Freddie Mac Hits REO Selling Record

Freddie Mac's Average REO Sale Yields 94% Market Value

properties, we understand the negative impact these homes can have on neighborhoods and communities,” Hagen Mooney said. “That’s why our policies and programs are designed to maintain home values, reduce losses, and stabilize communities.”

Hagen Mooney points out that more than 70 percent of Freddie Mac’s REOs are sold to owner-occupants.

She says while the GSE has always been open to selling to investors, the company’s strategy is to limit the concentration of investor sales in any given area. She adds that Freddie Mac typically doesn’t consider any offers that require significant discount pricing.

Hagen Mooney also highlights the company’s “Good Neighbor” property preservation and maintenance best practices, which are designed to ensure that buyers purchase Freddie Mac homes in move-in condition, and that property values are maintained for neighborhoods.

The GSE’s “Good Neighbor” policies mandate that within three business days of a confirmed vacancy, each home is secured, preserved, and cleaned. The company’s contractors then continue to monitor and look after the home until it’s sold, including maintaining the landscaping.

Freddie Mac’s sales cycle for its REO homes is about 120 days, which the company attributes in part to its “top-performing broker network.

Tear them down.

If you don’t demo the unsold, unwanted properties the banks are on the hook for the property taxes, the property violations, crime, utilities…etc.

Expect more unsold properties to be demolished and the foreclosure rates continue to climb through 2012 into 2013.

Beware of Foreclosure Rescue Scams

Foreclosure rescue and mortgage modification scams are a growing problem. Homeowners must protect themselves so they do not lose money—or their home.

Scammers make promises that they cannot keep, such as guarantees to “save” your home or lower your mortgage, oftentimes for a fee. Scammers may pretend that they have direct contact with your mortgage servicer when they do not.

The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable Program and to speak with a HUD-approved housing counselor

 Tips to Avoid Scams

1.  Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan. It is likely a foreclosure scam if you are being asked to pay money up front to negotiate a loan modification on your behalf if the company is not a law firm or a DRE approved Real Estate Broker.

2.  Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.

3. Banks do not send Realtors to your home to list your home for sale. You own the home you pick the realtor.  The bank is not allowed to give information about your situation to the public including telling you what agent to use. That agent is a scam.

4.  Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.

5.  It is likely a foreclosure scam if someone offering you a deal tells you that a real estate agent or title company is not required in the transaction. 

6.  Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

7.  It is likely a foreclosure scam if someone says they can cancel your mortgage all together and stop foreclosure due to an error in your loan documents. 

8.  Finally, it is likely a foreclosure scam if the buyer tells you he will buy your house for the sum of the mortgages you owe and an additional amount of money which he will pay in cash. 

9.  It is likely a foreclosure scam if you are told that the buyer will be taking over the payments of the house

10.  Never make a mortgage payment to anyone other than your mortgage company without their approval.

12. Agents or investors that want you to sell your home directly to an investor without putting the home on the MLS.  Lenders want to see the home marketed to the public to obtain the highest and best offer.

13. Banks do not send Realtors to your home to list your home for sale. You own the home you pick the realtor.  The bank is not allowed to give information about your situation to the public including telling you what agent to use. That agent is a scam.

 If you believe you have been the victim of mortgage fraud, contact the Attorney General’s office in your state of residence.

If you’re looking for a fun and active place to go with your family this weekend, come out to the Fontana Boys and Girls Club for the Worldwide Day of Play! This FREE event is taking place on Saturday, September 24 from 12pm-3pm in Fontana, California. Here you can enjoy great activities like relay races, arts & crafts, video game tournaments, game room tournaments, face painting, balloon animals, family picnic games, and much, much, more!

This event is being held in order to get families to spend quality time together while getting exercise and having a ton of fun, so make sure you don’t miss out on this great opportunity to do so with your family in Fontana!

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Termite inspections are a necessary inspection required by many states in the home sale process. If a home has termites, they can create significant damage and even destroy a home if left untreated. No one wants to hear that their current or potential home has termites, but it’s better to address a known problem than to live unknowingly with an infestation.

In fact, if you notice evidence of termites, there’s a good chance the infestation is already quite advanced.

If you have any worries at all about termites in your home, the best course of action is to locate a pest control or termite inspection so that you are aware of the full extent of the problem. Of course, pest inspections are an important part of the overall inspection process, so make sure you hire an expert in the field:

1. Check out online or yellow page listings under Pest Control for a licensed, bonded inspector. Your real estate agent can also be helpful in locating a company for you.
2. Request estimates for the inspection cost and compare rates.
3. Make sure that you get a copy of the inspection report and course of action needed before signing any contract papers.

It is important to know that buying or selling a home usually requires a clear pest control report. The inspector looks for termite infestation as well as other pest infestation, plumbing leaks, obvious roof leaks, dry rot and water damage. Make sure that all areas of the home are accessible for the inspector. Try to stick with companies that do inspection and treatment only – and leave any wood repair to carpenters or contractors.

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This Sunday, September 18th, you will have the opportunity to learn tips on how to help keep you and your family safe in an emergency. Ontario Mills Mall in Ontario, California is hosting a Community Emergency Preparedness Fair for FREE for anyone that wants to attend. Here, you can gather valuable information to help you prepare for various kinds of emergencies and give you some peace of mind.

You will learn how to follow these four simple steps: “Get a Kit. Make a Plan. Stay Informed. Get Involved.” This important event will be held from 11:00 am to 3:00 pm on Sunday, so make sure you take the time to stop by the mall in Ontario! Please visit the event flyer for more information.
 

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Selling a home through a short sale has become a popular alternative to foreclosure. It is a good idea for both buyers and sellers to understand what is involved in this process. Here’s what you should know if you are considering purchasing a short sale property:

The Basics

The bank does not own the property, but it is the party that will take the loss. That means the bank will be the one to approve the offer, not the seller. It also means that the property will be sold as is and the buyer will be responsible for any repair costs. Since the bank is taking less than what is owed, there is not much room for negotiation. You will make an offer on an agreed upon amount; and at the end of the process, the offer may or may not be accepted. The bank may also continue to accept offers from other prospects.

Be Prepared to Wait

If you are in a hurry to close on a property, purchasing a short sale home is probably not for you. The bank may take several months to review and approve or decline the offer. You may want to introduce yourself early on in the process with the bank’s loss mitigation department, so that you can at least stay informed along the way.

There’s No Guarantee

A short sale can present a real bargain – although there is no guarantee that the offer will be accepted. In some states, the seller may also be liable for making up the difference in the sale price and loan amount to the bank, which may affect the price the seller is willing to accept from you. The discount on the selling price may not be worth the wait and aggravation of dealing with the lender. Do your own market analysis to understand the real value of the home and the neighborhood.

It’s best to work with a realtor who is experienced in the short sale market. The realtor can help you through the process, including determining that the short sale is already lender approved. While some short sales do work out, they present high-risk transactions for all parties involved. Do your homework and understand both the benefits as well as the challenges that may be involved.

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Every Friday evening September 16 through October 21, you can spend a night under the stars watching family-friendly movies at The Shoppes Promenade in Chino Hills! The movies always begin at dusk, which is approximately 7:30 p.m. These movies are FREE for everyone, so why not bring your blankets and lounge chairs for a great time out with your family in Chino Hills!

The movies will be shown as follows at 13920 City Center Drive (The Shoppes Promenade):

September 16: Gnomeo & Juliet

September 23: Nanny McPhee Returns

September 30: Rio

October 7: Mars Needs Moms

October 14: Rango

October 21: Soul Surfer

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Moving to your dream home can be quite a time-consuming process, and it can often be frustrating too. However, here are some helpful tips to help you get organized for a smooth and efficient move to your new Chino Hills home.

1. Change your address and notify companies before you move. Start by filling out a change of address form in advance of your move. Doing this ahead of time can help you to avoid hassles like past-due bills, service lapses and even identity theft. It is also a good idea before you move to set dates to discontinue your utilities at your old address as well as arrange for these services to be turned on at your new address.

2. Create a moving schedule.
It is a good idea to set up a moving schedule a few months before you move. Set it up as a week-by-week checklist to manage the process and help to stay on track. A moving schedule helps you to keep track of the little details or things that may be over looked, thus helping you to avoid last minute headaches. 

3. Establish a packing system.
Packing is a major time consumer so think about coming up with a packing system so all of your boxes end up in the right rooms when they get to your new home. Many professional movers recommend that you use the color code system where you color code each box with a particular room to avoid any confusion with the movers. It is also helpful to give your movers a floor plan of your home with each room labeled.

4. Get rid of unnecessary items.
The less boxes you pack the less you have to move and finally unpack. So it makes sense to thoroughly go through your items and get rid of the things you just don't need. Items such as unread books, half-empty cleaning products, clothes that you know you won’t wear again should be given away or sold at a garage sale. You don't want to bring the clutter to your new home!

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Start your Labor Day weekend off right by taking a morning walk into the Jurupa Hills in Fontana! The hike will begin at 9:30 a.m. on Saturday, September 3 at the Mary Vagle Museum and Nature Center. A naturalist will guide you, pointing out the fascinating features of our California landscape, including rock formations, Native American history, and local plants and wildlife.

The cost is free, and the hike will last between 1 and 2 hours. Please make sure that all minors are accompanied by an adult. What a great way to combine fitness and learning in the outdoors!

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Short sales have many requirements and conditions that can stump buyers and sellers. It can be challenging to get the bank to accept less than what is owed on a property. Since the lender is positioned to take a loss on the sale, you will most likely have to deal with the loss mitigation department to process the documentation required to get the contract approved.

Other names for loss mitigation or departments that may handle it may include work-out, foreclosures, loan modification, or reinstatement. Some of the larger institutions may even specifically offer a short sale department.

If you are interested in short sale investments in southern California, here’s what to expect from loss mitigation:

1. Send Authorization to Release Information Form or Power of Attorney. The Authorization to Release Information (ATRI) Form gives the lender the authorization to give you (the buyer/investor) information about the loan so that you can begin the documentation and negotiation process. If you are able to obtain a Power of Attorney from the buyer for this loan, then you will also have the ability to actually participate in the negotiations directly with the lender.
2. Establish a rapport with the lender’s rep. Settling a short sale is not the most attractive prospect for a lender. Although preferable to foreclosure in many cases, lenders are not anxious to deal in short sales. If you are able to establish a good working relationship with the loss mitigation rep, then it will help move the process along.
3. Once you build rapport the rep, send your short sale package. Make sure that you have done your homework and present complete documentation. Then follow up with the rep, after learning what the lender’s standard procedure is and how long the approval should take. You don’t want to be annoying, but you do want to maintain the relationship you have established and make sure that your deal does not get lost in the process.
4. Once the deal is accepted, move quickly. Get the approval in writing, arrange any necessary financing and take all quested actions to get the deal closed. Many short sales fall out between the approval and close, so by moving swiftly through the last steps you hasten the ability to finalize the transaction.
5. It is a good idea to stay on friendly terms with the rep. A small effort of sending a thank you note after close can go a long way.

Short sales can be difficult for both borrowers and lenders. Establishing yourself as a well-educated, thoroughly prepared investor will help you move your next deal through the process.

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Have you always wanted to Salsa but you never knew how? Well, now you can learn here in Chino Hills, California! Starting August 30, you can take Salsa dance lessons at the Grand Avenue Park Community Building in Chino Hills.

Whether you want to go as a family, couple, or as an individual, this is a great opportunity for you to get fit and learn some smooth moves at the same time! It is not required of you to have a dance partner, although it will probably be beneficial. Please make sure you wear comfortable clothing. For more information, please see page 3 of this document.

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Summer is in full swing here in Chino Hills! This means homeowners are running their air conditioners constantly to survive the heat. During these warm summer months it can be easy to overlook energy conservation, but you can still be comfortable while you save energy. Below are some tips to help you save energy and money in your California home!

Energy Saving Tips For Outside

• Replace air-conditioner filters regularly. Dirty filters restrict airflow and can cause the system to run longer, increasing energy use. Replace filters monthly for maximum benefit.
• Longer days mean we don't need out outdoor lighting as much. Adjust your outdoor lighting timers accordingly and you'll save money and extend bulb life.
  Try solar-powered outdoor lighting or garden lighting as an alternative. They are energy-efficient, inexpensive, safe and very easy to install.
• Consider switching to electric lawn mowers as well as trimmers. By not using the traditional gas models, you can help to save money, reduce pollution and they are also much quieter!
• If you have an outdoor pool, reduce the operating time of your pool filter and automatic cleaning sweep to four to five hours, and only during off-peak time.

Energy Saving Tips For Inside

• There is really no need to have your gas fireplace's pilot light during the summer. Save energy, and money, by turning out the fireplace's pilot light until the fall. It is always a good idea to refer to the operating manual for your furnace to learn how to do this properly or consult a technician. 
• Keep blinds and draperies closed on hot days to keep the inside temperature cooler and comfortable. 
• Make sure your attic has the proper insulation that will protect your home from excessive heat penetration in summer and cold penetration in winter. 
• Ceiling fans are an inexpensive way to create gentle breezes throughout your home to help keep the temperature down.

These are a few summer tips to keep your family comfortable in your homes, during this hot summer as well as a few energy saving and environmental alternatives.

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Get your weekend in Chino Hills started off right with the scrumptious Southern style tastes of Lucille's Smokehouse Bar-B-Que! Besides delicious food, this great restaurant also offers Live Blues Entertainment every Saturday evening that you don’t want to miss. This Saturday evening, August 20, Brian Young & the Blues will be playing from 7:00-11:00 pm. So why don’t you bring the family and a healthy appetite this weekend to enjoy the perfect combination of Great BBQ and Live Blues!

Location: The Commons at Chino Hills, 4611 Chino Hills Parkway, Chino Hills, CA 91709 Phone: 909-597-1227

Hours: Sun-Thurs 11:00 a.m. to 10:00 p.m.   Fri-Sat 11:00 a.m to 11:00 p.m.

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You’ve decided to sell your Chino Hills home. You’ve found an agent, staged your house, and now it’s officially ‘listed’ on the market. That’s great, but where do you go from here? If you have never sold a home or it’s been some time since your last sale, you may be anxious about what happens next.  Here are a few basic parts of the process that can take the mystery (and the anxiety) out of showing your home.

1. Advertising – let your realtor take charge. The realtor will make sure that you have your home listed in MLS – Multiple Listing Service - so that other agents can see it. Your realtor may also place your home on various Internet sites, take ad space in the local paper’s home section and put a sign in your yard – with the realtor’s phone number.
2. Readiness – you should be prepared to show your home on a moment’s notice. It is best to make sure that your home is neat and picked up at all times. This may be hard if you have small children or pets, but having your home show-ready means that you will never lose an opportunity to have a prospective buyer walk through.
3. Access – your realtor should install a lockbox on your front door so that other agents can show your home easily. It is best that you are not present when your home is shown, even if it is inconvenient for you. Most prospects are uncomfortable making honest comments about the features they like and dislike if you are present. It’s also easier for them to picture themselves living in your home without the current owner nearby.
4. Open house – an open house encourages both agents and prospects to visit your home during a specific period of time and ask questions of your realtor. You may opt to have one open house for agents or brokers only and one for buyers
5. Traffic – In a slow market, you may see a lot of interest right away, as both agents and buyers are eager to check out new listings. Then you may see periods of days or even weeks with no activity or interest. Don’t be discouraged quickly – and have regular meetings with your realtor to discuss feedback and see if there are any adjustments to the staging or décor of the house that may position it better with buyers.
6. Asking price – Your realtor can advise you of the ‘comps’ or comparable home prices in your neighborhood and how your asking price lines up with the market. You might consider lowering the price after 90 days or other extended time on the market. Depending on your urgency to sell, you may decide to take your house off the market for a period of time, then relist at a different price to generate that ‘new listing’ interest and activity.

Selling your home can be a little nerve wracking, but understanding the process goes a long way in making sure things go smoothly.

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The 4th Annual SoCal Female Acoustic Showcase event is returning this year bigger and better than ever! The show will feature over a dozen outstanding female musicians from all over Southern California all in ONE NIGHT!

Saturday August 13th  from 5:00-9:30pm at the Shops at Dos Lagos outdoor amphitheater in Corona. www.shopdoslagos.com Hosted by Chris Kalt (Cut n' Dry Talent Radio) Podcaster. Admission is FREE, and for All Ages. Music will start right at 5:00pm and go till 9:30. Bring blankets, chairs or cushions to sit on.

Fan their Facebook page for latest info and videos: www.facebook.com/socalfas

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1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with and has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.

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It's that time of the year again! Fall registration for the popular Chino Hills Tiny Tots Program will be held on Saturday, August 6th.

Registration will begin at 9:30 a.m. with the person who drew number one. If space is available, non-Chino Hills residents may register during the week of August 22nd.

Community residents with young children will not want to miss this opportunity to enroll their toddlers into this program!

Click here for more details!

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