foreclosure: Investor Special - Look What You can Buy for Under $50,000 in the Hemet - San Jacinto Valley - 07/24/11 05:16 PM
Wow... a Single Family Home for Under $50,000...only $45,000 to be exact!  That's right it's almost 1,100 sq ft and includes 2 bedrooms, 2 baths, an attached garage and even a covered carport and covered patio in the back yard.
 
The new listing for sale is just hitting the MLS today, and already there is excitement from the investor community.  I have one savvy buyer looking for a great investment property who is looking to leverage her own resources with hard money, or as it is more commonly known today - as 'Private Money'.
 
The seller is a bank … (2 comments)

foreclosure: 2010 Has Cha-Cha-Cha-Changes in the Real Estate Industry - 01/04/10 01:35 PM
2010 is going to be a year like no other.  I believe it is naive to think that 'business as usual' will be taking place when we return to work on Monday morning and expect it to be the same throughout the coming year.Yes, it may not seem very obvious at first.  Maybe you'll have a buyer that you need to get pre-qualified and you call your lender thinking they can throw something together for you over the course of 15 minutes or so.  You may become disturbed when your lender says that they are no longer allowed to provide this … (6 comments)

foreclosure: Avoid Foreclosure - Options to Pursue, Scams to Avoid - 12/19/09 10:19 AM
As an active REALTOR® in the Hemet San Jacinto, CA real estate marketplace, I am repeatedly asked specific questions about today's real estate market - especially in today's economy. In an effort to provide more information to my community, I am publishing this Top 5 in Real Estate Social Networking Systemsm "e-Article," in which I provide useful real estate information to my real estate networks. If you find the enclosed information beneficial to your family and friends, I encourage you to forward it to your "social network" as well.  
Avoid Foreclosure - Options to Pursue, Scams to Avoid 
If you are behind-or … (6 comments)

foreclosure: A New Spin - Foreclosures are Good for the Economy? Thank You NAR - 12/11/09 12:30 PM
The National Association or REALTORS® (NAR) today published in their daily email blast, called "The Daily Real Estate News" a short article with the headline "Defaults Could End UP Being a Boon".The sources of this information comes straight from The Wall Street Journal and Mark Whitehouse on 12/10/2009 which he called, The American Dream 2:  Default, Then Rent.The NAR brief rambles with a few statistics that seem to be overused these days, but concludes with an interesting quote from Christopher Thornberg of Beacon Economics which is a consulting firm that specializes in Real Estate.  Mr. Thornberg says, "It's a stealth stimulus, the … (102 comments)

foreclosure: The Most...and The Least Expensive Places to Live in the U.S.A. - 12/10/09 01:17 AM
I just came across an interesting article on CNNMoney that breaks down the top and bottom 5 places to live in this country, based on affordability.
Most Affordable
Indianapolis - INMedian home price: $105,000Median income: $68,100Affordability score: 94.5% Youngstown, OHMedian home price: $72,000Median income: $54,300Affordability score: 93.9% Detroit, MIMedian home price: $84,000Median income: $57,100Affordability score: 92.2% Warren, MIMedian home price: $140,000Median income: $79,000Affordability score: 91.8% Grand Rapids, MIMedian home price: $103,000Median income: $63,100Affordability score: 91.4% - 5th best These are the top 5 MOST affordable places to buy a home, in the U.S.A.  To look deeper into this data you will discover … (8 comments)

foreclosure: When is a Bank Owned Home Not a Bargain? - 11/30/09 09:47 PM
There is one common denominator between all real estate buyers today - whether they are shopping for investment property or first-time homebuyers...they all want a deal and the perception is that the bank owned, or REO, properties are going to be the smoking deals of the day.  But not always...The truth is many of these homes can turn into big money pits.  Remember, when you are buying a bank-owned home in the Hemet - San Jacinto Valley, CA was probably a first time home for the previous owner...the same owner that for whatever reason was not able to hang onto their … (7 comments)

foreclosure: Citigroup Suggests Mortgage Debt Forgiveness - 11/30/09 12:20 AM
I was reading a blog in an investor portal where the author was suggesting that Citibank is considering a new approach to the current economic crises that has our housing market in a downward spiral.Apparently the chatter I that Citibank will consider reducing the principal owed on individual homes in an effort to stop foreclosures.  Now, the author did not come up with any significant data to back this up...but it is an interesting concept that bears repeating and exploring.My own take is that the current loan modification and short sale programs just are not working out very well.  I know … (9 comments)

foreclosure: SAN JACINTO, CA | REO/BANK OWNED | 12-MONTH MARKET REPORT | LIST vs. SOLD - 11/23/09 05:51 PM
The Housing crises is no stranger to San Jacinto, CA, located in the Inland Empire region of Southern California (Riverside County & San Bernardino County), one of the hardest hit in the entire country.The market has been dominated by the sale of bank owned real estate with 80% of all closed transactions reported to the MLS have been bank owned - or 1,202 of the 1,501 sales that closed escrow in the last 12 months (November, 2008 thru October, 2009).
         
Although there are numerous ways to look at and consider these numbers, I am not trying to be philosophical … (2 comments)

foreclosure: What Flavor is Your Investor Kool-Aid? - 11/15/09 10:03 AM
I met with an investor client for the first time yesterday afternoon after spending a short time on the phone with him, after he found me through my Internet presence (can't be sure, but I think it was from here- ActiveRain).The REO property he had definitely wanted to see was a newer 4 bedroom home listed in the mid $140's.  Unfortunately for him it went into escrow on Friday.  Good for me, because it just reinforced what I told him during the week - that good house sell very quickly in this market.Once we got together, we went over 7 homes … (7 comments)

foreclosure: How to Buy a Short Sale House - Hemet, CA - 10/12/09 12:32 AM
It is true that the Active Listings in the MLS are dominated by Short Sales listings these days and on the surface they appear to be some really great deals.  However, just like your Highs School Prom Queen, looks can be deceiving (my apologies to all the H.S. Prom Queens who read this...and their Kings...and the rest of the Court, as well).
Short Sale homes are typically are a better buying decision for an investor looking for investment property than for a first time homebuyer.  It still continues to amaze me when a first time homebuyer that is in a rush … (11 comments)

foreclosure: Foreclosure Heat Map: June 2007 & October 2009 - 10/05/09 01:49 AM
RealtyTrac, an online leader in tracking the statistics of Foreclosed Homes across the country publishes a heat map to show what areas are the hardest hit around the nation.Back in June, 200y, early in my relationship with the banks as an REO Listing Agent, I published a blog post showing the first map I had seen on the topic.  Being in California, I was actually surprised that we were not being the trend setter that we are know for.
JUNE, 2006 FORECLOSURE HEAT MAP - REALTYTRAC

 
 A little over 2 years later and California is right there at the … (6 comments)

foreclosure: Is The FDIC Killing Short Sales? - 10/04/09 11:17 AM
 
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate.  To read the blog, click here.  Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure.  For the life of me, I couldn't figure out why they were doing this.  The BPO came in at the contract price of $275k, with a net to IndyMac of $241k.  What advantage could there possibly be for them to proceed to foreclosure?
Yesterday, I … (10 comments)

foreclosure: Hemet - San Jacinto CA Bank Owned Homes and FHA Loan Requirements - 09/16/09 07:12 PM
The Southern California community of the Hemet - San Jacinto Valley in the South West Riverside County section of the Inland Empire Region has been one of the hardest hit in the entire country for it's loss of owner occupied homes being seized by lenders and converted to bank owned, or REO, properties.Once the banks finally take possession they must be cleaned up- and made ready for sale, often by the REO Listing Agent assigned to these assets of the bank.  I know, this is what I do.Since the Hemet - San Jacinto CA market has traditionally been one of the … (2 comments)

foreclosure: The Next Wave of Bad Loans - Option Arms - 08/30/09 04:56 PM
A friend of mine from San Diego confided in me that they are in serious trouble with their mortgage.  My friend earns good money - and with his wife's income they are way above the medium level for San Diego County - which is high to start with.  I'll call my friend Able - because he has always been more than able to see through different schemes and come out smelling like a rose.  This time, I think he is in trouble.
Able is a 63 year old professional that refinanced his modest home for $618,000, at the peak of the … (116 comments)

foreclosure: What Did Cheech and Chong Teach Us About the Current Housing Market? - 09/23/08 09:01 AM
What Did Cheech and Chong Teach Us About the Current Housing Market?Those of us old enough to remember the comedy duo of the 1970's, Cheech and Chong will no doubt remember the bit they did about dog droppings.  As I ponder the routine, I can still here it in the echoes and deep recesses of my mind.The act started with one character of authority asking the other what something is on the ground; to which the other grunted and responded that it looks like dog sh*t.  The leader then instructed the subordinate to touch, smell and ultimately taste the substance, to … (1 comments)

foreclosure: Readers Want to Know...Cash for Keys and REO Property - 08/02/08 07:00 PM
I receive numerous emails on various topics that I have written with in the past.  I try to answer as many as I can personally, but I thought if one person takes the time to write me with a question then I have other readers who have the same or similar questions.  So, I decided to start a FAQ column.
From now on I'll be responding to questions via my blog - not to worry, I won't reveal any personal identifying information - I want to share with all.  If you write me, I'll send you the link to my answer, and I'll be sharing … (10 comments)

foreclosure: Cash For Keys…How I Have Such a Huge Close Rate - 03/16/08 02:10 PM
Cash For Keys…How I Have Such a Huge Close Rate In a previous article I discussed the theory and mechanics of a typical Cash For Keys program.  In this article I am planning on sharing how I have tweaked my presentation to the point where I have obtained signatures and successful move-outs on 100% my last 5 presentations in Hemet CA REO properties – whereas prior to my adjustment I was only delivering checks to about half of the homes that were occupied when we did our initial occupancy check. STEP 1 – Attitude The first step is to check my … (25 comments)

foreclosure: I Don’t Get It? The Bank Forecloses on Their Home and then Pays Them to Move…or Why Cash For Keys - 03/15/08 01:59 PM
I Don’t Get It?  The Bank Forecloses on Their Home and then Pays Them to Move…or Why Cash For Keys It should be more than obvious, by the time an REO property is assigned to a local Real Estate Agent, that the bank wants’ the property back so they can liquidate the real estate and minimize their losses. Just figure it out…the previous homeowner went at least 3 months without making a mortgage payment prior to the foreclosure process and then another 4 months for the California foreclosure process to weave through the process.  Many times there are even additional months … (12 comments)

foreclosure: Buying an REO Property – The Pluses and the Minuses - 01/21/08 01:36 PM
In today’s Hemet California Real Estate market and the surround area known as South West Riverside County in the region of Southern California known as the Inland Empire we are one of the hardest hit areas in the entire country when it comes to foreclosures and REO’s. Now is an excellent time to take advantage of the market – a true buyers market. The irony is that many buyers are fence sitting…waiting for the bottom of the market to hit.  Unfortunately, in a real estate market we will not know when either the bottom hits or the top peaks until 6 … (3 comments)

foreclosure: The Foreclosure Timeline: California Style - 01/20/08 07:37 PM
California is a non-judicial state when it comes to the different types of foreclosure.  Although in rare circumstances a lender can pursue a judicial foreclosure in California it is very rare As a non-judicial foreclosure state, the lender can foreclose on the property without involving the legal court system.  In California, the foreclosure process starts after the homeowner has defaulted in their loan payments.  Although technically, a foreclosure can start as soon as the first payment is reported delinquent; in reality most lenders wait until the loan ages 90 days delinquent before it begins the actual foreclosure process. The Foreclosure Begins … (8 comments)

 
John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate (Mason Real Estate) Rainmaker large

John Occhi

SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Temecula, CA

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