by Houtan Hormozian | Oct 18, 2024 | CRESTICO
Ever since I decided to buy a home for myself, I have noticed more and more the increasingly unethical manner in which agents deal with their listings. Withholding offers, artificially inflating prices and then selling to their own buyers (so they can increase their own commission) at LOWER prices! It makes me wonder how this market is ever going to get fixed. In 2006, the problem was predatory lending practices, unscrupulous loan officers and unethical notaries. Today, it seems as if Real Estate Agents are making up for lost time and joining in the game. With today’s shortage of inventory, it’s not uncommon for an agent to sell a house within days of listing it and more and more, listing agents are holding out to find their own buyers so they can feed their greed.
The only way to remedy this situation, IMHO, is for sellers and homeowners to wake up and be a more active part of their home-selling process. Make sure that you clearly tell your agent you want to see all offers presented within a reasonable time of being presented to the agent. Make yourselves aware of the rules and regulations concerning listings and agency agreements with your listing agent. Below are a few sections of the MLS rules pertaining to offers.
9.4 Presentation of Offers. The listing broker must make arrangements to present the offer as soon as possible, or give the cooperating broker a satisfactory reason for not doing so. In the event the listing broker will not be participating in the presentation of offers, the listing broker shall clearly indicate this fact in the listing information published by the MLS.
9.5 Submission of Offers and Counter-Offers. The listing broker shall submit to the seller(s) all offers and counter-offers until closing unless precluded by law, governmental rule, or expressly instructed by the seller(s)/landlord(s) otherwise. The cooperating broker acting for a buyer(s)/tenant(s), shall submit to buyer/tenant all offers and counter-offers until acceptance unless precluded by law, governmental rule, or expressly instructed by the buyer(s)/tenant(s) otherwise.
9.6 Right of Cooperating Broker in Presentation of Offer. The cooperating broker has the right to participate in the presentation of any offer to purchase he or she secures. The cooperating broker does not have the right to be present at any discussion or evaluation of that offer by the seller(s) and the listing broker. However, if the seller(s) give written instructions to the listing broker requesting that the cooperating broker not be present when an offer the cooperating broker secured is presented, the cooperating broker shall convey the offer to the listing broker for presentation. In such event, the cooperating broker shall have the right to receive a copy of the seller’s(s’) written instructions from the listing broker. Nothing in this section diminishes or restricts the listing broker’s right to control the establishment of appointments for offer presentations.
In today’s economy you have to be your own best advocate and know your rights! If you want top dollar for your home, you have to be proactive and informed!
by Houtan Hormozian | Oct 18, 2024 | CRESTICO
The Hope for Homeowners program is what is being broadcast as the last hope for America’s Homeowners. Do you have a question about it? Read on for more information and feel free to use the contact information below, to get PERSONALIZED answers to any questions you may have!
As of November 19th, 2008. many changes have been made to the lending system in this country. Primarily, the loan to value ratio (LTV) has been increased from 90% to 96.50% for borrowers whose monthly mortgage payments are no more than 31 percent of their monthly gross income. Next, the process to remove subordinate liens has been simplified. Payments made up front are now allowed to motivate lienholders to give their consent and release the liens; thereby making more borrowers eligible for the program. Also, the terms of financing have been expanded and now incorporate 30 and 40 year amortization schedules, thereby reducing payments amounts.
The "HOPE for Homeowners Act of 2008" creates a new Federal Housing Administration program that will back FHA-insured mortgages to borrowers that are facing problems and stress as a result of their housing situation. New mortgages that will be offered by FHA-approved lenders will encourage and implement the Refinancing of abusive, unfair and malicious loans to dramatically improved terms that will allow distressed homeowners who are having difficulty making their mortgage payments some breathing room and enable them to keep their homes and families intact.
If you or anyone you know is facing difficulties when it comes to making their monthly mortgage payments, NOW is the time to act. If you have any questions regarding how this program could work for you, contact us and we will help you starting saving your future today!
by Houtan Hormozian | Oct 18, 2024 | CRESTICO
The Hope for Homeowners program is what is being broadcast as the last hope for America's Homeowners. Do you have a question about it? Read on for more information!
As of November 19th, 2008 many changes have been made to the lending system in this country. Primarily, the loan to value ratio (LTV) has been increased from 90% to 96.50% for borrowers whose monthly mortgage payments are no more than 31 percent of their monthly gross income. Next, the process to remove subordinate liens has been simplified. Payments made up front are now allowed to motivate lien holders to give their consent and release the liens; thereby making more borrowers eligible for the program. Also, the terms of financing have been expanded and now incorporate 30 and 40 year amortization schedules, thereby reducing payments amounts.
The "HOPE for Homeowners Act of 2008" creates a new Federal Housing Administration program that will back FHA-insured mortgages to borrowers that are facing problems and stress as a result of their housing situation. New mortgages that will be offered by FHA-approved lenders will encourage and implement the Refinancing of abusive, unfair and malicious loans to dramatically improved terms that will allow distressed homeowners who are having difficulty making their mortgage payments some breathing room and enable them to keep their homes and families intact.
If you or anyone you know is facing difficulties when it comes to making their monthly mortgage payments, NOW is the time to act. If you have any questions regarding how this program could work for you, contact your local Real Estate agent who can help you start saving your future today!
by Houtan Hormozian | Oct 18, 2024 | CRESTICO
There is a new law, AB 1373 (eff. Jan. 1, 2011) which places restrictions and disclosures on grant deed copy services. This law cracks down on the mailed advertisements sent to property owners offering, for compensation, to provide a copy of the grant deed or other record of title by making it a crime unless certain disclosures are provided and the advertisement doesn't mislead a person into believing that the company is affiliated with a government agency.
For more information visit: www.crestico.com
by Houtan Hormozian | Oct 18, 2024 | CRESTICO
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
