The Ibarra Group

Talking to the right professional.

Tue, 05 Feb 2013 23:37:43 -0800

I attended a community outreach program in the South Bay, directed towards homeowners with questions and concerns regarding loan mods, short sales, and foreclosures. The panel consisted of several prominent advisors in various professional fields, with much advice to give. There was a CPA, a Non-Profit advisor, a Realtor, an economist, and an attorney (and NO, I am not leading up to a joke). Clearly these individuals are top in their field, and I stress, in their field. Everything discussed was very informative and anyone attending the event may have taken some valuable details that would be to their benefit. The one sticker in my socks that I couldn’t quite shake was a closing comment made by the attorney: a homeowner has options, and one is, they may perform a loan modification while their Realtor is negotiating a short sale. That sounds like a 2-way deal to me. If I wasn’t so skeptical when that comment was mentioned, hearing that would’ve made me happier than someone saying I don’t have to pay taxes for this year. During the Q&A, one individual asked to have the statement confirmed, the attorney simply nodded yes with no further affirmation, while the Realtor in the panel chimed in stating it was a case by case / dependant on the lender situation.
Though being a general answer, I’ll accept the Realtor’s comment over the attorney’s, primarily because, being an expert in this field, the agent has no need to make any assumptions about the inner workings of a short sale transaction, furthermore this Realtor has two years my senior in this particular area of real estate. As a side note: short sales have always been around, however in the last five years by no accident, have become the latest thing. The first two of these five years I merely dodged short sales and passed them off to a Realtor much like the one at this community event. At any rate, I will be on the lookout for those loving lenders who allow a short sale/loan modification to happen simultaneously, because currently, Chase and Wells Fargo aren’t in that club. I have one deal going where the client has been urging the loan modders to close her file, while in the meantime, I’ve been working to get things going with Chase, however, the bank insists the borrower generates a written statement to declare the loan modification process is over with, in order to move forward with any short sale procedures.
When there’s a sale date on someone’s house, seeking advice from the right professional is key. If someone is seeking legal advice, they must ask specifically for an attorney. If tax advice is needed, talking directly to a CPA would be wise. Finally if there’s a need to know as to which steps to take in short selling a home: Ask a Realtor.

Loans for Fixer-Uppers

Mon, 28 Jan 2013 22:42:55 -0800

Loans for Fixer-Uppers:

A government financing program covers both purchase and renovation costs for single-family houses and multifamilies up to four units.

Local storm info & tips for community

Thu, 29 Nov 2012 10:51:40 -0800

Dear Community:

In light of the upcoming storms, we wanted to provide you with information and tips from various agencies:

National Weather Service:
• For storm information visit http://www.weather.gov

Sand Bags:
Sandbag sites listed below are managed by the Santa Clara Valley Water District and are open from late November through April each season.
• Santa Clara Valley Water District Warehouse is located at 5905
Winfield Blvd. San Jose, CA.
• For more information and locations call (888)439-6624 or visit
www.valleywater.org/services/sandbagsites.aspx

Flood Warnings:
• For flood warnings please visit
www.scvwd.dst.ca.us/emergencyupdates.aspx
• Residents who spot downed trees or other creek blockages are
encouraged to report that information to the water districts watershed
hotline (408) 265-2607 ext. 2378 during business hours or use the
Access Valley Water online reporting system at www.valleywater.org

Downed Trees
• For downed trees on sidewalks or roadways, call 911 and also call
Parks and Public Works at (408)399-5770

Reporting a Downed Power Line and Safety Tips:
• If you see a downed power line, assume it is energized and keep
yourself and others away.
• Call 911 immediately to report the location of the downed line then 1-
800-743-5002, PG&E’s 24-Hour Emergency and Customer Service
Line.
• During and after a storm, please keep away from flooded areas and
downed trees, as these areas could be hiding an energized power
line.
• For more information about downed power lines please visit
www.pge.com/myhome/edusafety/naturaldisaster/stormsoutagessafety
• For information on being prepared during a power outage please visit
the Office of Emergency Services at
www.sccgov.org/sites/oes/Other%20Emergencies%20and%
20Disasters/Power%20Outages/Pages/Be-Prepared-for-a-Power-
Outage.aspx

Stay Safe and Dry!

Freddie Mac November Housing - How's It Look?

Sat, 24 Nov 2012 22:17:12 -0800

Freddie Mac released its U.S. Economic and Housing Market Outlook for November; showing what a healthy national housing market should look like taking into account recent trends, key housing indicators and the shifting demographic patterns that will define a new and realistic trajectory over the next five years. A healthy housing market should have activity below the levels recorded during the peaks of the prior decade.

Outlook Highlights. What a healthy housing market should look like:

Housing starts increasing to about 1.7 to 1.8 million dwellings per year compared with 2.1 million in 2005.
Home sales increasing to about 5 percent of the housing stock, or about 6.5 to 7.0 million homes per year, compared with sales of 7 percent of the stock in 2005.
U.S. house price appreciation rising gradually to about 3 percent per year compared to 11 percent of 2005.
Vacancy rates easing further to about 1.7 percent on for-sale homes and 8 percent for rental homes, down from peaks of about 3 percent in 2008 and 11 percent in 2009, respectively.
Serious delinquency rates nearing 2 percent, down from a peak of 9.5 percent in early 2010.
For more info:
http://freddiemac.mediaroom.com/index.php?s=12329&item=135347

Kids' Rooms: Storage Solutions for Every Age

Thu, 01 Nov 2012 23:07:11 -0700

By: http://www.houselogic.com/authors/Jan-Soults-Walker/

From babies who adore you to teens who ignore you, kids change — and so do their storage needs. Here’s how to organize kids’ rooms from cradle to college.
——————————————

Toddlers and elementary age

Look ‘em in the eye. Stow books and puzzles on a low magazine rack or shelving unit so toddlers and elementary-age children can grab a good read or brain teaser on a whim. As children grow, paint the shelf to suit changing tastes and use it for teen magazines, framed photos, and school books.

Cornering the market. Young kids love nooks, so create a cozy hideaway by arranging storage units — open shelves, a desk top, and cabinets — so they (mostly) enclose one corner of your kid’s room. Bookshelves and kids’ desks range from $50 to $200.

Stock up with plenty of games, books, toys, and crafts supplies. Paint cabinet doors with blackboard paint to add an eye-level creative opportunity.

Corral the bling. Little girls often possess a cartload of hair ribbons, barrettes, and bows. Look for special organizers that keep them on display, orderly, and within easy reach. One option: Sort items into the pockets of a clear vinyl shoe holder ($10) that fits on the back of the door.

Tweens, teens, and beyond

A magnetic personality. A bulletin board is a great way for your tween or teen to organize and display all those photos of friends and Fido. Or, coat a vertical surface (such as a closet door) with magnetizing primer ($25/quart) and paint over the primer with a hip color. Use assorted magnets and magnetic clips and holders to display artwork, sports schedules, and homework reminders.

Making a (book)case. A bookcase headboard ($100-$200) is a grown-up way for your teen or college student to keep reading materials organized and the tablet reader handy. Platform storage beneath the bed provides room for drawers or cubbies that can hold baskets and bins for corralling small stuff.

Explore the shallows. Commandeer space between wall studs and create a shallow storage niche outfitted with hooks, shelves, or rods for organizing jewelry and other smallish gear. Add a mirrored door to keep clutter out of sight.

Lofty ambitions. For a small bedroom, a loft-style bed offers a fun spot for snoozing and space below for bookcase storage, a futon, or a study desk. Loft beds for kids’ rooms start at $150 and range to $3,000 or more.

Keep rolling. Give your tween or teen a rolling caddy ($25-$80) for storing personal bath supplies, jewelry, cosmetics, and hair gear. The caddy stores in the bedroom and rolls to a nearby bath and back.

Real Estate Beauty & Real Estate Beast Podcast

Tue, 30 Oct 2012 17:34:44 -0700

Real Estate Beauty & Real Estate Beast Podcast:

The real estate market is still on the uprise, however there’s a catch for buyers. For sellers it’s another story, but don’t wait too long to sell, because…

Survey: Younger generation not fazed by housing crisis | Inman News

Tue, 23 Oct 2012 23:09:33 -0700

Survey: Younger generation not fazed by housing crisis | Inman News:

Generation X’ers & Y’ers, we’re still in it. That American dream…

http://cbsfbaymarketwatch.wordpress.com/

Wed, 05 Sep 2012 16:22:46 -0700

http://cbsfbaymarketwatch.wordpress.com/

Here’s the flyer for our open house this saturday from...

Thu, 14 Jun 2012 22:49:44 -0700

Here’s the flyer for our open house this saturday from 1:30 to 4:30pm. Desirable area, beautifully remodeled and extended. Free Ipad to working with us or recommending a closing buyer.

Open House in West San Jose! We're Hosting!

Thu, 14 Jun 2012 22:44:00 -0700

Open House in West San Jose! We're Hosting!:

We’ll be hosting this open home in West San Jose this Saturday. Come see us. As always free Ipad for he or she who recommends or submits a closing offer!
Here’s the insider info link for this property…

The Ibarra Group: Reality Check

Mon, 21 May 2012 16:58:00 -0700

The Ibarra Group: Reality Check:

BofA Short Sale Relocation Assistance

Sat, 19 May 2012 21:55:36 -0700

Short Sale Relocation Assistance Program:
Your clients could receive
$2,500 to $30,000 in relocation assistance

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!
That’s why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.
Don’t miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today at agent.equator.com.
Determining your clients’ eligibility is easy:
Once you initiate the short sale we’ll evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.
The homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program. Specific investor participation and eligibility criteria do apply to these programs.

Have an active preapproved price short sale? Don’t worry.
Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.
Frequently Asked Questions:
Q: How can I find out if my client qualifies for this limited time offer?
A: Call a Bank of America short sale specialist.

Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly by initiating the short sale at agent.equator.com. This is a limited-time offer that your clients won’t want to miss out on.

Q: If a short sale is initiated with an offer, will it qualify for this relocation assistance?
A: No. This relocation assistance is only available on preapproved price short sale programs. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner incentive.

Q: Is the enhanced relocation assistance available for other programs?
A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.

*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

Privacy and Security
Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secure and how you can help protect yourself.

Bank of America Short Sale
8th Floor, 101 S. Tryon St.
Charlotte, NC 28255-0001

This email was sent to: MALENA.REALTOR@SBCGLOBAL.NET

THE IBARRA GROUP
Malena & Alex
408-661-0661

http://cbsfbaymarketwatch.wordpress.com/

Tue, 08 May 2012 22:35:22 -0700

http://cbsfbaymarketwatch.wordpress.com/:

Here’s a very thorough market update by our boss, Rick Turley. This is one of our sources for our podcasts.

Last Day In Nicaragua

Tue, 01 May 2012 04:23:41 -0700

Last Day In Nicaragua:

This is the last day here on mission in Cristo Rey, Nicaragua. mytimetobuild.org had a chance to commence the building of 5 homes. 4 of which are almost completed, however due to water shortages and the lack of availability of the preferred brick material, the goal to finish before leaving, hasn’t been met. The folks here will keep building, and with hopes will soon show us the final result. Thanks to all who have supported this cause. We’ll be back next year with a team of 10 able bodied and willing volunteers to build 5 more homes

How to vet an investment property

Thu, 05 Apr 2012 18:00:38 -0700

Lower home prices & mortgage rates has many considering real estate investments. I’m here to answer your questions. http://www.mercurynews.com/real-estate/ci_20038865?source=rss

The House a Storm Built

Tue, 03 Apr 2012 18:00:57 -0700

When violent winds knocked down trees and damaged their home, a Minnesota couple seized the opportunity to start over. http://online.wsj.com/article/SB10001424052970204652904577195373233112812.html?mod=rss_Buying_and_Selling

For some great updates and truth to what’s going on with...

Fri, 30 Mar 2012 00:15:43 -0700

For some great updates and truth to what’s going on with the Bay Area’s real estate market, watch our first edition to our podcast series. We wrote the script and practically read it word for word: that’s bad we know, but we’ll get better at it. Hope it’s as informative to you watching as it was for us researching. Cheers!

Pending home sales near a two-year high, boosting views on housing market

Thu, 29 Mar 2012 18:00:36 -0700

The number of Americans who signed contracts to buy homes rose in Jan. to highest level in nearly 2 years! http://www.mercurynews.com/business/ci_20055555?source=rss

Homefix: New insulation saves money, but energy prices are rising

Tue, 27 Mar 2012 18:00:00 -0700

Yes, you are consuming less electrical energy now, but the cost of the electric energy has increased since last year. http://www.mercurynews.com/real-estate/ci_20107937/homefix-new-insulation-saves-money-but-energy-prices?source=rss

Affiliation with Time To Build International

Tue, 27 Mar 2012 05:58:02 -0700

Affiliation with Time To Build International:

The Ibarra Group is honored to be affiliated with Time To Build International as members of the Board of Directors. The mission of this non-profit is “to provide [destitute] families living in cardboard shacks throughout Latin America with suitable, safe and well-constructed brick homes.” Please follow-up on Twitter, Facebook, and YouTube for details as we will be traveling to Nicaragua with the founders TBI to assist in its first major project of building homes for some very unfortunate families, facing the worst of hardships. Visit TBI’s website to view the stories of these families who will benefit from this worthy cause. If you are inspired as we were, please consider giving to further expand the cause. Blessings!