Global Real Estate Search – REMAX
November 8, 2011 by mark · Leave a Comment
A new RE/MAX website – global.remax.com – will complement remax.com and revolutionize the way consumers search for properties around the world. An industry first – no other real estate brand has a site like it. An industry first – no other real estate brand has a site like it –global.remax.com includes RE/MAX listings in more than 60 countries and territories.
The new site simplifies the home search for consumers and adds a tremendous level of value to the process. Translatable in close to 30 languages, the global site also includes a World Property Channel news feed and a currency converter that activates when a specific language is selected.
“This type of centralized site has been running successfully in our European regions for seven years and now it’s worldwide; this is a significant breakthrough for how we promote RE/MAX listings,” says William Soteroff, RE/MAX Executive Vice President of U.S. and International Regional Development. “This is a huge benefit for all REMAX clients because it means more exposure for their listings to consumers around the globe, as well as more opportunities for cross-border RE/MAX referrals.”
Participating regions (including those in the United States) will feed their Associates’ properties into the site, which will also feature RE/MAX Commercial listings and properties in The RE/MAX Collection. For details about your region’s participation, contact your region directly. includes RE/MAX listings in more than 60 countries and territories.
Tired of seeing your stock portfolio tank?
October 6, 2011 by mark · Leave a Comment
Down another 250 points! – for reasons totally out of your control – an analyst downgrade, a change in management, missed earnings target, a lowered outlook- GREECE! The list goes on & on. For reasons beyond your control your stock portfolio drops 3% one day, 2% the next day… with the looming threat of one of those huge down days…if you’re tired of letting Wall Street control your financial future, maybe it’s time you looked at real estate.
Real estate did have its problems (mainly driven by Wall Street greed), but our industry is on the mend. There are investment properties you can buy right now that generate a 9% cash-on-cash return on your investment – that’s before you factor in many of the tax advantages real estate offers like depreciation expense and tax deferred exchanges! That’s right a 9% return on an investment vehicle you can actually drive up to and “touch”
I can show you neighborhoods within a 30 minute drive of the San Francisco Bay Area where home prices have bottomed and have actually increased in value during the past two years (according to MLS data). Neighborhoods where the homes were built after 1999 using the latest design techniques and building materials – These homes are being liquidated by banks at prices below what it would cost to build the home – even if the lot & its improvements were FREE. Neighborhoods where there’s a shortage of rental properties – where rental properties are grabbed by qualified tenants literally hours after being offered for rent! Hard to believe?? I can show you where this is happening right now!
Imagine buying a $250,000 house that generates $24,000 a year in rental income. Finance this property with today’s LOW INTEREST RATES and you can actually be cash flow positive with as little as 20% down. Then when the house is paid off, you’re talking a substantial cash flow…just in time for your retirement…not to mention the very real prospect of price appreciation! btw – Rates on 30 fixed loans are in the low 4% range and 15 year loans are in the 3% range. Pay cash and you’ll immediately see strong cash flow from your investment…and did I mention the prospect of future appreciation? SOme experts say, with the Fed “printing money” we are on the verge of hyper-inflation. Historically, when real estate kicks into gear, real estate benefits by a surge in prices.
So what are you waiting for? Call me today to learn more about the opportunity to make money in real estate!
Lafayette, CA Home Sales UP 43% in June 2011, but…
July 13, 2011 by mark · Leave a Comment
According to the Contra Costa Association of Realtors, home sales in the month of June 2011 were up 43% from June 2010. Although the increase in the number of transactions is a very positive sign, the average sale price during this year-over-year comparison was down 4%.
The number of new listings coming to the market was up 10% and pending sales were down 9% during June 2011 which sends an ominous sign that market prices may continue to head lower. For more details, please CLICK HERE – Lafayette, CA Market Statistics Report for June 2011
CitiBank Proactive Short Sale Program
February 17, 2011 by mark · Leave a Comment
Below you’ll find an excerpt from a letter written to me by the Chairman & Co-Founder of REMAX – Dave Liniger about CitiBank’s Proactive Short Sale Program.
Dear Mark,
Congratulations! Because of your Short Sale training and expertise, you have been selected to participate in the CitiMortgage ProActive Short Sale program.
The program is designed to assist families facing foreclosure with a viable alternative, and a more “graceful exit” through a Short Sale. In support of this program, the names of three local RE/MAX agents, who have a demonstrated expertise in Short Sales, will be provided to these homeowners. The homeowners may choose to contact one of those agents.
The primary reason you have been selected to participate in this program is your demonstrated commitment to the Short Sale process. You should have either a CDPE designation, SFR certification or Five Star training, along with a proven high level of experience with Short Sale transactions.
CitiMortgage has a dedicated team of agents who work with homeowners and real estate agents to facilitate Short Sale transactions. This team has the right to accept or reject any offers, and will attempt to provide a response to purchase offers within 72 hours of receiving all requested documentation, including a complete and signed offer contract. A sales commission of 6% will be paid for each closing and there are NO referral fees.
We appreciate your participation in this exciting new program and wish you every success.
Thank you,
Dave Liniger
Chairman and Co-Founder
RE/MAX, LLC
It’s Time to Refinance!
November 30, 2010 by mark · Leave a Comment
With incredibly low interest rates, this is an excellent time to refinance your home(s). You could save thousands of dollars each and every year by capitalizing on a fixed-rate, fully amortized loan. FYI – depending on your loan amount and credit history you may be able to find a loan with an interest rate as low as 4%.
Although I’m not a mortgage broker, if you haven’t already done so, you may want to contact a mortgage professional to explore your re-finance options. For your convenience, below you’ll find names and contact information for three mortgage brokers who, in my opinion, have a great track record:
Julie McKinney
Mortgage Professionals
925-227-8518 (w)
julie@jbmckinney.com
www.jbmckinney.com
2551 San Ramon Valley Blvd., Suite 216
San Ramon, CA 94583
Gordon Steele
RPM | MORTGAGE
1777 Botelho Drive, Suite 108Walnut Creek, CA 94596
Phone: 925.627-7109
Cell: 925.683-5523
License # 00937870
Email: gsteele@rpm-mtg.com
website: www.rpm-mtg.com
Ted Hill
Senior Loan Officer
The Bank of Commerce Mortgage
925-974-7633 (w)
925-360-1131 Cell
Email: thill@bankofcommercemortgage.com
website: www.bankofcommercemortgage.com
Lender’s Slow Response On Pay-Off Demand Puts Sellers at Risk
October 2, 2010 by mark · Leave a Comment
After losing most of the equity you have in your home, you decide you’d better sell it before you’re under water. You meet with your local real estate agent and he tells you after commission and other transaction related costs, he thinks you’ll get out without owing anything.
In an attempt to put some cash aside for your impending move, you stop making your mortgage payment. You figure you have two months before you’re in default and another three to four months before your lender forecloses and takes your home.
You put your house on the market and fortunately, because it was priced right, you find a buyer – whew! You enter into a purchase contract with a 30 day close of escrow. The buyer does their inspections, gets the home appraised and has just removed all their contingencies – yahoo!
But there’s a BIG PROBLEM – Your lender still hasn’t delivered your loan pay-off amount to your escrow officer even though it’s been three weeks since it was requested. You have ten more days before the scheduled close of escrow date. Without the loan pay-off, your title company can’t produce the necessary documents to close escrow. Why is this happening?
Because you were late on a few mortgage payments, your lender transferred your loan over to their notoriously slow “foreclosure department”. You’ve now fallen into the most disorganized department in most banks. As a seller you need to take action immediately. You need to help the escrow officer get the pay-off demand. DO NOT sit on the side-lines and expect it to all come together. Get on the phone and escalate the situation to the highest level within the bank.
With only a few weeks left before the contract close date, you’re now at risk of having to go back to your buyer to ask for an extension to the close of escrow…will your buyers walk away? …will you breach contract? …will your lender come through with the pay-off demand?
Don’t let this happen to you! If you’re facing a default, get your house on the market before you miss your mortgage payment. If this isn’t possible, make sure you find out who the contacts are in the foreclosure department(s) for all lenders. Order a pay-off demand before you enter into a purchase agreement. If you do enter a purchase agreement, make sure your sale is contingent of receiving loan pay-offs in a timely manner. Make sure you don’t leave your self exposed to a breach of contract.
If you’re in default, your loan pay offs will take time to get from your lender(s). Plan accordingly.
Does Your Real Estate Agent Say No to Short Sales?
September 26, 2010 by mark · Leave a Comment
Many real estate agents resist showing their buyers Short Sale properties because they think a Short Sale transaction requires more work, or they’re afraid the transaction won’t close. This attitude could be causing buyers to miss out on a major segment of the real estate market.
As of September 26, 2010 there are 9,286 properties for sale in Contra Costa. Of these active listings – 2,742 are Short Sale properties – that’s right – 29.5% of the homes listed for sale in Contra Costa County are Short Sales.
During the month of August 2010 over 20% of the real estate transactions that closed escrow (sold) in Contra Costa were Short Sales. There’s no doubt that some Short Sales don’t close escrow, but the likelihood a Short Sale will close escrow can usually be predicted by the asking the listing agent, or homeowner, a few simple questions –
How many lenders are involved in the transaction? Ideally, you’ll only have to negotiate the Short Sale with one lender, but the reality is most Short Sales will have more than one lender. The more lenders there are the less likely the Short Sale will have a successful outcome. Don’t get me wrong here, many Short Sales with 2 or more lenders are closing escrow. I’m just saying the fewer the number of lenders, the better.
Has the listing agent prepared a Short Sale Package? A Short Sale package is used by the homeowner’s lender(s) to determine whether the homeowner should be allowed a Short Sale. The package typically includes: bank account statements, payroll stubs, unemployment payments, tax filings, property market analysis, hardship letter, etc. This information takes time for the homeowner to gather up, so if the listing agent hasn’t already prepared the Short Sale Package, a buyer can expect to add about three weeks to the time it takes to get a Short Sale approved. It’s also a signal as to whether the listing agent really knows how to get a Short Sale approved. Most successful Short Sale listing agents do all the information gathering before the property has even been put on the market.
Can the homeowner who is selling the property demonstrate “hardship”? A homeowner must demonstrate financial hardship or the Short Sale will not be approved. If the homeowner has the ability to continue making their mortgage payment, a Short Sale will probably not get approved. Ask the listing agent what hardship the seller is experiencing that has forced the sale of their home. If it sounds like the seller is really in trouble financially due to a loss of income, divorce, death or illness there’s a much greater chance the Short Sale will be approved.
By asking a few questions, you’ll get a much better feel for whether the Short Sale you’re about to make an offer on has a chance of getting approved. If the listing agent doesn’t seem like they have the right answers to these questions, be fore-warned, you may be in for a bumpy ride. If the listing agent has done their homework, you may find a Short Sale can get completed in as little as 60 days! Make absolutely sure your real estate agent understands how the Short Sale process works and that they are showing you Short Sale listings.
Homeowners who are going through a Short Sale have no equity in the home, so they usually don’t care about how low the house is priced. Because Short Sales do take more time, most Short Sales are priced below the market to encourage the Short Sale buyer to stay in the deal. Lenders understand this and they really don’t want the headaches of taking the property away from the homeowner, so often times they’ll approve a sale even if it’s below the market price.
By working with a real estate agent who knows how to qualify Short Sale listings, you may just find a screaming deal and have a smooth Short Sale transaction.
Feel free to call me if you have any questions about buying a Short Sale or getting your home prepared for a successful Short Sale.
Wachovia No Longer Postponing Foreclosure Sale Dates
August 6, 2010 by mark · Leave a Comment
Wachovia will no longer be postponing scheduled foreclosure sales. Please refer to the following e-mail:
Sent: Friday, August 06, 2010 1:04 PM
Subject: WACHOVIA SHORT SALES ** URGENT COMMUNICATION please READ
**IF THERE IS A FORCLOSURE SALE DATE SET – WE WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON – if there is an active forclosure Sale Date we MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set we must receive the full package 10 bussiness DAYS prior to that sale date (and again, we will not postpone that date)**
FOR EXAMPLE:
If you are SUBMITTING A SHORT SALE PACKAGE on a property that has a SALE DATE SET FOR AUGUST 30th, the SHORT SALE APPROVAL WILL BE ISSUED with an expiration date of AUGUST 25th and we will NOT EXTEND the Short Sale approval or SALE DATE
Craig Kadden
REO – Asset Recovery Manager
Short Sale Division
************END OF E-Mail***********
Email Alerts Can Help Buyers Save Thousands of Dollars
March 3, 2010 by mark · Leave a Comment
Mark Darfler, Realtor
REMAX CC Connection, Inc.
2950 Buskirk Ave., Suite 140, Walnut Creek, CA 94597
(925) 330-7507 – direct
e-mail Mark Darfler
www.darfler.com
Short Sale vs. Foreclosure
March 3, 2010 by mark · Leave a Comment
Credit Score: Your credit score will take a hit with a short sale and a foreclosure. With a short sale your FICO score can drop 50 to 150 points. A foreclosure will drop your credit score 200-400 points.
Reporting: In California, a “foreclosure” is recorded within the County Recorder’s Office and becomes a matter of “Public Record”. Credit agencies pull information directly from the recorder’s office, so when a foreclosure is recorded the credit agencies know shortly thereafter. A short sale may be reported (not recorded) by your lender as a “paid as agreed, “paid as less than agreed” or as a “debt settlement”. In some cases your lender may not even report the debt settlement.
Duration: A foreclosure is a matter of public record, and will remain on public record forever. Credit reporting agencies usually drop a foreclosure from your credit report after 10 years. A “debt settlement” (or short sale) can drop off your credit report in as little as two years, again assuming the lender even reports it to the credit agencies.
Sense of Control: Many homeowners tell me this is a big point. Because most lenders are having difficulty keeping up with the flood of mortgages in default, they are way behind on completing the foreclosure. This leaves the homeowner(s) in the precarious position of not knowing exactly when they will be forced, by threat of Sheriff’s Eviction, to move out – very nerve racking for any family or individual. In a short sale you are in control of the sale and involved in the short sale negotiation process. Homeowners who go through a short sale tell me there’s much less stress on their family knowing exactly when they will need to move.
Buying Another Home: After a short sale, although the rules are constantly changing, you may qualify for an FHA loan in as little as two years. With some restrictions you may be able to qualify to purchase a home again in five years and without restrictions in seven years. All mortgage applications ask if you’ve ever had a property foreclosed on or whether you’ve given a deed-in-lieu of foreclosure in the past seven years. Some lenders will reject your loan if you answer yes to this question. If you lie about this one you could be found guilty of fraud. There are currently no questions on a loan application about a short sale.
Tax Issues: There may be tax consequences with either a foreclosure or a short sale. Please consult a tax professional on how a short sale or foreclosure is reported by your lender and handled on your tax return. According to the IRS if owe some a debt and they cancel the obligation, as is the case with a short sale and a foreclosure, that debt may be taxable. However, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation generally allows homeowners to exclude income from the discharge of debt on their principal residence.
A foreclosure is a matter of public record, and with today’s search engine capabilities this could have devastating consequences on your current and future employment, and your ability to ever get another home loan.
Mark Darfler, Realtor
REMAX CC Connection, Inc.
2950 Buskirk Ave., Suite 140, Walnut Creek, CA 94597
(925) 330-7507 – direct
e-mail Mark Darfler
www.darfler.com
It’s NOT location, location, location!
March 3, 2010 by mark · Leave a Comment
Take that cliche and throw it out the window RIGHT NOW!
Don’t let some pundit take one of the most important financial decisions you’ll ever make and convince you it’s all about where a property is physically located. I call the “location, location, location mantra” the 3 “L”s, and anyone who buys real estate based on the 3 “L”s will probably become a Loser, Loser, Loser.
The three most important factors you MUST consider when buying any real estate are Property, Price and People. The 3 “P”s of real estate.
Let me start by saying location is important, but it’s only part of what defines a Property. Condition of the structure, square footage, design, lot size, proximity (or location) to community services such as: schools, shopping, hospitals, and environmental considerations are the basic building blocks of a “Property”. Buyers and sellers need to recognize how these property characteristics are like the ingredients of a cake. The right mixture and a property can have absolutely mouth watering appeal. The wrong combination can spell disaster. And just like a school bake sale, there’s a buyer for just about anything…if the price is right.
Price will make or break any deal. Whether the economy is booming or in melt-down mode, if the price aint right, fogetaboutit! An over-priced home will sit like a baby in a soiled diaper…no one wants to touch it. Under-priced and it’s like throwing a raw piece of meat into a bathtub stocked with piranha. Gone in a minute. And it’s not just the purchase price you need to look at. The cost of your loan and ongoing maintenance costs play a HUGE role in the real price of real estate. In a perfect world, price would be the final factor, but there’s still the human side of the busines.
People‘s emotions play into the equation BIG TIME. Compare these two statements – “I raised my four children in this home” and “I’ve been here three years and now my company is relocating me back to Texas”. Which seller do you think will care more about who the buyer is? Heart-strings feed right into the pocket book. I’ve seen major concessions given to a buyer because the seller had “feelings” towards the buyer. It works the other way too. Who would you rather buy a house from, a registered sex-offender or long-standing pillar of the community?
People, Price and the Property. Not always in this order and not always weighted in equal proportions. But make your real estate buy or sell decision based upon these 3″P”s and you will almost always position yourself to PROSPER.
Mark Darfler, Realtor
REMAX CC Connection, Inc.
2950 Buskirk Ave., Suite 140, Walnut Creek, CA 94597
(925) 330-7507 – direct
e-mail Mark Darfler
www.darfler.com
Over 300 Foreclosures in Walnut Creek at start of 2010
March 3, 2010 by mark · Leave a Comment
O.K. it’s a New Year and one of my resolutions is to write a blog about the foreclosure market in Walnut Creek, California. I figured a great place to start is by telling you where things stand at the beginning of the new year.
Snapshot of Walnut Creek Foreclosure Activity as of January 1, 2010:
Total inventory of Walnut Creek homes with
Notice Of Defaults: 301 units
Walnut Creek homes sold through Trustee Sale,
Foreclosed during prior year Dec. 2009: 63 units
Walnut Creek homes with Notice of Default
filed during Dec. 2009: 36 units
Walnut Creek homes sold through
Short Sale during Dec. 2009: 8 units
Walnut Creek foreclosures cancelled
during Dec. 2009: 2 units
Walnut Creek homes with Trustee Sale
scheduled for month of January 2010: 122 units
When I look at these numbers the thing that jumps out at me is how few of the homes that received a Notice Of Default during 2009 were foreclosed on, sold through a short sale or cancelled due to a loan modification or reinstatement. The real estate industry has coined a new term for this increasing inventory of homes in mortgage default. It’s called “Shadow Inventory”.
Also, look at the number of Trustee Sales scheduled for January 2010 – 122 units! Will lenders actually foreclose, or will they continue to delay the foreclosure sale?
If defaulting homeowners aren’t paying their mortgages and lenders aren’t foreclosing or negotiating debt settlements at a rate fast enough to keep up with the rising tide of defaults, what will eventually happen to these homes? That’s the $64 question!
Stay tuned, I’ll weigh in on that one on my next post. Until then have a healthy and prosperous New Year… and if you know anyone facing foreclosure in Walnut Creek or the surrounding area, please have them contact me for advice.
Mark Darfler, Realtor
REMAX CC Connection, Inc.
2950 Buskirk Ave., Suite 140, Walnut Creek, CA 94597
(925) 330-7507 – direct
e-mail Mark Darfler
www.darfler.com
Mark Darfler, Realtor, REMAX 2950 Buskirk Ave., Walnut Creek, CA 94597
February 1, 2010 by mark · Leave a Comment
Mark Darfler, Top Producing Real Estate Agent, REMAX CC Connection, Inc. – 2950 Buskirk Ave., Suite 140, Walnut Creek, CA 94597. Mark Darfler (800)227-8556 or via email – mark@darfler.com. Read what Mark’s clients have to say
Specializing in residential real estate sales in Lafayette, Walnut Creek and other communities within Central Contra Costa County. [