? I am asked this question or a variation of this question all the time.  Strictly speaking, the answer is no.  Banks and investors generally will only approve a short sale if it is an arm's length transaction.  What does arm's length mean?   According to the Wells Fargo Banks' Arm's Length Affidavit that they ask the buyer, seller, and real estate agents involved to sign, it means: No party to this contract is a family member, business associate, or share a business interest with the mortgagor. [...] The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at anytime after the execution of this short sale transaction. Basically, if th... 03/20/2011

January 2011 Nipomo CA Homes Update January 2011 January 2010 19 Nipomo Homes 15 Nipomo Homes Average Sales Price $356,058 Average Sales Price $402,468 138 Days on Market 54 Days on Market $182 per square foot $218 per square foot 5 Nipomo CA Foreclosures        4 Nipomo CA Foreclosures 4 Nipomo Short Sales 3 Nipomo Short Sales * Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the real estate market. 02/12/2011

Nipomo Real Estate 2010 Market Update* It's the beginning of a new year, so many people are waiting anxiously to hear how many homes and condos were sold in Nipomo last year, what the average sale price was, and how it compared to 2009.  Here you go: 2010                                                    2009 205 Nipomo Homes 214 Nipomo Homes Average Sales Price $438,243 Average Sales Price $439,336 106 Days on Market 92 Days on Market $219 per square foot $219 per square foot 44 Nipomo Foreclosures                                79 Nipomo Foreclosures 30 Nipomo Short Sales   26 Nipomo Short Sales       25 Nipomo Condos, PUDS 26 Nipomo Condos, PUDs Average Sales Price $246,864 Sales Price $238,450 104 Days on Market 78 Days on Market $183 per square foot $181 per square foot 6 Nipomo F... 01/14/2011

Nipomo Luxury Foreclosure Real Estate Update Looking at the luxury real estate market in Nipomo California, there are currently 37 homes priced above $600,000 with an average list price of about $1,066,000 and 191 days on market, and a median asking price of $749,000. Looking at the Nipomo luxury foreclosure market, there were no active luxury foreclosure listings and there was one available short sale in Nipomo. However, the sold data from the last 6 months creates a different picture, of the 19 Nipomo luxury home sales, 3 were foreclosure sales, and 2 were short sales. So, luxury and estate home buyers in the Nipomo real estate market also have an appetite for foreclosure and pre-foreclosure bargains. Overall, of sold luxury homes, the average list price was $784,114, and the average ... 10/27/2010

Wondering what the market for home and condo foreclosures is like in Nipomo? Here is your market snap shot answer:List of Nipomo Homes and Condos $100,000 - $200,000List of Nipomo Homes and Condos $200,000 - $300,000List of Nipomo Homes and Condos $300,000 - $400,000List of Nipomo Homes and Condos $400,000 - $500,000 Nipomo, California foreclosure activity: There are 189 active and pending homes and condos in Nipomo. Of those 189 properties, 16 are foreclosures (8%) and 34 are short sales (17.9%). Looking back six months, there have been 122 sales in Nipomo with an average listing price of $440,781 and an average selling price of $429,203, so sellers are getting about 97.3% of their asking prices in Nipomo indicating that there is some bargaining room for buyers in the Nipomo real estat... 10/06/2010

"Bank of America, the country's largest mortgage lender by assets, said on Friday that it was reviewing documents in all foreclosure cases now in court to evaluate if there were errors.  It is the third major lender in the last two weeks to freeze foreclosures in the 23 states where the process is controlled by courts. "But Bank of America went further than the first two lenders, GMAC Mortgage and JPMorgan Chase, which have said they will amend paperwork only in cases they think were improperly done. So far, that has amounted to only a handful of cases. "Bank of America, in an e-mailed statement, said it would "amend all affidavits in foreclosure cases that have not yet gone to judgment." That could mean tens of thousands of foreclosure cases would be in limbo for months or, if the cons... 10/04/2010

  The first half of 2010 has been pretty dramatic with the $8000 federal tax credit extension and the introduction of the $10,000 California new home and first time home buyer credit. Buyers were on a roller coaster with the first two months having moderate activity, then a blaze of activity in March and April followed by low activity in May and June. Overall sales for the 6 month period were high with 123 properties being sold in the Nipomo area. The average selling price in Nipomo for homes, PUDs and condos was $435,478 with 105 days on market and $219 per square foot paid. Looking at just single family homes during this same time period, the average was higher at $449,750 with 106 days on market and $224 per square foot paid. Average price for condos was $263,163 with 101 days on mar... 09/29/2010

Declare Independence!  Cut the cords and gain freedom from the traditional real estate office.  Don't let paperwork and files hold you back.  Stop being tied down to a brick-and-mortar office.  Get rid of your 8-to-5 doldrums.  Work YOUR way, when and where YOU want to. Would you like to work your CAREER around your LIFE, instead of having your JOB first and then having to work your life around your job?  Learn how to take your real estate business to the next level by going PAPERLESS, WIRELESS, AND OFFICE-LESS. Come to our seminar which will cover: How to setup your Computer (hardware & software) Internet connection on-the-go Using eFax to send & receive Faxes Sorting, saving, & organizing documents as PDF files Using DocuSign for online signatures Social Media (Linkedin, Facebook, Twi... 09/07/2010

Trilogy Central Coast is one of the most breathtaking communities in the country. The community has been meticulously designed with amazing attention-to-detail evident in the stunning landscape, amazing architecture and gorgeous interior design. This award-winning community is open to residents of all ages yet is tailored to active adult living at its finest. The amenities of this phenomenal community rival any other active adult community in California. Luxury and elegance abound at Trilogy Central Coast from the stunning natural landscape to the striking architectural details. Residents enjoy world-class amenities including an award-winning clubhouse, impressive 30-hole golf course, full-service spa and elegant restaurant. The Monarch Club is a 31,000 square foot masterpiece of design... 09/05/2010

Tickets for St. Jude Dream Home Giveaway Available Now I'VE BOUGHT ONE!    $100 buys a chance to win a new Shea Home at Trilogy Monarch Dunes in Nipomo.    A St. Jude Dream Home is being built in the Monarch Dunes Village of Nipomo and tickets to win the 2,300 square foot house (valued at approximately $640,000) are available now. The St. Jude Dream Home Giveaway benefits the life saving work of St. Jude Children's Research Hospital, the world's premier pediatric cancer research center. For complete information about the St. Jude Dream Home Giveaway, visit www.dreamhome.org.   For $100, you have a chance to win the St. Jude Dream Home Giveaway house and other great prizes. Winners will be announced Oct 10, 2010. Only 10,000 tickets are available and odds are 1 in 500 of winning a prize.... 08/31/2010

I took a property listing.  It was a short sale listing, as most are today.  The sellers couldn't afford to hire a professional Negotiator, and I couldn't afford to cut my commission by paying for it.  Well you probably know what happend.  We accepted an offer from a buyer.  But there were 2 liens.  I couldn't get the lien holders to agree on payoff for the 2nd lienholder.  And couldn't get the 1st short-sale lender to pay the buyer's closing costs (it was an FHA loan).  And on top of that, the lender said they were only going to allow my commission to be 5%, which was a 1% cut from my listing compensation earned.  So we lost that buyer... and then I met Melissa Zavala!  She answered all my questions, and said she could help me.  So we put the house back on the market, got another buyer... 02/21/2010

Unbelievable pricing right now at The Villas, The Woodlands in Nipomo, CA!! Plan One, Early California model, 3/3, 2460 sf, Available NOW, at $595,000.  With over $50,000 in upgrades, this home is a steal.  Incentives still apply, call me or Jennifer Melberg direct at 805-343-2063 Plan Two, Tuscan model, 3/3, 3707sf, Available NOW, at %625,000.  Again, over $50,000 in upgrades. Our builder owns the golf courses here at The Woodlands-ask about a golf package as a part of your incentives. Both of these beautiful Villa Executive Homes as the Woodlands are move in ready for you or your clients.  3% Broker Coop. 09/24/2009

New Carpet, New Interior Paint & New Granite Counter Tops! This Ranch style home will be one of three on this quite street. 4 Bedroom PLUS Office/Den with separate entrance. Large fenced back yard, great for family fun or quite evening's alone. To directly access this property, use this shortcut: http://www.fizber.com/california-buy-single-family-home-11647536.html 08/10/2009

In today's California Association of Realtors e-news update, I received an article "Seller May Be Held Liable for Partial Disclosure" which discusses a recent court case.  The POINT is that sellers should ALWAYS disclose everything that is a material fact that they know about their house.  Sellers:  you don't have to FIX everything that is wrong, but you must tell the Buyer about it.  If it doubt, DISCLOSE! This is one reason it's so important to use a Realtor® rather than trying to sell on your own (as a For Sale By Owner).  The C.A.R. supplies great disclosure forms to its members, that can help ensure you've disclosed everything important. Here is the article quote: "A condo seller who discloses a defect in the property may nevertheless be required to also disclose previous lawsuits ... 05/23/2009

Any real estate agent who has been in residential sales for several years has probably seen all types of offers:  wonderfully written, terribly written, and just plain weird.  And I'm not talking about the purchase price or terms.  I'm talking about the contracts and other documents. How do you know if your Buyer's purchase offer will be accepted?  You do NOT know.  But there are some things you can do to ensure that you have given your Buyer the BEST possible shot to obtain their dream property.  And it all starts with the purchase offer. Here's a few tips, based on my too-much-experience with poorly written contracts: 1. Complete all the blanks and boxes!  I know it seems basic, but I've seen way too many incomplete contracts.  If I'm the Seller's agent, and I receive a contract with ... 05/13/2009

We know they're right around the corner... so let's attack them before they attack us!  Our taxes, that is...  This timely article is from Accountable Solutions, one of the top accounting and tax preparation firms for small business owners; from their web site at http://www.accountablesolutions.biz/newsletter.html: Earlier is better when it comes to working on your taxes. You are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner. Here are seven easy ways to get a good jump on your taxes long before the April deadline is here: Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don't forget to save a copy for your files. Get the right forms. They're av... 02/22/2009

STEP 6: NEGOTIATIONS •   Negotiations.  The seller can accept, reject, or ignore your initial Offer.  He can also make you a Counter Offer, which is usually a higher price than you offered or a change of terms. •   After the Counter Offer, the buyer and seller may go back and forth with Counter Offers to arrive at a mutally acceptable final sale price and terms.  Or, one of the parties will drop out of the negotiating process and move on to other buyers/sellers. •   During this negotiating process, until the contract is finalized by all parties, the seller can and will continue to accept other offers.  If he gets an offer better than yours, he may take the other offer instead.  That's why it's important to offer a fair price and request quick turn-around times for contract approvals. • ... 02/08/2009

A total of 190 homes and condos sold in Nipomo in 2008. 63 were REOs (bank owned homes) and 15 were short sales. So, one third of the closed sales were foreclosures and 7% were pre-foreclosure listings. Average square footage of sold condos and homes was about 1988, average price per square foot was $244, and average price was approximately $495,000. Currently there are about 130 homes on the Nipomo market, 20 of them are short sales, and 17 are bank owned foreclosures (REOs). If you would like a list of Nipomo foreclosures, golf course properties, acreage listings, or condos, send an email request to tni@MintProp.com. If you would like to search for Nipomo properties, please visit my sites www.iLoveNipomo.com for a map based search, or www.CentralCoastRealEstateSearch.com for a more tr... 01/31/2009

HOLD IT!  Before you purchase that item online, can you save a buck or two?  Can you get a discount code online?  There's amazing bargains and coupons on almost every item and at many stores!  Try the following links to stop around for the cheap discount bargain rates: www.NaughtyCodes.com www.CheapStingyBargains.com www.MySimon.com www.FatWallet.com www.SlickDeals.NET www.DealHunting.com www.PriceGrabber.com Try searching for your favorite items before purchasing.  You may be surprised at the low prices you find! Any other favorite sites?  Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice Regina P. BrownBroker, Realtor®, e-ProAuthor of eBook "Stop Foreclosure Fast: Solutions to Save your House" Text copyright © 2009 R.P. Brown, All Rights Reserved  01/25/2009