Jim Wire Installed as Director for the South Tahoe Board Of Realtors

December 9, 2008

The South Tahoe Association of Realtors installed its new board for 2009 on Friday night. Seated are Dede Bacon, left, immediate past president; Mike Phillips, president-elect; Barbara Childs, president; Amanda Adams, vice president and Jill Teakell, secretary-treasurer. Standing are directors Michelle Keck, left, Cindy Maclean, Ginger Nicolay-Davis, Kathy Southern, Jill Stanton-Bricker, Jim Wire, Jesse Chamberlain and Lee Niichel. Not pictured are Davey Paiva and Theresa Souers.

The South Tahoe Association of Realtors hosted its annual officer installation and awards dinner Friday at Embassy Suites.

The ceremony began with Sharon Kerrigan singing “God Bless America.”
For next year, Barbara Childs is STAR president, Mike Phillips is president-elect, Amanda Adams is vice president, and Jill Teakell is secretary and treasurer.
The new directors are Michelle Keck, Cindy Maclean, Ginger Nicolay-Davis, Davey Paiva, Theresa Souers, Kathy Southern, Jill Stanton-Bricker and Jim Wire.
The two nonvoting members are Jesse Chamberlain, broker representative, and Lee Niichel, affiliate representative.

STAR 2008 President Dede Bacon said despite economic and political changes during the year, real estate agents are rolling with the punches, supporting their community and still going strong.

Bacon passed the gavel and president’s pen to Childs, saying Childs will be a great leader.

Doug Rosner echoed the sentiment, noting Childs’ “unshakable, can-do attitude.”
Childs took office with some words of advice for association members: “Be nice.” Childs said Realtors should respect their clients and colleagues, and doing so will bring greater success.

Also during the evening, the group presented the Realtor of the Year award to Bacon. She earned the award through her involvement in STAR activities and being an active association member who provided excellent service.

Forclosure Timeline

December 8, 2008

Foreclosure Timeline

find the article at: “http://www.car.org/legal/2008articles/foreclosure-timeline/”

Member Legal Services
Tel  213.739.8282
Fax  213.480.7724
December 2, 2008
 
Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.


When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline helps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale.  Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured by owner-occupied residences.  Indeed, loans involved in short sales are likely to be owner-occupied loans from the years 2003 to 2007, which was the heyday for subprime lending.  The special foreclosure timeline does not apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations.  The special foreclosure timeline will remain in effect until January 1, 2013.  (Cal. Civ. Code § 2923.5.)

FORECLOSURE TIMELINE FOR OWNER-OCCUPIED REAL PROPERTY LOANS (made from 2003 to 2007)

The approximate minimum time frames for the non-judicial foreclosure of owner‑occupied real property loans made from 2003 to 2007 are as set forth below.  In California, most lenders elect to foreclose non-judicially by conducting trustees’ sales, not by judicial foreclosure. 

Pre-Foreclosure Period

A lender may initiate the foreclosure process when a borrower defaults on a loan, such as by missing a mortgage payment.  However, a slight delay may not justify acceleration and foreclosure by the lender.  Hence, in practice, lenders generally wait a few months after a missed payment before starting the foreclosure process.

Day 1: Lender Contacts Borrower

For owner-occupied loans from 2003 to 2007, a lender initiating the foreclosure process must generally contact the borrower by phone or in person to assess the borrower’s financial situation and explore options for avoiding foreclosure.  During the conversation, the lender must inform the borrower of the right to meet with the lender within 14 days.  The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency.

Day 31: Filing of Notice of Default

For owner-occupied loans from 2003 to 2007, the lender may file a notice of default 30 days after contacting the borrower to explore options for avoiding foreclosure.  The notice of default must be filed in the county where the property is located and a copy must be mailed within 10 business days after recordation to the borrower and all other persons who have requested such notice.  The notice of default informs the borrower of the default.  It must also include the lender’s declaration that it has contacted the borrower to explore options for avoiding foreclosure, tried with due diligence to contact the borrower, or the borrower has surrendered the property.

Day 121: Filing of Notice of Trustee’s Sale

Three months after the filing of the notice of default, the lender may record a notice of trustee’s sale setting forth the date, time, and place of the upcoming trustee’s sale.  Because of the gravity of a notice of trustee’s sale, it must be widely disseminated.  The notice of trustee’s sale must be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation.

Day 145: Deadline to Cure Default

Up to five business days before the trustee’s sale, the borrower may reinstate the loan by curing the default or paying the missed payments plus allowable costs.  After the reinstatement period expires, the borrower still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage), before the bidding begins at the trustee’s sale.

Day 152: Trustee’s Sale

Although California law allows a trustee’s sale to take place 20 days after the posting of the notice of trustee’s sale, lenders customarily wait at least 31 days instead to help protect against federal tax liens.  At the trustee’s sale, the property is sold through a public auction to the highest bidder.  Title is transferred to the successful bidder by trustee’s deed.

USING THIS FORECLOSURE TIMELINE

A foreclosure timeline helps you as a listing agent ascertain whether you have enough time to market and sell the property as a short sale.  Depending on the stage of foreclosure the homeowner is in (“Foreclosure Stage”), the chart below gives you the total time frame you have, at a minimum, to sell a property as a short sale before the trustee’s sale occurs (“Minimum Time Left to Sell”).

Foreclosure Stage

Minimum Time Left to Sell

Homeowner just missed making mortgage payment for the first time.

About 6 to 8 months total

Homeowner has just been contacted by the lender to explore options for avoiding foreclosure.

About 5 months total

Notice of default has just been filed.

About 4 months total

Notice of trustee’s sale has just been filed.

Date of trustee’s sale is on notice of sale

As an example, if a notice of default has just been filed, you have a minimum of about four months to sell the property before the trustee’s sale may occur.  That’s four months not only to find a buyer, but also to get the lender to approve the short sale and close escrow.  The short sale lender may agree to postpone the trustee’s sale in some situations (such as when there’s an accepted offer), but be sure to get any agreement for a postponement in writing.

 

FORECLOSURE TIMELINE FOR OTHER TYPES OF LOANS
    

For loans that are not secured by owner-occupied real property or not made from 2003 to 2007, lenders are not required to contact the borrowers to explore options for avoiding foreclosure.  For these loans, the total minimum time for the foreclosure process is roughly only 122 days, not 152 days.  If the lender is not required to contact the borrower, the foreclosure process takes a minimum of about 4 months from the filing of the notice of default to the day of the trustee’s sale.


This legal article is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.’s legal products and services, please visit C.A.R. Online at www.car.org.

Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.’s Member Legal Hotline at 213.739.8282, Monday through Friday, 9:00 A.M. to 6:00 P.M. C.A.R. members who are broker-owners, office managers, or Designated REALTORS® may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. Members may also fax or e-mail inquiries to the Member Legal Hotline at 213.480.7724 or legal_hotline@car.org.  Written correspondence should be addressed to:

California Assocations of REALTORS®
Member Legal Services
525 South Virgil Avenue
Los Angeles, California 90020


The information contained herein is believed accurate as of December 2, 2008. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

 

NV Weekly Statistics As Of December 5th, 2008

December 5, 2008

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes only for the East Shore.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

This week appears to have a slight increase of activity with 5.3% of the listings pending in escrow.  There are 6 less Active Listings and 1 additional Pending Listing.  You’ll also notice that the Nevada East Shore has inventory that stretches from $395,000 to $100 million.  The average Sales Price for the year is $$1,202,000 and the Median Sold is $630,000. 

Status Class Type Price Range No. of Listings Dollar Volume Average Price Median Price Average DOM
                 
ACTIVE                
  RESIDENTIAL              
    Residential            
      $395,000 - $399,999 2 $798,900 $399,450 $399,450 85
      $405,000 - $409,999 1 $405,000 $405,000 $405,000 78
      $410,000 - $414,999 1 $412,500 $412,500 $412,500 32
      $425,000 - $429,999 1 $429,000 $429,000 $429,000 74
      $445,000 - $449,999 2 $894,000 $447,000 $447,000 202
      $465,000 - $469,999 1 $465,000 $465,000 $465,000 646
      $475,000 - $479,999 2 $954,000 $477,000 $477,000 452
      $500,000 - $504,999 3 $1,500,000 $500,000 $500,000 47
      $545,000 - $549,999 1 $549,900 $549,900 $549,900 55
      $550,000 - $554,999 1 $550,000 $550,000 $550,000 215
      $555,000 - $559,999 1 $555,000 $555,000 $555,000 237
      $585,000 - $589,999 3 $1,763,000 $587,667 $589,000 131
      $595,000 - $599,999 5 $2,987,900 $597,580 $599,000 183
      $635,000 - $639,999 2 $1,278,000 $639,000 $639,000 132
      $645,000 - $649,999 1 $645,000 $645,000 $645,000 242
      $685,000 - $689,999 1 $689,500 $689,500 $689,500 126
      $695,000 - $699,999 3 $2,093,000 $697,667 $699,000 332
      $715,000 - $719,999 2 $1,434,000 $717,000 $717,000 141
      $725,000 - $729,999 2 $1,450,000 $725,000 $725,000 218
      $745,000 - $749,999 1 $749,000 $749,000 $749,000 145
      $750,000 - $754,999 2 $1,500,000 $750,000 $750,000 134
      $795,000 - $799,999 1 $799,000 $799,000 $799,000 50
      $845,000 - $849,999 3 $2,543,444 $847,815 $848,445 230
      $875,000 - $879,999 1 $875,000 $875,000 $875,000 267
      $885,000 - $889,999 1 $885,000 $885,000 $885,000 118
      $975,000 - $979,999 1 $975,000 $975,000 $975,000 161
      $990,000 - $994,999 1 $990,000 $990,000 $990,000 155
      $995,000 - $999,999 2 $1,990,000 $995,000 $995,000 666
      $1,050,000 - $1,054,999 1 $1,050,000 $1,050,000 $1,050,000 58
      $1,085,000 - $1,089,999 1 $1,088,000 $1,088,000 $1,088,000 82
      $1,090,000 - $1,094,999 2 $2,180,000 $1,090,000 $1,090,000 339
      $1,095,000 - $1,099,999 2 $2,190,000 $1,095,000 $1,095,000 461
      $1,145,000 - $1,149,999 1 $1,145,000 $1,145,000 $1,145,000 109
      $1,195,000 - $1,199,999 1 $1,195,000 $1,195,000 $1,195,000 444
      $1,200,000 - $1,204,999 1 $1,200,000 $1,200,000 $1,200,000 494
      $1,245,000 - $1,249,999 2 $2,498,000 $1,249,000 $1,249,000 203
      $1,250,000 - $1,254,999 1 $1,250,000 $1,250,000 $1,250,000 201
      $1,295,000 - $1,299,999 2 $2,590,000 $1,295,000 $1,295,000 278
      $1,320,000 - $1,324,999 1 $1,320,000 $1,320,000 $1,320,000 143
      $1,385,000 - $1,389,999 1 $1,385,000 $1,385,000 $1,385,000 476
      $1,395,000 - $1,399,999 1 $1,399,000 $1,399,000 $1,399,000 144
      $1,425,000 - $1,429,999 1 $1,425,000 $1,425,000 $1,425,000 309
      $1,445,000 - $1,449,999 1 $1,449,000 $1,449,000 $1,449,000 22
      $1,495,000 - $1,499,999 2 $2,994,000 $1,497,000 $1,497,000 361
      $1,595,000 - $1,599,999 1 $1,595,000 $1,595,000 $1,595,000 220
      $1,600,000 - $1,604,999 1 $1,600,000 $1,600,000 $1,600,000 20
      $1,650,000 - $1,654,999 1 $1,650,000 $1,650,000 $1,650,000 87
      $1,750,000 - $1,754,999 1 $1,750,000 $1,750,000 $1,750,000 139
      $1,785,000 - $1,789,999 1 $1,785,000 $1,785,000 $1,785,000 155
      $1,795,000 - $1,799,999 3 $5,385,000 $1,795,000 $1,795,000 302
      $1,950,000 - $1,954,999 1 $1,950,000 $1,950,000 $1,950,000 532
      $1,975,000 - $1,979,999 1 $1,975,000 $1,975,000 $1,975,000 127
      $1,995,000 - $1,999,999 3 $5,985,000 $1,995,000 $1,995,000 156
      $2,100,000 - $2,104,999 2 $4,200,000 $2,100,000 $2,100,000 533
      $2,195,000 - $2,199,999 1 $2,195,000 $2,195,000 $2,195,000 329
      $2,275,000 - $2,279,999 1 $2,275,000 $2,275,000 $2,275,000 372
      $2,295,000 - $2,299,999 2 $4,590,000 $2,295,000 $2,295,000 186
      $2,300,000 - $2,304,999 1 $2,300,000 $2,300,000 $2,300,000 175
      $2,450,000 - $2,454,999 2 $4,900,000 $2,450,000 $2,450,000 116
      $2,455,000 - $2,459,999 1 $2,459,000 $2,459,000 $2,459,000 158
      $2,495,000 - $2,499,999 3 $7,485,000 $2,495,000 $2,495,000 132
      $2,550,000 - $2,554,999 1 $2,550,000 $2,550,000 $2,550,000 628
      $2,580,000 - $2,584,999 1 $2,580,000 $2,580,000 $2,580,000 148
      $2,595,000 - $2,599,999 1 $2,595,000 $2,595,000 $2,595,000 354
      $2,700,000 - $2,704,999 1 $2,700,000 $2,700,000 $2,700,000 95
      $2,750,000 - $2,754,999 2 $5,500,000 $2,750,000 $2,750,000 322
      $2,795,000 - $2,799,999 2 $5,593,000 $2,796,500 $2,796,500 450
      $2,850,000 - $2,854,999 1 $2,850,000 $2,850,000 $2,850,000 631
      $3,390,000 - $3,394,999 1 $3,394,000 $3,394,000 $3,394,000 270
      $3,495,000 - $3,499,999 1 $3,495,000 $3,495,000 $3,495,000 191
      $3,800,000 - $3,804,999 1 $3,800,000 $3,800,000 $3,800,000 444
      $3,895,000 - $3,899,999 1 $3,899,900 $3,899,900 $3,899,900 481
      $3,995,000 - $3,999,999 2 $7,994,999 $3,997,500 $3,997,500 137
      $4,495,000 - $4,499,999 1 $4,495,000 $4,495,000 $4,495,000 155
      $4,750,000 - $4,754,999 2 $9,500,000 $4,750,000 $4,750,000 386
      $4,950,000 - $4,954,999 1 $4,950,000 $4,950,000 $4,950,000 238
      $5,250,000 - $5,254,999 1 $5,250,000 $5,250,000 $5,250,000 555
      $5,395,000 - $5,399,999 1 $5,395,000 $5,395,000 $5,395,000 532
      $5,400,000 - $5,404,999 1 $5,400,000 $5,400,000 $5,400,000 226
      $5,500,000 - $5,504,999 2 $11,000,000 $5,500,000 $5,500,000 457
      $5,595,000 - $5,599,999 1 $5,595,000 $5,595,000 $5,595,000 199
      $5,895,000 - $5,899,999 1 $5,895,000 $5,895,000 $5,895,000 51
      $5,950,000 - $5,954,999 1 $5,950,000 $5,950,000 $5,950,000 99
      $5,995,000 - $5,999,999 4 $23,980,000 $5,995,000 $5,995,000 370
      $6,495,000 - $6,499,999 1 $6,495,000 $6,495,000 $6,495,000 951
      $6,500,000 - $6,504,999 1 $6,500,000 $6,500,000 $6,500,000 15
      $7,495,000 - $7,499,999 1 $7,495,000 $7,495,000 $7,495,000 518
      $7,750,000 - $7,754,999 1 $7,750,000 $7,750,000 $7,750,000 23
      $9,495,000 - $9,499,999 1 $9,495,000 $9,495,000 $9,495,000 536
      $11,250,000 - $11,254,999 1 $11,250,000 $11,250,000 $11,250,000 480
      $32,500,000 - $32,504,999 1 $32,500,000 $32,500,000 $32,500,000 46
      $100,000,000 - $100,004,999 1 $100,000,000 $100,000,000 $100,000,000 805
      Sub Total 134 $427,444,043 $3,189,881 $1,472,000 261
New                
  RESIDENTIAL              
    Residential            
      $585,000 - $589,999 1 $585,000 $585,000 $585,000 5
      Sub Total 1 $585,000 $585,000 $585,000 5
Extended                
  RESIDENTIAL              
    Residential            
      $355,000 - $359,999 1 $357,500 $357,500 $357,500 97
      $600,000 - $604,999 1 $604,900 $604,900 $604,900 43
      $1,095,000 - $1,099,999 1 $1,095,000 $1,095,000 $1,095,000 355
      $1,650,000 - $1,654,999 1 $1,650,000 $1,650,000 $1,650,000 249
      Sub Total 4 $3,707,400 $926,850 $849,950 186
Price Reduced                
  RESIDENTIAL              
    Residential            
      $475,000 - $479,999 1 $479,000 $479,000 $479,000 144
      $1,795,000 - $1,799,999 1 $1,795,000 $1,795,000 $1,795,000 188
      $4,995,000 - $4,999,999 1 $4,995,000 $4,995,000 $4,995,000 228
      Sub Total 3 $7,269,000 $2,423,000 $1,795,000 187
Active/Pending-Call                
  RESIDENTIAL              
    Residential            
      $325,000 - $329,999 1 $329,900 $329,900 $329,900 38
      $625,000 - $629,999 1 $629,900 $629,900 $629,900 64
      $2,995,000 - $2,999,999 1 $2,995,000 $2,995,000 $2,995,000 1141
      $4,995,000 - $4,999,999 1 $4,995,000 $4,995,000 $4,995,000 230
      Sub Total 4 $8,949,800 $2,237,450 $1,812,450 368
Active/Pending-Loan                
  RESIDENTIAL              
    Residential            
      $650,000 - $654,999 1 $650,000 $650,000 $650,000 78
      $775,000 - $779,999 1 $775,000 $775,000 $775,000 14
      Sub Total 2 $1,425,000 $712,500 $712,500 46
Active/Pending-Short Sale                
  RESIDENTIAL              
    Residential            
      $1,495,000 - $1,499,999 1 $1,495,000 $1,495,000 $1,495,000 100
      Sub Total 1 $1,495,000 $1,495,000 $1,495,000 100
PENDING-No Show                
  RESIDENTIAL              
    Residential            
      $1,995,000 - $1,999,999 1 $1,995,000 $1,995,000 $1,995,000 416
      Sub Total 1 $1,995,000 $1,995,000 $1,995,000 416
                 
Grand Totals 150 $452,870,243 $3,019,135 $1,437,000 256

CA Weekly Statistics As Of December 5th, 2008

December 5, 2008

What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes only.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

In my previous comments last week, I had pointed out a price band($350K to $400K) as something to keep an eye on.  Within the last couple of weeks there has been an increase in the activity, but it still has an oversupply of inventory.  If you are looking for good selection and motivated sellers, this could be the place to find it.

This week the Active listing inventory is down by 12 units and active pendings are down by 7 units.  This is typical with the holidays approaching.  I believe that the 4th quarter will still prove to be the strongest quarter of the year for the most units sold.

Listings per Status
 
 Minimum, Average, Maximum
 
 Days On Market Analysis
$1,000,000 thru $1,249,999 15 207  
$1,250,000 thru $1,499,999 11 245  
$1,500,000 thru $1,749,999 12 267  
$1,750,000 thru $1,999,999 5 269  
$2,000,000 thru $2,249,999 2 288  
$2,250,000 thru $2,499,999 4 117  
$2,500,000 thru $2,749,999 3 77  
$2,750,000 thru $2,999,999 1 698  
$3,000,000 thru $3,249,999 1 85  
$3,250,000 thru $3,499,999 1 193  
$3,750,000 thru $3,999,999 1 177  
$5,000,000 thru $5,999,999 1 129  
$7,000,000 thru $7,999,999 2 537  
  388 188  
 
Summary Price Information
Minimum  $155,000 Maximum  $7,950,000
Average  $738,927 Median  $515,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2008 Rapattoni Corporation. All rights reserved.

Area Market Survey

 

 

 

 

Listings as of 12/05/08 at 10:46am

 

Pending
Listing Price Range  Quantity      Average DOM  
$200,000 thru $249,999 1 60  
$250,000 thru $299,999 8 120  
$300,000 thru $349,999 8 171  
$350,000 thru $399,999 4 199  
$400,000 thru $449,999 7 281  
$450,000 thru $499,999 4 258  
$500,000 thru $549,999 2 636  
$550,000 thru $599,999 2 142  
$600,000 thru $649,999 2 327  
$750,000 thru $799,999 1 140  
$800,000 thru $849,999 3 255  
$950,000 thru $999,999 1 88  
$1,250,000 thru $1,499,999 1 66  
$1,750,000 thru $1,999,999 1 245  
  45 215  
 
Summary Price Information
Minimum  $240,000 Maximum  $1,890,000
Average  $502,218 Median  $414,900

 

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2008 Rapattoni Corporation. All rights reserved.

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