My New Blog

It's funny, on any given day of the week I can go into my 150-200 emails and find articles from credible organizations about the economy that project opposite views of the market and the status of our economy. I can read both glowing and gloomy outcomes for the near term.  I guess I could find an article to support just about any claim that I want to make. Yeah, rates are down, rates are up, housing is booming and busting, or that consumer confidence is worse or better. It's nuts trying to read the real pulse, but it doesn't take a genious to see that our micro and macro economies are struggling.

Just keep in mind that everything relative. If you are the buyer today, wow, you rock! If you are selling your home today, you are taking it in the shorts. If you are selling short, so is your lender, but you and your lender will recover! If you need a loan, the rates couldn't be better! Underwriting? Back to standard procedures to qualify borrowers, not harder to qualify for a home loan, just back to reality.

You're going to be OK. You're going to be fine. Hold your head up, move forward, and focus on what you want. Your goal is farther off than it was a few years ago? Ok, we will move a little faster and farther to get there. 

Posted by Joyce Riviere on November 17th, 2011 12:10 PMPost a Comment (0)

September 28th, 2011 6:54 AM
In California, we are concluding the worst summer buying season in the last 5 decades. One could say that this was the worst summer buying season EVER, since record keeping started 5 decades ago.  As we head into the historically slow winter months with no recovery in sight, we face another depressing fact. After September 30th,  the government will lower the size of the home loans they guarantee. The result will be higher closing costs and bigger down payments. In Los Angeles and Orange Counties, for example, the FHA guaranteed loan amount is currently $729,900. That will be reduced to $625,500. The President of the California Association of Realtors, Beth Peerce, has prompted all of us Realtors to write to our legislators in an attempt to try to stop this from happening. She commented that she can't believe that our Congressmen and Senators don't realize how seriously this will effect California's already depressed real estate market. "This will kill us.", she said. The high balance loan limit has been in place for 3 years and has been the lifeline that has kept the housing market afloat. The next 12 months is going to be interesting unless the loan limit is extended.
Posted by Joyce Riviere on September 28th, 2011 6:54 AMPost a Comment (0)

July 31st, 2011 3:36 PM

Ok, I was born on a Saturday. That means I "work" for a living. I am not averse to work, and my clients great value for their money. I have closed a number of short sales with a variety of lenders and would consider myself an experienced short sale negotiator...HOWEVER, I do agree with the California Association of Realtors survey, released this week, which finds that Realtors are very disatisfied with the Short Sale Process.

"

Short sale process broken, REALTOR survey finds

For release:
July 21, 2011 Short-sale process broken, pushing Central Valley families into foreclosure, REALTOR® survey shows
Latest lender satisfaction survey highlights glaring issues in short-sale process
 
FRESNO, CALIF.  (July 21) – More than half of Central Valley REALTORS® characterized closing short-sale transactions as “difficult” or “extremely difficult,” according to a Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  The survey gauges REALTORS®’ experience working with lenders in their most recent transaction.  The majority of those surveyed dealt with short-sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.  

“The survey results demonstrate the ongoing problems homeowners are experiencing with onerous short-sale procedures on the part of lenders and servicers,” said C.A.R. Treasurer Don Faught, who presented the findings today at a news conference in Fresno, Calif.  “Despite assurances by lenders in recent months that they would improve their short-sale processes, clearly, not enough is being done.  Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery.”

The top three obstacles REALTORS® most frequently cited in working with lenders and servicers during the short-sale process include lenders’ slow response time to a short-sale package,  repeated requests for documentation, and poor communication with lender representatives.  Some REALTORS® even indicated that the lender foreclosed on the home before the short-sale transaction could be completed.

Some specific REALTOR® comments from the survey include:  “Bank will not come down on price; home needs work, but the bank is being unrealistic.”  “Banks say they want to help work things out on short sales, but to be honest, I don’t believe they care.”  “The whole process is completely flawed.”   “The bank took over four months to give approval.  They refused to pay common seller closing costs and repeatedly demanded paperwork that had been sent previously.”

Nearly three-fourths (74 percent) of REALTORS®  said it took more than 60 days for lenders or servicers to return a written response on the approval or disapproval of the short-sale agreement submitted.  And, half of respondents said it took the lender more than five days to return any form of communication.

Overall satisfaction with the lenders REALTORS® worked with in their most recent short-sale transaction remains extremely poor, with 77 percent saying they were “not satisfied” or “not at all satisfied.”  Moreover, almost nine in 10 (88 percent) REALTORS® said they were “not likely” or “not at all likely” to refer buyers to the lender to finance future home purchases.

The news conference held today in Fresno highlighted a specific case in which a homeowner has been trying to short sell his home since August 2009.  After losing two potential buyers in contract, his lender convinced him to revisit a short sale, but later demanded a cash contribution of $2,000 as a condition of short-sale approval and that he sign a promissory note for a new, unsecured loan of $8,000. 

Additionally, the bank has reappraised the home for an amount 31 percent higher than the initial appraisal, which was conducted only about a year prior.  The homeowner now has a third buyer in contract but faces foreclosure because the bank is unwilling to consider another appraisal. 

“We all know that a recovery in the housing market is essential to a recovery in the general economy,” Faught said in his remarks at the news conference.  “Lenders and servicers need to take steps now to improve the short-sale process so that the housing market can begin improving.” 

C.A.R.’s Lender Satisfaction Survey was conducted in June 2011 to gauge REALTORS®’ experience in working with lenders or servicers during their most recent transaction, the majority which were short sales.  Most of the REALTORS® surveyed dealt with Bank of America, Wells Fargo, and JP Morgan Chase in their most recent transaction.  The survey was delivered to REALTORS® in Fresno, Kern, Kings, Madera, Merced, Placer, Sacramento, San Joaquin, Stanislaus, and Tulare counties.   This survey is a follow-up to a survey conducted in December 2010.  The latest survey findings show that the situation has not materially improved in the six months since C.A.R. first surveyed its members.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. "

Posted by Joyce Riviere on July 31st, 2011 3:36 PMPost a Comment (0)

March 9th, 2011 10:07 AM
We are fast approaching spring. The market is warming up after a not-too-cold winter. We look forward to a robust season of activity and increased sales. Lots of investors out here! Wow, some are buying multiple properties at one time. Lots of cash on hand. It is remarkable, in comparison with the huge market of short sellers who are financially drained. Look for higher demand in rentals as that market moves out of home ownership and into rentals for 3-5 years while their credit and reserves stabilize.  Call me if you have any questions! I'd love to talk to you, 714-642-5881.
Posted by Joyce Riviere on March 9th, 2011 10:07 AMPost a Comment (0)

It is time...the holidays are over and folks are looking at their financial positions more closely, as tax season approaches. In planning for this year, you may have thought about selling your property, with or without equity. The rules are different if you have no equity. Let me explain them to you.

Rather than selling a property, you may be interested in buying an investment property, if so...get in line! There are lots of buyers out here shopping around for good values! Many buyers have all cash offers, which is a very attractive proposition in the seller's point of view. If you are interested in buying a property and do not have an all cash offer, let me explain how your offer must be structured so that it will be just as attractive.

If you need financing for a property you are buying or want to lower your current mortgage payment, or maybe get cash out of your equity, see me for lowest rates and best terms. Our mortgage loan site has alot of information and an application at www.advantagepropertyfinance.com. I am a licensed MLO (mortgage loan originator) CA 335999.

If you are thinking of leasing out a property that you already own or are planning on buying, I can explain what you need to know and what your responsibilities would be as a landlord, as well as what the market rents are. Visit our property manangement website for other information and property management services we provide at www.advantagepropmgmt.com.

Whatever need arises as this real estate season begins, you can count on me for valuable resource and support! Call me direct any time at 714-642-5881.

Posted by Joyce Riviere on January 23rd, 2011 9:51 PMPost a Comment (0)

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$70,000.00
12944 SNOWVIEW RD

Victorville, CA 92392

Beds: 2 Rooms: 0
Full Baths: 2 Sq. Ft.: 1229
Garage: 0 Built: 1990
 
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 
If you have any questions
about this property or
require more information,
please feel free to call.

Joyce Riviere
Advantage Property
888-344-9000
www.advantageproperty.net
 
  Visit this listing here
Posted by Joyce Riviere on January 13th, 2011 12:57 PMPost a Comment (0)

January 3rd, 2011 12:59 AM
Are ready to rock and roll out this new year 2011? I sure am! I am so glad to hear industry experts predict a continuing recovery for this coming year. It looks like the big picture is going to get bigger, and better! I appreciate your trust in allowing me to help so many of you improve your financial status. Whether it is to refinance your units, purchase a new home, or procure a stable tenant, please know that I consider it an honor to call you my client.
Posted by Joyce Riviere on January 3rd, 2011 12:59 AMPost a Comment (0)

November 24th, 2010 1:13 PM
To My Fellow Pilgrims,
This Thanksgiving, I am thankful for you. I am so thankful that you continue to rely on me and the Advantage Team for your every real estate need.  I count you among my greatest blessings and hope that you are able to enjoy this meaningful holiday with the people you care for.

Thanksgiving Holiday Hours
Advantage will be closed from noon on Wednesday, November 24th and will reopen on Monday, November 29th, in honor of the Thanksgiving Holiday. However, I will be available this weekend and may be reached on my cell , 714-642-5881.
Posted by Joyce Riviere on November 24th, 2010 1:13 PMPost a Comment (0)

October 26th, 2010 9:54 AM

I am a great resource for my clients. They contact me periodically, just to check on their value or their rate or their loan. They have questions about their family members or friends. 

I address all of their concerns. I make sure they are well informed. That is why many of my clients become life long friends. They know I am devoted to them. I have not skipped steps or cut corners like other realtors and brokers. I have not compromised my integrity or the name of Advantage. The wonderful people that I work with maintain the same principals.  I am extremely proud of the Advantage team and where we are today.

The real estate market itself has weathered some incredible downturns, yet people are buying every house I put on the market AND there are always more than one buyer lined up to buy each house AND one of the offers is always CASH. What does that tell us? Many people did not fall into the temptations of the housing bubble. They waited and saved, and now they are happy, getting great deals, on property. On the other side of the transaction, are people who are stressed and giving up on loan payments they no longer can afford. These wonderful people are battle worn and ready for a new financial life.  These folks will be relieved of the excessive debt and in the not too distant future, become buyers again.

Please give me a call or better yet, email me with YOUR question or concern.

Posted by Joyce Riviere on October 26th, 2010 9:54 AMPost a Comment (0)

Can you feel it? The munchkins are coming out of hiding! The bears are coming out of their dens after a long, cold winter!

In the housing market, people are feeling more confident about investing in property. Home prices are stable, back to reality.  Between the $8000 first time buyers can get and my credit to them of part of my commission, they have very little out of pocket closing costs.  By the way, that credit is good up until June 30th as long as we get you into escrow by April 30th!

On the financing side, mortgage interest rates are crazy low!!  Various types of financing options are available now. For example, I have a 30 yr loan, fixed for 5 yrs, in the 3%'s. Hey, did you know I work with all the major banks to get my borrowers the lowest interest rates? I do the shopping for you!

Self employed borrowers should see an expansion of guidelines this year to help them qualify for home financing. There is a huge sector of self employed home owners who would greatly benefit from being able to refinance their homes, or move up or move down to purchase homes. A large sector of those who have lost their homes are in this group of self employed workers who's pay was cut, and were not allowed to modify their loans! What a shame!

The rental market is heating up, as well. The rental market will continue to grow as folks who cannot afford their mortgages rent out their homes to other folks who have done the same. It's like a big housing swap!

Call me anytime if you need more info...This is what I do! 

Posted by Joyce Riviere on March 23rd, 2010 8:57 AMPost a Comment (0)
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