Comments for Bernal and Burt http://www.bernalandburt.com Beverly Hills Real Estate - Hollywood Hills Real Estate - Glendale Real Estate Thu, 28 Aug 2008 06:19:36 +0000 http://wordpress.org/?v=2.5.1-sem-pro Comment on The Subprime Crisis: A Beginner’s Guide by new homes for sale http://www.bernalandburt.com/2007/12/01/the-subprime-crisis-a-beginners-guide/#comment-36 new homes for sale Mon, 14 Apr 2008 09:08:28 +0000 http://www.bernalandburt.com/2007/12/18/the-subprime-crisis-a-beginners-guide/#comment-36 <strong>new homes for sale...</strong> \"Ceaseless talk of a recession continues to dampen the mood of consumers in general, whether or not a recession actually occurs. For home buyers, we believe this drumbeat, coupled with concerns over mortgages, the direction of home prices, and forec... new homes for sale…

\”Ceaseless talk of a recession continues to dampen the mood of consumers in general, whether or not a recession actually occurs. For home buyers, we believe this drumbeat, coupled with concerns over mortgages, the direction of home prices, and forec…

]]> Comment on President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007 by Dana Willett http://www.bernalandburt.com/2007/12/21/the-mortgage-forgiveness-debt-relief-act-of-2007/#comment-35 Dana Willett Sat, 12 Apr 2008 13:23:11 +0000 http://www.bernalandburt.com/2007/12/21/the-mortgage-forgiveness-debt-relief-act-of-2007/#comment-35 This act seems to only address people who are refinancing their loans. What about people who have to sell their home on a short sale. These people are typically given a 1099 from their lender for the difference of what the property didn't bring. Will these people also be protected under the Debt Relief Act? Also, is there a contact number where I can speak to someone directly about this new law. I am a Realtor in Ky and really need to understand it. Thanks, Dana This act seems to only address people who are refinancing their loans. What about people who have to sell their home on a short sale. These people are typically given a 1099 from their lender for the difference of what the property didn’t bring. Will these people also be protected under the Debt Relief Act?

Also, is there a contact number where I can speak to someone directly about this new law. I am a Realtor in Ky and really need to understand it.

Thanks,
Dana

]]> Comment on Proposed Beverly Hills Condominium Project Concerns Council by Check it out http://www.bernalandburt.com/2008/03/10/proposed-beverly-hills-condominium-project-concerns-council/#comment-34 Check it out Fri, 11 Apr 2008 00:16:18 +0000 http://www.bernalandburt.com/2008/03/10/proposed-beverly-hills-condominium-project-concerns-council/#comment-34 <strong>Check it out...</strong> According to a recent article, there are a few big players coming up to support homeowners in listing their vacation rentals. We are neither endorsing nor not endorsing these, as we have our own rental business at FloridaGulfVacation. com. However, we ... Check it out…

According to a recent article, there are a few big players coming up to support homeowners in listing their vacation rentals. We are neither endorsing nor not endorsing these, as we have our own rental business at FloridaGulfVacation. com. However, we …

]]> Comment on Beverly Hills to Install New Mayor by Beverly Hills To Install New Mayor http://www.bernalandburt.com/2008/03/17/beverly-hills-to-install-new-mayor/#comment-18 Beverly Hills To Install New Mayor Mon, 17 Mar 2008 20:33:00 +0000 http://www.bernalandburt.com/2008/03/17/beverly-hills-to-install-new-mayor/#comment-18 [...] Continue Reading [...] [...] Continue Reading [...]

]]> Comment on Proposed Beverly Hills Condominium Project Concerns Council by Proposed Beverly Hills Condominium Project Concerns Council — Hollywod best paparazzi phots’s http://www.bernalandburt.com/2008/03/10/proposed-beverly-hills-condominium-project-concerns-council/#comment-15 Proposed Beverly Hills Condominium Project Concerns Council — Hollywod best paparazzi phots’s Sat, 15 Mar 2008 08:01:15 +0000 http://www.bernalandburt.com/2008/03/10/proposed-beverly-hills-condominium-project-concerns-council/#comment-15 [...] side, is very challenging,” Lisa Hansen f rom Weiss’s office said…. source: Proposed Beverly Hills Condominium Project Concerns Council, Bernal and [...] [...] side, is very challenging,” Lisa Hansen f rom Weiss’s office said…. source: Proposed Beverly Hills Condominium Project Concerns Council, Bernal and [...]

]]> Comment on Subprime Crisis Opportunities by Reviewers http://www.bernalandburt.com/2007/12/15/subprime-crisis-opportunities/#comment-2 Reviewers Wed, 20 Feb 2008 02:32:45 +0000 http://www.bernalandburt.com/2007/12/28/subprime-crisis-opportunities/#comment-2 02/2008 It's so hard to get some sellers to understand that in this market their asking prices are simply too high. The sale of their home is such an emotional experience that they are insulted when someone actually offers what the property is worth. It's common for listing prices to be 20-25% too high, but agents 'buy the listings' by agreeing to list the properties for what the sellers think they're worth. Actually, that gives the sellers false hope and results in no shows and no offers. After the properties eventually sit around on the market for months after months, then the offers may start coming in at 25% or more less than listing price. In essence, you can blame much of the problem on the listing agents who agreed to list the properties for crazy prices in this slow housing market. Now in 2008, the market is even more depressed and homes values have fallen across the country 10-12% in 2007 and are expected to fall the same amount in 2008. The housing market will not bottom out for several years to come, then the uphill climb will be very, very slow. Some sellers may want to sit on their eggs for several years in hopes that values build back up, but some sellers simply can't afford to wait that long. So that is where the lower home values and legitimate lower offers come in now more than ever before. The higher priced the home the more of a stab the sellers will have to take to sell the home. An offer of $75K to $100K less than listing price on a $500K home is common now, and many homes are selling for much less than tax appraisal value and/or mortgage value. I have found that regular home appraisals are of little value when you're selling the home. Buyers always see them as too high, and you'll never get appraisal price out of a home. After all, and appraisal is someone's OPINION, and it's not uncommon for appraisers to be many thousands of dollars apart. Also realize, that all types of appraisals are not the same. A listing appraisal, a relocation appraisal, and a mortgage appraisal will yield VERY different values. And the buyer really doesn't care much about any of them. A home is worth only what someone is willing to pay. The buyer actually sets the value of the home. In this market, the values are falling rapidly. 02/2008
It’s so hard to get some sellers to understand that in this market their asking prices are simply too high. The sale of their home is such an emotional experience that they are insulted when someone actually offers what the property is worth. It’s common for listing prices to be 20-25% too high, but agents ‘buy the listings’ by agreeing to list the properties for what the sellers think they’re worth. Actually, that gives the sellers false hope and results in no shows and no offers. After the properties eventually sit around on the market for months after months, then the offers may start coming in at 25% or more less than listing price. In essence, you can blame much of the problem on the listing agents who agreed to list the properties for crazy prices in this slow housing market.

Now in 2008, the market is even more depressed and homes values have fallen across the country 10-12% in 2007 and are expected to fall the same amount in 2008. The housing market will not bottom out for several years to come, then the uphill climb will be very, very slow. Some sellers may want to sit on their eggs for several years in hopes that values build back up, but some sellers simply can’t afford to wait that long. So that is where the lower home values and legitimate lower offers come in now more than ever before.

The higher priced the home the more of a stab the sellers will have to take to sell the home. An offer of $75K to $100K less than listing price on a $500K home is common now, and many homes are selling for much less than tax appraisal value and/or mortgage value.

I have found that regular home appraisals are of little value when you’re selling the home. Buyers always see them as too high, and you’ll never get appraisal price out of a home. After all, and appraisal is someone’s OPINION, and it’s not uncommon for appraisers to be many thousands of dollars apart.

Also realize, that all types of appraisals are not the same. A listing appraisal, a relocation appraisal, and a mortgage appraisal will yield VERY different values. And the buyer really doesn’t care much about any of them. A home is worth only what someone is willing to pay. The buyer actually sets the value of the home. In this market, the values are falling rapidly.

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