Fremont Real Estate Blog

California is having fewer foreclosure starts. Rents are also increasing. Both are good signs for a future recovery. -sunil The following is from www.Foreclosureradar.com : The first half of 2010 saw relatively good news for most participants in the foreclosure market. Foreclosure cancellations rose as homeowners saw more short sales and loan modifications approved. Investors quickly flipped their foreclosure purchases for solid profits as buyers hurried to take advantage of tax credits. As the tax credits expired, however, the market began to slow. Foreclosure cancellations also began to drop as the government push for loan modifications waned and short sales slowed with the rest of the housing market. Finally, in the beginning of the third quarter, the robo-signing scandal led to dramatically lower foreclosure sales, including a complete halt by Bank of America for nearly two months. Foreclosure Starts 2007-2010 For the first time since the foreclosure crisis began, Arizo...

I've had great success selling listings during the last 18 months, primarily because my competition (REOs and Short sales), don't follow one of more of the basic tenants for a quick sale. 1. Show the property in the best possible way (i.e., make cost efficient improvements prior to putting it on the market, stage if required). 2. Price according to recent sales. This is not rocket science, it requires paying attention to details of the home, understanding what's sold and available in the neighborhood, and managing the coming out party for the house. This last year with the exception two properties, I sold everything in 7 to 10 days. I would love to teach the these REO asset managers how to sell, so they'd stop reducing the value of neighborhoods. The bank are too frugal when it comes to repairs and they have no idea of color or material choices. I remember previewing a property in Weibel they listed for $1M. They painted the interior white (h...

PRESS RELEASE Date 10/25/10 New Haven Unified Dictionary Drive 2010 - Over 900 Dictionaries & Thesauruses Delivered A local real estate agent trying to drive up home values in Union City, donates over 900 Dictionaries & Thesauruses to every 3rd grader in New Haven Unified School District this year. This is the fifth year, Sunil Sethi, broker/owner of Sunil Sethi Real Estate has taken responsibility to donate dictionaries to all the 3rd graders in the school district covering all of Union City and part of South Hayward. Mr. Sethi, got involved with the program because he liked that it showed REALTORS are interested in improving the performance of local schools and when that happens home prices rise. When I first met with Rick LaPlante over at New Haven Unified 5 years ago, I was bit nervous taking on the responsibility to find sponsors to find dictionaries for all the kids. Each year it has become harder to find sponsors. This year, I had only 3 co-sponsors, the Fremont El...

Foreclosureradar just passed me this information about a new notice requirement on tenant occupied foreclosures. The law’s purpose is to provide education and protection to an innocent 3rd party renter, but the problem I most see is an existing occupant who gives the name of an relative as a tenant, and claims they can stay for 90 days, with no requirement to produce a lease and history of rental payment. Also any rights granted should require payment of the current rent to the new owner. All these laws are focused on protecting the party not making their payment and penalizing the party who’s try to reclaim their asset. Where's the balance. I thought we were a capitalist country. I thought capitalism was a good thing. http://www.foreclosuretruth.com/blog/sean/beware-new-notice-requirement-on-tenant-occupied-foreclosures/ http://tenantstogether.org/article.php?id=1642 SUNIL SETHI REAL ESTATE http://www.sunilsethi.com/ CA DRE#: 01173766

According to the latest survey of economists by , home prices have hit bottom. Economists Say Home Prices Have Already Hit Bottom Home prices in the United States found their floor during the early part of 2010 and are expected to begin trending upward next year, according to a panel of elite economists surveyed by the National Association for Business Economics. They are projecting gains in home prices of 1.2 percent over the course of 2011. "The housing recovery is intact, but tepid overall. Home prices have hit bottom," according to the group of economists. SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.com CA DRE#: 01173766

Just released by foreclosureradar: California The number of foreclosures Sold to 3rd parties, typically investors, declined 15.6 percent in September. Most foreclosure investors flip the properties they purchase after taking care of title, occupancy and repairs. This process is taking 44.5 percent longer than it did a year ago, up from 95 days to 137. The number of foreclosure sales that went back to the bank was up 4.9 percent, while the total inventory of Bank Owned (REO) properties increased by 5.3 percent as REO resales slowed. Notice of Trustee Sale filinges declined 17.2 percent while Notice of Default filings were essentially flat with a decrease of 1.9 percent. SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.com CA DRE#: 01173766

C.A.R. just passed me this summary of Senate Bill 931, which sounds like the existing “One Action Rule” that applies in the case of foreclosures, which says the deed holder is allowed one action, either take the proceeds from the foreclosure or a deficiency judgment for the unpaid debt. “No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931.” SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.co...

DSnews just sent this headline to me: Wells Fargo Puts a Stop to Short Sale Extensions Wells Fargo will no longer delay foreclosure proceedings in hopes that a short sale deal will come through. At the requests of its mortgage investors, including Fannie Mae and Freddie Mac, the bank has stopped granting extensions for distressed homeowners to complete short sales. Going forward, borrowers must close on short sales by the date quoted in their approval letter. The policy change will allow the bank's foreclosure proceedings to advance, even if a short sale is already in negotiation. SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.com CA DRE#: 01173766

NEW ENERGY SAVINGS BOOKLET NOW AVAILABLE The California Energy Commission has recently released a Home Energy Rating System (HERS) booklet to help homeowners determine the energy efficiency of their homes based on an HERS rating scale of 0 to 250, and identify energy-saving improvements. The HERS booklet is not a mandatory disclosure for any sales transaction, according to section 2079.10 of the California Civil Code. However, disclosure is highly recommended for all residential transactions, because it provides a valuable shield from liability for sellers and brokers. Delivery of the HERS booklet will be deemed to be adequate to inform the buyer about the existence of a statewide home energy rating program. The HERS booklet is available at the California Energy Commission's website at http://www.energy.ca.gov/HERS/booklet.html , which includes an acknowledgement of receipt for parties to sign. SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI ...

Just got this forwarded to me by OneDublin.org: 2010 API Scores Released Today 2010 API scores for California schools were released today. Highlights: Dublin High's API jumped 26 points to 868, Wells and Murray had dramatic gains, and improvements were registered across key sub-groups. Overall the District API jumped to 878. Dougherty Elementary continues to have the highest API in the District at 939. For your convenience, OneDublin.org has compiled all results by school site. Read more... SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.com CA DRE#: 01173766

Per the California Association of Realtors: As of this writing, California’s first-time home buyer tax credit expired effective midnight, August 15. That announcement came after the Franchise Tax Board (FTB) realized it had received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It is encouraging to learn that more than 33,000 Californians have taken advantage of this credit. When working with your buyers, keep in mind that the FTB will continue to accept applications for the state’s New Home Credit. As of this writing, the state had received 12,090 reservation requests and applications, which is expected to utilize nearly 80 percent of the $100 million allocated to this program. The FTB will stop accepting applications for that program once it determines it has received sufficient applications and requests. You can follow that tax credit’s status at http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml . -sunil SUNIL SETHI...

Florida's Existing-Home, Condo Sales Soar Further in June In what seems to be an ever-increasing trend, sales of existing homes and condos in the Sunshine State continued to surge in June, Florida Realtors recently reported. According to the association's report, a total of 18,038 single-family existing homes sold in June 2010, jumping 15 percent from the same month last year. And data regarding existing-condo sales was even more impressive. With a total of 6,916 units sold last month, sales skyrocketed 33 percent from June 2009. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536 www.sunilsethi.com CA DRE#: 01173766