http://www.mingtree.com Real Estate Blog en-us Sat, 04 Feb 2012 13:43:32 GMT Thu, 28 Jul 2011 23:04:37 GMT CF Adaptive Real Estate Services mingtree@mingtree.com mingtree@mingtree.com http://www.mingtree.com/real-estate-blog-article-Thursday-28-July-2011_510.html New short sale law in California Under a new state law, any lender who agrees to a short sale, which by definition will yield insufficient funds to cover the outstanding loans on a property, must accept it as payment in full for all loan balances. That is a good thing for upside-down homeowners who need to sell, says the California Association of Realtors. "The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference," said association President Beth L. Peerce. "SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders -- those in first position and in junior positions -- will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property," News Thu, 28 Jul 2011 23:04:37 GMT http://www.mingtree.com/real-estate-blog-article-Thursday-28-July-2011_510.html http://www.mingtree.com/real-estate-blog-article-Thursday-9-June-2011_509.html It is official, Ming Tree, Realtors has moved to a new larger more convenient location at 509 J Street in Eureka, at the corner of 5th and J Streets. New sidewalks went in today and you will begin to notice lots of changes to the exterior of the building and landscaping as we get into summer. News Thu, 09 Jun 2011 23:26:28 GMT http://www.mingtree.com/real-estate-blog-article-Thursday-9-June-2011_509.html http://www.mingtree.com/real-estate-blog-article-Monday-6-June-2011_508.html The term market applies more today to real estate than ever before. Why, because real estate related issues change daily, like the stock market, due to out side forces which can cause ups and downs in real estate financing options which effect real estate values. There are several driving principles in real estate markets. Here are only 10: 1.There are thousands of real estate markets in the United States 2.Lender’s requirements to finance influences property values3.Buyers’ costs to finance influences property values4.The news media has influence on real estate markets 5.It’s about the local, state, national & global economy6.Good for the stock market is not necessarily good for the real estate market7.Increase in jobs = Increase in demand = Increase in values = Increase in options8.Timing of action is important 9.Each real estate market is categorized and behaves differently10.Interest rates and real estate prices are rarely both low at the same timeBuy Now, we’ve seen a lot of movement and even volatility in the financial markets as the debate over the Fed’s latest round of Quantitative Easing continues. Quantitative Easing, here’s the basics. Quantitative Easing is the concept of the Federal Reserve becoming a buyer of treasuries and bonds to help stimulate the economy. The Fed’s goals for this latest round of Quantitative Easing (dubbed QE2) are threefold: 1.To create inflation 2.To lower the unemployment rate 3.To boost stock market pricesWhile those goals may be good for businesses and the overall economy, we need to remember that all three are very unfriendly to mortgage bonds and home loan rates.There are many more factors and important knowledge to apply case by case. Hiring a fully engaged Realtor can help you identify upcoming issues and strategies for your benefit. I’m going out on a pretty sure limb here, 2011 will be noted as the best real estate market for buyers, does it last all year, nobody knows. Market Conditions Mon, 06 Jun 2011 20:20:44 GMT http://www.mingtree.com/real-estate-blog-article-Monday-6-June-2011_508.html http://www.mingtree.com/real-estate-blog-article-Monday-16-May-2011_507.html Ming Tree, Realtors will be moving into new office suites this coming weekend. This is a rare opportunity to grow as a Realtor Professional. Whether already working in the industry or thinking about a career change, Ming Tree has the support, tools, systems and leadership for your career to excell. Careers in Real Estate Tue, 17 May 2011 04:48:58 GMT http://www.mingtree.com/real-estate-blog-article-Monday-16-May-2011_507.html http://www.mingtree.com/real-estate-blog-article-Monday-7-March-2011_506.html The April 1st deadline is fast approaching for mortgage changes being passed down to us from the government. Some anticipated changes are increases in down payments, increases in fees, appraisal changes and more. The net result although not certain is going to be an increase in red tape. This undoubtedly will changes for our own good yet lacking the true good we as consumers are looking for in this post banking melt down world.Bottom line is buy before the changes occur and for sellers, do what you can to sell prior to the changes. The opportunity for buyers and sellers to help each other in March is a true double win. Buying Property Mon, 07 Mar 2011 18:34:54 GMT http://www.mingtree.com/real-estate-blog-article-Monday-7-March-2011_506.html http://www.mingtree.com/real-estate-blog-article-Sunday-6-February-2011_505.html New contracts for homes are up in January 2011 over January 2010. This comes with no buyer incentive in place currently compared to a tax credit in place same time last year. The activity is credited to home buyers understanding the market conditions are the best now and may not last long. "Low interest rates, low home prices and positive signs in the stock market all add up to reasons to buy now," says Larry Doss, Broker and President of Ming Tree, Realtors. Buying Property Mon, 07 Feb 2011 02:11:53 GMT http://www.mingtree.com/real-estate-blog-article-Sunday-6-February-2011_505.html http://www.mingtree.com/real-estate-blog-article-Tuesday-30-November-2010_504.html Today, November 30th the real estate community celebrated Adrienne Johnson’s retirement from Fidelity Title Company. Adrienne retired after over 30 years of closing escrows for thousands of people in Humboldt County. She now starts a new adventure with her husband Dennis ans spending more time in the mountains! Best wishes Adrienne and Dennis! Ming Tree loves you! Events Wed, 01 Dec 2010 04:23:03 GMT http://www.mingtree.com/real-estate-blog-article-Tuesday-30-November-2010_504.html http://www.mingtree.com/real-estate-blog-article-Tuesday-5-October-2010_503.html Today the city of Eureka officially cut the ribbon to open the C Street plaza on the boardwalk. This plaza will be the center of future and existing developments on Humboldt Bay such as the fishermen docks and fish house and carriage building and the gateway out of old town Eureka to the future balloon track development that will be a revitalized rail yard with stores, residences and restaurants plus approximately 14 acres of trails and a wetland park. Congratulations Eureka for moving the right direction. The photo is of the F St Plaza. Events Wed, 06 Oct 2010 04:21:05 GMT http://www.mingtree.com/real-estate-blog-article-Tuesday-5-October-2010_503.html http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_502.html Have a low interest rate on your mortgage? Make sure you crunch the numbers before you pay down the principal.Would the money used to pay down the mortgage make more than 3.25% (the effective rate of interest on a 5% mortgage after tax savings on interest and deductions) elsewhere? With interest rates going up as the Fed stops buying mortgage-backed bonds and we turn from the financial crisis to fighting a recession-based recovery, it stands to reason that money would be better invested in higher-yield investments than paying down a 5% mortgage to buildup wealth in home equity. This is especially true when the subsidized benefits of a tax deduction for mortgage interest payments in the early years of amortization are factored into the rate.Paying down mortgage debt is emotionally satisfying, but puts a higher portion of the family’s wealth in an illiquid asset; that is, you can’t get to the money when you need it, as quickly as you can with a liquid savings account or bonds. The liquidity of savings and bonds provide more of a financial buffer than the illiquid equity in a home does against financial shocks such as unemployment, illness or loss of a primary breadwinner. This is especially the case since all decline in a home’s value is first absorbed by the homeowner, not the lender.To offset the risks of homeownership, the homeowner is best served by keeping his reserves liquid and his 30-year, fixed rate mortgage intact — at least for the first 10 to 15 years of payments.Copyright © 2010 by first tuesday Realty Publications, Inc. Mortgage & Finance Thu, 19 Aug 2010 17:09:50 GMT http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_502.html http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_501.html As mortgage delinquencies remain somewhat out of control, those looking to capitalize on California’s 2,500,000 struggling underwater homeowners are emerging from the woodworks. They hold in their hands a promise many have been waiting for: to prevent home foreclosure. However, behind their sweet-tasting words is a serpent’s tongue casting about for financially wounded homeowners’ money.Be wary of anybody who promises to be an “expert” in foreclosure prevention – or short sales for that matter. This is not to say in any way that all claiming to be experts have ill intentions, but rather a call to keep your eyes open for the obvious warning signs:■Request for upfront fees:■Guarantees to prevent your foreclosure:■Instructions to stop paying your mortgage, and instead pay them for their services:Those individuals advertising as short sale experts are occasionally using this front as a guise for attracting desperate homeowners, then pulling a bait-and-switch routine and taking on the role of a foreclosure prevention specialist.Loan modifications should be pursued only by the homeowner. The United States Department of Housing and Urban Development (HUD) has free advisors that actually give advice on what your options are. [For a list of nonprofit housing counseling agencies approved by HUD, visit HUD’s counseling agency page at (http://portal.hud.gov/portal/page/portal/HUD/i_want_to/talk_to_a_housing_counselor) or call (800) 569-4287.]Any scammers who demand money upfront are obviously not confident in their “guarantee” or else they wouldn’t mind being paid upon delivering a desirable result.Insisting you stop paying your mortgage may be sound advice, however, if a homeowner decides to take that route they need to pocket that money themselves, saving it for a future down payment instead of giving it to someone else.Copyright © 2010 by first tuesday Realty Publications, Inc. Mortgage & Finance Thu, 19 Aug 2010 17:05:25 GMT http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_501.html http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_500.html In preparation for the deluge of foreclosures expected to wash over California and the country by the end of 2010, Bank of America (B of A) has announced a new program: a $3 billion principal reduction program for homeowner’s with loan-to-value (LTV) ratios exceeding 120% of the home’s current market value. B of A will reduce a homeowner’s LTV ratio to as low as 100%.This program is limited to homeowners who have either an option-ARM or a two-year rollover ARM.Participants of this program will have their loan balance bifurcated. The amount available for possible write-off will be separated as non-interest bearing principal, while the amount a borrower is still expected to pay will continue as interest bearing principal.As soon as the bifurcation occurs, B of A’s loan reduction program resets the payment on the interest-bearing principal to amortize over the remaining term of the 30-year loan. This means higher monthly payments for most of those have already defaulted – a requisite to qualify for this program.One fifth of the non-interest bearing principal will be available for write off annually for the first three years.The reduction for the fourth and fifth years is dependent on the price inflation and appreciation of the home. If the property’s value rises, the remaining two-fifths of the non-interest bearing principal gets dumped back onto the interest-bearing principal, with payments reset to fully amortize the increased principal, resulting in even higher monthly payments.If B of A truly wishes to do society a favor, they will permanently reduce the principal on these ARM loans to LTV levels of 94% in order to make the homeowner solvent and capable of selling or building an equity, as well as turn these explosive short-term ARMs into true real estate loans – long-term, fixed-rate mortgages.Copyright © 2010 by first tuesday Realty Publications, Inc. Market Conditions Thu, 19 Aug 2010 17:02:53 GMT http://www.mingtree.com/real-estate-blog-article-Thursday-19-August-2010_500.html http://www.mingtree.com/real-estate-blog-article-Friday-23-July-2010_498.html Fortuna California, Auto Rama this weekend. Come enjoy the pleasant coastal climate and see hundreds of cars on display, swap meet, social events in a fun small town atmosphere of Fortuna. Events Fri, 23 Jul 2010 14:40:27 GMT http://www.mingtree.com/real-estate-blog-article-Friday-23-July-2010_498.html http://www.mingtree.com/real-estate-blog-article-Wednesday-14-July-2010_497.html The 49th Annual Orick Rodeo was last weekend which is the second rodeo of the Humboldt County season. This week is the the Fortuna Rodeo, always the third week of July. Fortuna celebrates their long running tradition all week long, involving all ages and interests. These are the events that make Humboldt County a special place to live and celebrates the grit and determination of the pioneer spirit in Humboldt County. From the beach town rodeo in Orick, to the Fortuna rodeo in the friendly city, lots to do and enjoy!!! Events Thu, 15 Jul 2010 04:56:12 GMT http://www.mingtree.com/real-estate-blog-article-Wednesday-14-July-2010_497.html http://www.mingtree.com/real-estate-blog-article-Wednesday-23-June-2010_496.html The most popular question asked of us is what is the value of my home? You may have seen the popular cartoon that has circulated for years of the different perspectives of value of the same home such as a magnificent mansion from the eyes of the tax assessor to the crumbling shack from the eyes of a buyer. There is a lot of truth in that old cartoon. When you sell your home, the value is determined by the buyer. This is generally confirmed later by an appraisal on behalf of the buyer’s lender. Over the years the most successful sellers have priced their homes to sell in align with the market value. This allows for less carrying costs by the seller, a less stressful negotiations for the seller and buyer, and a higher probability of closing the sale. For more details on correctly pricing your home for sale, contact a Ming Tree Professional to advise you of all the market conditions and movement. Selling Property Wed, 23 Jun 2010 18:23:48 GMT http://www.mingtree.com/real-estate-blog-article-Wednesday-23-June-2010_496.html http://www.mingtree.com/real-estate-blog-article-Wednesday-2-June-2010_492.html The Motor Vessel MADAKET’s 100th Birthday is coming up this Sunday, June 6th. You’re invited in joining us for this centennial celebration. MADAKET’S 100th Birthday events can be viewed on the museums updated website. Take a look, and if you have visited recently, please refresh your browser when you arrive. Check it out now to learn more!The birthday celebration starts at 11:45 am with a boat parade that will escort MADAKET to the Foot of F Street dock on the Eureka boardwalk. Once she arrives at 12:45 pm, Eureka’s high school band will tribute her, Eureka Mayor Bass will honor her, Father Micheal Cloney will Bless her, and Donna Landry will sing to her! A human spelling of 100 will take place and birthday cake will be served for all! All this is for free, except for the Champagne Birthday Cocktail Cruises aboard MADAKET at 4:00, 5:30 and 7:00 pm. These cruises include a commemorative champagne flute, horsd’ouvres and plenty of champagne. The cost is $35.00 per person. Events Wed, 02 Jun 2010 15:52:57 GMT http://www.mingtree.com/real-estate-blog-article-Wednesday-2-June-2010_492.html