Long Beach California Real Estate Loans

CalHeights, Long Beach, Ca.  On November 14^th, 2009,  between the hours of 8:00 am and 3:00 pm,  over seventy residents of the Cal Heights neighborhood  located in area of Bixby Knolls will be hosting a Community Garage Sale.  All kinds of items will be available, for sale. 

The Community Garage Sale came about when Shelly St. Denis and Kirk Mulhearn went through the community and asked who would possibly like to participate, expecting possibly fifteen to twenty households in the quad between Wardlow on the South, 37^th on the North, Atlantic Ave on the West, and Orange Ave. to the East. 

Is it too late to sign up?   Unfortunately, yes, it is too late to sign up because October 29^th was the last day to sign up. 

Will there be more Community Garage Sales in the future?  Yes, we are planning another Garage Sale in the summer of 2010. 

Does it cost any money for me to participate?  If you sign up with Prudential California Realty and RSVP in time there will be no charges; however, if you miss the dead line and you still want to sign up, there may be a late fee due to the City of Long Beach. 

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

Subscribe to this site at:  www.longbeachrealestateandloans.com

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Long Beach, Ca. The real protocol of how to purchase Bulk REO Properties (edit/delete)

Long Beach, Ca.    Bulk Purchase of REO, notes and distressed assets through one of the largest

resellers of lender owned assets in the United States and an approved asset manager

under the U.S. Governments  (Public-Private Investment Program) for the

disposition of bulk REO/Distressed assets through the FDIC.

In order for new and/or prospective buyers to get a better understanding of how to buy

wholesale bulk real estate assets through this program we have prepared the following flow chart.

Should you have any additional questions please call:

Step 1

NAA Representative will assist Buyer in preparing the following for submission:

1. Letter of Intent

2. Executive Summary/Profile

3. Non Compete Non Disclosure Agreement

Step 2

Prospective New Buyer (Buyer) to be considered for bulk inventory purchase must meet or have

phone interview with NAA Representative.

During this meeting/interview the following will be determined:

1. Mutually suitability of Buyer with NAA business model and goals.

2. Buyer previous history/track record in bulk purchase(s)

3. Buyer capital capacity for bulk purchase(s).

4. Buyer business plan for off load or resale of units.

Step 3

Buyer submits Letter of Intent and Executive Summary/Profile to NAA Representative>

NAA Representative reviews paperwork>

NAA Representative submits package to NAA Managing Partner>

NAA Managing Partner Committee reviews for:

1. Letter of Intent for suitability and availability in current marketplace.

NAA Legal Department reviews:

1. Executive Summary/Profile of Buyer for background review.

Step 4

Upon successful completion and approval of Letter of Intent and Executive

Summary/Profile, NAA Representative and Managing Partner will meet or conference with

Buyer to review process and product availability.

Buyer will provide satisfactory evidence of capital resources Proof of Funds to match with

Letter of Intent target purchase.

Step 5

A price quote/product list will be generated within 5 business days and sent to Buyer for

review.

Step 6

Buyer has 48 hours to review and either decline or enters into agreement by signing and

ratifying NAA generated purchase agreement. A final Product List is generated and

incorporated into purchase agreement.

Step 7

Buyer places 10% of the purchase price into mutually agreed upon escrow holder.

Buyer has between 5-15 business days to perform all due diligence and approve the final list of acceptable properties. Time factor will be determined by size, complexity of the transaction

and logistical considerations. Time factor will be determined by negotiation in advance of ratified

purchase agreement. The final list of accepted properties must be equal to or greater than 90% of

the "Letter of Intent", otherwise the pricing is subject to review and or renegotiation.

Step 8

Day 6-16/ or 1 business day after due diligence period

Deposit is equal to 10% of the purchase price goes "Hard" (Non Refundable). The receipt of the

Deposit will activate the contract.

Designated escrow agent works with the designated Title Company to get deeds issued and

titles cleared of any liens or encumbrances. (Note: Partial Closings may occur weekly until total

takedown has been completed.)

Title prepares Preliminary Title Report and HUD statement.

Step 9

Day 30 Remainder of Outstanding Funds must be deposited in escrow.

Notes:

In consideration of the requirements of the product sources, it must be taken into account the live

nature of the assets. Live assets are not guaranteed to remain available and are subject to going

under contract at any time prior to being secured.

Information Completeness is extremely important. Particularly in respect to the executive

summary, track record and financial capacity. The reason that we are able to purchase

discount or wholesale real estate assets from the financial institutions at the prices and ongoing

availability (while other competitors become blocked out of the market) is that when we place an

order we have one of the highest "pull through" rates in our industry. This allows us to continue

to offer the products we do, at great discounts to our clients on an ongoing basis.

We need to know who we are really dealing with and their ability to complete a purchase with us.

The moment we begin researching and finding the discounted assets our clients order, we are

employing staff man-hours and our financial outgo begins. We are looking for serious business

people who are ready, willing and able to complete the orders they create in their Letter of

Intent's as we are able to fill the Letter of Intent parameters.

Once the Balance of Funds has been satisfied we will entertain subsequent orders.

The entire sales process generally plays out over a period of approximately 25-30 business

days or less (5-6 weeks).

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

Subscribe to this site at:  www.longbeachrealestateandloans.com

Long Beach, CA.   Two years ago, there were over 90000 mortgage brokers nationwide.  Last year, less then half of those applied for the stringent new licensing requirments demanded by State governments.  Now, less then 36% of those people who applied for their licenses have reapplied to continue to practise as mortgage brokers.  The bottom line is that there is much less choices for consumers and much hire cost to get a mortgage in today's real estate market.

Home buyers need to be aware of what the State of California will do with the implementation of the SAFE act,  it stands for Secure and Fair Enforcement for Mortgage Licensing Act.  In a few weeks California will enact the SAFE Act which means individuals will have to obtain their own licenses if they want to operate as loan brokers. According to the California Mortgage Bankers Association, individual loan officers can no longer latch onto a company license and must obtain their own.

A spokesman for the trade group noted the "act should pass here in the next few weeks, which will be a much bigger change than in some other states that already individually license loan officers." California also is working on major legislation to reorganize and consolidate all the financial/real estate agencies and departments, and create a new consumer-focused department but no further action is expected until next year. 

What does that mean - more regulatory oversight, and for those of you that every worked in a banking environment, it will arrive for the mortgage banker and broker full force.   Quick refresher on trying to maintain compliance with this issue.  By the end of this year's legislative season, it is anticipated that each state, with the exception of Minnesota, will have passed legislation that implements the requirements of the S.A.F.E. act. The state legislation will require that mortgage originators meet the minimum requirements set forth in the S.A.F.E. act -- such as fulfilling pre-licensure education requirements -- and potentially meet more restrictive state requirements to the extent a state law goes beyond the act's requirements. Pursuant to the S.A.F.E. act, NMLS has been tasked with establishing standards for originator examination and education requirements. NMLS completed the development of its national examination required under federal law, allowing loan originators to register and providing access for completion. Though it has gotten off the ground, NMLS is continuing to work with state regulatory agencies in connection with preparing and releasing state-specific examination components. 

Bottomline:  Prepare to for full government intervention in the real estate markets to the point of nausea. These new laws are poignant examples of what happens when the regulation pendulumn swings far too much to the other side.

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

Subscribe to this site at:  www.longbeachrealestateandloans.com

Long Beach, Ca.  In our lives it is worthy to aspire to greatness.   Sometimes society only recognizes success by revenue, money, or sales statistics which is wrong when you look at the big picture.  There are many ways to measure success.  What we need to do as a society is to rediscover who we are as a nation.  The human spirit is a grand creation that has unlimited potential.   It is only when we surrender our dreams that we lose.  For most people, life is a struggle, scratching out an existence in this very challenging world.  However, just surviving is not living life to its fullest.

Recently, I interviewed a real estate agent who was on a National Championship team under the great Hall of Famer, John Wooden.  Unfortunately, for this past champion player, the lessons learned on the basketball court did not transfer into success in the real estate profession, he had not made a sale in over twelve months.  This is sometimes the case, a great player used to a certain type of success in physical sports languishes in the mental challenges of the business world. 

But whatever your opinion, let us take a quick look at the success of John Wooden,  he started coaching College basketball back in 1946.  It took him twenty years to win the National Championship.  Wow, what was he doing for 20 years?---building his finely tuned basketball machine, his philosophies, his character, his pyramid of success.  

The point is that too many people put the emphasis on the actual Championships rather then the road that was travelled to get there.  Let us all reflect on that even when our lives feel challenged or depressed that there is a Championship with your name on the Trophy, if you really desire it.

Some great quotes from John Wooden

"Consider the rights of others before your own feelings, and the feelings of others before your own rights."

-John Wooden

"Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are."

-John Wooden

"You can't live a perfect day without doing something for someone who will never be able to repay you."

-John Wooden

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

Subscribe to this site at:  www.longbeachrealestateandloans.com

Long Beach, CA.   As California grapples with the largest State deficit on record, it has cut off the $10000 tax credit for first time home buyers seeking money back for investing in new constructed housing, Sacramento announced last week. 

Will California be able to balance its budget in time to avoid massive lay offs?  Or, will it continue to, "kick the can down the alley,"  as the Governor likes to say in regard to the legislatures inability to address formulating a government that spends within its means?

Last Thursday, the State of California began issuing IOUs in lieu of its normal checks as an emergency measure on how to deal with the situation....Today, Wells Fargo decided to tell the State of California they will accept their IOU's until July 10th.   Thereafter, they will no longer accept the IOU's for deposit.  We understand BofA has said the same thing: 

Wells Fargo & Company (NYSE:WFC) said today it will accept registered warrants issued by the State of California from its retail and business customers for a limited time. It will begin accepting the registered warrants for deposit on July 2, 2009 and stop accepting them no later than July 10, 2009. "Were very disappointed, as are many Californians, that California has taken the unfortunate step of issuing IOUs in lieu of its payments to some businesses and individuals," said Lisa Stevens, head of Community Banking for Wells Fargo in California. "Wells Fargo has a long history of taking extraordinary measures to help our customers and will accept registered warrants from our customers, but only for a limited time, to allow them time to make other arrangements. We are reluctant to take this step, but are doing so to help our customers who are not at fault and with the expectation that the Legislature and Governor will complete the budget within days. We join all Californians in urging our Legislature and our Governor to take the appropriate steps as soon as possible to resolve this budget crisis."

 This week a flood of treasuries: 

There will be an auction this week of 65 Billion in treasuries.   If demand is not real strong, it will mean that our rates cannot go lower than the level you are currently seeing and you should consider locking your rate depending on how the market absorbs this large amount of bonds.

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

Subscribe to this site at:  www.longbeachrealestateandloans.com