All Posts By

Mirjam

Aug 14
0

Numbers in Sonoma County

By | Buyers, Foreclosure, Sellers, Short Sale | No Comments

With all the focus in the news about Short Sales, foreclosures, bankruptcy, it might feel that these are the only properties out there.

Just sharing with you the local sales numbers in Sonoma County as of 5 minutes ago, all the properties that sold since January 1, 2010:

Total sold properties: 3131. Of these, 1538 were either foreclosure of shortsale. Bottom line, this year so far 50% of all the sales were distressed sales. This is not saying anything about the future but just the plain numbers as of the moment I am writing this.

With the current interest rates at a historic low, the numbers mean that it is a great time to sell property and a great time to buy property.

On a side note: despite what you might think: foreclosures are not always the best deal in town.

Have a great day, enjoy this sunny afternoon!

Aug 05
0

No Penalties!

By | Buyers, Disclosures, Sellers, Sonoma County info | No Comments

PMRD Logo

Great news from the Sonoma County Permit & Resource Management department!

For a limited time, permits to legalize non-permitted construction will not be subject to civil penalties and investigative fees.

Projects eligible to participate are:

Residential buildings and accessory structures  •  Construction completed prior to July 13, 2010 • ‘Self-Disclosed” construction

Eligible permit applications must be received between August 1, 2010 and February 1, 2011.

Now is the time to safe money, permitted construction always results in higher value!

Mirjam

Aug 01
0

Strategic Short Sales

By | Economy, Foreclosure, Making Home Affordable, Short Sale | No Comments

Alex Charfen made a great blog posting this morning.Everyone keeps talking about strategic foreclosures… I don’t think there is anything strategic about a foreclosure, you just let it happen. Some articles mention that it takes 3 years to be foreclosed on… yes, in some states, not in CA. Our official time line for the foreclosure process is 3 months and 3 weeks. First the notice of default, then after minimal 3 months the notice of trustee sale which will take place 3 weeks after that.Of course with the overload, it takes the banks longer to take action. I know quite a few homeowners living in their home without paying their mortgage, some for a long time now. Must feel strange… However, the bank will take action. A more dignified option to foreclosure is a short sale. The Making Home Affordable program has forced banks to accept short sales.And… even better, plan your short sale. As mentioned, the foreclosure process takes time and there is plenty of time to strategically plan your short sale. The million plus market has the highest deficiency rate: 1 in 7 is 30 days or more late on their mortgage.For those who for some reason might have some savings set aside: retirement accounts are not affected by a short sale. You might allocate some savings to a retirement account.An other benefit from a short sale: you can negotiate the deficiency judgement, this is lot harder with a foreclosure.Have a great day!Mirjam

May 22
0

Government Programs to avoid foreclosure.

By | Making Home Affordable, Sellers, Short Sale, Sonoma County info | No Comments

Today, nearly one out of 6  homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.  

To find out whether you are eligible, check out the following link:http://hosted.cdpe.com/14365/Resources.aspx

Mirjam

May 17
0

Walking away from your house?

By | Foreclosure, Making Home Affordable, Short Sale, Sonoma County info | No Comments

Jamie Lee More wrote a great blog today. Should a home owner who is underwater on their house walk away/do a strategic foreclosure. This means a homeowners is able to keep up their payments however doesn’t want to because their house is worth less than what they own on it. Apparently it is becoming a trend, and interesting one.Interestingly historically homeowners who bought their house for say $150,000 and sold it 10 years later for $450,000 did not offer the bank to share that equity. Now because it is the other way around, all of a sudden the bank has to share a loss, not because homeowners need to sell but because they feel it wrong to live in a house that has lost so much value.I know the current mortgage crisis has many different faces. One would say that the value of a house only matters when you buy and when you sell. So bottomline this would mean that the value if a house while you live in it and are not planning to move is irrelevant.What do you think? Is walking away from a legally binding financial obligation the right thing to do?By the way,  home owners who are not able to make their mortgage payments and need to sell have great alternatives, HAMP, HARP, HAFA are options mentioned in the Making Home Affordable program. As CDPE certified Realtor I am also available to discuss your options.Don’t forget to smell the roses outside,Mirjam