Tuesday, June 29, 2010

Tax credit extension passes house

Last minute stand alone bill passed house today. Senate still needs to vote, may happen tomorrow. This will extend the home buyer tax credit closing deadline which happens to expire tomorrow. Over 100,000 homebuyers caught up in escrow may miss tax credit if this doesn't happen. Lots of nail biting tonight, keep your fingers crossed for them!

Tuesday, June 22, 2010

3322 Hideaway Ln Fullerton CA 92835 - Home for Sale

3322 Hideaway Ln Fullerton CA 92835 - The Absolute BEST PRICE IN AREA on an Upgraded Home that's over 3,500 sqft and sits on a completely usable half acre or more lot!

This beautiful ranch style home in the Old Sunny Hills/Hermosa Drive Neighborhood sits in a very quiet cul-de-sac among beautiful mature trees. From the curb, the home has kept the popular low slung ranch character, but upon opening the front door you'll notice it gets even better!

The one criticism ranch homes receive is that they don't follow the popular "open concept" , the first thing you'll notice about this home is how well it embraces it! Besides just flowing nicely into the living room, dining area, and outdoor deck, the enormous kitchen has been upgraded with oversized island, chef grade appliances, granite counters/tumbled travertine backsplash, accent lights, high ceilings and more. The "wow" factor for this kitchen is extremely high and is truly an entertainers delight. Master Bedroom is also spectacular with high vaulted ceilings, private deck, oversized shower with dual shower heads, dual vanity, and walk-in closet. While the indoor living space in this home should satisfy the fussiest of home buyer, it is the outdoor space that just takes it one step further. Multiple decks provide perfect areas to barbeque or just enjoy the kind of backyard they just don't build anymore. A pool area accented by an array of tropical trees and plants provides the perfect backyard escape. And finally, a giant flat grassy yard with a half-court (basketball) and room for RV or Boat. Plenty of room for a game of volleyball, a huge party, soccer, or whatever you like.

There really is too much to mention (like the family room den, dual fireplaces, paved driveway, etc) so this is one that needs to be appreciated in person. Don't delay, homes like this don't come to our market very often.
More details at 3322 Hideaway Ln Fullerton CA 92835

4 Bedrooms3 Baths
3600 sqft of living space
27,520 sqft Lot
Built in 1950

3322 Hideaway Ln
Fullerton CA 92835

Monday, June 14, 2010

409 Malvern Ave, Fullerton CA 92832 - For Sale

409 Malvern Ave, Fullerton CA 92832 - 3 Bedroom Craftsman Home, Downtown Fullerton $525,000

The BEST VALUE on the market for a 3 Bedroom Craftsman home on an interior street in the popular Jacaranda, Malvern, Brookdale historical neighborhood. The neighborhood is in the area of Golden Hill and is one of the most popular in North Orange County, especially for those who appreciate vintage homes and Craftsman Bungalow architecture.

This home will not disappoint the vintage home enthusiast as it has been lovingly preserved to still reflect the Arts and Crafts character that makes these homes so popular. This would include restored hardwood floors, numerous built ins, kitchen nook, double hung w
ood windows, an expansive front porch, and many other craftsman staples. Many of the expensive upgrades that must be done to keep a vintage home from turning to just an "old house" have already been completed as well. This would include but not limited to new sewer lines, new electrical, new copper plumbing, and new drain lines.

Malvern is a street in the neighborhood that is always popular for the mature oak trees that run along it and the potential for elevated lots. This lot is one of them at sets just above the sidewalk creating dramatic and charming curb appeal. In the back, you'll find the property also has a nice, grassy, terraced, backyard perfect for summer BBQ's.

This house has it all and we expect it to not last long, make sure you don't miss your chance!

More details at 409 Malvern Ave, Fullerton CA 92832

409 Malvern Ave
Fullerton CA 92832

Friday, June 4, 2010

SB 1178 - Controversial Protection for Foreclosed Homeowners - Right or Wrong?

It's official today! SB 1178 just approved this afternoon by the Senate despite opposition from major lenders. The bill passed by a vote of 30 to 4.

In layman's terms. The bill will extend protection to homeowners who have been foreclosed upon. More specifically, lenders have been officially restricted from going after the personal assets of the borrower (except for the property that was foreclosed upon) even if the borrower refinanced (as long as the refinance was not a "cash out" or similar refinance). Refinances to simply get a lower interest rate with zero "cash out" will fall also fall under the protective wing of this bill.

Todd's quick implication examples for SB 1178:

A) Joe lost his house to foreclosure, Joe never refinanced and the entire loan amount was all money used to buy the house. **Joe is and has always been safe from the bank going after his bank accounts and other assets**

B) Jane lost her house to foreclosure, Jane did refinance but she only did so to get a lower interest rate and never pulled money out of the home. **Jane is now safe from the bank going after her bank accounts and other assets**

C) Tom lost his house in foreclosure, Tom refinanced and took some cash out of the house to buy another property and a jet ski. **Tom may not be safe from the bank going after his other assets**

D) Theresa lost her house to foreclosure, Theresa refinanced and took some cash out but only used it t do construction projects to the same house. **Theresa is now safe from the bank going after her bank accounts and other assets.**


- Pro: Allowing banks to go after personal assets outside of the home in question causes banks to become less critical than they should be of the homes they are lending on because of additional security in the borrowers personal assets. Lack of criticism by banks toward the homes they are lending on is partly to blame for the current housing market situation.

-Con: Banks need recourse via personal assets when borrowers refinance since they are outside of the original terms of the loan. Borrowers have clearly signed paperwork stating that they understand the forfeiture of these rights as part of the exchange (say for a lower interest rate) in a refinance. Cutting off recourse to lending institutions only increases the risk of doing business and therefore costs to consumers.

What do you think?

Was this the right or wrong thing to do? Why?
Will this hurt or help us?
Should banks be allowed to go after a consumers personal assets after foreclosure?Should consumers always have foreclosure protection regardless of refinances?

You can also comment on our Facebook Interaction Page