Short Sale - Deficiency Judgment Relief May Be Near

The California Senate has passed SB 931 unopposed and the Assembly already passed it. SB 931 could clear the path for more streamlined short sale processes.  The bill would prohibit banks from pursuing deficiency judgements against sellers on 1st liens in the state of California.
In California, once a seller has refinanced their mortgage, whether it is a cash out refinance or simply a refinance to a better interest rate, the loan becomes a “recourse loan”, meaning the bank can pursue the seller after the short sale for the deficiency, unless it is specifically stated in writing that the debt/note is fully settled with no recourse on the short sale approval letter.

SB 931 prevents banks from pursuing sellers for deficiency judgments on first mortgages in CA.

The bill is on Governor Schwarzenegger’s desk for signature. This could be a great relief for many Californians who are pursuing short sales.

Morgan Hill Real Estate Market Heats Up

The Morgan Hill real estate market seems to following the weather here in Morgan Hill, CA.  The sun has come out and brought with it home Buyers and Sellers.   In Holiday Lake Estates there have been several listings that have come on the market and entered contract after receiving multiple offers.  This is significant because of the price point in Holiday Lake Estates being considerably higher than the conforming loan rate and several that are higher than the maximum purchase price allowed in order to have been eligible for the First Time Homebuyers Tax Credit.  Therefore, the assumption would be a shift in market dynamics since other outside forces may not have been a factor.

March was a great month showcasing leadership in local real estate here in Morgan Hill and the trend continued through April at Alain Pinel Realtors in Morgan Hill.  We are looking forward to, and are energized by, the ability to assist real estate buyers, sellers and investors achieve their dreams of home ownership as we enter May.  Stay tuned.

WK

Good morning everyone, just had a great run and am looking forward to the day. Have a great one. http://ping.fm/2aBnp

Sales Activity in March is Excellent

Morgan Hill real estate activities are flourishing in March.  I am not drawing on any actual market data for this statement.  However,  in my office, Alain Pinel Realtors - Morgan Hill, we have 35 sales on the board so far in March with a week to go.  That equates to over $20M in sales.  The agents energy is up and both home buyers and sellers are realizing that it is a good time to get off the sidelines and get in the game.

I feel the energy in the Morgan Hill Realtors tour and that in Gilroy is up as well.  Even though there are still a considerable number of distressed properties in our area, we have collectively learned how to navigate the waters around them.  Morgan Hill Realtors are a great resource for home information and insights.  Take some time and search homes on the Morgan Hill MLS and check the inventory then consult with a real estate professional about your options and to get the financing approvals in place.

Make it a great day!!!

Working on a lot of great stuff regarding real estate in Morgan Hill. http://ping.fm/EYOo9

Morgan Hill Real Estate Information Portal

Well, I am in the process of trying to put together a consumer focused website that provides real estate related content...including this blog.  The URL will be http://www.morganhillhomes.com/ and will hopefully be fully functional by mid-April.  Stay tuned.

WK

Morgan Hill Top Producing Agents

Today is a great day.  I am excited to be taking the Top Five Realtors in my office on a special outing for the exceptional job they did in 2009.  Steve Barsanti, David Frazer, Brad Carlson, Bruce Henry and Judy Henry are standouts who consistently perform above and beyond the call of duty.  As a token of our appreciation we have arranged a limousine to pick us up at the office (with everyone's libation of choice inside) and take a trip to the prestigious and exclusive Pebble Beach Club.

Special Note:  The trip will be made with one person noticeably absent, Maria, who is the best support system we all have.  Maria we will miss you, and will toast to you, as you make us all better.

The drive itself is wonderful, especially in a limo, and a great reflection of the area in which we live.  We will see livestock, fields, rock formations, the beach, the former Fort Ord (now CSU Monterey Bay), Monterey and then wind along the beautiful 17-Mile Drive to the "Club". Once at the club the Top Five will experience Pebble Beach views, food and drink at its finest.

These real estate professionals have earned their place in my heart and their ongoing commitment to excellence is inspirational.  They are what make working at Alain Pinel Realtors in Morgan Hill special.  Its the people, the esprit de corps and sense of team that give us the best environment in Morgan Hill.  Thank you Top Five for all you have done and continue to do!!!  Cheers!!

Fraudulent Contracts in Morgan Hill

Unfortunately some people just aren't as ethical as we would like them to be.  During the past week, the office I manage (Alain Pinel Realtors in Morgan Hill) has received about five (5) fraudulent contracts...all from the same source. 

I reviewed the contracts and noticed it was from FAR/BAR which is the Florida Association of Realtors and Bar Association. Agents were given appropriate guidance and then I placed a call into my legal contact at the California Association of Realtors (CAR) resulting in a formal RealLegal Update. Be on the lookout for more and if you have any questions please feel free to stop by or call me.

It is imperative that we keep our Morgan Hill Realtors and community in tune with everything in the real estate market...good or otherwise.

Morgan Hill Real Estate Dreams

As Martin Luther King day approaches, I couldn't help but think of "dreams".  Everybody has dreams and most of those dreams include home ownership.  2010 could be a great year for many people to achieve their dream of owning a home.  Interests rates are down (but expected to rise), the $8,000 first time homebuyer credit has been extended until April 30th, and there are some good investments out their due to the recent market decline and distressed property inventory.

Morgan Hill is a wonderful community with a wide variety of home options, including: single family homes, town houses and condominiums, ranches, gated estates and equestrian properties.  If you are home buyer, seller of real estate in Morgan Hill or an investor looking for properties that can cashflow, have good capitalization rates and gross rent multipliers, or are looking for agricultural lands for farming or commercial agriculture purposes then Morgan Hill is a good place to start.

The community has significant amenities with recently built Aquatic Center, YMCA, Sports Complex, Anderson Lake and Henry Coe State Park to name a few.  Easy commuting via Hwy 101, 85 and in close proximity to 280, 680 and 87 make it an excellent community with a small town feel but only a short drive to employment opportunities in Silicon Valley.

Live the dream!!  Come home to Morgan Hill, you won't be disappointed.

New GFE rules in effect

2010 represents a couple of changes in the real estate and lending processes.  As of January 1, 2010 there is a new good faith estimate (GFE) for the lending community.  There are also changes to the Truth in Lending.  These are documents that buyers and sellers in Morgan Hill real estate have questions regarding.  Take some time to familiarize yourself with these changes if you are a Realtor as it will enable you to add more value to your clients.  If you are a consumer, home buyer, seller or investor in real estate contact your local Morgan Hill Realtor for more information and to help guide you through the transaction process.

Happy 2010 to everyone!!

Will Klopp

Official Google Blog: Homes, not just homepages

Official Google Blog: Homes, not just homepages