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The answer is, ask your lawyer? When a home is being sold through a trust, the heirs of the estate need to be informed. If there are any objections they need a chance to express their concerns.  It does not mean that the home can not be sold, just that whatever the objection is needs to be dealt with, sometimes through court action.

There heirs can agree to to forgo the 45 day waiting period for the Notice of proposed action by singing off before the home is sold. So, if you are selling a home in trust be sure and ask your lawyer if the waiting period can be waived before the sale of the house so that the escrow can close in less time.  You don't want to sign an offer with a 30 day close and find out there needs to be a 45 day waiting period.

If you have any questions about selling a home in San Mateo or Santa Clara that is in a trust or probate please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Can new home buyers afford a 20% down payment? Could you? Can you envision what this will do to limit the buyer pool  if new regulations governing Qualified Residential Mortgages (QRM) take effect this year?

Neither can we. And neither can many elected officials in Congress who did not intend for these regulatory provisions to be so narrowly defined. We must continue our efforts to explain how detrimental the new QRM rules would be to the ongoing housing and lending crisis in America.

According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.

Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.

May 16, 2011

Guest post from Sean O’Toole, ForeclosureRadar.com

Over the past month we noticed that Bank of America has been resuming foreclosures on loans originated by Countrywide. As you may recall in October BofA voluntarily imposed a foreclosure moratorium following the robo-signing scandal. We actually expected an increase in activity as lenders began to catch up after these delays and were instead surprised to see foreclosure activity drop in April.

Even more surprising is just how old some of the foreclosures being resumed are.

In Contra Costa alone there are 123 homes now scheduled for trustee sale, with loans originated by Countrywide, where the foreclosure process began in 2008.  That is 3 years of missed payments, interest and fees. In just this one county that totals $71.5 Million in original loans with balances now nearly $19 Million higher.

Although all of these 123 properties have active sale dates many are still being postponed. In fact the largest loan, where the total debt now exceeds the original loan amount by more than 1 Million dollars, has been postponing since January, and was just postponed again until June.

We remain as convinced as ever that these delays are simply part of the current game of Foreclosure Roulette. Hopefully someday soon lenders stop playing games and begin really dealing with the looming shadow of delinquent and underwater borrowers. Whether through loan modifications, short sales, or even foreclosure it’s time to move forward.

Deaths in families are always hard. They can bring out both the best and worst in a family. There is often a combination of sorrow and a bubbling to the surface of many past, and normal family rivalries and childhood issues. Every estate must have an executor and this executor can be anyone the owner of the estate appoints if the estate has been put in trust. If there is no trust but there is a will and the will names an executor that person must be affirmed by the probate court.  If there is no will the probate court will asign a personal representative.

As a realtor who has been fortunate enough to list many homes in trusts and probates I have found that the ones that go the smoothest are those where a trust department at a bank has been named the executor. My experience has been that when a trust department handles an estate:

1.  Everything is done in a fair and impartial manner. No one gets to help themself to some personal and sometimes valuable effects that were not specifically left to them. Everything is divided according to the terms of the trust or will.

2.  No one is left to do the many many hours of tedious work needed to dispose of the estate leaving them resentful and/or exhuasted. A professional does that.

3. There are laws which govern how an estate is settled. They must be followed or there can be financial consequences.  Trust departments are experienced in following these laws and doing things properly.

4. Sometimes estates are to be distributed over time instead of in a lump sum. When this happens trust departments are in a good position to hold the money and distribute it in accordance with the terms of the trust or will.

5.  Trust departments charge money. It will cost your heirs money to have a bank settle an estate, but it may be worth it to have things done properly and keep peace in the family.

If you have any questions about selling a home in a trust or probate please feel free to contact me:

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Memories can be housed in stuff, especially as people gets older and they find that objects are needed to jog their memory.  The problem is that very often when it is time to leave the place that has been home for 30, 40, or 50 years, there is wall to wall stuff. The plate on the wall that was handed down by great grandmother is probably not going to be wanted by great grandchild number 1. However, with the normal tensions that arise in settling an estate, and the enormous popularity of shows like Pawn Stars and Antique Road Show, many heirs believe that the house full of stuff they have inherited may be worth something.  Also, if you need to sell a probate or trust home in order to settle an estate this stuff needs to be cleared out.

In order to keep the peace in the family and to make sure that nothing is overlooked the most logical thing to do is get the personal contents appraised.  If the sale is a probate sale, this is already written into code. A probate referee will be in charge of making sure all of the personal effects are inventoried and appraised.  If the property is in a trust, the personal effects are the responsibility of the trustee of the estate.  If you are the trustee, get everything appraised and sold by a professional estate seller.  You can get a company like DGW to come in and take everything to their warehouse to be sold at multiple auctions.  Or you can have an estate sale at the house and then get rid of anything that does not sell.  The point is, get a professional who is trustworthy to sell things for the most that they can sell for.  If there is something valuable these people will know and it will keep the peace in the family.

My only other advice would be go through all the papers, envelopes, and furniture yourself. You never know where mom may have stashed cash for an emergency. You are more likely to find money that way, than in the antique piano that no one wants.

If you have any questions about trust or probate sales please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

  Yep, it ROCKS!

I have made so many wonderful contacts and friends here.  Read some stuff, send some emails.  If you are truly looking to connect and not to just *GET SOMETHING* from someone you will be happy you found this group!

I am also a member of WinDS (charter member) and I am member of NAHREP AZ and NAHREP Vegas and also AREAA AZ and AREAA Vegas.  I also highly recommend all of these listed groups for the great connections and educational opportunities.

Real Estate Porn
The search bunny keeps on going

Its interesting that online search for real estate is as strong as ever. Sales are miserable, people are afraid to buy. They no longer know what value and they have no job security. So, why is search so strong. Realtor.com President, Errol Samuelson notes that Online search is a critical measure of interest in real estate, especially now that more than 90 percent of buyers search for their homes online. So what can we glean from data mining search. Well, it turns out quite a lot.

Search As An Economic Indicator

Studys that indicate that the answer is yes, search can indicate future interest. The National Academy of Sciences of the United States of America (PNAS) recently published a study and concluded that predictive power of search can predict activity several weeks in advance.

Where Are The Top Ten
Sun Belt Still Strong

The top 10 most searched real estate markets in 2010 were established based on the number of visitors that viewed properties in each Metro Service Area (MSA) in the United States from January 2010 to December 2010 on Realtor.com. Despite changing market conditions in 2010, the nation’s top search destinations remained remarkably stable and focused on the sunshine states of California, Nevada, Florida, Texas and Arizona.

Bottom Fishing?
Or Just Entertainment?

Despite changing market conditions in 2010, the nation’s most searched destinations remained remarkably consistent, focusing on the sunshine states of California, Nevada, Florida, Texas and Arizona. Whether the strong interest in Real Estate is just window shopping or whether these states will seriously pop first when the buying public feels this is the bottom remains to be seen. Be interesting to see if the heavy search points to an early opportunity.

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Buying Foreclosures - How Foreclosures Work
What Is a Foreclosure and How to Profit From Foreclosures
By Elizabeth Weintraub, About.com Guide
.See More About:foreclosuresbuying short salesdistressed homesreal estate investors

Buyers should hire a real estate agent who specializes in foreclosures.
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Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

•Laid-off, fired or quit job
•Inability to continue working due to medical conditions
•Excessive debt and mounting bill obligations
•Squabbles with co-owner, divorce
•Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:


1.Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.

2.Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

3.Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

4.Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.

http://baltimorelowpricedhomes.com/gold_distress.asp

www.baltimoremdforeclosures.com

I love making the photos and slide shows and videos for listings.  Maybe THAT should be my whole career, hmmmmm...

So, I do not know how to make YouTube show my main info text screen shot, it always seems to show a thumbnail of some random shot in the middle of my video.  Anyone else dealt with this, any YouTube pros out there with advice?

here is a link to my video on YouTube, I could ALWAYS use more YouTube friends and subcribers too.

https://www.youtube.com/watch?v=ywpY3wSwLaM

One more thing, if you are a Realtor marketing today, do you have a YouTube account? ..... if not, go get one, it is FREE and such great exposure for listings and to push more traffic to your web sites.

Jessica

Due to recent developments in the default real estate industry, we (as default professionals) have seen an explosion of real estate schools offering default courses in specific niches like, Short Sale, REO and Loan Modification.

Of course, I am sure we all can agree, a quality education can be expensive but, well worth it however, why would someone pay a premium for a quality education? For many of us, this question is mute simply because know the benefits of such an education.

The problem I see in the default industry with these real estate schools is that many of them are over promising, under delivering or plain negligent and in some cases, possibly even fraudulent with their claims. We know this to be the case due to the increased number of professionals adding their voice to the chorus of complaints, negative blogs and outright hostility towards many of these real estate schools.

So, if I was in the market looking for an education, what would I look for to make sure, I am getting a quality education. Below is my list of requirements any school would have to offer to get me to write them a check.

1. Books: If I am going to pay for a class, I want more than just a handout or screen shots of the slide presentation, I want a book. I want a book because, this lets me know that someone within in the school’s organization sat down and committed his knowledge and experience to paper. This is important to me because it commits the writer and instructor to a process of improvement and refinement. To be more specific, when students have a book, they are likely to go through, read it, question it and pose those question to their instructors and get answers. This Q & A process allows the instructor to refine the material, make changes to improve the material and becomes the single authority the class is built around. A book is very important.
2. Experienced Instructors: An experienced instructor is invaluable and very well worth their weight in gold. The experience of the instructor, coupled with the knowledgebase of an actual training manual / book, creates an environment where learning is maximized. Experienced instructors give the book and class a level of integrity that can’t be and shouldn’t be discounted. As a student, I expect that if I were to ask a question about a particular subject matter being taught in class, my instructor should be able to answer my question or, at the very least, have a resource from his experience to get that answer with no difficulty.
3. Uncompromised Integrity: The days of testing a students’ knowledgebase with an open book test are gone! If I am going to pay good money for a course, I expect that when I am done and it’s time to test my retained knowledge that I can’t just go and grab my book, open it up and look up the answer. I have never understood the purpose of these types of test. As a student, I took the course not to just get the “certification or designation” but, to actually better myself and increase my knowledgebase and likewise, I expect to be tested in such a way that evaluates my level of retention honestly so I may strive for success. Too many times I have seen agents walk into a training class with computers, IPads, mobile devices and the such because, the class was secondary to whatever else was going on. The class expectation was lowered because they knew the test was open book and all they had to do was be a warm body in a seat for a couple of days. This isn’t a class I want to be a part of.
4. Certification / Designation: If I spend the time, money and energy to truly learn and become a subject matter expert in my niche, I better get a designation or at least a certification. For many of you, this may not be important because, many of you carry certification and designations that came from open book test. I am looking for a certification or designation that isn’t achieved by just paying my $499.99 onetime fee and my annual $99.99. Give us a certification, designation that means something, that was something I worked hard for and people know I worked hard for.
5. Open Doors: People go to Harvard or Stanford not simply because they are good schools but, because they also know that those names on a resume will open a door. In other words, students know that paying $100,000.00(+) for a education will pay off as a long term investment, 10 (+) fold. Too many real estate schools are charging premiums for education yet, not a single door is ever opened with that education. Granted, I am sure that the majority of the time, the student can hold a good portion of the blame, when it comes to not making their education work for themselves but, I have never met a poor Harvard graduate. My point is, students expect that if they are going to pay a premium, it better be returned in business. I don’t think this is too much to ask, hell….I would expect it myself if I were looking for a default course to take. The reason many of these real estate courses out there today don’t open doors is because, they aren’t built around traditional education philosophies and instead are nothing more than money grabbers who make empty promises but, what is worse, the industry knows it and therefore, they do not open doors.
6. Mentoring: After I pay my premium, take my test, graduate the program, I want to know that I have a forum, a site, somewhere to go to find advice or provide advice to others who follow. Mentoring is key to a quality education because it’s a part of the process to open doors. People who have made it and can contribute a portion of their success to their education can then turn around and bring others up behind them through a quality mentoring program. Granted, I don’t necessarily need a one on one mentor but, at the very least, I need a library of sorts that I can go to, look things up, chat with other members and further my learning by staying on the cutting edge of what is happening real time in the real world.
7. No Annual Fees: I shouldn’t have to continually pay for my education, certification or designation. A education isn’t a service, it’s a product and therefore, should be priced around the idea that I will only pay once. I don’t got to the grocery store, buy a box of Macaroni and Cheese and then pay for it every week so, why would I do that with an education, I wouldn’t! Annual fees are nothing more than a education provider to milk his current students out of their hard earned cash because that provider knows it’s harder to obtain new students than it is to simply get current students to agree to give you annual fees when they sign up for your course in the first place. Annual fees allows education providers to become stagnate and lazy and I don’t want to pay them.

My point is, these 7 bullets are my concerns about what is happening in the real estate education industry. If I can’t get a majority of these 7 items filled, I don’t buy the class. Sad to say, really because, why can’t we have a choice where we aren’t looking to purchase based on these 7 points so much we are looking at the actual quality of education.

Saving Money When Designing And Building Your Dream Log Home


Consider log home design options:
You have a wide variety of log home design options to consider.
At the top is a handcrafted log home or a timber frame log home. From there youcan go with a milled log home and even a conventionally framed home with logsiding and log accents for those on tighter budgets.

The savings start with the design of your log home. - The best way to beginyour design is to find a floor plan that is close to what you are looking for,mark it with your changes and send it to one or more log home companies of yourchoice. Most log home companies will gladly advise you on your custom log homedesign, where to save money, and then quote a kit price. Don't be reluctant tobegin a design with your unique requirements. Rarely (and I do mean rarely)does a company ship the same log home kit twice. If you are having difficultyfinding a plan that fits your life style, go to a search engine (e.g., www.google.com, www.yahoo.com, etc.) and search on “log home plans.” You will find many loghome companies listed; most of which have extensive libraries of standard floorplans. Another option would be to search on “house plans” where you will find amind boggling number of companies that sell conventional house plans, includinga few also offering log home plans. Remember, most log home companies willgladly convert a conventional house plan to a log home plan. Remember, the morecorners in the foundation, the more complex the roof system, the more windowscalled for, the more exposed rafters called for (as opposed to locallymanufactured roof trusses), the more the home will cost.

Do the log home labor yourself. - This is the opportunity for thegreatest saving. Of course, most of us work full time at other jobs and do nothave the time for such an undertaking. However, if your heart is set onresearching this option, visit any of the online book sellers, search on “loghomes” and order one or more books that focus on the construction of log homes.But perhaps the wisest choice would be to contact a nearby log builder andnegotiate an hourly rate for consultation or have them give you a proposal tobe a construction manager for you for a fixed fee or percentage on the costs.This method allows any savings to be passed back to you. It is best to spendtime and money up front to get the job done right, rather than deal withproblems later that never seem to go away.

Act as your own builder. - This is your option for the second greatestsaving. Many log home buyers decide to be their own general contractor.However, be aware, this choice is not without its headaches. That is why yousave all those bucks! Local building officials can be difficult to work with;subcontractors will be late or never show up; deliveries will be late or thewrong materials will be delivered; the weather is unpredictable; subcontractorsand suppliers may take advantage of your inexperience. And the list goes on.Regardless of the pitfalls and stress, acting as your own general contractorwill still save you about 15% - and that is big bucks. If you elect thisoption, again visit online book sellers, search on “log homes” and purchase oneor more books that deal with log home construction. Contracting with anexperienced builder to serve as an advisor or construction manager is highlyrecommended.

Shop for financing the same as you shop for building materials, appliances,etc. – If there is no local lender experienced in the financing of log homes,go to the search engines and search on “log home loans” or “log homemortgages.” Lenders will not charge you when you apply for a loan. Fileapplications with two or more lenders and then select the best deal. Sometimesit’s good to look at a national log home lender with log home experience.

Select your building lot with caution. - How long will the driveway be?If you must install a septic system, a health permit is a prerequisite, andthen, will it be necessary to pump to the drain field? Will it be necessary tocross a creek? How much grading will be involved? Is tree and stump removalgoing to be a problem? Will there be a rock problem when the foundation isexcavated? In other words, a "cheap" lot can quickly become anexpensive lot. If you are having difficulty finding a lot, contact a local realestate agent. Give the realtor your lot selection criteria (price range,location, size, etc.) and tell him/her to search the Multiple Listing Servicedata base. There is no charge for this service. The true price of the lotshould include all those things necessary to have it ready to build onincluding driveway, sewer, water, & power systems on-site.

Select your log home builders with caution. - When talking to buildersask for references and visit log homes he/she has built and talk to the homeowners.

Select carpet as your floor covering rather than hardwood floors. - Yes,hardwood floors are a "natural" in log homes. But we are looking foropportunities to save money. Perhaps you can compromise. Put hardwood in thegreat room and carpet elsewhere. Remember, at a later date (after you havereceived a job promotion or two) you can always replace carpet with hardwood.

Use Cultural Stone for wall accents and fireplaces attached to plywood andstuds in lieu of a full masonry or stone. - Don't tell your friends. It'simpossible to see the low cost plywood and studs thru the cultural stone. RealStone also weighs a lot and can require additional structural support. Thisdecision can save you a lot of money

Consider an efficient wood stove over an inefficient and more expensivefireplace. - Select black flue pipe instead of a masonry chimney. The blackflue pipe looks great in a log home.

Build your log home on a crawl space rather than a basement. - Again, weare looking for opportunities to save money. Sure, a basement is cheap floorspace and many buyers opt for the extra storage, shop and/or recreation roomspace; never-the-less, eliminating the basement will save $15,000 - $30,000 ina typical home.

Have your custom fixed glass manufactured locally. - Yes, your windowsupplier will want to order your fixed glass from the factory. While he/she isgetting a quote from the factory, visit a local glass shop. You may bepleasantly surprised. Locally manufactured fixed glass windows are availablewith double glass and/or tinted glass.

Select your windows and doors with care. - This is a major opportunity forsavings. Compare the quality and cost of several manufacturers before making adecision. If you expect to have a large number of windows and exterior doors,ask the suppliers if you qualify for a truck load discount.

Select your plumbing fixtures, electrical fixtures and kitchen cabinets withcare. - These are also major opportunities for controlling your costs.

Start shopping early. - Whether you hire a builder to do a "turnkey" job or act as the general contractor, you can save money onindividual items in the house - for example, appliances, floor coverings,windows, doors, plumbing fixtures, kitchen cabinets, counter tops, etc., etc.The earlier you start shopping the more likely you are to find items on sale.Just let your "turn key" builder know in advance that you plan toshop for sale items and BE AWARE, if you slow down or inconvenience the builder,you will quickly lose what you saved and probably much more.

Best wishes as you embark on an exciting journey.

Check out our Log Homes, Log Cabins, Luxury Log Homes, new log floor plans,client photo galleries, new articles, and videos at http://www.avalonloghomes.com/

Ivan Choi said there were over 400 in attendance last night at the annual REOMAC dinner meeting at the Marriott. There was a commerical short sale and note sales workshop at 3:00pm to start things off. I heard really good comments from the first speaker, one comment was out of the 200+ commercial short sales he has done, the longest was only 90 days! Huh, kinda makes me start to re-think some things.

I didn't know these REOMAC speakers personaly on stage but the second presenter was more on the financial side of the commercial default/ distress part of the business and I have to be honest it was very informative and interesting. That stuff would normally put me to sleep but to see how the inner workings of this high end commercial financing and syndicated loans with the wall street people making money of the margins was new to me. Thank you REOMAC, any day I can learn about my craft and put into use is a good day.

Then the opening reception at the REOMACdinner meeting was a meet and mingle with other industry folks was interesting as well. I took along my flip video camera and will post on you tube under  REOMACDinner Meeting Dec 2010 or San-Diego-REO.com . This was my 3rd dinner meeting with REOMACand as always I saw some old friends and some of my new friends as well.

The after dinner discussion was on a differerent level and I agreed with some of the comment and did not agree with others. Everybody has an opinion and maybe one of those will really help us out of this mess.

See ya...Cheers :)   This space is reserved for the video.  I am editing as REOMAC speakers are NOT to be on video.

Has this happened to you?!?

Lately I have had clients make offers on Freddie Mac REOs with the local Freddie Mac REO listing companies. In Boise, as in many communities around the country, local brokerages have a virtual monopoly on listing properties for Fannie Mae and Freddie Mac.

The overwhelming number of REOs dumped onto our market has completely overwhelmed these listing agents. Of course, some of these REO agents are really great. Others agents though.... Just try getting a response from them within a week or two! We have one offer in on a Freddie Mac property and have not had a response from the listing agent for over three weeks! Turns out they recently received approximately 50 new Freddie Mac REO listings. Seems to me that this will merely reduce their poor service and slow responsiveness to non-existent!

It stands to reason that if Fannie and Freddie really do want to liquidate their massive inventory, then they need to spread these listings out over many more agents so that no one individual is overwhelmed. If you have had similar frustrations please comment so we can raise awareness of this issue and help facilitate positive changes in this industry!

I found the following graphic at REOInsider.com