All posts by jd

Real estate broker, civil engineer and general contractor.
Real Estate

Foreclosures of the Rich & Famous

Former NBA star Vick Baker's home lost to foreclosure
Former NBA star Vick Baker's home lost to foreclosure

It seems like no matter how much money some people make, some of them don’t seem to be able to manage their money.

It’s not like a person who has worked hard all their life, suddenly loses their job and is forced to sell their home. But making millions of dollars and not preparing for an economic downturn seems ludicrous compared to someone just getting by.

 For example here is slide show of 20 Rich & Famous people who have recently been through foreclosure. Apparently glamorous celebs can and do fall back on mortgage payments, taxes, and (occasional) alimoney? 

Click Here To Watch A Slide Show Detailing The Foreclosures Of The Rich & Famous

Business, Real Estate

Economists Optimistic That Market Is Upward Bound

economic-upturn

Well, you can get a room full of economists and get a room full of different opinions. But according to USA Today it seems that two-thirds of the economists agree that we may have hit bottom. Here’s the article, let’s let a little sunshine in.

“Economic recovery is still a few months away, say economists surveyed by USA Today, but two-thirds of them think existing-home sales have bottomed out.

Both housing and automotive markets “have the potential to generate some quite large percentage increases,” says Bill Cheney, chief economist at MFC Global Investment.

Overall, economists say unemployment won’t peak until the first half of next year and credit markets will remain tight.

“I think (the recovery) is going to be anemic,” says Allen Sinai, chief economist at Decision Economics. “I don’t think consumers have the wherewithal to buy a lot of cars and a lot of houses.”

For full story, click here: USA Today, Paul Davidson; Barbara Hansen

Entertainment, nevada county fair

Mutton Bustin’ & Calf Scamble at Nevada County Fair

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boy-riding-sheep

Two new arena events – Mutton Bustin’ and Calf Scramble – are planned for young children and teens in the Arena on Wednesday and Thursday night of the Nevada County Fair, August 12 – 16.

Featured in the Arena during the Professional Bull riding on Wednesday and the Rodeo on Thursday will be Mutton Bustin’, where eight young cowboys and cowgirls between the ages of 5 and 7 years old will get the chance each evening to mount their trusty sheep and head for the thrill of their young lives. Participants must be between the ages of 5 – 7, and must not weigh more than 65 pounds.

Also featured at the Arena on the same two nights will be the Calf Scramble, where ten teams, each consisting of a boy and girl, will compete with one another to catch, halter and coax their calf across the finish line. Participants must be between the ages of 12 – 18, and must weigh at least 100 pounds.

Western attire is required for both events, and there is no entry fee. Great prizes will be awarded for both events. For the Mutton Bustin’, prizes are $50 for first prize, $25 for second prize, and $10 for third prize. For the Calf Scramble, prizes are $100 for first prize, $50 for second prize, and $25 for third prize. There are a limited number of spots available, so call the Fair Office at (530) 273-6217 to reserve a spot in either event, as well as obtain an application and a list of rules.

This year’s Fair is August 12 – 16. Each evening of the Fair features a thrilling arena event. Wednesday is Professional Bull Riding; Thursday is the Rodeo; Friday is Tuff Truck Racing and Monster Trucks; Saturday is Free Style Moto X Riders and Monster Trucks; and Sunday is the Demolition Derby. Purchase your arena event tickets before August 11 and get admission to the Fair for only $5. Visit < href=www.nevadacountyfair.com>Nevada County Fair for more information

Real Estate

Need a Loan Modification? Be Careful

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loan modification

As part of a consumer alert, Attorney General Jerry Brown’s office issued the following tips for homeowners to avoid becoming a victim:

DON’T pay money to people who promise to work with your lender to modify your loan. It is unlawful for foreclosure consultants to collect money before (1) they give you a written contract describing the services they promise to provide and (2) they actually perform all the services described in the contract, such as negotiating new monthly payments or a new mortgage loan. However, an advance fee may be charged by an attorney, or by a real estate broker who has submitted the advance fee agreement to the Department of Real Estate, for review.

DO call your lender yourself. Your lender wants to hear from you, and will likely be much more willing to work directly with you than with a foreclosure consultant. (My experience is that this statement is partially true However, they will listen to an attorney before they will listen to you. Some of the original mortgage contracts that consumers signed are fraudulant)

DON’T ignore letters from your lender. Consider contacting your lender yourself, many lenders are willing to work with homeowners who are behind on their payments.

DON’T transfer title or sell your house to a “foreclosure rescuer.” Fraudulent foreclosure consultants often promise that if homeowners transfer title, they may stay in the home as renters and buy their home back later. The foreclosure consultants claim that transfer is necessary so that someone with a better credit rating can obtain a new loan to prevent foreclosure. BEWARE! This is a common scheme so-called “rescuers” use to evict homeowners and steal all or most of the home’s equity.

DON’T pay your mortgage payments to someone other than your lender or loan servicer, even if he or she promises to pass the payment on. Fraudulent foreclosure consultants often keep the money for themselves.

DON’T sign any documents without reading them first. Many homeowners think that they are signing documents for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership to the “rescuer.”

I am a partner with Sarah O’Neal, an attorney and we can help you with your loan modification or short sale. We do not take upfront fees. You are asked to fill out an application to determine if you might qualify for a loan modification. After reviewing your application, Sarah can advise you if you might qualify for a loan modification. See our website for more information Lets Stop Foreclosure

Real Estate

Craigslist, A New Twist on an Old Real Estate Scam

house-for-rent

In a different twist on an old scam, real estate scammers are using new tricks to try to pull a fast one on people searching for a place to rent.

Although everyone thinks they would never fall for a scam, it can happen to anyone. Recently, the people doing the tricking are getting more creative.

You may know that agents list properties for sale on Craigslist.

Instead of just trying to get you to send money in exchange for a key, sight unseen, now scammers are actually putting victims in touch with legitimate real estate agents.

The individual is being told, call the agent, they’ll show you the property, but don’t say anything about renting because I’m the owner and I don’t want them to know I’m going to take the listing away from them.

Once the potential renter has fallen in love with the house, they’re told to send the alleged owner a security deposit. With one pen stroke, the scammer has tricked both the buyer and agent.

Now that they’re more aware of the issues, most agents are being pro-active and trying to stop any fake rentals before things go too far.

Your best protection is to ask the agent if the owner wants to rent the house. Most listing agreements cannot be cancelled by the owner unless the real estate agent agrees to the cancellation.

The best advice, however, is to work with someone you trust, and remember if it seems too good to be true, it probably is.

It is important to note that there are legitimate listings on Craigslist. The site has become a popular place for agents to post listings. If you are searching on Craigslist, just remember to use caution and do your research if you find something that interests you.

Real Estate

Nevada County Home Sales Up April to June 2009

sold-sign2

Nevada County homes sales increased in the three months of April to June, 2009 compared to the same period in 2008 by 14%. Sales for the three month period in 2008 were 203 housing units compared to the three month period in 2009 of 231 housing units. However, the average sales price dropped 17% in the three month period of 2008 which was $417,250 compared to $345,931 for the same three month period in 2009.

In addition the number of foreclosure proceedings started against California homeowners fell slightly in the April-through-June period compared with the prior three months, but remained higher than last year. The dip from earlier this year occurred as lenders and their loan servicers took time to revise procedures and priorities in an environment of continuing home price depreciation, economic distress and mortgage defaults, a real estate information service reported.

Lenders sent out a total of 124,562 default notices during the second quarter (April through June). That was down 8.0% from the prior quarter’s record 135,431 default notices, and up 2.4% from 121,673 in second quarter 2008, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.

“There is a perception that the housing market is dragging along bottom, that it probably won’t get much worse, and that the lenders need to get serious about processing the backlog of delinquencies, either with work-outs or foreclosure. We’re hearing that some lenders and servicers are doing just that, hiring more people to do the necessary paperwork. That means the foreclosure numbers will probably shoot back up during the third quarter,” said John Walsh, DataQuick president.

The median origination month for last quarter’s defaulted loans was July 2006, the same as during the first quarter. A year ago the median origination month was April 2006, so the foreclosure process has moved three months forward during the past 12 months.

nevada county fair

Sponser & Drive a Car in Nevada County Fair

NC-derby

At the Nevada County Fair you can sponsor and drive a car in the Fair’s demolition derby and have chance to win $1,000 for your favorite charity.

For the second year, the Nevada County Fair is providing organizations and businesses the opportunity to sponsor and drive a car in the Fair’s popular Demolition Derby, while at the same time raising money for a favorite charity or service organization.

Organizations and businesses can purchase a car for $500 and the Fair will provide a Derby car to use in the Demolition Derby. The organization can choose to provide its own driver or the Fair will provide a driver for the car. Additionally, the car can be picked up on August 7 to customize the car or it can be left at the Fair, where it will have a number painted on it.

The sponsored Derby cars will participate in their own event at the Demolition Derby, held on Sunday, August 16, at 7 pm in the Arena. The last of the sponsored cars moving will receive $1,000 towards the charity or service organization of their choice.

There are only a limited number of cars available, so call the Fair Office at
(530) 273-6217 to reserve your car, and obtain a list of rules and all the necessary forms.

This year’s Fair is August 12-16. Visit Nevada County Fair Grounds for more information.

Recreation

Investors Driving Home Prices up

castle-cartoon-surrounded-b

With so many foreclosures and all the negative news that you hear, it’s refreshing to hear that home inventories are decreasing. But this is making it difficult for home buyers in parts of the country where there are lots of foreclosures to buy. Investors are bidding up prices thousands above the original asking price.

Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.

When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.

Experts say the problem is not unlike the situation at the height of the housing bubble. “This market is about as abnormal as the hypermarket that we came out of a few years ago,” says Jay Butler, director of the Realty Studies program at Arizona State University.

Real Estate

Property Tax Bill Too High? Appeal It

scales-money-house

Do you feel that your property tax bill is too high? Was it raised recently in a declining real estate market? You do have the right of appeal. Listed below are some of the information that you would need to appeal your property tax:

According to the Wall Street Journal, M.P. McQueen (07/16/09)

“The going rate for a property tax consultant, who makes the pitch to the appeals board on behalf of the home owner, is often 25 percent to 50 percent of the amount saved in the first year.

Winning an appeal requires persuading an assessor or appeals board that the current assessment is inaccurate or outdated. Often the window for appeal is very small, so it pays to have key information gathered and ready.

The National Taxpayers Union offers these tips for filing an appeal:

• Check the assessors’ information on file for accuracy, including lot number, zoning category, sales records, land value and dimensions, and significant features.

• Make sure that defects like a leaky basement that could lower the value of the property are on record.

• Provide three to five comparables that prove the point that the property is over-assessed.

• Get a full appraisal if the information on file appears to be hopelessly incorrect.”

Let me know if I can help you in appealing your property tax bill, why pay more than you have too?

nevada county fair, Nevada County Information

Nevada County Fair Extends Entry Deadline

ferris-wheel-n.c.-fair

If You Want to Enter an Exhibit, You Can Still Enter On-Line

The deadline to enter an exhibit (or two) in this year’s Nevada County Fair has been extended for another week.

Nevada County residents interested in entering a still exhibit in one of the many exhibit categories can enter on-line, using the Fair’s on-line entry system, until Friday, July 24 at 5 pm. There is no on-line entry fee! Simply log-on to the Fair’s website at Nevada County Fair, and follow the step-by-step process.

Complete descriptions of all categories are also available online in the Fair’s Competition Handbook.

This year’s Nevada County Fair is August 12 – 16. For more information, call the Fair Office at 530-273-6217 or visit Nevada County Fair

By Wendy Oaks
Nevada County Fair Grounds