It has been too long since the last podcast, but Mark and Adam are back in the booth and mic’d up for your listening pleasure.  This week they discuss the new market, and boy how has it changed, and speak with guests Jorge and Sherry who provide an innovative concierge service for individuals who are planning on moving.

And let’s be honest, the past several years have been a bit rough for most people, and during their time of need, a death in the family, a sudden job loss, or a medical emergency they turned to credit cards or short term debt to see them through the tight times.   Now that they are regaining their momentum, the debt acts as an anchor in recovery.

So, this is why we have invited John Janis from Platinum Resources to help  you better understand what options are out there and reveals that there is light at the end of the debt tunnel, and that tunnel might be shorther than you expect.

John talks about a recent example of how he has helped a client reduce her debt by nearly 80% and developed a strategy to pay it off in six months.  Talk about getting out of an unpleasant hole, and quickly.  This could be your answer.  Instead of fearing the phone calls from the creditors, call John, get the information and get things back on track.

John can be reached 24/7 , he said it not me, at 714-865-7141. So next time you can’t sleep, give him a call and get debt off your chest.

On to other opportunities, the Deal of the Day.

Mark recommends 2349 Snowden in the Los Altos neighborhood of Long Beach.  This is a big house folks, and won’t last long.

Adam is recommending 4333 Linden in the Bixby Knolls neighborhood.  This house is a large Tudor and has been on the market for sometime, so it is getting ripe.  There is a video, where you can see a buyer preview at http://www.youtube.com/watch?v=qje1M5Bo92c.

News

Well if have been following the news, this was an interesting week for Real Estate as Gov. Brown passes the Homeowners Bill of Rights.  Mark talks a bit about the impact and waht this is going to do for the California Housing Market.  If you though we were at the bottom, hang on, this ride isn’t over.

To start the “journey” or home buying process you only need a couple of documents, tax forms, etc., and a brief conversation with Ron about where you would like your journey to take you. With that information, Ron can begin to determine your specific road map designed to put you on your new front porch.

Homes are affordable and the FHA requirements are as little as 580 credit score and 3.5% for a down payment.  Think about it, you could potentially be paying the same for rent as you would be a mortgage.

Another little useful piece of information Ron shares are the seasoning requirements for buyers who have already purged their debit through foreclosure, short sale or bk and now realize the amazing opportunity of today’s market with low prices and lower interest rates.

Believe it or not, you can be back out there looking for a home with an FHA loan in as little as 3 years or a conventional loan in as little as 2 years. If that isn’t motivation to ditch your bad debit and underwater house and still be able to take advantage of low prices and rates in a couple years, I don’t know what is.  Have you thought about Short Selling, if not, you may want to, in three years you could put 3.5% down and have more equity then you will in 5 years with your current home.

For you investors out there, Ron also talks about a couple of conventional loans and opportunities for short term loans that could help you take advantage of the strong rentals which are currently on the market.

We have included a small outline of some of the time lines, but we encourage you to call Ron and get the information specific to your situation.

Current Seasoning requirements on BK and Foreclosure and loan modifications:

FHA:

Chapter 7:           2 yrs

Chapter 13:         2 yrs

Foreclosure:       3 yrs

Short Sale:          3 yrs (unless borr was not late prior to short sale and was not trying to take advantage of the market)

VA:

Chapter 7:           2 yrs

Chapter 13:         2 yrs

Foreclosure:       2yrs

Short Sale:          2 yrs

VA High Balance:

Chapter 7:           7 yrs

Chapter 13:         7 yrs

Foreclosure:       7 yrs

Short Sale:          7 yrs

Conventional: 

Chapter 7:           4 yrs*

Chapter 13:         2 yrs from discharge date or 4 yrs from dismissal date*

Foreclosure:       7 yrs*

Deed in Lieu:      2 yrs if subject loan is 80% ltv  (loan to value) or less

                                4 yrs if subject loan is 90% ltv or less

                                7 yrs if subject loan is over 90% ltv

Short Sale:         2 yrs if subject loan is 80% ltv or less

                              4 yrs if subject loan is 90% ltv or less

                              7 yrs if subject loan is over 90% ltv

BK Chapter 7:     a four year waiting period is required measured from the discharge date or dismissal date of the BK.  A 2 yr waiting period is permitted if extenuating circumstances can be documented.

BK Chapter 13:  a four year waiting period is required for a Chapter 13 dismissal.  A 2yr waiting period will be permitted with extenuating circumstances.

Multiple BK filings:  for a borrower with more than one BK filing in the last 7 years, a 5 yr waiting period is required

Foreclosure:       A seven year waiting period is required, and is measured from the completion date of the f/c.  A 3 yr waiting period is permitted if extenuating circumstances can be documented and the ltv rules are applied, has to be a purchase of a principle residence or a limited cash out refi on an owner occ, second home or non owner.

What are extenuating circumstances:  they are non recurring events that are beyond the borrower’s control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations.

When your borrower has done a loan mod in the past we can offer him a loan if the following has happened:

• You have 12 months seasoning since the loan mod
• No late’s prior to the loan mod
• Borrower provides a copy of the modification (showing it is a permanent mod)
• The modification could not have provided forgiveness on principle owed or interest owed

This applies to conventional and FHA and VA loans

Thank you for listen to the rants, raves and pontifications of the Shandrow brothers.  If you want to take advatange of their expertise and experience, or know someone who needs our help, give us a call at 800-804-9506 and we would be happy to help.

This week Mark and Adam talk about the current Long Beach housing market, low inventory but strong buyers and some recent programs and news which will most likely keep us in the same stagnit market we see today.

Onto more interesting topics, Mark and Adam break down the different scenarios and options if your house or investment property is currently worthless than you owe. What is the reality of the situation, what are your options and what should you do?

Numbers
Adam talks about the May numbers in Long Beach and compares them to last year and for some excitmenet numbers in May of 05. Over all year over year, we are at a wash, with little to no gain in price or volume. In looking at today’s market verses a boom market, Adam looks at 2005 numbers and the most significant different other an a 33% increase in price was the average time to sell a home was only 30 days verses the 89 day average today.

News
Mark talks about a couple of annoucements and goverment strategies that are putting increased pressures to slow the foreclosures and assist individuals keep their home.

Short Sales Unraveled
Now to the good stuff. Mark and Adam unravel short sales and break down whether or not short selling a home is right for you and what are the major reservations most individuals have about Short Selling their home.

1. The Finances – short term, long term impact
2. Moral Debate – I made a committment
3. Recource – What happens if I do short sale

Each of these issues are broken down and show you how and why NOW is the time to short sale your home and what risks you are taking if you don’t. You will be surprised at what the reality is.

So, tune in get the goods and let us know your thoughts and if you have a property that is underwater, call us NOW!

Dina discusses why you need title, how it proctects your, and what the specific benifits that Fidelity can offer. In addition, Dina shares some tips and tricks that all investors should know about from buying binder polices to a new short sale program that Fidelity will be lanching in the next couple of months.

In the news, Fannie Mae is releasing a significant amount of foreclosed properties to investors to purchase as rentals. For more information visit www.homepath.com.

The numbers, Adam talks about the numbers for the week and what is going on today with the Long Beach Real Estate market. As it stands in Long Beach, listing prices are increase, sale prices are decreasing and days on market jumps closer to 100 days.

Lastly, the deal of the day. Adam pitches a multi unit property that will be coming on the market in the next couple of weeks. Mark presents a couple of properties that HUD is featuring which is a duplex and a new single family residence in Aircraft Manor.

Thats the show folks.

To speak with Dina directly, please visit her website at www.dinaparsons.com.

And as always, visit our website for more information regarind the Long Beach Real Estate market at www.shandrowgroup.com

They also discuss the upcoming HUD Buyer Training Seminar at the Petroleum Club on 1-28-12 at 3:00 PM.

You can register here:  http://buytoday.eventbrite.com/

Please “Like” and comment.

Here is some more great information on FHA loan requirements:  http://wp.me/pvU7i-10A

Yeah, we know.  It has been a long time since we did a radio show for Living Long Beach.  The good news is we are making a commitment for 2012 to do at least one show per week.  In the upcoming new year, we are going to focus on bringing in more guest speakers and learning all about our local Long Beach real estate market.

Happy Holidays!

On a somber note, we would like to send our condolences to Teri and John Kelsall from Lakewood, who recently lost their son, Lt. Commander Jonas Kelsall, a Navy SEAL, when his helicopter was shot down in the Tangi Valley. Our deepest thoughts and condolences go to his family for the sacrifice they have made for our country. If you would like to show your support, in lieu of flowers or gifts, The Greater Lakewood Chamber of Commerce has set up an account for the family’s travel expenses at Gateway Business Bank in Lakewood.

On an economic note, Standard & Poors did it, they lowered the American credit rating. What does this mean to you, nothing really. It this recent economic crisis has taught us anything, it is credit is bad, cash is king. Unfortunately, someone forgot to tell the US Stock Exchange, which dropped significantly after the report was announced.

THE NUMBERS
Nothing too shocking in this weeks numbers, other than Adam can’t remember what week he is in.
Active Listings 1282 +9%
Average Price 470K -1%
Total Sold 46 -30% – Typical for the first week of the month
Lowest Price 80K 0%
Highest Price 2.1M +56%
Average Price 434 +19%
Days on Market 79 +1% – Hey, still below 100

In summary, prices are falling but the market is still competitive and homes in Southern California sell quick.

Now onto our guest, Holli Applegate who has been a title rep for 22 years and has been with Old Republic Title for the past two and half years. Mark and Holli have worked together for over five years and through our experience has been a source of information and local resources. Today Holli discussed the senate bill SB 458 which was signed on July 20th. If you are a home owner with a second loan, you are defiantly going to want to hear what Hollie has to say, and how this may benifit you, especially if you are in the middle of a Short Sale.

Hollie also brings some great stories of how is an issue in today’s REO market, and how you can protect yourself against it. Another must listen, if you own a home.

When was the last time you checked to see if you still own it? Better give us a call.

Of course it wouldn’t be a show with out the Deal of the Day, where Adam and Mark, Lisette this time, present properties that they feel are a strong buy, for one reason or another.

Deal of the Day
310 Olive Ave, 3 Long Beach Listed at $189,900
This is a great two bedroom, one bathroom condo located in the Arts District of Long Beach. Hardwood floors, modern fireplace and some upgrades in the kitchen.

Adam complained that he isn’t getting enough calls on the Deal of the Day, so he is turning into the “A-List”, which a personal hand picked selection of homes which are perfect for investors, either holding or flipping.

820 Spruce Street, Compton
3/1 1,005GLA 5,000sqft lot 1 – Garage Listed at $185,000 24 DOM
Ready for the 1st reduction in price

22426 Elaine Ave, Hawaiian Gardens
2/1 610GLA 2,501sqft lot 0 – garage Listed at $100,000 11 DOM
CASH ONLY

5137 Los Flores Blvd., Lynwood
3/3 1,814GLA 7,200sqft lot 2 – garage Listed at $236,000
Un-permitted work,

This is just the beginning of the A-List, each week we will be adding more properties and details to you can determine if they fit your investment model.

The thing is, you might not be able to tell if you are looking at a great house at a bargain price. That’s what we’re here for. We match people with places. The right places.

If you have questions or suggestions, feel free to leave a comment or send us an email at info@livinglongbeach.com

We are also live now on iTunes. You can now subscribe to Living Long Beach.
Holli can be reached at holli.applegate@gmail.com or via phone at 562-355-1643.

But first the team reviews the numbers for August and talks about what is the current trend and what is going to happen over the next couple of months.

July Numbers for single family residential properties in the City of Long Beach.

New Homes on the Market 419
Average List Price $380,689
Homes Sold 236
Average Price $346,880
Avg. DOM 87

As the numbers indicate from previous month and prior year, the market appears to still be contracting, and will most likely continue this trend for the rest of the year. The good news, it is a great time to buy, prices are low and competition is lower, so if you waiting for the right time, that time is now.

Now onto the main topic, The Life of an REO Property. There are numerous mis-perceptions out there about the life cycle of REO property and what the Listing Agent has to do in order to sell the properties. This segment, we cover both a time line and action plan for an average REO property from our possession to yours. Some of the points that are covered are Cask for Keys, how we determine pricing and what has happened to that property before it gets listed on the market. Probably the biggest surprise to most listeners will be the length of time it takes to move an REO property through the pipeline and into the possession of a new home owner.

This is sure to be one of our most riveting shows, so tune in and leave your comments.

We match people with places. The right places.

If you have questions or suggestions, feel free to leave a comment or send us an email at info@livinglongbeach.com
We are also live now on iTunes. You can now subscribe to Living Long Beach.

News: Not local but still important the Big Lebowski’s home is for sale and due to its Hollywood fame is likyl to nopt stay on the market quick. In other news La wants a football team again and is brain storming ideas for the location also who will be there team?

Guest:Robert Strausas Account Executive at Advantage Title 365 has come to the Shandrow group to talk about titles and title insurances, What they do and why you need them. Adam and Noah probe Robert for all the information they can get and leave him drained.

Deals of the Day:
Address 1939 E Hardwick St Long Beach California 90807
this is a very good looking house in the nice area of Bixby Knolls a 3 bed 2 bath for only 250,000. it has been on the market for 127 days so the seller may be willing to negotiate.

Address 5563 Lime Ave Long Beach California 90805

Another house to die for only 245,000 and a duplex. For those of you looking for a new house and in the mood to rent out the back this is calling your name but hurry it has only been on market 11 days and is bownd to go fast.
The thing is, you might not be able to tell if you are looking at a great house at a bargain price. That’s what we’re here for. We match people with places. The right places.
If you have questions or suggestions, feel free to leave a comment or send us an email at info@livinglongbeach.com
We are also live now on iTunes. You can now subscribe to Living Long Beach.

Robert Strausas can be reached at Robert.strausas@title365.com or 7146625486