Tag Archives: Realtor

Money Monday: How to avoid wire fraud

You have to be extra vigilant with your money nowadays. When buying real estate, don’t fall victim to wire fraud with these three steps:

  1. Pay attention to how wire instructions are sent (in other word — only accept instructions that are secure and encrypted).
  2. Before wiring funds, call to verify the wire instructions with the title company.
  3. Be careful of any changes — real instructions rarely change.

Wirefraud Money Monday - John Silva blog

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Exposure is the Name of the Game

Exposure is the key to selling your home fast and getting top dollar.

selling your home

With good exposure your home will be viewed by more people, thereby increasing the chances of an offer on your home. If you are looking to sell your home quickly then it is definitely in your interest to contact a REALTOR®, as it is unlikely that you will be able to generate as much exposure as an experienced professional.

Why is it that a REALTOR® is able to generate so much more exposure than the average homeowner? Part of the explanation can be found in the fact that most REALTORS® have marketing plans that consist of print ads, an online presence, and a network of clients interested in real estate. A second reason is that for many REALTORS® this is a full time job and they are willing to put all their experience and time to the sale of your home. The final reason is that the REALTOR® has access to the Multiple Listing Service (MLS) and through this is able to network with every agent in your market area. As soon as you list your home with a REALTOR® this information is disseminated to all agents in the market, who are then able to match it to buyers that they are working with; maximizing your exposure and minimizing the time it takes to sell your home.

Customer Satisfaction is Key!

How do buyers and sellers select a real estate office and agent?

The customer service home buyers and sellers receive is key in their decision on whom to work with.

Buyers choose firms based on Continue reading

How a Realtor Can Help You

Real estate help from Realtors

How can I or another Realtor help you as a home buyer? One huge way is in assisting you in negotiating your home offer deal!

Just a few of the ways Realtors help:

  • Negotiating better prices and terms of the real estate purchase
  • Finding the right home
  • Determining comparable prices
  • Figuring out affordability
  • Helping make the transaction paperwork make sense

Give me a call at (619) 890-3648 for real estate help; my goal is to help you get into a home of your own!

Negotiating the dealInfographic from CAR.org.

Making an Offer

Time for nervous anticipation. You’ve found the home you want, and your Berkshire Hathaway HomeServices California Properties Sales Professional says you need to act fast. Yet you want to be as calm and objective as possible. The expertise A Berkshire Hathaway HomeServices California Properties Sales Professional can give you at negotiating time is priceless.

bhhs logo

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Watch Out for This Law Expiring: the Mortgage Debt Forgiveness Relief Act

If you know someone who is upside down or owes more on their property than it is worth of residential real estate, NOW is the time to really take a close, hard look at the law that has saved millions of homeowners over the past several years: the Mortgage Debt Forgiveness Relief Act that expires on January 1, 2013. Federal and California state guidelines are listed below.

For anyone you know in a modification, I strongly suggest you have your agreement reviewed ASAP with a real estate attorney if you haven’t already.  For a referral, I can help; I keep in contact with several top-quality attorneys and accountants.  The modification agreement in place may circumvent the Mortgage Debt Forgiveness Relief Act–causing liability for the difference of the home loan on your property of what it is worth, whether you let your home go to foreclosure, or sell the property as a short sale now or after this law expires this year. 

mortgage debt forgiveness relief act

Mortgage Debt Forgiveness Relief act

Please do yourself, friends, and family a favor–YOU will always be remembered as the knight in shining armor to them if you help them out.  And I can always help to answer any questions about this Mortgage Debt Forgiveness Relief Act and the effect it will have on you and them once it expires.  Since short sales can take several months to process in some cases, immediate action is necessary, and with that a financial windfall is possible–even if there is no equity in your property.  Call me now for details–(619) 890-3648!

Below you will find some of the details pertinent to the Federal and California government laws, but there are others as well (not noted here) that will also be expiring.  I am here to help!

New law–Taxable years 2009 through 2012

California law conforms, with modifications, to federal mortgage forgiveness debt relief for discharges that occurred in the tax years of 2007 through December 31, 2012.  The amount of qualifying indebtedness is less than the federal amount, and California imposes a state-only limitation on the total amount of relief excluded from the gross income.  The following summarizes the differences between the Federal and California provisions.

Federal provision applies to discharges occurring in 2007 through the end of 2012, and:

  • Limits the amount of qualified principal residence indebtedness to $2,000,000 for taxpayers who file as married filing jointly, single, head of household, or widow/widower, and to $1,000,000 for taxpayers who file as married filing separately.
  • Does not limit the debt relief amount; it only limits the indebtedness amount used to calculate the debt relief amount.
  • See the Federal law: Mortgage Forgiveness Debt Relief Act and Debt Cancellation for more information.

California provision applies to discharges that occurred in 2007 through 2012, and:

Taxable years 2009 through 2012
  • Limits the amount of qualified principal residence indebtedness to $800,000 for taxpayers who file as married/registered domestic partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately.
  • Limits debt relief to $500,000 for taxpayers who file as married/RDP filing jointly, single, head of household, or widow/widower, and to $250,000 for taxpayers who file as married/RDP filing separately.
Taxable years 2007 and 2008
  • Limited the amount of qualified principal residence indebtness to $800,000 for taxpayers who file as married/(RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately.
  • Limited debt relief to $250,000 for taxpayers who file as married/RDP filing jointly, single, head of household, or widow/widower, ad to $125,000 for taxpayers who file as married/RDP filing separately.

You can read more about the Mortgage Debt Forgiveness Relief Act and Debt Cancellation via the IRS website

If you’re confused still about this law, or need help getting the ball rolling NOW–please give me, John A. Silva, a call.  I would love to help sort this all out for you and save you headaches in the future–call me! (619) 890-3648

ING Steps Up & NFCU Waives Promissory Note

This post is a follow up to my recent one (which you can view here) regarding a short sale with active military personnel.  Another military couple in a new transaction were forced to sell their home due to NFCU’s (Navy Federal Credit Union) refusal to help them keep their home.  NFCU then forced them to accept a Promissory Note when selling their home.

Navy Federal Credit Union logoING Bank, who held the first loan, did not require any money from the seller–after I demanded that the seller would provide no contribution. This references the new California Law, SB 458, which allows the lender to collect for closing costs to the transaction only from the seller. However, this is still a gray area and only an agent who has the necessary experience to negotiate with banks, like myself, is obviously worth more than his weight in gold to anyone who may need to sell (paticulary those with assets to protect).  Those agents experienced enough in this area will make sure that the seller or buyer will not be required to make any contributions. 

The buyer, who was also being forced to contribute in the same transaction to the second loan with Chase, was also permitted to not contribute because of my negotiating ability. Even the buyer’s agent, having seen my emails to the lien holder, confided that he couldn’t believe how much I was able to do on behalf of the buyer. 

The commission was reduced drastically as a result of my negotiations, but more importantly, the banks were able to save money by me negotiation an above-fair market price on the property.  My hope is that more people will realize that I do my utmost to keep buyers’ and sellers’ interests (and assets!) above my own–and if they believe that, that they spread the word that I strive to be the best of the best.

This new short sale with NFCU had a requirement: that to be considered for the short sale, the seller would be required to take back a promissory note (which in this case was $30K after the seller took out over $80K cash when the market was booming). A seller, in this sort of case, by letting their property go to foreclosure, may create a battle for a settlement on that second loan of over $80K, due to there being no equity in the second loan and the first loan being the foreclosing entity.  In cases such as these, a short sale becomes the best alternative to avoiding hiring an attorney to settle this.

On this transaction, this promissory note was approved prior to the passing of SB 458 (which allows no contributions from the seller to the loan that would pay it down, reflecting a deficiency judgment). My persistent communication with this lien holder resulted in a complete forgiveness of the total debt–saving the seller $30K!

Without a properly experienced agent working in the best interests of the seller and buyer, this would have spelled disaster.  Even with working with some of the more experienced agents out there.

For the Best of the Best to represent you–whether selling or buying–call me at (619) 890-3648.  Thank you for reading!

Successful Short Sale Closing Testimonial of a Current Mortgage

Here is a rare closing of a short sale that recently closed that 99% of all real estate agents can not accomplish.  The owners stayed current on their payments and the lender granted an approved short sale on a property that was an investment property.

While this is rare due to the reality that all short sales are only done if the borrower is behind in payments or, if the borrower is current, the mortgage company requires the borrower to stop payments in order for them to look at a short sale for the borrower, there are valid qualified situations that the banks will process the short sale. I have the knowledge and experience for accomplishing this task.

Since I have been doing short sales for 20 years and in two down cycle markets, you or someone you know will benefit dramatically from this result.  The benefits are that the homeowners credit rating will have little to no effect based on the credit reporting agencies guidelines.

testimonial letter

 
“Dear John,

We appreciate very much your assistance–and your crucial role–in both finding and selling the condo property at 4415, 38th in San Diego.  The latter was especially difficult in the current housing market.

We have found you to be hard-working, honest and reliable, alert as to what is going on in the area, and responsive to any of our concerns.  We would certainly recommentd you to prospective buyers and/or sellers.

Please accept the enclosed as a token of our gratitude.
Sincerely, 

Barbara S. K. and John B. K.

P.S. –And thanks for working with Katie.”

For more information and to schedule a private, no-obligation consultation right away, call me now!

 
Talk to me, an agent who has the experience that is helping people beyond what they ever thought was possible.