Real Estate and All That Jazz

How Much Stuff Do We Need----We're Killing Our Kids With Kindness

Many moons ago when I was growing up, I never had a brand new bike--always a hand-me-down from my sister or my cousin. Roller skates and ice skates were shared between siblings and of course there was one black & white T.V. sitting in the living room along with one phone and a "record" player for the entire family. (I think I may be dating myself). I don't recall feeling deprived about the lack of material goods. After all, we went to the Library for Children's hour on a regular basis, walks in the park, outings to the zoo and beach, oftentimes followed by my favorite treat--ICE CREAM!  I was fortunate to have a large, loving family and even though we weren't rich, the house was always filled with laughter, love and the sweet smell of my mom's coffee rolls. Little did I know I had a very special childhood.

Having lived in San Diego for the past 13 years, I have noticed a disturbing trend, and one that is prevalent in upper middle class households across the USA. Kids have so much STUFF. As a real estate agent, I am in people's homes on a regular basis. In one home I viewed 2 months ago you entered a living room with NO FURNITURE, just wall-to-wall plastic toys. I was baffled. I couldn't imagine that 20 kids would not have enough to play with. They had 2.

I have friends who have 3 kids. For every birthday and Christmas these kids get iPods, XBoxes, computer games, walkie-talkies, cell phones, and other electronic gadgets I have never even heard of. More and more and more. The home looks like Mission Control, with all the wired up, fired up devices of 5 people. They typically spend all their time inside watching TV, movies, restaurants, bowling alleys and the occasional Theme Park.  I don't think these kids ever go to a library, or have a "Summer Reading List" (remember those?) What will the end result be? A bunch of spoiled brats who are academically inferior, with poor communication skills to boot. And parents with mounting debt and a whole bunch of STUFF.

I suppose the slow real estate market has made me prioritize my spending habits and I can honestly say I really don't need as many material things as I thought I did. I find myself defending my little flip phone (free) and mini laptop I use for travel as opposed to an iPhone or iPad. It would be easy to spend hundreds of more dollars monthly on technology, while I find I can be very productive with alot less.

So to get back to the main topic: Are kids getting more STUFF to make up for the quality time their parents don't have for them? Are we doing our kids a major disservice by taking away their creativity and filling it with STUFF? Is this trend going to change as folks downsize or even lose their homes and the economy takes time to recover?

 

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Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

48 comments • DEBORAH STONE • July 23 2010 06:15PM

Desperate Homeowners, Bargain Hunting Buyers and Unsavory Home Inspectors: Another Perfect Storm?

  2. Working with a few Short Sales lately, I discovered a pattern that made me take notice.

Here you have a Seller who is facing losing their home. The Lender has agreed, the SS package is in, and the Buyers are convinced they got a raging good deal. Let's stop here and examine the particulars.


The Lender has done a BPO and come up with a figure that no one is yet privy to. The buyers have put in an offer of $410K but then decided to recant and come in lower. Why? Well, it seems that the Inspector they hired has decided there is "foundation damage" due to the hairline cracks in the plaster walls (a characteristic of every single home of this vintage). A "foundation expert" comes in and of course there are old posts and sills (house was built in the 40's), and although there is no immediate danger he "suggests" some supports and beams be replaced for more stability..... to a tune of $8500. The owner had a thorough inspection 4 years previous and there were no foundation problems found.

The roof was older, but still serviceable, and the Buyers claimed they need a new roof. A "roofing expert" came in and declared "Oh my, this roof is older than Methusela and needs to be taken off immediately and replaced". NO LEAKS were found anywhere. 4 years previous, the same owner had the roof inspected and was told that it was old but it still may last 5-8 more years. In other words, it is still quite serviceable.

So now Buyers feel justified to lower their offer to $380K.

The Buyers know they are purchasing an older home. They also know the owner is in financial hardship of some sort or there would be no Short Sale. The Inspectors, and Roofing and Foundation Contractors need work. Is this Buyer being demanding? Sure, I would be too---he doesn't want to end up in the same position as the owner. Move on to another Buyer? Perhaps, but this is the only offer. And the property fell out of escrow once at $436K, because that Buyer found another home. 

The point is, do you see what is happening here? It's another perfect storm---desperate owner, demanding Buyer and unsavory inspectors/contractors bending the "truth" for the benefit of the Buyers. They see an opportunity, a ~loophole~ where they can manipulate the sales prices.

The Lender may counter-offer, but if they can't get a Buyer to pay what THEY think the property is worth, how is foreclosing going to solve this problem? Put the house back on the market? They have the same exact Buyer issues, maybe even worse, because REO's may fetch even less money (considering the costs of foreclosure.)

This artificial manipulation of the market is happening everywhere and I hear other agents discussing similar scenarios. My fear is that this is another Perfect Storm and is hindering recovery of the industry. Any thoughts?

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

9 comments • DEBORAH STONE • July 05 2010 11:02PM

Bill to Prevent Avoidable Foreclosure Clears California Senate

Bill to Prevent Avoidable Foreclosure Clears California Senate

Legislation that would help prevent avoidable foreclosures and deter irresponsible lender and servicer behavior recently passed out of the California Senate, 21-12.

"Simple fairness dictates that no one should lose their home while they are in the middle of trying to save it," said Paul Leonard, director of the California office of the Center for Responsible Lending.

SB 1275, authored by Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento) would prevent servicers from foreclosing on homeowners who have requested modifications until a decision has been made, and the homeowner notified. It would also allow for a limited remedy for certain eligible homeowners whose homes were erroneously sold at foreclosure.

Currently, servicers are initiating the foreclosure process even when borrowers are working to reach a resolution, including when homeowners are following all the rules to seek a loan modification, or are already making payments on a trial modification. Additionally, if a homeowner's home is sold due to servicer error, there is currently no means by which to seek recourse.

SB 1275 seeks to change this by providing recourse through what is known as a private right of action.

This would allow eligible homeowners to seek limited damages which are directly related to the severity of the servicer's errors, or, in some cases, would allow the homeowner to reverse the foreclosure sale and require the servicer to start over and follow the law. This provides a modest deterrent to the egregious servicer behavior that can cost Californians their homes, and faces significant opposition from banks and servicers reluctant to improve their servicer practices or pay the price for their mistakes.

During earlier committee hearings for SB 1275, servicer representatives acknowledged that confusion and errors are commonplace. Bank of America executive Jack Schackett even admitted during a conference call yesterday that they "have not handled [their] customers to the standards Bank of America is accustomed to."

Confusion and errors that cost Californians their homes, however, are not only avoidable, but they are devastating. Homeowners who have been wronged deserve the opportunity to make it right.

"One of the oldest principles of law is that a right without a remedy is no right at all," said Lisa Sitkin, staff attorney at Housing and Economic Rights Advocates in Oakland. "In order for laws to be meaningful, violations must have real consequences, and victims must have real avenues to seek redress."

CRL expects that homeowners' ability to right the wrongs of irresponsible servicers will continue to be the biggest challenge to moving SB 1275 through the Assembly. It will first be heard in the Assembly Banking Committee. 

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Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

0 comments • DEBORAH STONE • June 19 2010 02:59PM

Throw way My Laptop?....No, Not Quite Yet!

 

 

I found a FREE product I love! It's called logmein and can be found at www.logmein.com.

 


 Have you ever wanted to leave your laptop at home, but knew that you may regret it? You just needed to check a spreadsheet or a Contract that was in your desktop folders. Thankfully, many programs are online and can be accessed from anywhere. But we all have our own stashes of personal items in our "desktop" folders and this product I found makes your laptop almost "virtual". You can get into your laptop from anywhere you have online access.

You will need to set-up a new account  and password, but you will also need your main computer's  username and password to work remotely This was a glitch for me, but I finally figured it out.

Check it out--- laptops may soon become a thing of the past!

Join My FACEBOOK Group: San Diego Real Estate Forum for Investors or Investor wannabees-Where there is no such thing as a stupid question.

 

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

14 comments • DEBORAH STONE • June 10 2010 07:06PM

Bill SB 1178 Passes Senate-Realtors Tell Your CLients-This is Great News


BILL SB1178 PASSES SENATE

SB1178 was just approved by the Senate, over Lender opposition, with a vote of 30 to 4. C.A.R. is sponsoring SB1178 to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn't even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the Lender.

Check out the details on the C.AR. website.

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

6 comments • DEBORAH STONE • June 04 2010 06:24PM

5 Good Reasons Landlords Won't Rent To Dogs---And I Love Dogs!

WOOF WOOF
I don't hate dogs--quite the contrary. When my daughter was small, we had a loveable Golden Retriever named Bernie. My daughter and he were the best of friends. He would protect her, and lick all of the day's food off her face before I had a chance to get the facecloth. His loyalty and gratitude to us for being his "people" was never ending. He got cancer at 12 years old and had to be put down. Needless to say it was a devastating event for the entire family. And to this day, every time I see a Golden Retriever puppy I am tempted..but then reality sets in and I realize it just wouldn't fit into my lifestyle--and I even own my own home!

One of the problems I encounter as a property owner  in San Diego CA is that tenants love dogs too. I don't allow dogs in any of my properties and I have had to turn away some good tenants. They asked me why I hate animals so much!

Here is a list of the 5 main reasons property owners in San Diego CA do not allow dogs.

 

Noise
Dogs bark. Your dog doesn't bark at all when you are at work all day and has nothing to do but sit in an empty house, lonely and bored? How would you know? Do you have videotape running? Dogs bark, plain and simple. They are supposed to bark, that is what dogs do. You may not mind it, but I bet your neighbor who works nights and is sleeping during the day does.

Liability
Insurance companies deny dog bite claims to owners who own dogs of certain breeds: Pit Bull, Rottweiller and German Shepard to name a few. If your dog is a mutt, he/she may have part of this breed and depending on the amount (they can do a test), your claim can be denied. Sounds crazy? Some insurance companies have Labrador Retrievers as an unwanted breed.  This borders on the ridiculous, as we all know Labradors have to be the kindest dogs on the planet earth. But you may ask what can a 3 pound Chihuahua do? Well they can deliver a nasty bite to an infant. One of my friends was bit on the finger by one and it was a pretty deep bite. Think lawsuit.

Denied Access
If a tenant does not want you in their house, a loose dog will carry out their wishes. Would you as an agent enter a house with a Pit Bull running around? A few years ago, I had a client who desperately needed me to sell his rental house, but the tenant and he had an altercation.  She actually said it was ok to come in, but her 60 pound "friendly"  Pit Bull was loose inside and she had no plans to tether it.. (Oh and did I mention the tenant in the back was breeding rabbits? But I digress)

Destruction of Property and Landscaping
Did you ever see a large dog dig holes? Or a small terrier "tunnel"? You know what I mean when I say destruction. And what about dog excrement that a lazy owner is just too busy to pick up daily? I had a tenant that figured if a dog poops on the snow, then it will just disappear miraculously. Well folks, I can tell you this isn't the case. In the Spring, after the snow thawed on the 1/2 acre of grass, guess what I found perfectly preserved in small bundles (6 months X 30...get my drift)? It was not a very happy day for me.

Humane Reasons
I don't know about you, but anyone with a large dog who has no moral problem with it sitting in a small apartment all day gets my vote for "Loser". It's cruel and I would feel ethically unable to allow this in my property.Tethering a dog all day in a yard is not an alternative since this leads to boredom and barking.

 

The time to adopt a dog is when you are settled in a home that you own----That's easy!! Become a property owner in San Diego CA.

 

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Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

9 comments • DEBORAH STONE • June 04 2010 03:21PM

Buyers: 7 Questions to Ask Before Buying a Condo.


Condo Buyers in San Diego, CA: 7 Questions To Ask Before Buying  A Condo

You've found your dream condo and are ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting
stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.



1. "What's the Beef?"

Take a look at the minutes of the condo association board meetings to see
what the owners have been griping about. If everyone was complaining about
the faulty plumbing or the gardener's absence, you know that the complex is
having management difficulties. Even if there aren't any complaints, reading
the minutes will reveal the sorts of projects that are under way at the
complex -- projects the seller may have neglected to mention.



2. "Who's Been Naughty and Who's Been Nice?"

Find out the delinquency rates of present owners. If people aren't paying
their association dues on time, that is either a sign of discontent or an
indication that the association might be underfunded.



3. "How Much Is In the Repair Fund?"

Ask if the community has done a reserve-fund review in the past five
years. Lester Giese, the author of The 99 Best Residential & Recreational
Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.



4. "Can You Cover Me?"

If you look at nothing else, get a copy of the certificate of insurance,
which is a summary of the association's policy. First see if the replacement
costs covered by the policy are an accurate estimate of the cost of
rebuilding. Then make sure that the policy has a building-ordinance clause,
which means that the insurance will cover the cost of bringing the building
up to code if there is any rebuilding to be done. On older buildings, there
may have been many code upgrades since the time of construction. Finally,
make sure that you understand exactly what the association policy covers and
what you are responsible for. The smart condo owner will insure his or her
personal belongings, along with any other items within the unit that are not
covered by the association's policy. If you have trouble understanding the
insurance lingo, take the insurance certificate to an agent whom you trust
and who understands the state laws.



5. "Does the Association Present Any Legal Problems?"

Buying a single-family home without a lawyer is no big deal for many
people. But with a condo, there's so much more involved. Contact a local real
estate lawyer and have him or her go over the bylaws of the association. Do
they make sense? Are they consistent with the state laws? Giese, the author,
once found that the association bylaws of a large garden-style condo complex
had been lifted from the books of a high-rise condo, leaving confused tenants
with rules about shared hallway space and the correct use of garbage chutes.
Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any
owners have filed suit against it.



6. "Is the Complex Renter-Friendly?"

If the renter population is over 10%, there should be clear rental
policies, either listed in the bylaws or tacked on as an amendment. Does the
management company find renters for you? If so, do they get enough good renters?
Ask other tenants about their experience. In addition, ask to see the
association's rental lease, and have a real estate lawyer look it over. Keep
one thing in mind, though: An association can change its bylaws to prohibit
or restrict renting at any time. The more owners who rent, the less chance
that will happen.



7. "Am I My Community's Keeper?"

Watch out for a condo whose owners manage the place themselves. Although
many are operated efficiently, self-management can lead to more hassles for
owners -- especially those who live thousands of miles away. If the complex

  • is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night.
  • Join My GRoup on Facebook For New Investors.

 

 

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

7 comments • DEBORAH STONE • May 23 2010 05:18PM

Short Sale Legal Issues Affecting Real Estate Agents Part #2

 

This is the 2nd Part on the Series of legal issues affecing Short Sales by Drew Sygit.

 

Via Drew Sygit (The Lending Edge) Real Estate Financing Expert (The Lending Edge):

Short Sale Legal Issues Affecting Real Estate Agents Part #2

The previous post in this series was on 04/23/10, click here to read it.

MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY 

This series of posts is meant to assist real estate agents in recognizing: 

  1. Legal & Tax Issues their clients are exposed to through a short sale.
  2. The legal liabilities agents may expose themselves to when representing short sale sellers. 

Agents will be dealing with more & more short sales, both on the listing and sale sides, as the Obama administration's HAFA Program gains traction and meets its goal of decreasing foreclosures by turning them into short sales.  So, you can either jump on board the "short sale train" or get run over by it. 

Now let's look at some common legal & tax issues encountered on short sale transactions.  Please share your thoughts and experiences with constructive comments for the benefit of all!
 

General Legal & Tax Issues on Short Sales

One of the biggest challenges and murkiest, is how to handle the legal and tax issues seller clients must consider on short sales.  The major concerns on just about every short sale transaction: 

  • What is the foreclosure process in the state where the property is?
  • Is the foreclosure process judicial or nonjudicial?
  • Is the mortgage debt(s) recourse or nonrecourse?
  • What are the tax ramifications of 1099's for forgiven debt?
  • How should potential deficiency judgments be addressed?
  • When should a seller client sign or not sign a Promissory Note to avoid a potential deficiency?
  • Is a short sale really the best option for a seller?
  • How will the seller's credit be impacted?
  • Should the seller file bankruptcy and if so, what type & when?
  • What happens if a Foreclosure Sale occurs during the short sale process? 

Although some experienced real estate agents might be able to adequately address these issues, the majority of agents engaged in short sales are really in over their heads without even being aware of it.

 

Let's look at each of these a bit closer. 

What is the foreclosure process in the state where the property is?

Keeping track of each state's foreclosure process could be overwhelming.  Most agents though, only do business in one state, sometimes two, and so only need to concern themselves with their state. 

Some states adhere to Title Theory where a Deed of Trust is used to convey the property deed to a trustee who holds the deed for the protection of the lender.  Other states follow Lien Theory, where the homeowner retains the deed to their property but allows lenders to put a lien against the property through a Mortgage.  Click here for a list of what each state uses. 

Of critical importance is knowing how long the foreclosure process takes in the state where the property is located.  Agents should also know if there's a redemption period after a foreclosure sale and how long it is.  For more information on state foreclosure laws, click here. 

Is the foreclosure process judicial or nonjudicial?

Agents should know if the lender just has to notify the homeowner and advertise the foreclosure sale or if they have to take the homeowner to court to foreclose.  This neat map of the U.S. shows which method each state uses.  Just hover over the state you're interested in. 

Is the mortgage debt(s) recourse or nonrecourse?

Homeowners need to be made aware whether or not a lender can pursue them for a deficiency judgment for the difference between what they owe and what their property sells for at foreclosure.  This is a totally separate issue from a 1099 for debt forgiveness and should not be confused with it. 

Nonrecourse States

Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Dakota, Texas, Utah, Washington


What are the tax ramifications of 1099's for 1099 forgiven debt?

The Mortgage Forgiveness Debt Relief Act, which was extended to December of 2012, exempts acquisition or home improvement debt on one's primary residence from taxation.  The limit is $1 million for single or $2 million for joint tax returns.  Many agents tell their short sale sellers not to worry about a 1099-C ("C" stand for Cancellation) without asking their client if they pulled money out of their home through a refinance and what they used the money for.  That's definitely a liability issue for the agent! 

How should potential deficiency judgments be addressed?

This is not a question an agent should discuss with their client.  You can talk about possibilities, but should refer your client to an attorney and or CPA.  If your seller receives an unexpected deficiency judgment after you sell their home, who do you think they'll sue? 

When should a seller client sign or not sign a Promissory Note to avoid a potential deficiency?

A deficiency judgment could affect a seller's credit and may lead to garnishment of bank accounts, paychecks, and even state income tax returns.  Sometimes it may make more sense to negotiate a Promissory Note instead.  Not something an agent should be doing! 

Is a short sale really the best option for a seller?

There are many internet articles complaining about agents talking sellers into a short sale when a loan modification or other option would have been in the client's better interest.  Sometimes staying in the property for as long as possible with no payments, is a homeowner's best course of action.  Other times, given FNMA's recent clarification of waiting periods for qualifying for a new mortgage, a short sale may be best.  If your client hasn't explored their options, you could be exposing yourself to a potential lawsuit if you don't properly inform them of the alternatives.

 How will the seller's credit be impacted?

A lot of real estate experts were proven wrong when Fair Isaac Company, the developer of the infamous FICO credit scoring model, revealed how short sales, deeds-in-lieu and foreclosures affect a borrower's credit scores.  Two important highlights: they all affect scores approximately the same and people with higher scores will be affected more.  Almost every agent I've ever spoken to about short sales has told me with conviction that a short sale is better for a seller's credit than a foreclosure.  I don't think "oops" is going to get them out of a lawsuit from an upset client. 

Should the seller file bankruptcy and if so, what type & when?

Often a homeowner short selling their home has lost their job or is buried in debt with no realistic hope of getting out of their situation.  Combining their situation with the probability of getting hit with a deficiency judgment may mean they'd be better off filing bankruptcy.  Agents should make sure they don't give legal advice in these situations and don't get overeager to just list a property in pursuit of a commission check. 

What happens if a Foreclosure Sale occurs during the short sale process?

Given all the various state foreclosure laws, this could be ugly.  I've witnessed more than one agent telling a seller they could push a foreclosure sale back and not to worry.  How do you spell misrepresentation?  Proper disclosure must occur - even if it costs a potential commission check.

 

Well, how am I doing so far?  Have I gotten your attention and enticed you to come back for more?  Do you even want to read more or are you just going to swear off short sales altogether?  

I recommend you find the best & most knowledgeable real estate attorney you can in your area and take them to lunch to discuss all these issues.  From personal experience I warn you against just settling for an attorney you already know or one that claims they know what they're doing.  Many attorneys are no more experienced than you are at short sales and are learning on the fly - and may do so at you & your client's expense.  Seek out experienced attorneys or ones that are exerting a lot of effort to educate themselves quickly and are honest about it.

 

NOTE: if you're the impatient type and don't want to wait to read the series as it's published, I'll send you the complete whitepaper for the series when you do ALL of the following:

  1. Post a constructive comment on one of the posts in the series
  2. Reblog one of the posts in the series
  3. Make me an associate of yours on ActiveRain
  4. Join my Fanpage @ www.facebook.com/TheLendingEdge and send me a message there requesting the whitepaper with your email address.

If you're a Michigan agent, I'd also very much appreciate you joining a new AR group specifically for Michigan real estate professionals willing to share marketing and social media ideas with each other. 

http://activerain.com/groups/michiganmarketingideas

Thanks for reading and I hope you spread the word.

 _______________________________________________________________

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_______________________________________________________________

Drew Sygit: CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MAMP Instructor & Speaker
The most Certified Mortgage Expert in the Midwest

Contact him for The Lending Edge
P: 248-356-3739 • F: 866-215-3755 • dsygit@TheLendingEdge.com • www.TheLendingEdge.com

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

1 comment • DEBORAH STONE • May 18 2010 12:08PM

Metro San Diego Farmer's Markets

 

 

 

 

 

Metro San Diego Farmer's Markets.

Are we lucky or what? Fresh local produce all year round....well, mostly all year. There's no excuse to eat an unhealthy diet, with so many fresh food choices. Check out one of these markets near you.

 

 

 

 

     Fresh Eggs straight from the hen

 

Buy Local Produce

 

Pacific Beach Certified Farmer's Market

Saturday: 8 a.m. to noon
4150 Mission Blvd (between Reed and Pacific Beach blvd)
Pacific Beach, CA 92109
Manager: Mary Hillebrecht
Contact: 760-741-3763


Barrio Marketplace Certified Market and Open Air Market

Saturday: 9:30 mm-2 pm
2258 Island Ave. (between 22nd and 23rd Streets)
San Diego, Ca 92102
Manager: Jerry Guzman
Contact: jguzman@shermancenter.org


San Diego City Heights Market

Saturday: 9 am-1 pm
Wightman St. (between Fairmount and 43rd)
Accepts EBT, credit and debit
Manager: Lorrie Scot
Contact:  thelazytranch1@gmail.com


San Diego-Gaslamp-Third Ave. Certified Farmer's Market and Asian Bazaar

Sunday: 9 am-1 pm
400 block of Third Ave. between Island and J St.
San Diego, Ca 92101
Manager: David Klaman and Diem Do
Contact: 619-279-0032

San Diego-Hillcrest Certified Farmer's Market

Sunday: 9 am-2 pm
3960 Normal St. at Lincoln
San Diego, A 92103
Manager: David Larson
Contact: 619-237-1632


San Diego Horton Square Certified Market

Thursday: 11 am-3 pm (March-October)
225 Broadway, South side of building cross street Broadway Circle
San Diego, CA 92101
Manager: Mary Hillebrecht
Phone: 760-741-3763


San Diego Little Italy Mercado

Saturday: 9an-1:30 pm Date St-India to Columbia-North Side
San Diego, CA 92101
Manager: Catt White
Contact: mercato@littleitalysd.com


San Diego Mission Valley San Diego

Friday: 3pm-7pm
Westfield Mission Valley Mall-East parking lot near Macy's
2028 Camino del Este
San Diego CA 92108
Manager: Brian Beevers
Contact: Brian@sdmarketmanager.com


North Park Farmer's Market and Open Air Bazaar

Thursday:
Spring/Summer: 3pm- sunset
Fall Winter: 2pm- sunset 3151
3151 University Ave.-CVS parking lot at 32nd St.
San Diego, CA 92104
Manager: David Larson
Contact: 619-237-1632


Tu Marcado Certified Farmer's Market

Wednesday: 11 am-2 pm
University of San Diego Campus (In front of Student Life Pavilion)
5998 Alcala Park
San Diego, CA 92110
Manager: Charles Ramos
Contact: 619-260-8859

 

San Diego Farmer's Markets Metro San Diego,CA

 

Deborah A. Stone Realtor Contact Me

 

 

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

4 comments • DEBORAH STONE • May 17 2010 11:52AM

Short Sale Legal Issues Affecting Real Estate Agents - Part #1

Drew Sygit has written one of the most comprehensive posts on Short Sales and legal issues that may affect Realtors. I think many Realtors who do Short Sales need to understand the complexities about them. This is one in  4 part series.

Via Drew Sygit (The Lending Edge) Real Estate Financing Expert (The Lending Edge):

Short Sale Legal Issues Affecting Real Estate Agents - Part #1

This series of posts is meant to assist real estate agents in recognizing: 

  1. Legal & Tax Issues their clients are exposed to through a short sale.
  2. The legal liabilities agents may expose themselves to when representing short sale sellers.

How did I come up with this series idea? 

I do a lot of networking which leads me to meet quite a few attorneys.  Many of them seem to be getting into loan modifications and short sales and approach me for referrals.  Besides direct referrals to homeowners, they all want introductions to real estate agents.  When I ask why, almost all tell me how agents doing short sales are practicing law without a license.  Since I'm very inquisitive, I've been asking these attorneys to give me specific examples.  A surprising percentage of attorneys can't come up with specifics.  Those that do, only have a small frame of reference.  So, I started compiling a list and doing my own research - both by tracking down local legal experts and online.  

This led me to create a whitepaper on Short Sale Legal Issues Affecting Real Estate Agents to distribute to my real estate partners.  I got such great feedback that I decided to post it.  Rather than just post it once as a blog and hope everyone on ActiveRain sees it, I came up with the idea of making it a series to increase the odds of more members getting exposed to it. 

So, please read on and if you like it share it with others that you know.  Also, definitely share your thoughts and experiences with constructive comments for the benefit of all! 

 

Many real estate agents recognize the market is changing and short sales are becoming too numerous to ignore.  Agents are jumping into the short sale market in a big way and several have really focused their business models on short sales. 

Short sales will continue to increase due to the Obama administration's stated goal, through its HAFA Program, of increasing short sales to decrease foreclosures.  So, agents will be dealing with them whether they want to or not. 

To set the stage, so to speak, for the legal & tax challenges agents face on short sales, let's cover some general challenges. 

General Short Sale Challenges

Working with short sales presents many challenges to real estate agents that they don't deal with on normal listings. 

  • Sellers may be more interested in staying in the property as long as possible without making payments.  This will affect their motivation in getting you what you need to get the property sold.  To make sure sellers are serious about selling, many agents are charging sellers a nonrefundable, upfront fee.  Make sure to get your broker's approval though, if you choose to do this.
     
  • Getting all the proper paperwork together can be time consuming.  There is so much to putting together a short sale package and it all takes time.  Time is money and if an agent's not careful, they can spend too much time on a single short sale listing to the detriment of the rest of their business.
     
  • Lenders on the property seem to misplace paperwork at an alarming rate.  Often this is probably used as an excuse due to personnel being overwhelmed with volume.  An agent isn't going to win against the lenders with this.  A better strategy might be to scan the entire package and use a fax server type of program that allows the sending of a PDF via computer.
     
  • Agents are often pushed to list a property at a price to cover what's owed versus a realistic market price.  The standard position of many lenders is that a property should be initially listed at a price equal to the mortgage balance.  This can put an agent in a legal quandary as they have a fiduciary responsibility to their client seller not the lender.  If a high starting list price leads to the property going to foreclosure sale before a buyer can be found, an agent could potentially be held liable if they didn't take proper measures to protect themselves.  An agent should check with an attorney about a waiver to use to address this situation.
     
  • Getting price reductions approved can be tedious.  Again if the seller is not serious or getting bad advice from their lender, the listing can turn into a waste of time.  Agents may be able to have a seller sign a pre-agreed upon price reduction timeline to avoid this.  An agent should check with their broker or an attorney to be sure this is legal in their state.
     
  • Once an agent secures an offer from a buyer, it can take months for the lender(s) to approve it.  See number 3 above about "lost" faxes.  It also seems to take lenders quite some time to get Broker Price Opinions scheduled and to run their Net Present Value analysis.

  • Second mortgages usually complicate matters greatly.  The two (or more) lenders compete for the dollars available through a short sale.  Even though the junior lienholders are aware they'll probably recover nothing if the property goes to foreclosure, they're also aware that the first lender will receive less in a foreclosure.  They use this to leverage what they can recover on a short sale.  The HAFA Program addresses this issue and it's hoped it will reduce the frequency of this delay.

  • Agents have to work with title companies to prepare mock HUD-1 settlement statements to accompany every offer submitted to the lender(s).  This task is best left to a title company as they have the software to execute this and account for transfer taxes, pro-rated taxes and the like.

Need I go on? 

Can you see how a short sale can take up a significant amount of an agent's time? 

Please comment on other issues that you've encountered that are NOT legal or tax issues. 

By the way, here's a teaser or cliff hanger, for the next post of the series: 

                      •-  What are the tax ramifications of 1099's for forgiven debt?
 

SHORTCUT NOTE: if you're the impatient type and don't want to wait to read the series as it's published, I'll send you the complete whitepaper for the series when you do all of the following: 

  1. Post a constructive comment on one of the posts in the series
  2. Reblog one of the posts in the series
  3. Make me an associate of yours on ActiveRain: www.ActiveRain.com/dsygit
  4. Join my Facebook Fanpage @ www.facebook.com/TheLendingEdge and send me a message requesting the whitepaper. 

If you're a Michigan agent, I'd also very much appreciate you joining a new AR group specifically for Michigan real estate professionals willing to share marketing and social media ideas with each other. 

http://activerain.com/groups/michiganmarketingideas

Thanks for reading and I hope you'll spread the word.

 

Added - the next post in the series can be accessed here.

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Drew Sygit: CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MAMP Instructor & Speaker
The most Certified Mortgage Expert in the Midwest

Contact him for The Lending Edge
P: 248-356-3739 • F: 866-215-3755 • dsygit@TheLendingEdge.com • www.TheLendingEdge.com

Deborah A. Stone, Realtor  Integrity-Solutions-Results-

Hogue and Belong Realty-Bankers Hill

San Diego, CA

"Representing clients with the experience of an investor"

4 comments • DEBORAH STONE • May 12 2010 11:01AM