Starting June 15, 2012, servicers for loans backed by Freddie Mac and Fannie Mae have to follow new guidelines in processing short sales.  The guidelines are expected to create greater transparency and expedite the process.  A 30-60 day response time from the servicers is expected.

In response to the most common complaint regarding short sales, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to create a minimum set of response time for the servicers to follow for a more efficient handling of short sales. Servicers are required to respond within 30 days after an offer on the property is received. They can obtain an extension but a decision must be made within 60 days. Not only is short sale an effective way to avoid foreclosure when keeping the home is not an alternative, but it also prevents vacancies in the neighborhood.  With this new system in place, buyers will no longer avoid making offers on short sales.

Short sales make a big percentage of the Chino Hills Real Estate market. Out of the 321 home that have sold and closed year to date, 100 home sales were short sales and pre-foreclosures. With the number of short sales in Chino Hills and other cities, this new short sale timeline will surely be a big help to the real estate market as a whole. As the Mortgage Debt Relief Act of 2007 ends on December 31, 2012, short sales are expected to increase in 2012.

Before the Mortgage Debt Relief Act of 2007 took effect, the IRS considered mortgage deficiencies resulting from debt relief as taxable income. The Mortgage Debt Relief Act of 2007, allows mortgage deficiency on primary residence to be forgiven. It is still uncertain if the recent bill that passed in Congress to extend the Mortgage Debt Relief is going to be approved or not.  Keeping yourself informed regarding this matter if you are considering a short sale may save you hundreds if not thousands of dollars.

How Short Should The Short Sale Process Take? is a post from: ChinoHillsCARealEstate.com

April 20, 2012 Market Update for Chino Hills

Five Chino Valley Schools will receive the highest honor for public schools on May 4 in Ontario.  These schools are: Rolling Ridge, Chapparal, Oak Ridge and Wickman in Chino Hills and Cal Aero Preserve Academy in Chino.  In the past years, other schools like Eagle Canyon, Canyon Hills Junior high, Country Springs, Butterfield Ranch and Hidden Trails in Chino Hills also received awards.  Country Springs received the national Blue ribbon School designation in 2007.  This is the highest honor awarded to schools by the Federal Government.

The high standard of education the children receive is one of the top reasons why families buy homes in Chino Hills.  Parents want the best for their children and we see many homebuyers willing to spend a little more for a house so their children can get better education.

Inventory of homes in Chino Hills homes continue to decline and an upward trend in median home prices. It is still too early to say that home prices are on the rise but the outlook is looking much better. Spring home buying season is upon us.  If you are thinking of moving, make sure you request from us a list of quick and inexpensive fix ups and repairs you can do to get the most from the sale of your home.

Chino Hills Schools to Receive Highest Honors is a post from: ChinoHillsCARealEstate.com

Four things Chino Hills Home Buyers Should Know in This Market:

Is Now the Time to Buy Your Chino Hills Home?

1. It makes sense financially to buy a home. Chino Hills real estate is starting to pick up now, just like in other parts of the country but at different rates. Many buyers are uncertain and still sitting on the fence. Once interest rates rise, your cost of buying your home will increase unless you are an all cash buyer.
2.  Rental homes in Chino Hills continue to go up as much as 5% annually. In the Winter 2012 Rent VS Buying index released by Trulia, they reported that: “After years of home price declines and tightening rental markets, home ownership is now more affordable than renting in all but two of the 100 largest metros…”
3. Short Sales in Chino Hills can be good deals though challenging at times. It is worth buying a short sale since they are discounted 21% on an average. The process is changing for the better and no longer as challenging as in the past.
4. Experts are advising buyers to buy now.  Not only are the agents or the National Association of Realtors saying that now is the time to buy.

We are here to answer your questions and help you buy your dream home in Chino Hills.

What Every Chino Hills Home Buyer Should Know is a post from: ChinoHillsCARealEstate.com

Some home buyers don’t see the need to pay for a home inspection when the house they are buying appears to be in excelent condition and newer built.  They feel it is does not make sense to spend the money.

In California, home inspectors secure their license from the California Real Estate Inspection Company (CREIA) or the American Society of Home Inspectors (ASHI).  They undergo training and are required to complete 30 hours of continuing education annually to keep their certification.  They learn the newest building and safety requirements and are guided by standards of practice of their organization. They know more about building codes and safety standards than the average person.

Although homesellers have lived in the house for many years, they may not be aware of defects in their home and agents are not trained to detect conditions and defects that may not be visible to a lay person.   Inspectors have the knowledge and should have the proficiency to detect red flags that could cost the new owners costly repairs in the future.  Additionally, it provides information if the house has any safety issues that need to be corrected.

In Chino Hills, there are areas where homes were built only several years ago.  Regardless of the age of the house, it is highly recommended when buying your Chino Hills home that you hire a  home inspector so you know the condition of the house you are buying.  The condition greatly affects the home value.  Consider a home inspection like a car insurance that you pay for  peace of mind and hope that you never have to use it.

So when do you need a home inspection?  Everytime you buy a home is my answer, regardless of when the house was built.

If you are thinking of buying a home in Chino Hills or neighboring cities, let’s talk to make sure you get the best advise.

Do You Need a Home Inspection Before Buying Your Chino Hills Home? is a post from: ChinoHillsCARealEstate.com

Nationwide, 12,521 homes sell daily and increasing based on the last home sale report  from the National Association of Realtors.  What does this mean?  This means, homes are selling and there is strong evidence that 2012 is the year the market will turn around and will head towards normalcy-not the normalcy in 2006 because the 2006 market was not normal but rather the normalcy prior to the pre-bubble years.  Frank Nothaft, Freddie Mac VP and chief economist said, “The US economy continues to build on the momentum from the end of last year. Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects.”

Economist do not see prices going up until activity increases to the point where there is more demand than supply.  We are starting to see a decrease in inventory of homes for sale and multiple offers on some homes.  Chino Hills home sales rose from 83 sales in January 2012 to 103 home sales in February.

When Warren Buffet was asked whether it was time to buy real estate, he said: “If I had a way of buying a couple hundred thousand single family homes, I would load up on them.”  Cost not price is what he is looking at. Price may not be at its lowest right now but the cost is, when you factor in interest rates.

If you had been thinking of buying your Chino Hills home whether for a primary residence or as an investor, remember that nothing will beat the fact that now you can buy a home for around 4 percent interest rate for a 30 year fixed rate loan, something unimagineable several years ago.  Need help finding a home?  We’re ready to help you.

Chino Hills Real Estate Market Continue to Improve is a post from: ChinoHillsCARealEstate.com

Is it possible to speed up the short sale process of your Chino Hills home rather than wait months and months for the lender to approve the process?  It may happen soon.

Three Senators have proposed a legislation to help speed up the short sale process in order to prevent foreclosures.  The legislation known as the Prompt Notification of Short Sale Act will require that  lenders respond to the short sale request within 75 days after the request is submitted.  The lender should respond whether the request is accepted, declined, or to be extended and the approximate time when a decision will be made.  The lender  will be  limited to only one extension for a period of 21 days.  The bill will allow the buyers to be compensated $1,000 and attorney’s fees if the act is violated

Currently, the short sale process when buying or selling a home is time-consuming and sometimes inefficient, causing many buyers to walk away from the sale and sellers could end up in foreclosure.  In a survey conducted by HomeGain, 83 % of buyers who bought a house on a short sale were satisfied with their purchase, however, the long wait from the lender to give the short sale approval discourages many.

The National Association of Realtors supports any effort that will make the short sale process more efficient.  57.6% of agents who responded in a survey conducted by Equi-Trax on how to improve short sale indicated that lenders should take less time in responding and about 14% indicated that the buyers should be educated about the short sale process.

For buyers, there are good deals to be found on short sales so don’t avoid them, instead, learn and get a better understanding of the process so you can spot the ones most likely to close sooner.  If you are a seller and need help to sell your Chino Hills home, an agent who is a Certified Distressed Property Expert (CDPE) can lead you to the right direction.  We have the training to help you make informed decisions to avoid foreclosure.

To download free reports and for more information on how to avoid forecloure, visit: www.StopForeclosureRemedies.com.

Elizabeth M. Eugenio | (909) 248-3821 | Century 21 King | DRE# 01126934

Certified Distressed Property Expert | Certified Residential Specialist | Short Sale and Foreclosure Resource

Short Process for Short Sales Proposed is a post from: ChinoHillsCARealEstate.com

It was announced on Thursday, February 9 that $25 Billion will be released for settlement of foreclosure abuses of major lenders of which $17 Billion will be spent as direct relief to help underwater homeowners.  60% of the amount will go towards principal reductions which will help approximately 1 million homeowners.

Currently, an estimated 11 million homeowners are underwater or are at risk of defaulting – approximately one in every 5 homeowner.   On an average, each homeowner is underwater by $50,000.  $3 billion will go towards refinancing loans of homeowners who are current on their mortgage but have no equity to refinance and help those whose homes lost significant value.

According to the Association of Realtors (CAR), “although the actual settlement has not yet been released, the attorney general has stated that other financial benefits for California include $849 million for refinancing 28,000 borrowers who are underwater but current on their payments; $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011; $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight; $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners; and $430 million to the state attorney general’s office for costs and fees. As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.”

This effort which has been in the making for over a year is the government’s massive effort to revive the housing market.   California Association of Realtors (CAR) applauds the government’s plan to help homeowners.

The announcement elicited mixed responses among different industry leaders from praise to caution that this will not solve the industry’s problems to criticism that this move will create more harm to the housing industry.  Most homeowners who are struggling from high mortgage payments will surely be hopeful.

Detailed information is available from the California Attorney General’s website or the National Mortgage Settlement website. Homeowners can also contact their loan servicer or a HUD-approved housing counselor.

Elizabeth M. Eugenio | (909) 248-3821 | www.HomesByLiz.com | Elizabeth@HomesByLiz.com | Century 21 King

$25 Billion Deal! is a post from: ChinoHillsCARealEstate.com

“Panic, we found a house and needed to sell ours quickly.  We had so much to do-where to start?  Elizabeth came to our rescue!  She guided us through one step at a time, selling our house in a matter of weeks.  During the escrow process, she was behind us all the way, assisting with the smallest of buyer’s demands, always being there for us giving 150%.  She made herself available and went out of her way to help.  Such devotion to a job and caring for her clients is rare and appreciated.”

 

-Herb & Vida

Herb & Vida, sold our house in a matter of weeks… is a post from: ChinoHillsCARealEstate.com

“Because we live in the Bay Area, selecting the right agent to sell our property in Southern California was critical. Elizabeth Eugenio proved to be an ideal choice for our situation. Throughout the listing period, she took care of many small tasks that would have been very difficult for us to do from 300 miles away… paying a gardener who only accepted cash, arranging for a handyman to make minor repairs, having trash hauled to the dump, etc. Regardless of the situation, Elizabeth was more than happy to help, making the entire process smooth for us as absentee sellers. We also appreciated Elizabeth’s quick responsiveness via email. We would frequently arrive home from work to find email status reports detailing exactly what she was doing to help sell our property. Every inquiry we sent was responded to promptly. Elizabeth was conscientious, thorough and dependable. We would be happy to work with her again in the future.”

-Wes and Heidi

Wes and Heidi, proved to be an ideal choice for our situation… is a post from: ChinoHillsCARealEstate.com

Liz, I ‘m glad to hear you are selling a lot of houses. You are such a great sales agent.  You are always customer-focused and we found you to be so honest and most of all, very helpful in selling our home.  It is rare to find someone who really cares for their client’s best interest.

-David & Geri

David & Geri, rare to find someone who really cares… is a post from: ChinoHillsCARealEstate.com