It is an absolute misfortune and heartache when Ventura County homeowners are faced with very few options to save their home from foreclosure.  One of the most common options to avoid foreclosure on your home is to short sale your property.  However, some homeowners who are in distress hesitate to short sale their home due to the dreaded cost associated with a sale of a home. What most homeowners are unaware of is that short selling their home will most likely cost them NOTHING.

In a majority of cases, once the lender approves the short sale, the lender will also agree to pay for the cost associated with the sale of your home.  As a part of your short sale approval your lender will agree to pay for your Realtor fees, escrow fees, and title fees.

Nevertheless it is very important to realize that in real estate and especially in short sale situations all transactions are unique and the final outcome depends on the situation of the home seller.

For those home sellers who have a second mortgage, unpaid homeowners associations, or mortgage insurance, their lender may ask for the home seller or even the home buyer to contribute towards paying off these debts.

No matter what the outcome of short selling your home may be, it is important for you to know that you will not be collecting any proceeds from the sale of your home through a short sale.

If you have any further questions about short selling your Ventura County home or if you need assistance with short selling your Ventura County home please feel free to contact me, Mana Tulberg: 805-443-8898.

“Could someone please give me a good explanation for the low housing inventory?”

Recently I posted the above question on both Facebook and Twitter.  The responses I received were varied and insightful.  I was informed that the low housing inventory is not exclusive to just Ventura County, rather the whole country is experiencing this frustrating situation.  The scarce selection of homes has left many Realtors and their clients disappointed.  This has generated an aggressive housing market.

Some of the home buyers in Ventura County have lost the excitement of home shopping.  The low inventory of homes in every city of our county has caused a bidding war on many properties.  Homes that are priced well receive multiple offers within the first couple of days of being on the market.  In my recent experience, many of these homes sell 3-5% over the asking price.  Cash buyers, and home buyers with 10-20% downpayment, have a strong advantage of being much more likely to have have their offers accepted.  This leaves FHA home buyers probing and watching the housing market more vigorously, but that is another post by itself.

Back to the question at hand: What is the reason for the low housing inventory in Ventura County?

The majority of the responses that I received agreed that, no matter the market condition, the inventory of homes normally declines during the holiday seasons.  Starting in October, both home sellers and  home buyers tend to pause their home selling or home buying activities.  However, I believe there are more explanations for the decrease in Ventura County’s housing inventory than just the normal seasonal slow down.  The rapidly increasing rate of unemployment and the compelling rise in shadow inventory of foreclosed homes may provide a better explanation for the low housing inventory in Ventura County and the rest of the country.

Teresa Boardman, an amazing photographer and Realtor from Saint Paul Minnesota, brought up a great point during our Facebook discussion.  Teresa and I both know some homeowners who refuse to place their home on the market in order to purchase a newer or larger home due to job insecurity.  The current economy and the rise in unemployment has left many homeowners cautious and uncertain about their future.  A newer or larger home usually means a larger mortgage and an increase in property taxes.

Another great colleague of mine, Irina Netchaev of Pasadena CA, pointed out the so called, “shadow inventory” of properties.  These properties are homes that have been taken back by the lender or homes where the home owner is 90 days behind on the mortgage.  According to a report published in September 2009 by First American CoreLogic 1.7 million homes are currently in shadow inventory across the US.  The overwhelming number of foreclosures have delayed the lenders in processing these homes for sale therefore delaying the entry of these foreclosed homes into the local markets.  It is unclear when and how the lenders will unleash their inventory of foreclosed homes.  However, there are some that argue lenders are holding on to their foreclosure inventory until the housing market stabilizes.

I am very interested to read your intake on this matter so please feel free to leave your thoughts and opinion in the comment area provided for you below.

According to a report by the California Association of Realtors (CAR) both Fannie Mae and Freddie Mac will delay foreclosure evictions in Ventura County and the rest of the country between December 19, 2009-January 3, 2010 .  The purpose behind the temporary eviction halt by the two lending institutes is to assist struggling families during the holiday season.

Ventura County homes occupied by their owners and tenant occupied homes in foreclosure by Fannie Mae and Freddie Mac will not be disturbed during the time frame stated above.

While some may cynically view this as a Public Relations campaign or Political posturing by these two mortgage giants, for the families that it will benefit, it is a small Christmas miracle. Everybody can appreciate some relief at the end of this very tough year.

For the past few years I have used social media as a tool to build, enhance, and promote my real estate business.  Like any other new adventure in my business, social media had a slow but tangible impact.  These days I not only use social media as a tool to grow my business, but also as an instrument to expand my networking all over the country and especially right here in our own Ventura County.

In an article by Lisa McKinnon of the Ventura County Star titled “Local businesses put social networks to work” the power and influence of social networking in real estate and other industries in Ventura County has been well defined. You can read the whole article on the VCStar.

I have met, worked with and often befriend many great people using my online connections. My business has flourished and continues to grow as I use the social media tools in ways that are beneficial to my real estate business and my clients.

While looking to purchase a home in Ventura County you might have come across the term Mello-Roos.  What is a Mello-Roos and why do only some neighborhoods demand this extra fee?

In Ventura County there are a few communities where the home owners are bound to a Mello-Roos.  A Mello-Roos community refers to a neighborhood where a special property tax, in addition to the normal Ventura County property tax, is imposed on the home owners.  This extra tax assessment is a means for the community to repay the bond that was used to fund the infrastructure within that community.

What is the Mello-Roos amount?

The amount differs from one community to another.  Unlike your annual property taxes, Mello-Roos can not be based on the value of your property.  There is a special mathematical equation that calculates this tax amount which is based on the square footage of the property, lot size, and the use of the property.  However, the normal property taxes in Ventura County plus the additional Mello-Roos should not exceed 2%-2.5% of the home’s market value.

When is the Mello-Roos Due?

The Mello-Roos tax is collected usually annually or semi-annually. You can choose to combine this tax assessment with your normal property tax payment at the close of your escrow.

How long does Mello-Roos last?

The time frame for Mello-Ross varies from community to community.  The Mello-Roos tax will stay in effect until both principal and interest are paid on the bond.  However the tax period should not exceed 40 years from the original built date.

What is the benefit of living in a community with Mello-Roos?

Communities with Mello-Roos offer newer schools, parks, and recreation centers which are very important to some home buyers.  Due to community and property amenities the homes in these neighborhoods are usually very popular amongst home buyers.

Ultimately every home buyer needs to consider that the cost of living maybe increased due to this extra tax.  Also by purchasing a home with a Mello-Roos you are limiting the number of potential home buyers you might attract once you consider to resell your home. However, the final purchase decision is yours and only yours.

Twitter, Facebook, Weblogs, are just a few of the well known forms of social media.  The interaction, marketing, and business opportunities offered by new social media networks are, unfortunately, still a mystery to most people.  My experience in social media first began as a blogger, hence the design and creation of Ventura County Real Estate Talk.  Today I’m involved in many different social media networks and I’m here to tell you why.

As a Blogger:

A week ago my blog, Ventura County Real Estate Talk, displayed strange fonts and paragraph spacing.  As a novice programmer I began hacking into my blog theme.  The problem was beyond my capabilities.  I posted a 140 character help message on Twitter and within few minutes I had several answers.  Latter on that same day, Dave Smith (@DaveInTucson) helped me over the phone and fixed the problem.  I’m forever in your debt Dave.

As a Pet Owner:

In the past few days our little Welsh Corgi was acting peculiar.  Her smiling face looked sad, she was sleeping for most of the day, and her appetite had disappeared.  I mentioned this issue on both Twitter and Facebook and once more within a matter of seconds I had an answer.  A Ventura County fellow social media friend, Jesse Luna (@jesseLuna) on Twitter put me in touch with an animal specialist, Bridget Pilloud (@petsaretalking) from Portland, OR.  My friends on Facebook and Bridget all had some very wise and insightful suggestions to help our dog feel better.  Today, our dog is feeling much better and is back to being herself again.  Thank you all for your help.

As a Realtor:

It is unfortunate when you see a friend, client, or a family member move away to a different location.  To make sure the people close to me are in good hands, I use my social media networks to find a suitable and experienced Realtor in their new area.  I have put a few friends in touch with some amazing Realtors in different parts of the country.  At the same time, I have had the opportunity to assist a few home buyers in Ventura County who were referred to me by other networking agents from different locations in the U.S.

My involvement in social media networks has also been beneficial for my home sellers.   With my home sellers’ permission I advertise their home on different networks and my blog.  Most of my home sellers were able to sell their home through a contact I receive from my online presence.  You may already know this; most home buyers do search online for their new home.

I love my job and I enjoy spreading my wings through the use of social media networking.  I take delight in knowing I have established many life long bonds with people from all over the world.  Every now and then when I have the opportunity to meet these incredible online friends face-to-face, the bonds grow deeper because there is nothing that can replace direct human interaction.

If you have been shopping for a home in Ventura County you may probably know how hard and exasperating it has been to purchase a bank-owned home. Below is a fun video that demonstrates many buyers frustration with the current real estate market. Enjoy:

There is no doubt that the $8000 first time homebuyers’ tax credit has helped many all over the US fulfill their dream of homeownership.  According to the California Association of Realtors, in August of 2009 home sales increased by 9% in California compared to the same period of time last year.   Although it is hard to attribute the increase in the sold number of homes solely to the first time homebuyers’ tax credit, it is fair to assume that the $8000 tax credit had a huge impact on the Real Estate market.  Nevertheless, I truly believe that pumping money into an economy that is experiencing a monthly increase in unemployment is merely a band-aid.

In Ventura County, like the rest of the country, the idea of receiving $8000 from the Federal Government was widely received and many homebuyers outbid each other in order to secure a home and the subsequent tax credit.

2009 is not over yet, having said that, a few days ago as I was searching the Ventura County Regional Data Share for new listings I noticed a few of the 2009 purchased homes back on the market for sale and listed as Short Sales, amazing I know!!!

Unlike the early 2000s, the mortgage guidelines are so strict now that we can hardly blame the mortgage industry for the loss of these homeowners’ kingdoms.   One can only assume that the owners of these newly short sale homes lost the means to pay their monthly mortgage.   And we are back again to the unemployment issue.

Although many trust that the benefits of the $8000 tax credit by far outweigh its negative impact, I tend to view the benefits as only a small part of the solution.  Without jobs, no matter how many tax credits are issued to the American people, mortgages will still default and the real estate market will continue to fall.

I look forward to hearing what you have to say with regard to the first time homebuyers’ tax credit.

In my career as a Ventura County Realtor I have yet to sell a house where during a home inspection there were no physical issues founded with the property.  A home is likely to be the largest purchase we make in our lifetime.  Even the newly constructed homes have their little imperfections.  We all know that even the smallest defect can become a large problem over time.  A professional inspection of your future home will ensure fewer surprises in the future.

It is not mandatory for a home buyer in Ventura County to perform a home inspection.  However, a physical inspection of your future Ventura County home is one of the most logical decisions you will make during your home buying process.  In the California Residential Purchase Contract the home seller agrees to disclose to the home buyer any known material facts that may affect the condition or value of the property.  Since, the seller may not be aware of every defect, it is highly recommended that the home buyer performs a home inspection.

In the state of California anyone can perform a home inspection.  In our state, no home inspection licensing is required.  But why would you give the inspecting job of your most valuable asset to just anyone?

Your Realtor may make some recommendation as to which Ventura County home inspector to choose, but the ultimate decision is made buy you, the home buyer.  Below are a few qualities you may want to consider when choosing a home inspector:

• A business license.
• At least general liability insurance and an errors and omissions insurance.
• Membership in a home inspection trade association.
• Their experience.

I recommend to all my home buyers to attend their home inspection.  Although, the inspector will give you a full copy of the inspection report to study later, it is better for the home buyer to be present during the inspection and listen to what the inspector has to say about his/her findings.  This way you also get to know your future home a lot better.

Although I usually refrain from direct recommendations, I have had such excellent results from one local company in particular that I will provide a link, InspectPros.

If you need any help finding a home in Ventura County please feel free to contact me, Mana Tulberg: (805) 443-8898.

Ventura County’s real estate market in the first 6 months of 2009 has surprised a few speculators, Realtors, and even home buyers and home sellers.  In an economy where many predicted a gloomier forecast for the state of California, the housing market surprised many of these analysts.

In Ventura County the real estate market has turned once again into a Seller’s Market.  Sellers who price their homes appropriately have the opportunity to receive more than one offer in the first week of marketing their home.

The number of homes sold in the first half of 2009 in Ventura County compared to the same period of time last year has increased by 11%.  While the median price of homes sold in Ventura county for the first half of 2009 dropped 23% compared to the median price of homes sold in the same time last year, 2008.

Source: Ventura County Regional Data Share

Real estate is a very unpredictable business.  This year a few relatively new factors such as an increase in the number of bank owned homes/REOs,  and the Federal Government’s $8000 first time home buyers’ tax credit have impacted Ventura County’s real estate market.  It will be interesting to see how Ventura County’s real estate will perform in the second half of 2009. Stay tuned.