Tag Archives: Real Estate

Real estate transactions in today’s world often involve the wiring or electronic funds transfer (EFT) of money to complete a deal. Previous consumer alerts have referenced or covered wire fraud in timeshare transactions and fraud against seniors.

Wire transfers and EFT’s in real estate purchase transactions have become the targets of criminals who interject themselves into a real estate transaction by posing as a party in the transaction. In these cases, the criminal often takes on the identity of a title or escrow company or real estate agent in the transaction and provides legitimate-looking instructions directing the buyer where to wire or transfer funds. These instructions result in the wiring or transfer of funds to the criminal’s bank account, often overseas, and the immediate loss of thousands, or hundreds of thousands, of dollars to the victim.

These are sophisticated, professional-looking attacks on your real estate transactions, and you need to be on the lookout. Cyber criminals may convincingly take on the identity of legitimate parties to your transaction, using authentic-looking logos and personal details in communications, in order to make you or your clients feel comfortable. It is best to be safe in how you respond, and to assume that your transaction is being targeted.
What can you and your clients do to avoid such criminal activity?

1. Whenever possible, use alternatives to wire transfers or EFT’s, such as cashier’s checks, and get a receipt. For smaller transactions, make the payment in person by check or credit card and get a receipt, as these payment sources provide you with proof of payment.

2. Obtain phone numbers and account numbers of real estate agents and escrow-holders at the beginning of the real estate transaction, and use those numbers throughout the transaction.

3. Even if it looks or sounds legitimate, do not act on a change of wiring or EFT instructions that you receive electronically (via e-mail) or via phone call. If your real estate transaction will utilize wiring or EFT of funds, and you (or your client) receive an instruction change about wiring or EFT of funds, call the real estate agent or escrow officer by phone at the known number you obtained at the start of the transaction and verify new instructions before sending money. Better yet, if there is a wiring or EFT instruction change, instead make payment in person using cashier’s check!

4. Do not send personal information (bank account numbers, credit card numbers, social security numbers, and financial details) by personal e-mail or text. Take steps to use a secure, encrypted site to send personal information, or provide this information in person.

If you (or your clients) are victimized, it is critical that you or your client contact your depository institution and the Federal Bureau of Investigations (FBI) immediately in order to have a chance at halting the criminal transfer. File a report with the FBI by calling a local FBI office or reporting online at FBI Internet Crime Complaint Center. Their web site is: bec.ic3.gov

Please help keep this website going
Contact Us Today for all your real estate needs
Thank you
John J. ODell Real Estate Broker
RE 00996641

Grass Valley, nevada county fair, Nevada County Information, Real Estate

Nevada County Fairgrounds Country Christmas Faire Results

November 30, 2018 jd

Last weekend’s 34th Annual Country Christmas Faire at the Nevada County Fairgroundswelcomed more than 8,000 visitors and 115 vendors, featured 45 gingerbread houses and 75 coloring entries, and hosted a canned food drive.

The 16 th Annual Gingerbread House Competition featured 45 entries. Of those entries, Best of Show ribbons and gift baskets donated by Tess’ Kitchen Store were awarded to Leeam Eaton, Owen Strolle, Johanna Pease, and Avery Lawson/Joanne Perilman. The People’s Choice/Best of Show Winner was Kathy Kinney, who received a gift basket from Tess’ and a cash prize.

First place winners in the Gingerbread House Competition include Charlie McCollum, Breck Lumbard, Emelina Lumbard, Christian Augustine, Lilah Black, Evie Black, Hazel Duran, Annabelle Husak, and Deacon McCollum (age 5 & under); Leeam Eaton (age 6-8); Finn Beckin (age 9 – 12); Jessa Jaskier (Kits); Owen Strolle (age 13-17); Kathy Kinney (age 18 -64);

Johanna Pease (Special Needs); S.S.J. Stalcup and Ramey Cousins (group – children); Avery Lawson/Joanne Perilman, and Margo Murphy (family); and Christie Harris (group – adult). At Sunday’s canned food drive, Interfaith Food Ministry collected more than 578 pounds of food for families in need.

In addition, the Clear Creek School Errand Elves raised funds for science camp; and Big Horse Works, who provided carriage rides at the Faire, donated more than $300 to those impacted by the Camp Fire.

The names of all the Gingerbread House Competition winners can be found on the Fairgrounds’ website at NevadaCountyFair.com

Please help keep this website going
Contact Us Today for all your real estate needs
Thank you
John J. ODell Real Estate Broker
RE 00996641

Real Estate

Homeownership will get more expensive for some Californians under the GOP tax bill

December 22, 2017 jd

Image result for funny images of homes

Picture Source:

Story Source: The Los Angeles Times

The Republican tax bill that appears headed for President Trump’s desk reduces the ability of home buyers to deduct mortgage interest, which will be a hit to home shoppers in Southern California and the Bay Area, where housing costs are sky-high.

But the interest provision is far more limited in scope than a previous proposal. Real estate experts and professionals said Tuesday that they don’t expect a big effect on home buying in the region, and that any ramifications will be largely restricted to well-to-do neighborhoods.

Making sense of the story:

Under the new plan, which passed the House on Tuesday and was headed for a late vote in the Senate, buyers can deduct interest on mortgages up to $750,000, for homes bought after Dec. 15. (Homes purchased on that date or before then aren’t affected.) That’s down from the current $1-million limit, but an increase from a $500,000 cap that previously passed the House.
That means a home buyer with a 20 percent down payment can purchase a $930,000 home and still deduct all the interest. Even for a borrower who took out a $1-million loan at 4 percent interest, $30,024 of interest payments are deductible in the first year, leaving $9,656 that isn’t.
The bill also caps property and state income tax deductions at a combined $10,000 — about $8,500 less than the average deduction taken by Californians in 2015, according to the Tax Policy Center. Combined with the new cap on mortgage interest deductions, that could mean some households will have less to spend on housing, leading to price declines in some wealthy areas.
The tax bill doubles the standard deduction, which means fewer households will itemize. That may result in people buying a less expensive house because they couldn’t write off any interest
Some experts predict that by adding an estimated $1.5 trillion to the federal budget deficit over 10 years, the tax bill will put upward pressure on interest rates — including mortgage rates, which have remained under 5 percent for the last six years.

Read the full story

Error: Contact form not found.

Real Estate

The Best Seasons to Sell a Home

February 9, 2015 jd

Photo courtesy of http://www.dailymail.co.uk/

Spring is traditionally considered the best season to list a home, but it doesn’t inch out the other seasons by much, according to a new analysis by the real estate brokerage Redfin.

Check out our last report from Redfin’s seasonality study

Redfin’s research team analyzed 7 million homes listed from 2010 through 2014 to gauge how important the season is in listing a home. It examined how many of the homes went under contract within 30 days and how often they sold for more than their list price.

Here’s how the seasons stacked up:

39% of the homes listed in the spring (between March 21 and June 20) in the past five years went under contract within 30 days, and 15 percent sold for more than the list price.
38% of homes listed in the winter (Dec. 21 – March 20) sold within 30 days and 14 percent sold for more than the list price.
36% of homes listed in the summer (June 21 – Sept. 20) were under contract within 30 days and 12 percent sold above the list price.
34% of homes listed in the fall (Sept. 21 – Dec. 20) went under contract within 30 days and 11 percent sold at a premium.

“Just as buyer demand follows a seasonal pattern, so do home prices,” says Nela Richardson, Redfin’s chief economist. “Over the past five years prices have increased by an average of 3 percent month over month in the spring and ticked down by about 1 percent each month during the fall. To get the best of both worlds, sellers need be informed on both local buyer demand and recent sale prices in their neighborhoods before deciding when to list their homes and for what price.”
Live in Nevada County? Call or email today
for a your free home market anaylsis

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Real Estate

‘Zombies’ Make Up 21% of Foreclosures

June 30, 2014 jd

Photo courtesy of: https://www.overseassingaporean.sg/public/forum/upload/index.php?/topic/3893-going-home/

Zombie foreclosures are still haunting the housing market, representing one in every five foreclosures nationally, according to RealtyTrac, a housing data firm. “Zombie foreclosure” is a term coined to describe properties where the foreclosure process has been started and the home owner vacates, but the foreclosure has never been completed. As such, the distressed home owners who vacate eventually find they still own the home, and are often unaware they are still responsible for it.

Find out how the Consumer Financial Protection Bureau is targeting zombie foreclosures.

The vacated properties can become eyesores in neighborhoods and drive down nearby property values. They also take a big chunk out of local government revenue in the form of unpaid property taxes. RealtyTrac estimates that more than $400 million in property tax revenue is likely delinquent due to zombie foreclosures. Still, the zombie foreclosure rate has shown some improvement, falling 7 percent compared to the first quarter of this year and dropping 16 percent from year-ago levels.

Florida has the highest number of zombie foreclosures, accounting for more than one-third of all zombie foreclosures nationwide. New York, New Jersey, Illinois, and Ohio also have some of the highest numbers of zombie foreclosures across the country.

“Most of these states have seen an increase in new foreclosure activity over the past year, creating a more fertile breeding ground for zombie foreclosures,” says Daren Blomquist, vice president at RealtyTrac.

Some states, such as Florida and Illinois, are looking to combat zombie foreclosures by weighing legislation that could help “fast track” foreclosures and move the abandoned properties through the system more quickly, RealtyTrac reports. New York is also considering legislation that would make lenders responsible for the upkeep of zombie foreclosures. Some local governments—such as in Cleveland and Detroit—also are creating land banks that would include zombie foreclosures, allowing city officials to rehab properties or demolish them.

Where Zombie Foreclosures Are Highest

On a metro level, the seven markets with the highest number of zombie foreclosures, according to RealtyTrac’s second quarter report, are:

New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.
Miami-Fort Lauderdale-Pompano Beach, Fla.
Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
Tampa-St. Petersburg-Clearwater, Fla.
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
Orlando-Kissimmee, Fla.
Jacksonville, Fla.

Meanwhile, California posted the largest drop in zombie foreclosures, down 57 percent in the past year. Other states posting large decreases are Arizona, Nevada, and Washington.

Help me keep this website going
Call today for buying or selling real estate

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Real Estate

Existing-Home Sales up 4.9%

June 23, 2014 jd

Existing-home sales rose strongly in May, with all four regions of the country experiencing sales gains on the previous month, according to the National Association of REALTORS®. The association also noted that inventory gains continued to help moderate price growth.

Total existing-home sales (comprised of completed transactions on single-family homes, townhomes, condominiums and co-ops) rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. This was the highest monthly rise since August 2011, but existing home sales remain 5 percent below year-ago levels.

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

Inventory and average sales price also increased in May. Inventory climbed 2.2 percent, and the median existing-home price for all housing types in May was 5.1 percent higher than year-ago levels, at $213,400.

“Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market. Therefore, new home construction is still needed to keep prices and housing supply healthy in the long run,” Yun said.

Earlier this month, NAR reported new home construction activity is currently insufficient in most of the U.S., and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation.

Please help to keep this blog going
Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Real Estate

312,000 Residential Properties Regain Their Equity

June 7, 2014 jd

Photo courtesy of: http://www.jokeroo.com/pictures/funny/983393.html

FRIDAY, JUNE 06, 2014
About 312,000 residential properties regained equity in the first quarter of this year, raising the total of residential properties with equity to more than 43 million, CoreLogic reported Thursday in its annual home equity report.

Still, as of the first quarter, about 6.3 million homes – or 12.7 percent – have negative equity compared to 6.6 million or 13.4 percent in the fourth quarter of 2013. Negative equity refers to borrowers who owe more on their mortgage than their homes are currently worth.

What’s more, of the 43 million residential properties who do have equity, about 10 million have less than 20 percent equity, an at-risk position to be in if home prices were to fall, according to CoreLogic’s report. About 20.6 percent of all residential properties are in what’s considered such an “under-equitied” position.

“Despite the massive improvement in prices and reduction in negative equity over the last few years, many borrowers still lack sufficient equity to move and purchase a home,” says Sam Khater, CoreLogic’s deputy chief economist. “One in five borrowers have less than 10 percent equity in their property, which is not enough to cover the down payment and additional costs associated with a conventional mortgage.”

But CoreLogic is projecting an additional rise in home prices of 5 percent over the next 12 months which is expected to lift another 1.2 million properties “out of the negative equity trap,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic’s report shows the following states have the highest percentage of all mortgaged properties in negative equity:

Nevada: 29.4%
Florida: 26.9%
Mississippi: 20.1%
Arizona: 20.1%
Illinois: 19.7%
Source: CoreLogic

Please help to keep this blog going
Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

CoreLogic: Year Over Year, the Negative Equity Share Has Declined by 3.5 Million Properties

Real Estate

Luxury Home Sales Soar Above Historical Average

May 6, 2014 jd

Photo courtesy of:http://www.fnuppercoomera.com.au/

Affluent buyers are feeling bullish about housing, as luxury home sales skyrocket, Bloomberg reports. Million-dollar homes in the U.S. are selling at double their historical average, according to data released by the National Association of REALTORS®.

Sales of homes that cost $1 million or more increased 7.8 percent in March compared to a year earlier. Meanwhile, sales of homes that cost $250,000 or less — which represent about two-thirds of the housing market — dropped 12 percent in March year-over-year.

“The real estate market is the ultimate reflection of confidence, wealth, and income,” says Sam Khater, deputy chief economist at CoreLogic.

Transactions for homes costing $2 million or more soared 33 percent in January and February compared to a year earlier, according to an analysis by DataQuick of 25 of the top U.S. metro areas. The transactions were the highest for a two-month period since DataQuick began its tracking in 1988.

“The luxury markets are on fire,” Christie’s International CEO Bonnie Stone Sellers told Bloomberg. “The trends in luxury housing are similar to trends in other luxury goods. Whether you’re buying a third home in Manhattan as a pied-a-terre or another Picasso, these are acquisitions of passion, of lifestyle, and of experience.”

There have been some blockbuster sales recently. The latest to grab headlines was the $147 million sale of an East Hampton’s property, which now carries the title as the priciest home sale ever in the U.S. This came two weeks after the sale of a single-family home in Greenwich, Conn., known as Copper Beech Farm shattered home records at the time at $120 million.

“The stock market is very strong, and this is a way to monetize and concretize some gains,” says Gary Wasserman, CEO of Allied Metals Corp., who is looking to boost his personal real estate portfolio. “We had quite a shock to our collective confidence in 2008 and 2009. The resurgence of the economy has underscored for us that this country remains a very strong place, and that the future remains strong.”

Source: “Million-Dollar Home Sales Thrive While Low End Stumbles,” Bloomberg Businessweek (May 2, 2014)

Read more:

Please help to keep this blog going
Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Real Estate

Home Prices to Increase Next 12 Months

March 25, 2014 jd

Photo Courtesy of: http://www.pleated-jeans.com/

March 25, 2014

REALTORS® expect home prices to continue to rise over the next 12 months. But they expect them to do so at a moderate pace, given tight credit conditions and the chipping away of home affordability, according to the latest REALTORS® Confidence Index, a monthly survey distributed to more than 50,000 real estate practitioners to gauge expectations over home sales, prices, and market conditions.

Real estate professionals reported a median price expectation of 3.9 percent over the next 12 months.

The states where practitioners are predicting the biggest increases—5 to 7 percent—are in California, Florida, Alaska, and Hawaii. Tight inventories have helped to lift home values in these areas, according to the survey.

“In states with booming economies like Washington, North Dakota, Texas, Michigan, and the D.C.-metro area, the expected price increase is about 3 to 5 percent,” according to the report.

Real estate professionals also expressed several concerns over the housing market holding back some buyers, particularly due to “unreasonably” tight credit conditions.

“Access to credit was often cited as a deterrent to home buying,” according to the report. “About 13 percent of REALTORS® who did not close a sale in February reported having clients who could not obtain financing.”

In those cases, about 6 percent of the professionals said their buyer gave up, while 7 percent said their buyer continued to seek new or other financing. Other transaction hang-ups were lack of agreement on a price (accounting for 11 percent); buyer losing a home to competition (10 percent); and appraisal issues (3 percent).

By REALTOR® Magazine Daily News

Please help to keep this blog going
Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Real Estate

Real Estate Scams You Need to Know About

February 13, 2014 jd

Picture source: http://residentialsettlements.com.au/nigerian-real-estate-scam-highlights-the-need-for-increased-vigilance/

BY MELISSA DITTMANN TRACEY

Don’t be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

Mortgage Relief Scams

Please help to keep this blog going
Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

BRE#00669941

Related articles

Where Zombie Foreclosures Are Highest

Related articles

Related articles

1. The Foreclosure Rescue Scheme

2. Loan Documentation Fraud

3. Appraisal Fraud

4. Illegal Property Flipping

5. Short Sales Schemes

Related articles