Empty Stores to be Replaced by New Retail

According to Lou Hirsh of the Press Enterprise, empty stores in the Inland Empire will soon be filled up by new retail shops.

"Slowly -- very slowly -- but steadily, new stores are arriving in the dozens of large spaces vacated a year ago by some big-chain retailers that went belly-up.

Two of the most recent examples are in Moreno Valley. Illinois-based Inland Western Real Estate Trust Inc. announced Tuesday it has leased three former Mervyn's spaces in California to Burlington Coat Factory, including one in Moreno Valley.

No opening dates were announced, but Burlington will be setting up shop at 12625 Frederick St., in the Towngate shopping center.

Not far from there, drivers passing by the empty Circuit City off Day Street may have noticed the cloth "coming soon" banner that 99 Cents Only Stores placed on the building recently. According to its Web site, 99 Cents Only plans to open in that spot in March.

In May, another empty Circuit City, at Riverside Towne Center near Galleria at Tyler, is scheduled to open as a Ross Dress For Less store.

Elsewhere in the Inland area, two former Gottschalks -- in Riverside and Hemet -- have been reborn as Forever 21. An ex-Mervyn's in Victorville, as well as a long-vacant former Macy's in San Bernardino, are also Forever 21 stores. Some locations of the defunct Wickes and Linens 'n Things have been replaced by new sellers of groceries and furniture.

Experts note that all of these new tenants are getting good deals from anxious landlords looking to get their properties out of empty status, as Inland commercial vacancies continue to rise."

Click here to read more from the Press Enterprise.

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Inland Empire New Year's Eve Events!

According to the Inland Empire Weekly, here are the New Year's Eve Parties to ring in 2010!




LMFAO


It’ll be more like D(ancing)MFAO, but we can’t think of a better way to spike your partying than with some neon-colored, electro-hop delight.


Silk, The Club at Pechanga Resort and Casino, 45000 Pechanga Pkwy., Temecula, (877) 711-2946; www.silkthenightclub.com. 9PM.




A TRIBUTE TO MICHAEL JACKSON


Ah, the Gloved One—you are missed sorely. Except by Bubbles.


California Theatre of the Performing Arts, 562 W. 4th St., San Bernardino, (909) 885-5152; www.californiatheatre.net. 10PM.




KISS NOW IT’S MIDNIGHT SOMEWHERE


Billed as a “gay New Year’s Eve event for men and women,” this party features a same-sex dance performance, a decadent midnight snack—and a ride home!


Commissary, 69620 Hwy. 111, Rancho Mirage, (760) 202-0524, (800) 838-3006; www.themoxiestudios.com/2010. 8PM-4AM. $75 ($20 afterparty).




WEEPER’S FRIENDS THIRD ANNUAL NEW YEAR’S EVE GALA


There’s a Luther Vandross tribute on the bill—now that’s the power of love! Plus you can’t beat the Mission Inn for that historical classiness.


Mission Inn Hotel & Spa, 3649 Mission Inn Ave., Riverside, (909) 697-9565; www.weepersfriends.org. Reception 7PM. $100-250.




THE BRITISH INVASION


Tribute bands galore, such as The Rolling Stones, the Beatles—bands your parents keep talking about.


Fantasy Springs Resort Casino, 84245 Indio Springs Pkwy., Indio, (760) 342-5000; www.fantasyspringsresort.com. 10PM.




WILD CHILD


Speaking of tribute bands, here’s one for Jim Morrison and Co., otherwise known as The Doors.


Temecula Creek Inn, 44501 Rainbow Canyon Rd., Temecula, (866) 860-5152; www.goldencrownproductions.com, www.temeculacreekinn.com. $79-$109.




PARTY AT LIAM’S


We’ve got three words for you: Jägerbombs all night.
Liam’s Irish Pub, 1087 S. Mt. Vernon Ave., Colton, (909) 422-9900; www.myspace.com/liamsirishpubcolton. 7PM. $5 cover.




ROCKIN’ AT ROCKIN’ BAJA


You can get your groove on and celebrate this coastal-themed eatery’s one year anniversary. Double threat.


Rockin’ Baja Coastal Cantina, 9335 Monte Vista Ave., Montclair, (909) 621-7788; www.rockinbaja.com.




THE ORIGINAL SACRIFICE


The Original Sacrifice—they say they’re the “best R&B band in town”—will be handling the live music department and DJ Rich R will be spinnin‘. Plus there’s menudo at midnight!


Stinger’s Bar & Nightclub. 194 W. Club Center Dr., San Bernardino, (909) 872-0308. www.stingersbarandnightclub.com. Doors open 8PM. Presale $15 (single), $25 (couple).




BUMP TOWN


Enjoy the smooth Top 40 of Bump Town here at San Man’s Tukut Lounge.


San Manuel Indian Bingo and Casino, 777 San Manuel Blvd., Highland, (800) 359-2464; www.sanmanuel.com. 9PM-1:30AM.




MONTGOMERY GENTRY


Twang of a platinum variety is what Montgomery Gentry’s bringing to the table here at The Show.


The Show, Agua Caliente Casino Resort Spa, 32-250 Bob Hope Dr., Rancho Mirage, (888) 999-1995; www.hotwatercasino.com. $75-$150. 11PM.




KILLARNEY’S


A cool dance mix, shrimp cocktails and dinner offerings that’ll make you slap the drama outta your mama! Actually, we mean corned beef and cabbage.


Killarney’s Restaurant & Irish Pub, 3639 Riverside Plaza Dr. #532, Riverside, (951) 682-2933; www.killarneys.com. $39.99 (dinner), $10 cover.




SPONTANEOUS BAND


Jazz sweetness for the mature crowd.


The Jazz Café, 1133 W. Sixth St., Ontario, (909) 391-9119; www.thejazzcafe.org.




LAKE ALICE TRADING CO.


A big bash featuring the classic rockers in Trainwreck.


Lake Alice Trading Co., 3616 University Ave., Riverside, (951) 686-7343; www.lakealicetradingco.com. $20 cover.




AN EVENING WITH CRAIG SHOEMAKER


How about some yucks prompted by Craig Shoemaker to usher in that ol‘ ’10?


Ontario Improv, 4555 Mills Circle, Ontario, (909) 484-5411; www.improv.com.




THE GOURMET DETECTIVE MURDER MYSTERY DINNER SHOW


A little homicide—and great grub if that’s what grabs ya.


The Gourmet Detective at the Avila Terrace Theatre, 3663 Main St., Riverside, ((866) 992-5424; www.gourmetdetective.com, www.avilaterrace.com. 9PM. $95.




DECADENT NEW YEAR’S BASH


In da club—that’s where you want to be. There’s silver, gold and platinum packages to choose from and each will help you party like a club star.


Club Sevilla, 3252 Mission Inn Ave., Riverside (951) 778-0611; www.sevillanightclub.com. 8PM.




NEW YEAR’S EVE 2010


Reserve your table and hook up with the $2 “U Call Its” from 9-10 p.m.


Godfathers Night Club, 12570 Central Ave., Chino, (909) 627-8080; www.myspace.com/godfathersnightclub.




PAPPY’S ALL STARS


No cover, a party all night long and unsigned, indie acts that are too cool for your butt.


Pappy & Harriet’s Pioneertown Palace, 53688 Pioneertown Rd., Pioneertown, (760) 365-5956; www.pappyandharriets.com.




THE NEW YEAR’S EVE PARTY TO REMEMBER


Enjoy your champagne toast here and while you’re at it, why not order up that prime rib dinner you’ve been hankerin‘ for. And you can start your partying earlier.


Brandin’ Iron Restaurant Saloon & Dance Hall, 320 S. “E” St., San Bernardino, (909) 888-7388, www.brandingironsaloon.com. Doors open 5PM. $20.




DJ RICHARD BLADE


If you love ’80s icons—and we know you do—this bash will induce New Wave fashion crimes because of this world famous radio personality.


Romano’s Concert Lounge, 5225 Canyon Crest Dr., Riverside, www.myspace.com/romanosrestaurants. 9PM.




ANGELS ROADHOUSE


The admission is free, so is the champagne toast and the live music by Judge Jackson should prove awesome enough to pack any courthouse.


Angels Roadhouse, 32464 Dunlap Blvd., Yucaipa, (909) 795-0665; www.myspace.com/angelsroadhouse.




dba256 GALLERY WINE BAR LOUNGE


Some vino is good for the soul—and so is celebrating at this arts-minded destination.


dba256 Gallery Wine Bar Lounge, 256 S. Main St., Pomona, (909) 623-7600; www.dba256.com. 8PM.

-
~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Ice Skating in Riverside

Here is my new video of Ice Skating in Riverside, California - Festival of Lights hosted by the Mission Inn and the City of Riverside. An temporary ice skating rink was installed on Main Street in downtown (formerly known as the Pedestrian Mall). Everyone looked like they were having a great time. Skaters of all ages packed the ice rink Sunday evening to experience nostalgic winter fun before it ends on January 3rd. There is only one week left, so if you'd like to have some wholesome winter family fun, head to downtown Riverside.

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Banks Take Losses on Short Sales as Foreclosures Soar

Banks are beginning to go along with short sales in increasing numbers, three years into a U.S. housing slump that pushed the economy into a recession and cut resale values by 30 percentdata from the Office of Thrift Supervision and the Office of the Comptroller of the Currency. from the peak in July 2006. Short sales almost tripled to 40,000 in the first six months of 2009 from the same period a year earlier. Yet for each short sale, there were 25 foreclosures started or completed in the first half of this year, according to

“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”

Obama Pressure

Wells Fargo, Bank of America Corp. and JPMorgan Chase & Co. this year have hired and trained more staff, developed software systems for expediting short sales, and increased marketing of short sales to delinquent borrowers.

Banks are increasing such sales under pressure from the Obama administration and lawmakers who criticized them for favoring foreclosures and delaying short sales, Green said. Lenders and loan servicers also stand to receive up to $2,000 in incentives to close short sales under a Treasury Department plan unveiled Nov. 30.

“Judging by how slowly the modification plan is up and running, it doesn’t lend confidence this is going to jump start things,” Mark Zandi, chief economist with Moody’s Economy.com, said in a phone interview. “They’re saying the right things, but nothing so far suggests it’s going to work in a measurable way.”

The increase in banks agreeing to take losses on mortgages is helping some home buyers and real estate brokers.

Bankers also have been slow to sign off on short sales because homeowner associations, mortgage insurers and second- lien holders may not agree to the terms of the deal, said Michael Frantantoni, vice president of single family research at the Mortgage Bankers Association.

“The single biggest problem was the lack of a vehicle or mechanism at most banks to handle short sales,” said Walter Molony, a National Association of Realtors spokesman. “You could say they were shortsighted in dealing with the problem.”

Pressure is building to approve short sales as the number of delinquent mortgages has grown to 3.2 million and an estimated 7 million foreclosures loom in the next two to three years, according to Irvine, California-based RealtyTrac Inc., which compiles and sells U.S. mortgage delinquency data.

New Treasury Department guidelines for foreclosure alternatives scheduled to take effect in April 2010 will require lenders to consider borrowers for a short sale on their primary residence 30 days after missing two consecutive payments on a modified loan or after the borrower requests a short sale.

Treasury Plan

The Treasury Department would pay up to $1,500 for a homeowner to relocate, $1,000 to loan servicing companies that accept a sale and a maximum of $1,000 to help settle a second mortgage or subordinate lien. A lender must agree to release the borrower from all liability for repayment for the mortgage, under the Treasury plan.

In July, Wells Fargo began mailing notices to delinquent borrowers advising them that short sales might be an option to avoid foreclosure.

“When we determine that a loan is not affordable for the customer -- either because a modification was denied or failed - - we obtain the value of the property, run it through our loan decision tool and then send a letter to the customer advising them of our short sale program, including the short sale price we are willing to take on the property,” Debora Blume, a spokeswoman for Wells Fargo Home Mortgage said in an e-mail.

JPMorgan doubled the number of staff trained to handle short sales after adding 5,000 people since Jan. 1 to deal with distressed mortgages, said Thomas Kelly, a spokesman for the New York-based bank’s home lending division.

Short sales benefit a neighborhood because they clear out stagnant properties that may have an adverse effect on values, said Sean Shallis, a senior real estate strategist with Weichert Realtors in Hoboken, New Jersey. Shallis has one home with bank approval for a short sale and three others waiting approval on the same street in Jersey City with views of the Manhattan skyline.

“In every case we had multiple offers from people who had plenty of money to put down,” Shallis said. “Americans are out there still buying homes and trying to move it along.”

Cutting Losses

Short sales also help the bank, because foreclosed properties lose more value when they are vacant or a homeowner vandalizes a house on the way out, Sunlin said.

“We typically expect a 10 to 15 percent decrease of loss severity with a short sale,” Sunlin said.

Losses on prime loans going through the foreclosure process averaged 49 percent versus 34 percent for a short sale as of Oct. 1, according to a Nov. 10 report by Laurie S. Goodman, senior managing director of Amherst Securities Group LP. For subprime loans, losses averaged 73 percent for a foreclosure compared with 59 percent for a short sale, Amherst reported.

“The loss severity of short sales is lower but it’s not low,” Goodman said.

For a borrower’s credit history, a short sale is typically reported as “settled” and considered as severe as a foreclosure, said Maxine Sweet, vice president of public education for Experian PLC, the world’s largest credit-reporting company. The impact of a short sale on a credit score is similar to that of a foreclosure. It may drop a credit score of 780 to 620, according to Minneapolis-based FICO Corp.

Click here to read more from Bloomberg.com.

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Bank of America Justifies Loan Modification Efforts

Bank of America Corp. (BAC) says the reason it has trailed behind other major lenders in the Obama administration’s loan modification program is that it has a much higher percentage ineligible borrowers than its competitors.

By the end of November, only 15% of the bank’s eligible borrowers had begun the trial modification process, compared to 30% for Wells Fargo & Co., 31% for JP Morgan Chase & Co., and 43% for Citigroup Inc.

Eligible borrowers are defined by the U.S. Treasury Department as those who are at least 60 days behind on their mortgage. About one million Bank of America borrowers are considered eligible, more than twice those of J.P. Morgan Chase and about three times more than Wells Fargo.

The bank’s Loss Mitigation executive, Jack Schakett, explained that only 340,000 of these borrowers are likely to meet the requirements of the government program, such as the required debt-to-income ratio of 31%.

Schakett added that since the bank had been more active in preventing foreclosure, more of its borrowers have instead remained in default or fallen further into delinquency. He said that in doing so, the bank has prevented more foreclosures than its rivals.

Only 98 of the roughly 150,000 trial modifications started by the bank have been converted into permanent terms, casting more doubt on the lender’s efforts to provide long-term mortgage assistance.

Schakett acknowledged that this may be because the bank did not press borrowers hard enough to complete the requirements, adding that they could have created a stronger sense of urgency to get them to participate. He said that the bank is making efforts to lead other servicers to make more permanent loan modifications in the future.

Click here to read more from the Washington Post.

-
~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Free Short Sale Information from an Experienced and Certified Short Sale Specialist

You've probably heard about SHORT SALES. But I'll bet you still have LOTS of questions about whether a SHORT SALE is right for you.

You're probably wondering:

What is a SHORT SALE?
Should I do a SHORT SALE?
Why would a lender agree to take a loss on real estate property?
What is a hardship?
What are the benefits of a SHORT SALE?
Is it possible to start a SHORT SALE when the borrower/homeowner is current on their mortgage payments?
Are you facing a foreclosure?
Are your mortgage payments too high?
Do you owe more than your house is worth?
Do you want to minimize damage to your credit?
Did you experience loss of income?
Will your mortgage adjusts soon and you cannot afford paying skyrocketing rate?
Do you want to sell your house but there is not enough equity?
Do you want to avoid or stop a foreclosure and get a fresh start?

Contact Tina Jan today to get ANSWERS from an EXPERIENCED SHORT SALE SPECIALIST!

-
~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Beaumont CA Short Sale, Bank Owned, Foreclosed, HUD Homes FOR SALE

Beaumont CA Short Sale - Riverside CA Short Sale - Bank Owned - Foreclosed - HUD homes California homes for sale - contact Tina Jan to be your Riverside CA, Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes Real Estate Agent.

Tina Jan will provide you with Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes CA home and property values and sell your Short Sale.

Tina Jan, An Experienced Real Estate Professional will provide you with access to Riverside CA Short Sale - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes real estate listings from the local Riverside CA - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes MLS, where you will find all active MLS listings for Riverside CA Short Sale - Beaumont CA Short Sale - Bank Owned - Foreclosed - HUD homes California Homes for sale and property listings.

Specializing in the Inland Empire, Riverside, Beaumont, Yucaipa, Corona, San Bernardino, and Moreno Valley.

SEARCH THE MLS LIKE AN AGENT! Click HERE to begin your home search.

Ask me about Listingbook and how it can help you save time and headaches. Stop chasing after properties that already have multiple offers. Stop wasting time calling to see if properties are still available. With Listingbook, a partner with our local MLS, you can see if properties already have offers! Email me at tina.jan@coldwellbanker.com or send me a Tweet at http://twitter.com/tinajan

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Dog Tired at Work

I brought my dog to work on Friday. Looks like she got tuckered out. I think she has a knack for picking the worst possible spot for a nap. Still... I didn't really want to disturb her.

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

PhotoBlog Future

I know I've mentioned this a few times before. But I really will try to make this blog more photo-friendly. I'm going to do my best to take a picture every week that I will post on here. I always see drive around the Inland Empire and I see gorgeous photo opportunities, but never think to pull out my camera (which I always carry around with me)!

~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Short Sale Beaumont, California

Beautiful LARGE North Sundance Community Home. Upstairs laundry. Open kitchen with tons of cabinets. Plantation shutters. Central Vacuum. High ceilings. Upgraded kitchen counters. Fully landscaped front and back yards. Bank only wants $247,000 for this 3246 sqft home! That's $76/sqft!

Click here for more info: http://www.postlets.com/res/3147294

Buyer has backed out, so I need offers! Agents bring your buyers. The bank has said they will take $247,000!!! Only ONE loan!

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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Short Sales in Riverside County and San Bernardino County

Riverside County and San Bernardino County Short Sale Experts are Here to Help!

Are You Facing a Foreclosure on Your Home?

Are You Having a Difficult Time Paying Your Mortgage?

Do You Owe More on Your Home than it is Worth?

Do You Want to Minimize the Damage Done to Your Credit?

Have You Suffered a Loss of Income?

Do You Want to Sell Your House But Are Lacking Equity?

We understand your situation, and have helped hundreds of people just like you. We can help. If you answered yes to any of the above questions, don't delay, contact us today. The sooner you do, the sooner we can help you take control of your financial situation.

Short Sale, also called "Short Pay", is a process by which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party, usually at no cost to the borrower.

Most of short sale services are TOTALLY FREE OF CHARGE. Our short sale specialists may help you prevent the downgrading of your credit scores while providing you A FRESH START.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Short Sale Property Needs OFFER!

I have a listing in Beaumont that is 4 bedrooms and asking $247,000. The house is huge and gorgeous. I have no offers and I need an offer to be able to postpone the trustee's sale. I had it listed in August 2009, but the sellers stalled for 4 months and didn't accept any of the original offers, and now it is back on the market again.



Click here for more details!

Sorry about the gigantic pic. I'm in a hurry and can't resize it right now. But I'll resize it when I get back. I resized it to better fit the frames.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Blogging Used to Make Me Happy, What's Changed?

The reason I got into blogging was because I had such a hard time falling asleep at night. My brain would be going full blast, thinking and pondering and replaying the day's events. I kept a written journal, where I could document all my thoughts and help me convert my feelings and thoughts into understandable sentences. Before the blogosphere came into place, I had my own website set up, and each day I would archive my previous post before writing my new one. When blogs came about, I was more than happy to jump on the bandwagon. I have been blogging steadily since 2004. In a world where family and friends can live so far apart, it's easy to see how blogging allows a thread of connection to exist. Blogging allowed me to speak my mind, share my thoughts with distant friends, calm my active mind, so that I could rest for the night. I feel that I've let blogging go by the wayside, seeing as I only blog once a month now. I should get back into it, I need an outlet for my overflowing thoughts. It's 2am. I should go to bed. We have morning meetings every Wednesday, and unfortunately, I am a grumpy morning person. Although I'm sure if I went to bed at 9pm instead of 3am, I'd be bright-eyed and bushy-tailed too.

Blogged with the Flock Browser

Sluggish Short Sales

My goodness has it really been since July 13th since my last post? I've been mostly focused on the whole short sale madness that is rampant in the Inland Empire. Short sales are hard work and require very attentive and yet VERY patient buyers and sellers. More often than not, buyers can't wait the 4+ months it takes to close these deals. I can't blame them, it's like hiking a very long journey without a map. At the same time, when they back out of the deal, they are missing out on a beautiful home at a very affordable price.

There are so many people who are struggling with their mortgage payments right now. Likewise, there are many buyers who want a beautiful home at an affordable price. If they can be matched up, both issues can be solved. That's pretty much what I do on a daily basis.

If you know anyone in either of these situations, tell them to visit my website for more information. Or if they have questions, tell them to call me. I'd be happy to help them.

Have a beautiful autumn day!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Updated Traffic Details - Inland Empire

My new favorite site is www.pe.com/traffic for the easy to use SigAlert traffic map.  For some reason, most traffic sites don't really cover the Inland Empire region.  So I'm happy that there is FINALLY a dedicated site for the SigAlert information for the area that I'm always in.

Blogged with the Flock Browser

Real Estate News for July 2009

According to Data Quick News, Southern California median sales price increases for the first time since 2007.  Foreclosure resales accounted for more than 50% of all SoCal resales.  The sharp declines in median sales price over the past year were due to above-average number of sales occuring in the Inland Empire.  At the lower end of the price spectrum, first-time buyers continue to rely heavily on goverment-insured FHA financing.  38.4 percent of all Southland home purchases last month were FHA financed.  In the Inland Empire, more than half of all home purchases in May were financed with FHA loans.  The typical monthly mortgage payment that SoCal buyers committed themselves to paying was $1,052 last month, which is down from $1,782 a year ago.  Foreclosure activity remains near record levels, while financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages.  Click here to read more from DQNews.com.

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Back to Work

Things have been busy lately.  This is a good thing.  I'd rather be busy than twiddling my thumbs doing nothing.  Today after work in Beaumont, I had to take a long drive west to Los Angeles and Malibu.  The apartments and homes along PCH are absolutely gorgeous and crazy expensive.  The views are stunning and well worth the price tag.  Well, better get some sleep.  My eyes are starting to twitch, which means that I'm either tired or finally going street-rat-crazy.

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OUT OF THE OFFICE

I'm going to be out of the office for the next 4 days.  I will still answer my phones and I will have my computer with me.  Just going up to Norcal for the weekend.  I will be back on Monday though.  It's Murphy's Law, that things will get busy the minute you get ready to leave for vacation.  I'm a stressed-out-wreck at the moment.  My stomach has been churning for the last 2 days.  Ugh. 

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Loan Modifications - What Do I Need To Get Started?

Home Affordable Modification Program

Am I eligible for the Home Affordable Modification Program?

• Loans originated on or before January 1, 2009.
• First-lien loans on owner-occupied properties
• Unpaid principal balance up to $729,750.  Higher limits are allowed for multi-unit properties. 
  
  • 2 units- $934.200
  • 3 units- $1,129,250
  • 4 units- $1,403,400
• Delinquency is not a requirement for eligibility.
• Loans can only be modified one time under this program.

How do I get started?

If you meet the above eligibility requirements, mail the following documentation to your lenders.

• Completed and signed IRS 4506-T form.
• The two most recent pay stubs for each wage earner on the Note
• The most recent tax returns for each customer on the Note
• A signed affidavit of financial hardship.

  Please gather the following information and have this ready when you speak to a Loan Counselor.

  • Income (monthly gross and take home pay).
  • Checking and Savings Account balances
  • Other assests (boat, cars, personal property)
  • Expenses (monthly household expenses)
  • Other Expenses (auto loans, credit card payments, etc.)

  Important Links
  http://makinghomeaffordable.gov/
  http://www.treas.gov/initiatives/eesa/
  http://www.financialstability.gov/

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Freddie Mac or Fannie Mae Loan Check?

Are you wondering if your loan is owned by Freddie Mac or Fannie Mae?  You can check your loan by contacting these numbers and websites.


For Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
Does Fannie Mae Own Your Mortgage
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
Freddie Mac - Avoiding Foreclosure
http://www.freddiemac.com/avoidforeclosure/

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Are You Eligible for a Loan Modification or Refinance? Go to MakingHomeAffordable.gov

Like many people, you may have been wondering if you are eligible for a loan modification or refinance.  The website, http://makinghomeaffordable.gov, can help you figure out your eligibility.  There is a self-assessment tool on the website that can calculate your ability to get a modification or refinance.  Many of the banks have similar assessment tools for calculating your eligibility when you call them about loan mods or a refi.  Go to http://makinghomeaffordable.gov, the help is FREE.  Beware of foreclosure rescue scams that ask you for an upfront cost.  Staying informed is the best way to save your money.  Feel free to contact me if you have any questions about your home.

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Coldwell Banker Kivett-Teeters in the NEWS

Okay, well not technically.  But our real estate signs showed up twice in the Press Enterprise Business front page.

And here's the other picture.


And both of these photos were taken by Rodrigo Pena of The Press-Enterprise.  Click here to read the article associated with these photos.

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OPEN HOUSE - Saturday, May 16th, 2009

I'm holding an open house this weekend, Saturday to be exact.  There is a beautiful home for sale in Banning that will be open to the public from 12pm to 2pm.  Affordably priced at $110,000.  Call me or email me for the address and details!

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Small Improvements in Housing Demand

According to Time.com, Warren Buffett and the National Association of Realtors both agree that there is some improvement in the demand for housing.  Low home prices and very low mortgage rates have been enticing buyers.  At the same time, unemployment is increasing and loans are difficult to obtain.  Banks are wary of issuing credit, since a large percentage of payments for credit cards have been late.  Click here to read more from Time.com.

Sacramento is seeing a rebound.  One of the first cities to have a real estate collapse, Sacramento is now in the embryo stage of recovery.  First-time home buyers and investors are out in full force, buying up the cheaper bank-owned foreclosure properties.  Other collapsed areas like Las Vegas, Florida, and our very own Inland Empire, are also seeing improvements.  Click here to read more from the New York Times.

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Internal Wireless Card Death!

The one thing that makes a laptop totally worthless is not having a functional internal wireless card!  It's practically a desktop computer at that point.  I don't know what happened tonight, but my wireless connection disappeared.  I have a little switch so that I can turn my wireless on and off manually, so I checked to see if I had accidentally turned it off.  I kept switching it on and off hoping it would remember to come back to life, but to no avail.  Luckily my wireless router came with an ethernet cable, so I was able to access the internet.  But what am I going to do at work tomorrow???  I suppose the first thing I have to do is visit BestBuy and plunk down $50 to get a wireless USB adapter.  I haven't used on of those for 5 years.  Oddly enough the previous one I had used 5 years ago was happily attached to the Tivo, but that died recently too, so I will have to buy two of them.

Just when I thought I didn't need to spend more money.

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The Internet is Alive, At Last

I am back online!  I can't even begin to describe how frustrating it is to not have internet access.  Even the PC games I bought ahead of time for an internet outage needed me to be online so it could verify the Unlock Code!  My world comes to a crashing halt without internet access.  Thank you Verizon technician for coming out today.  Even though someone was supposed to come out yesterday between 10am and 4pm, I'm just glad you finally made it and fixed things.  I am practically jumping for joy.

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Riverside County Down Payment Assistance Program - Funds Available!

According to www.rivecoeda.org, there are now new funds for down payment assistance and other activities.  These funds have been available since March 17th, 2009 and will be available until they are exhausted.  Keep reading to see if any of these assistance programs apply to you or click here to go to www.rivcoeda.org for more details.

"In response to the drastic increase in foreclosures and the impact of the subprime lending environment on housing, Congress authorized the Neighborhood Stabilization Program (NSP) under Title III of the Housing and Economic Recovery Act of 2008. The new entitlement program is provided to currently funded grantees and states of the U.S. Department of Housing and Urban Development (HUD) that receive Community Development Block Grant (CDBG) funds. As a direct recipient of other HUD community development entitlement programs the County of Riverside was awarded $48,567,786 in federal NSP funds.

On March 17, 2009, the Riverside County Economic Development Agency (EDA) is inviting applications for NSP funds for the following NSP activities:

• (NSP-1) Acquistion, Rehabilitation and Resale to First-time Homebuyers. Eligible applicants include public and private non-profit organizations. Allocation: $20,000,000.
  
  
• (NSP-2) Acquistion, Rehabilitation and Rental of Affordable Units. Eligible applicants include public and private non-profit organizations. Allocation: $1,855,000.
  
  
• (NSHP) Neighborhood Stabilization Homeownership Program. Down-payment assistance and home repair to qualified first-time homebuyer families for the purchase of foreclosed homes throughout Riverside County in designated Target Areas. Allocation: $9,700,000.
  
  
• (NSP-4) Acquisition, and Rehabilitation of Foreclosed and Vacant Multi-Family Properties, or the Construction of New Multi-Family Rental Projects. Eligible applicants include public, private non-profit and for-profit organizations. Allocation: $12,157,000.
  

Applications for funding will be considered on an "over-the-counter" basis until available funds are exhausted. Applications will be accepted from March 17, 2009 until such time that EDA has received what determines to be a sufficient number of applications to reasonably use all currently available funds. EDA will give notice on this site when funds are no longer available."

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Blackberry & Blogger & Short Sales, Oh My...

Does anyone know of a Blackberry Curve application that would make blogging from my phone easier?  I know I can send an email, but an application would make it so much better.  I've Google searched (from my Blackberry browser no less) to see if there was anything out there for me.  So far, I have only come up with dead-ends in the forums.

Many new changes have been happening in the housing market, and simultaneously, in my own life.  Well, perhaps it's actually a cause-effect type of change.  Short sales have become a large part of the real estate scenario for 2009 and unfortunately (or is it fortunately...) all my BPO work hasn't amounted to any REO listings.  So the only direction for me is SHORT SALES.  Keep in mind, the short sales we have today are not at all the same as the ones in the past.  What we have here is a whole new beast.  I'm happy to say though, that I've been well-trained and I'm armed with the best office out here!

Anyway, if you have any questions about short sales, loan modifications, REO & bank-owned properties, or anything else... just give me a call/email/tweet/txt/smoke signal. 

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My Favorite Internet Resources - Part One

Hi everyone!  I just wanted to share some of my most used internet resources with you.  Most of these are integral to my real estate researching.  I hope they will benefit you as well!

Mapping tools with satellite, street, or bird's eye views are very handy to have around.  I use these in addition to APN parcel map searches from the counties.

http://maps.live.com/

http://www.google.com/maps

Craigslist is great for studying current rental prices.  This is good place to start if you're a budding investor and wondering what rents you can get back for your future real estate purchases in different areas.

http://inlandempire.craigslist.org/

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San Bernardino County Property Information Managements System - PIMS

Hi everyone, this is a great tool that I have found very useful lately.  It's the San Bernardino County Property Information Management System - PIMS.  You can use it to perform APN parcel searches!

http://nppublic.co.san-bernardino.ca.us/newpims/PimsInterface.aspx

And if you need the San Bernardino County Office of the Assessor website, click here.

Best of luck in all your parcel searches!

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Real Estate News for Wednesday, January 21st, 2009

New-home sales in Southland fall 53% in December.  Bargain hunters are busy snapping up foreclosures and other distressed properties, causing sales of all homes to rise 51% last month.  New-home builders are putting a pause on building, waiting until the market recovers.  The Southern California median home sales price in January 2008 was $415,000 and by the end of the year the median price had slid to $278,000.  December median sales prices were $180,000 in San Bernardino County and $209,000 in Riverside County.

California Has 8 of 10 Worst Real Estate Markets.  But still, it's California, we don't have to worry about a shortage of people wanting to live here.  The state may be issuing IOU's to taxpayers this year, but the weather is still fantastic year-round, which almost makes it worth the trouble!  The 8 trouble areas include Los Angeles, Stockton, Riverside, Sacramento, Santa Ana/Anaheim, Fresno, San Diego, and Bakersfield.

Honestly, despite all the bad media press, I'm busier than ever.  As you've probably noticed, I have even less time to blog now.  Sales in the area have been increasing, but the prices keep dropping.

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Loan Modification Scams

Time flies doesn't it?  I can't believe I'm already posting up news tidbits for 2009.  The new year has brought along with it many real estate changes.  Despite the lagging real estate industry, new debt relief and loan modification companies have sprung up everywhere.  Be extremely wary if any of the companies ask for an upfront fee!  If it smells like a scam, it is probably a scam.  My boyfriend was contacted by a legitimate loan modification service, it was through his lender.  The service was completely free.  It did take some time though, about 3 months before all the paperwork was squared away.  For those who think a loan modification might help you, contact your lender right away.  Unlike a short sale, you don't need to miss any payments to get the process started.  You do need to have a pretty good financial status to get a loan modification.  They will ask for bank statements and tax info and other financial documents.  This article from CNBC goes into more detail about the loan mod scams.  Read up and be smart homeowner! 

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Very Much Back to Work

It's the season to get back to the office.  Things are busier than ever.  Will update everyone later today on the details.

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