Fremont Real Estate Blog

Couple of new REO properties in Fremont, Newark, Union city, -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

From DS news < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=c9cd0126c6&e=ebe71b748c > Major Lenders Offering Perks on Short Sales The nation's leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure - both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. Wells Fargo has increased its financial relocation assistance to as much as $20,000 in states where the foreclosure process is lengthening. Bank of America is now allowing agents to submit a new backup offer for a short sale property if the original buyer has walked away. < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=5eec1fafd7&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 51

Not too much up for sale today at the auction. Are the sales over? Or are the banks taking a holiday, we'll find out as the week progresses. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=7f9b2f3a11&e=ebe71b748c > Case-Shiller Posts Second Straight Increase For the second month since recording an official double-dip in home prices, the S&P/Case-Shiller index has posted an uptick. Data just released by Standard & Poor's shows that 16 of the 20 metros included in the study and both composites reported positive monthly increases. The 10- and 20-city composites were up 1.1 percent and 1.0 percent, respectively, in May over April. Both readings were down on an annual basis. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

These guys just don't know want customer service means. They sell you a platinum policy and then tell you we don't cover microwave door handles. Well you know the guys at Fidelity Home Warranty cover microwave door handles under their basic policy. AVOID Old Republic Home Warranty like the plague. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

In November 2008, the Fremont City Council adopted a goal to reduce Fremont's greenhouse gas emissions 25% by 2020 and subsequently directed staff to develop a Climate Action Plan for the City of Fremont. All cities should be moving in this direction.       -Steven Fong Realtor     From: Bay East Association of Realtors     Fremont Studies Mandatory Energy Retrofits:     On Tuesday, July 19, the Fremont City City Council reviewed a draft version of a Climate Action Plan (CAP) that recommends studying a Residential Energy Conservation Ordinance (RECO). A RECO could require property owners to complete energy efficiency upgrades on their homes prior to sale.   Bay East staff testified at the meeting urging the council to focus city resources on voluntary and incentive-based approaches to improving residential energy efficiency. While the council was generally supportive of voluntary measures and  working with REALTORS® to promote incentive programs, they did not reject the RECO concep

You never know what you're buying when you buy at the auction , or even if you can buy when you get there. Often things get cancelled last minute or an opening bid is a false opening bid. Today, for example 29060 Eden Shores says it was sold for $450,000 back to the back. However the truth is that the bank had an opening "low bid" of $450k, and a reserved "high bid" for $570k, meaning you couldn't buy it for less than $570k. The house is only worth $540-$550k, so no one would buy this. What did the bank accomplish with its shenanigans - well maybe it got a few extra bidders to show up, but no one bid so it went back to the bank's inventory (REO). -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Most of what sold today at the Alameda county courthouse went back to the bank. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Looks like laws regarding short sales are changing with the times.  Positive news on Short Sales. -Steven Fong Realtor   Update on Short Sales from: Denise E. Chambliss   Litigation of Trust/Estate and Business Disputes     SB 458 - New Protection in California for Homeowners with a Short Sale   This week, Gov. Jerry Brown signed into law Senate Bill 458, which is a new law regulating short sales and the termination of a homeowner's liability on the junior lien holders after the conclusion of a short sale.   Specifically SB 458 extends the protections of SB 931 (2010) to ensure that any lender who agrees to a short sale must accept the agreed-upon short sale payment as payment in full of the outstanding balance of all loans. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 contains an urgency cla

From Ellen Corbett's office: SB 458 < http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_458&sess=CUR&hou se=B&author=corbett > , reflects the hardships that many homeowners have encountered in the housing crisis. Faced with foreclosures or short sales, thousands have been plunged into financial peril while trying to protect their assets from unscrupulous lenders. In the event of a short sale, SB 458 now protects borrowers by preserving their "anti-deficiency" protection in all loans on a home, not simply the first mortgage. The legislation only applies to residential loans, not business loans. So, when homeowners enter into short sales, all loans on the home are protected against deficiency judgments. That means the banks can't come after them for what they owe on loans but could not get back in the sale of the property. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA 38750 Paseo Padre Pkwy Suite B3 / Fremont,

Check out today's new REO and flip properties. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Newsletter_MarketMatters_newspaper.JPG San Diego Union-Tribune New law gives added protection to short-sale hopefuls On Friday, Gov. Jerry Brown signed Senate Bill 458 (Corbett) into law. The new law, which contained an urgency clause and became effective upon signing, protects homeowners pursuing short sales by barring first and secondary lien holders from going after sellers for money owed after the short sales close. Making sense of the story * A short sale - a transaction in which the homeowner sells the property for less than is owed on the mortgage - must be approved by the lien holder or lien holders, if there is more than one. * Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short-sale payment as full payment for the outstanding balance of the loan, but the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens. * The CALIFORNIA ASSOCIATION OF REALTORS(r) (C.A.R.) sponsored the bill and urg

From DS news < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=53ade1ea0c&e=ebe71b748c > California Defaults Reach Lowest Rate in Four Years For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company that tracks nationwide real estate activity. The number of notices of default decreased 17 percent from April to June when compared with the previous quarter and 19.2 percent when compared with the second quarter of last year. It was the lowest rate reported since the second quarter of 2007. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=55869b18f0&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunil

I'm hoping this will help short sale owners, but it could just also cause some lenders to strictly go to a foreclosure. -ss From CAR: LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED In a major victory for REALTORS(r), Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy. Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does

-sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

No full restart required if the back-up offer is in place prior to cancellation of the current buyer. from CAR: Short Sale Soundoff: BofA to accept back-up offers on short sale listings Bank of America announced this week it will accept back-up offers on short sales and will allow the back-up offer to take over if the first buyer does not complete the transaction, without requiring the process to start again. Under this new guidance, agents will no longer have to initiate a new short sale in Equator if the original buyer walks away from the transaction. Instead, the agent can continue with the original transaction in Equator and work with the same short sale specialist. The file will remain open and the paperwork that has been submitted will remain active. However, the buyer's qualification and the offer price will need to be reviewed again if a back-up offer is used. This new process applies only if there's an available back-up offer when the original buyer does not follow

From DS news: < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=08f9f398f6&e=ebe71b748c > Foreclosure Rates Decline on Both Quarterly, Annual Basis The number of foreclosure filings for the second quarter of this year was the lowest reported since the fourth quarter of 2007, according to RealtyTrac's Midyear 2011 Foreclosure Market Report released Thursday. All categories of foreclosures showed decreases on both a quarterly and annual basis. June marked the ninth consecutive month in which foreclosure activity declined on a year-over-year basis. < http://dsnews.us1.list-manage2.com/track/click?u=59816bad6939d5a7dd87e45a5& id=3d59138fe7&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Three new flip properties and 14 new bank REO properties. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Property Boundaries _____ Fences should not be considered an indication of property boundaries. Legal property boundaries are demarcated by surveyor pins or stakes. These are typically 1/2" to 3/4" round iron pipes flush or buried slightly below land surface. Newer pins might have yellow or orange caps that indicate the surveyor's license number. Locating property lines can be challenging. Older surveyor pins tend to erode. Older property markers could be metal posts, rebar, pipes or car axles. Those having difficulty locating their surveyor pins, also called corner pins, should contact their city or county government and get a copy of their plat map. A plat map will identify each specific lot located in a subdivision - as well as the shape and dimension of the lot - and where the surveyor pins are located. If a plat map is not available, or no pins are found, the next step is to contact a registered land surveyor to locate the property lines and set new surveyor pins.

From www.Foreclosureradar.com Foreclosure Filings are Down as the Time to Foreclosure Speeds Up In Some States On average it took less Time to Foreclose in California, Arizona and Nevada in June 2011, countering what has been a growing trend to extend the foreclosure process. The time to foreclose has increased on a year-over-year basis throughout our coverage area, with the largest increase seen in Nevada where it now takes on average 319 days to foreclose, up from 239 days a year ago. California saw the second most significant increase with the average time to foreclose at 317 days, up from 261 days a year ago. The least change was observed in Washington where the average time to foreclose is 106 days, only slightly higher than the 105 days seen a year ago. Foreclosure filing activity was down throughout our coverage area in June 2011, with fewer foreclosure filings in all states. There were fewer foreclosure sales, both Back to Bank and Sold to 3rd Parties everywhere except Orego

From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=4710095ba2&e=ebe71b748c > Foreclosure Sales Decline Second Straight Month Foreclosure sales declined for the second straight month, while foreclosure starts increased, according to HOPE NOW's monthly mortgage industry data for May 2011. Foreclosure sales nationwide decreased 7 percent from 73,000 in April to 68,000 in the month of May, according to HOPE NOW's data. Foreclosure starts increased 8 percent from 163,000 in April to 176,000 in May. Foreclosure starts increased 8 percent from 163,000 in April to 176,000 in May. Permanent loan modifications decreased only slightly from April to May, falling by 1,000. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=20037b47eb&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fr

Here's the list of properties foreclosed on July 8, 2011 outside the Alameda County Court house. Five properties were sold to investors and 9 became bank owned (REOs). -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

This is insane, we're running a deficit and we continue to give away free lunches. Please stop writing checks your body can't cash. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=95f5674de1&e=ebe71b748c > Government Extends Mortgage Forbearance for Unemployed With no sustained pickup in the job market, over six million Americans have been unemployed for longer than 27 weeks. Such extended periods of joblessness remain the predominant force behind high volumes of seriously past-due mortgages. With these realities weighing on an already fragile market, the federal government said Thursday it will extend the mortgage forbearance period for unemployed homeowners to a year under the Federal Housing Administration and Making Home Affordable programs. < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=ed408d8b3d&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broke

Union Landing Walmart and New Haven Unified Collaborate to Raise School Supplies at the “Stuff the Bus” Event   For the second year, Union Landing Walmart will be hosting and collecting school supplies for New Haven Unified School District students, known as the “Stuff the Bus” event. This will take place on August 12-14 th 2011.  District busses will be parked in the Walmart parking lot and customers will be invited to purchase school supplies to donate to New Haven Unified students for the 2011-2012 school year. Donations can be left in the designated bins inside the store or brought out to the busses.       The 2010 “Stuff the Bus” drive collected more than 2,000 spiral notebooks, 700 boxes of crayons, 500 boxes of pencils and hundreds of dollars’ worth of other supplies that were sent in September to each of the District’s schools.  This year’s event will be even bigger.  Every little bit helps contribute to the success of New Haven Unified students.    The better the students do

California Housing Production Continues to Climb in May June 30, 2011 SACRAMENTO – California housing production rose sharply in May and posted the highest monthly permit total for the year on the strength of the multifamily sector, the California Building Industry Association announced today. According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,630 total housing units in May, up 42 percent from the same month a year ago and up 28 percent from April. Permits for single-family homes totaled 1,908, down 7 percent from May 2010 and down 6 percent from the previous month, while multifamily permits totaled 2,722, up 124 percent from a year ago and up 71 percent from April. For the first five months of the year, permits were pulled for 18,120 total units, up 6 percent when compared to the first five months of 2010 when 17,050 permits were issued. Permits for single-family homes were down 17 percent while permits for multifamily units

More good news from DS News: < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=dba119d8b8&e=ebe71b748c > Fannie Mae's Serious Delinquencies Decline for 15th Straight Month Seriously past-due home mortgages continue to decline for the nation's largest mortgage company, continuing a 15-month path of descent. Fannie Mae says the share of single-family loans it holds that are 90 or more days past due or in foreclosure fell 8 basis points to 4.19 percent in April, and then dropped another 5 basis points to 4.14 percent in May. Fannie Mae says servicers completed modifications on 16,419 of its loans in May. For the first five months of the year, loan modifications total 84,133. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=3d7f286ebc&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / F

-sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

-sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

We hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. If you know someone who is considering buying or selling a home, please give us a call. We will provide professional & courteous service along with knowledgeable guidance through the process. -Sunil Sethi / Steven Fong SUNIL SETHI REAL ESTATE Realtor, Broker, President, MBA We're Helping Families Find Homes Associated with Great Schools. We can help you Buy or Sell your next Home. Sunil (510) 388-2436 Steven (510) 673-6509 Fax (510) 431-9046 DRE # 01173766 DRE #01729474

Three were bought by investors and the rest went back to the bank. 3 new REOs for the banks to market located in Fremont, Newark and union city. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=a740caba8e&e=ebe71b748c > Taylor Bean & Whitaker CEO Sentenced to 30 Years in Prison The man charged with orchestrating possibly one of the most notorious mortgage fraud schemes in U.S. history has been handed a 30-year prison sentence. Lee Farkas, CEO of Taylor Bean & Whitaker, was told Thursday by a U.S. district judge in Virginia that his crimes merit three decades behind bars. Judge Brinkema said she did not detect "one bit of actual remorse" in Farkas. From 2002 through 2009, Farkas and his co-conspirators manufactured fraudulent mortgages and securities in a scheme that led to the collapse of Colonial Bank. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=abbc59b2d7&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pkwy