Temecula's Real Estate Blog

Will The “New” Government Program Save Real Estate Foreclosures?

Will the new government program help prevent real estate foreclosures?

Our beloved leaders have a new program coming out April 5^th. The idea of the program is that it set guidelines and offers cash incentives for homeowners, loan services and mortgage investors for processing and completing short sales for deeds-in-lieu of foreclosure. They have coined it HAFA, or HAMP, or HANK, or HAM SANDWICH…. or whatever cute little acronym they can come up with. It stands for Home Affordable Foreclosure Alternatives or HAFA (which is short for “it won’t work”).

For those on a lengthy European vacation or a prison term, a short sale is a process by which a homeowner can sell their home at its market value while the lien holder writes off the loss on the balance. Without this process, the only outcome for those who can no longer afford their home is foreclosure.

Where Are The Great “Temecula” Real Estate Deals

Real estate is down as much as 52% in some areas of Temeula, but it will go back up.

I get asked this everyday. Everybody wants to steal a house. It is amazing how short our memories are. I was doing some research on market activity for an investor client of mine and I found out some interesting information.

Properties in the city of Temecula are generally selling for 54% of what they sold for in 2006. Murrieta is at 52%, Wildomar is about 48% and Lake Elsinore is about 44%.

For example, I just sold a house here in Temecula in the Wolf Creek Community that is a 2900 ft single story. I just sold this property for 330k. This house was built in 2006 and sold for $549,500. That is a huge discount! Not everyone agrees on what is going on, not even the government nor economists. I personally see the markets in 2009 and going into 2010 as one big ‘half price’ sale.

How To Hire a Real Estate Agent – Tips and Track Record

Always review the track record of an agent before signing a contract with them

HOW DO I CHOOSE AN AGENT?
So you have made the smart decision to hire the best agent you can get, but .. where do you start? Ask, ask, ask —  Consult neighbors, friends and coworkers. Ask how long it took to sell their homes, as well as how reliable and responsive the agent was. Would they use the same agent again?

Track Record
Ask the agent for proof of what they have done in the past; actual statistics from the Real Estate Board, addresses, etc. Don’t just believe the hype on a printed advertisement. Surprisingly enough, there is little or no penalty for false advertisement among real estate agents. Haven’t you noticed just how many agents claim to be #1? Ask them to prove it!!

New Law On Security Deposits – Tenants & Landlord

Did your tenant just move out? There are new rules for landlords if you intend to collect damages from the tenant’s security deposit. The landlord has 21 days after the tenant vacates to furnish the tenant an itemized statement indicating what the deposit was used for, if it was not returned. If the deductions exceed $125, the landlord must provide in writing how much time was spent and what was the reasonable hourly rate charged by the landlord.

Additionally, if the landlord hired someone else to do the work, the landlord must provide a copy of the bill, including, the name, address, and phone of that person who did the work.

If the repair cannot be completed or the receipts for work completed are in the landlord’s possession within 21 days, the landlord may still deduct the expenses as long as the landlord provides the necessary documentation within an additional 14 days.