Thank you CRISNET MLS for reading my post Pictures are Worth a Thousand Words and a Fast Sale! Well... I can't really prove that my post was a catalyst :-) , but as of May 13th, CRISNET MLS implemented the following rule:

Important MLS Rule Change

New MLS Rule Regarding Photo with Listing Submission:

Each residential* listing in the MLS shall have at least one photo, to be submitted within five business days of the listing submission.
Failure to comply will result in an assessment per the MLS Rules Assessment Fee Schedule.

*Residential includes residential income, rental, mobile home, single family and condominiums.

Good for CRISNET! Maybe next time, they will have a minimum of 5 or 6 photos vs. just 1, but one step at a time.

PFAR and IMRMLS - are you listening? I think it's time to implement a similar policy to protect home sellers from flaky real estate agents.

FNMA announced today that it's raising its Loan to Value (LTV) limits. This means that home buyers can put a lot less money down to buy their dream home.

It all sounds great, right? Fabulous news!

NOT Really!

Well it's not as it seems just like all the other announcements that have been made recently. FNMA is trying hard, but we need to look at other factors.

• Yes... FNMA will allow you to get a loan with as little as 3% down.
• Any loan amount or a combination of loans, if you're fortunate to find a bank that will offer a 2nd trust deed at this time, over 80% will require Property Mortgage Insurance (PMI).
• Word in the banking industry is that there are announcements from PMI companies indicating significant mortgage insurance retractions that impacted a host of programs - meaning that beginning immediately it will be much more difficult and more expensive to get PMI insurance.

If you are a home buyer in the Pasadena and surrounding cities, be prepared to still come up with a significant downpayment between 20% and 25% down.

There are investors that are offering programs with less money down, but they require FICO scores higher than 700 and at least 6 months of payments in reserves.

Mortgage industry guidelines and programs are changing on a daily basis.

It is critical that buyers are speaking with a Mortgage Professional early in the process.

Sellers make sure that your Real Estate Agent doesn't just show you a pre-approval letter for a potential buyer, but gets on the phone and speaks with the lender to understand if the buyer is truly qualified and approved to purchase your home.

Be aware of the changes in the market place and stay tuned. I'll be posting more information on mortgage industry changes as it becomes available.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

Every Thursday from 10 am until 2pm, Pasadena real estate agents showcase their new listings - homes that just hit the market. This is specifically for brokers to preview all new homes for sale for their clients.

Although serious buyers have been known to put in an appearance to get their first peek at the available homes.

If you are interested in being the first to preview these homes, send me a quick email and I'll send you a list of all Pasadena homes open at that time.

Thursdays are also Broker's Open House days for South Pasadena homes, San Marino homes, Alhambra homes, Arcadia homes, Sierra Madre homes, San Gabriel homes, Altadena homes and Monterey Hills homes and condos for sale.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

As I speak with different real estate agents and Pasadena home sellers considering going through a short sale process, I realize that there's a huge amount of disinformation. We all know that information is KING and lack of information can be disastrous especially to your financial health.

In my previous post about short sales, I've defined and explained what a short sale is.

Read More: Pasadena California real estate sellers and buyers understanding Short Sales.

Today, I'd like to address the biggest misconception that could affect you, the seller, who is in the middle of a short sale with the bank.

Once a bank accepts and agrees to a short sale, your debt (the difference between the negotiated amount accepted by the bank and the amount owed) is forgiven.

This is absolutely NOT TRUE!

The bank can and will go after you, the seller, for the difference UNLESS the seller receives a written statement from the bank stating that the bank forgives the debt on the NOTE (or notes if there's more than one - 1st and 2nd loan) for the amount equal to the unpaid portion of the NOTE(s).

Most sellers and real estate agents think that the bank will automatically forgive the resulting debt because California has "anti-deficiency" statues which will prevent lenders from trying to collect their losses. These California anti-deficiency statues apply mostly when the foreclosure takes place. Please refer to a California real estate lawyer for legal advice if you are facing a foreclosure.

Sellers that are going through a Short Sale do that to avoid foreclosure!

So, the morale of the story is:

Protect yourself by ensuring that the bank(s) gives you a written statement with the "forgiveness language".

Work with a reputable and knowledgeable real estate agent or a short sale negotiator who can ensure that this issue is addressed with appropriate legal language and forms.

Consult a California real estate attorney to ensure that you get appropriate legal counsel and advice.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

Come on out and support our San Marino Firefighters this Saturday at Lacy Park in San Marino.

This annual breakfast has become one of my familys favorite traditions.

Herere some reasons to be there:

1. The San Marino firemen are majorly cute!
2. Its for a good cause.
3. Its only $5 for a great breakfast made by the cutest firefighters in San Marino. Oops, did I say they were cute again? :-)
4. There are activities for the kids. In the previous years, we had hot air balloon rides, firetruck rides, raffles, etc.
5. Pancakes are always yummy and somehow they taste so much better at Lacy Park. All that fresh air!
6. You have a chance to see and encourage (words of wisdom are always welcome at that age!)cub and boy scouts who usually camp at the park the night before.
7. Proceeds benefit Alisa Ann Ruch Burn Foundation, Quest Burn Foundation and varous other charities.

Breakfast will be served beginning 7 am. Tickets can be bought at Lacy Park.

Read More: Lacy Park - a hidden treasure!

Please call 626-300-0735 with additional questions or click here for the official flyer.

Vallejo Villas was built in 1981 and in situated on Via Marisol in the heart of Monterey Hills. It is surrounded by majestic trees and offers gorgeous hill and city views.

READ ALSO: Monterey Hills Neighborhood Overview

All units are built townhouse style - meaning that they are stand alone units with a common side wall. Most of these townhomes are two stories high. Each unit sports an attached two car garage, a balcony and some have back yard style patios.

Vallejo Villas has 58 townhouses with amenities including guest parking, pool and spa, a sun deck. It is truly very beautifully landscaped and it looks like the HOA (Home Owners Association) takes very good care of the complex. A true pride of ownership.

As of May 12, 2008, there are no available townhomes for sale in Vallejo Villas. But, keep checking the most current list of all Monterey Hills homes for sale right here or let me know if youd like for me to run a specific search unique to your individual needs.

In 2007, Vallejo Villas townhome sales were ranging in mid $400,000 for 2 bedroom and 2 bathroom units and mid $500,000 for 3 bedroom and 3 bathroom townhomes.

This complex is just minutes away from downtown Los Angeles, USC, Old Town Pasadena and South Pasadena.

Read More: Top 10 Tips for buying a condo in Monterey Hills

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

Today, we celebrate Mothers Day! And though we call it Mothers Day, its really a day to honor any woman whos had a positive impact on your life a stepmother, an aunt, a grandmother, a sister.

This year for inspiration I did a search on the Internet for Mothers Day and found a number of websites.

There were many wonderful quotes, poems and stories, but I think my favorite find is this piece, entitled: Was Your Mom Mean?

I know mine was. My sister, brothers and I knew we had the meanest mother in the whole world! While other kids ate candy for breakfast, we had to have cereal, eggs and toast. When others had a Pepsi and a Twinkie for lunch, we had to eat sandwiches.

And you can guess our mother fixed us a dinner that was different from what other kids had, too. Mother insisted on knowing where we were at all times. Youd think we were convicts in a prison. She had to know who our friends were, and what we were doing with them. She insisted that if we said wed be gone for an hour, we would be gone for an hour or less.

We were ashamed to admit it, but she had the nerve to break the Child Labor Laws by making us work. We had to wash the dishes, make the beds, learn to cook, vacuum the floor, do laundry, empty the trash and all sorts of cruel jobs. I think she would lie awake at night thinking of more things for us to do.

She always insisted on us telling the truth, the whole truth, and nothing but the truth. By the time we were teenagers, she could read our minds. Then, life was really tough!

Mother wouldnt let our friends just honk the horn when they drove up. They had to come up to the door so she could meet them. While everyone else could date when they were 12 or 13, we had to wait until we were 16.

Because of our mother, we missed out on lots of things other kids experienced. None of us ever shoplifted, vandalized anothers property or was arrested for any crime. It was all her fault.

Now that we have left home, we are all educated, honest adults. Were doing our best to be mean parents just like Mom was. I think that is whats wrong with the world today. It just doesnt have enough mean moms.

I laughed when I read this, thinking about all the mean things my mom did and how I now appreciate how she helped me become the person I am today. Celebrate all moms on Mothers Day and every day!

For those of you that know me, know how much I dont like Open Houses - Traditional Sunday Open houses that is to sell Pasadena Homes.

They are misleading to the seller.

The secret that most Pasadena Real Estate Agents do not want you to know is that Open Houses DO NOT SELL homes- period!

Pasadena real estate agents hold open houses because its an opportunity to pick up home buyers and potential home sellers. Theres nothing wrong with that as long as home sellers are aware that selling their home due to holding it open is very, very low!

Do all Open Houses not work? NO

There are Open Houses that truly help to sell homes. They are:

• Brokers Open House - it gives an opportunity for top Pasadena real estate agents to preview your home. Great exposure!
• Neighborhood Open Houses - who better than to help you sell your home than your neighbors. Holding a Twilight Open House and inviting neighbors with a special invitation for an exclusive preview is very powerful. Usually, people that live in the neighborhood know someone who wants to live in the neighborhood.
• First Weekend Open Houses - after your Pasadena home has been exposed to your neighbors and top real estate agents, holding it open the very first weekend after listing will give an opportunity for real estate agents to bring their clients or neighbors to tell their friends and family of a great opportunity.

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439 . Thank you!

I have always wondered why in todays day and age of technology and digital cameras, there are still Pasadena homes listed for sale every day without a single photo. Digital cameras are inexpensive. They allow real estate agents to take a ton of home photos and then pick the best ones.

So, whats the problem? There is absolutely no excuse for not having a photo listed in the Pasadena Multiple Listing Service.

Pasadena home sellers, please make sure that you see your Pasadena Real Estate Agent snapping away photos after you have prepared your Pasadena home for sale.

Here's why?

1. A photograph is almost always the first element that connects the buyer with your Pasadena home. It is the handshake, the first impression, the thing that cuts through the clutter to create an emotional connection with the buyer.
2. Multiple photographs of your Pasadena home are needed for Multiple Listing Service (MLS) input, internet marketing, property brochures, flash presentations and print advertising. There is no way to avoid taking photographs to property market your Pasadena home.
3. Many times, the buyer will decide whether or not to visit your home and the agent will decide whether or not to show your home based on the quality and presentation of the photos.

The California Association of Realtors  findings show that ˜Multiple photographs/Slideshows continue to be the online feature with the highest rating among all online features, followed by ˜Map/Directions.

Point2 conducted a study monitoring listings over a 30 day period and found that properties listed with only 1 photo generated 5 views while listings with 21 or more photos generate over 77 views. Thats quite a difference!

Another study compares the number of photos to the number of Days on Market (DOM). The findings show that listings with more photos sold faster. The findings are fascinating:

Also a fascinating find: listings with fewer photos sold for less.

According to these findings, a $600,000 home, sporting only one photo, could sell for as much as 3.8% LESS or a loss of over $22,000, just because there was only one photo accompanying the listing. More amazing is the fact that only 12% of real estate agents posted the maximum 20 photos.

Pretty powerful statistics!

Multiple Listing Services are cracking down on real estate agents who do not post home photos when they list their properties into the MLS. Unfortunately, Pasadenas and Arcadias MLS services (ITEC and IMRMLS) do not have this policy yet.

So what can you do to ensure that your Pasadena home is presented in the best light?

• When interviewing your Pasadena Real Estate Agent, ask how many photos they usually take and use to market their listings.
• Ask to see samples of photos both in flyers and on-line. See how their home listings are presented. Look for quality photos focusing on best features on the house. Photos that create emotion!
• Request to review the photos of your Pasadena home before they are added to the Multiple Listing Service.
• Insist on the maximum number of photos that the MLS allows.

The Internet is the most powerful tool you can use when buying and/or selling your Pasadena home. According to results, photography does sell real estate. And when you choose to have high quality professional images for your marketing tools, you stand to gain by:

- Generating more interest for your Pasadena home
- Attracting more viewers/leads
- Entertaining higher offers/selling price
- Enjoying a faster sale of your Pasadena home

This all translates into less stress and a smoother transition to your new home!

Pasadena, CA - If you currently have a home equity line of credit, don't be surprised if you hear from your banker. Banks are reassessing the value of ALL Pasadena and Los Angeles County homes that have a Home Equity Line of Credit, otherwise known as HELOCs.

With Los Angeles County being considered by banks as a declining value market, banks are ordering new appraisals to see if the value of your home decreased.

Letters are going out daily to advise Pasadena home owners that their HELOC has been reevaluated to a lower amount. Some HELOCs have been lowered by hundreds of thousands of dollars.

Can the banks do it? Sure. When you signed your loan docs for a line of credit, language was already built into it allowing banks to reappraise the value of your home.

Don't be caught unawares!

If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email meor call me at (626)629-8439. Thank you!