Official Ling Tseng Blog

Is California facing a 'FALSE' sense of housing recovery?

noreply@blogger.com (Ling Tseng) — Sat, 06 Oct 2012 01:19:00 +0000

As the year 2012 is drawing to a close, there is alot of discussion among home buyers, home sellers, real estate professionals, mortgage advisors, financial advisors and the public about where the real estate market is headed.

Obviously, I cannot predict the future, just present my observations and thoughts about the low housing inventory in the Sacramento, California and surrounding areas. Based on my communication with other real estate professionals across the country, I'm confident that what I am presenting here is a nationwide concern. Home buyers are facing bidding wars, sellers are uncertain they are netting top dollar and the public is believing the inflated predictions from the news media that the real estate market is dramatically improving.

As most of you are well aware, the low inventory for home buyers has not been in the forefront of the news because it is obvious, we all have been distracted with media inundating us with the presidential elections and international affairs.

At the end of 2011, the federal government proposed to rapidly and dramatically reduce the supply of newly foreclosed homes coming onto the market from Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) through the bulk sale of foreclosed homes to Wall Street Investors. Here it is, nearing the close of 2012 and I know my fellow bank owned (foreclosed home) listing Realtors' inventory completely dried up this year so one can only imagine that federal government actually implemented their own proposal....

So what does "bulk sale of foreclosed homes" mean? The federal government proposed selling aggregates of hundreds, if not thousands of properties to investment pools of a minimum of $50 million or more. These aggregates were auctioned to the highest bidder which means that only Wall Street investment syndicates, hedge funds and institutional investors could participate. Important note: at the level these investors were participating, they have little to no interest in community strength or development, sad indeed. Lastly, to make things worst, the winning bidder were required to convert these homes into rental properties for an unspecified period of time, adding to a weakened national economic market....

You get the picture? The questions we need to ask ourselves: Should the federal government dictate how investors best utilize purchased properties? Will this implemented plan actually worsen California's collateral housing market damage long term? How will this action affect local small investors? Are we experiencing a 'false' sense of economic housing recovery? How will this affect taxpayers? Why would Fannie Mae, Freddie Mac & the FHA receive such a 'reduce' return through bulk selling?

Stay tuned to the signs 2013.....

DUE DILIGENCE IN BUYING IN TODAY'S REAL ESTATE MARKET!

noreply@blogger.com (Ling Tseng) — Thu, 19 Apr 2012 06:26:00 +0000

Buying an investment property, a residential income property, a flip or any type of real property in today's real estate market requires more due diligence and a discerning eye than ever before. While investors, business owners and owner occupied buyers are seeing record lows in real estate prices, it seems very evident that many buyers are buying 'lemons', 'headaches', 'money pits', 'nightmares'...etc..The chances of this happening to you are less likely when you follow the Golden Rule in real estate investing.....

What is the Golden Rule? YOU make your money when you BUY. I know this seems like a backward concept to my blog viewers. Think about this concept for a minute.... When you ACCURATELY know how you will spend every dollar on a property BEFORE submitting an offer, you can invest with confidence with a unshakable certainty your return on investment (ROI), your NET PROFIT!

Here are key items you must consider with EVERY real property you buy as investment property (income generating or flip (quick turn).

Confirm ALL repair costs, this is NOT an estimate, this is a CONFIRMED dollar amount. Why is this so important? This is often overlooked with inexperienced investors. Many beginning investors are so over zealous in making 'quick money', they believe that they are qualified to make ALL repairs and more importantly, cut corners by waiving thorough professional home inspections. Many hidden damages or deferred maintenance problems can include structural foundation damages, entire structure electrical wiring damages, major plumbing issues hidden in raised foundation older built homes. These are just a few major and yet very COMMON mistakes that has the ability to bankrupt a beginning investor.

Confirm exact dollar amount for down payment, repair costs, operation costs TOTALS. This another key that is so important. Why? Every dollar you put into your purchase as an investor, you must know how that equity dollar will make you profit every year you own the property. Be an expert on how to 'leverage' when buying investment property. It is similar to the concept of 'using other people's money' to create profit. What does this mean? You find and establish relationships with a hard money lender and reputable direct lender and/or mortgage broker. These people will be your allies when you begin building your portfolio of real property assets.

Establish your ROI (Return On Investment) minimum and commit to that amount. Never, ever waiver from that amount. In today's real estate market, it is best to be conservative because of the volatility of the property prices.

Create a dynamic team that includes, an experienced escrow and title company who understands investment property sales and purchases, a State experienced licensed general contractor, an experienced licensed real estate professional (who knows how to work with investors, who will scout for great properties to purchase and who will sell your flips quickly and efficiently)

Exercise PATIENCE and be over the top thorough with every property you consider purchasing!

Never become emotionally attached to any investment property you are considering for purchase. Treat every investment property as a business decision ONLY! You may save the emotional attachment for your personal residence.

Building your financial future with real estate investing is fun and exciting. When conducted with an educated mind, it affords many options for your future and secures a lifestyle that can be hugely rewarding!

LOAN MODIFICATION, SHORT SALE OR FORECLOSE?

noreply@blogger.com (Ling Tseng) — Fri, 28 Oct 2011 03:51:00 +0000

Within the last 60 days, I've received an increasing number of calls from frustrated homeowners attempting to modify their loans on their depreciated properties with no success.

While our team does not conduct loan modifications, we work to give these people tips on how best to approach their banks, specifically their mortgage servicer, with the hopes of a successful modification, a loan modification on the homeowner's terms. It is not enough for the homeowner to state to their mortgage servicer, "my home is upside down in value and I don't want to pay the mortgage on an upside valued home."

Unfortunately when the homeowner is unsuccessful in obtaining a loan modification, our team informs these homeowners of other options, either short sale or foreclose and not something these homeowners want to hear. When a homeowner chooses to short sale their property, our team works to make this process as painless as possible. We are nationally Certified Distressed Property Specialists and very experienced at working with distressed property owners... Please check out my testimonies on my website...www.myfengshuiagent.com

In the eyes of the mortgage servicer who contracted with the homeowner to lend money to the buyer to purchase their home, the servicer does not see the depreciated market as their responsibility. I realize this is stating the obvious.

What most upside homeowners desire is either a principal reduction and/or interest rate reduction. It is rare the bank will grant a principal reduction and it is more common to obtain an interest rate reduction. Given this information, it is up to the homeowner to provide clear evidence of "hardship" supported by a detailed financial statement in order to position themselves to obtain a successful modification.

Here's what the banks are looking for in your "hardship" letter when attempting loan modification.

1- Explain what changes or events have occurred since your loan originated that have caused you as the homeowner to fall behind. (***very important note *** if you are making your payments, the servicer does not view this as a hardship... )

2- Explain how these changes impair your ability to afford your mortgage payments.

3- Explain when the changes and/or events occur.

4- Explain if you foresee your financial situation improving in the future. If you state "yes", there is a strong likelihood that your mortgage servicer will ask what you are able to contribute towards your loan...

Any statement you make in your hardship letter must be supported in detail on your financial worksheet. It is critical that the financial worksheet is completed with 'accurate' detail. Accurate in this case, an honest and truthful detail because the mortgage servicer will definitely verify every accounting detail you've documented on your financial worksheet.

Should the mortgage servicer offer a loan modification after these filings have taken place, it is imperative that the borrower (homeowner) understands 100% what the new loan terms are. I've seen many modification packages that offer extremely attractive interest only packages for SHORT term and when the interest only portion expires, the payments adjust to nearly triple that of the original offer. . .This is a small bandaid and a very LARGE wound!!! Be careful....

As I mentioned earlier in this article, many of these homeowners who cannot afford to stay in their homes or cannot live without a loan modification or even with the modification with unacceptable terms choose the short sale option. This means that we work with the homeowner to sell their home for less than what is owed on the property. With California's new short sale law, Senate Bill 458, Prohibits Recourse and Anti Deficiency On Second Mortgages, the short sale option is a more common option than foreclosure to distressed homeowners these days.

The Reality of TODAY's Appraisal!

noreply@blogger.com (Ling Tseng) — Fri, 14 Oct 2011 02:12:00 +0000

At one time in your history of home refinance, home buying, or home selling, you've been discouraged because your appraiser has valued your home as this. . .

Your lender see's your house as this. . .

and yet, your buyer sees your home as this. . .

and you see YOUR own home like this. . .

meanwhile YOU will most likely go to battle because your assessor will see your home as this. . .

With the current market conditions, I've observed sellers who cannot sell their home, home owners who cannot refinance or home buyers who cannot purchase due to the numerous appraisal challenges. Here are just a few items that can make a difference in the success of an appraisal. . .

1- Make your home sparkle. . .This doesn't mean rebuilding your home to new construction. This means paying attention to the 'obvious' deferred maintenance. Dark, dingy and spotted walls, worn carpets, broken windows or damaged flooring, just to name a few items of appraisers consideration. Appraisers will assign an 'effective age' after considering these items that are not corrected and will obviously and significantly reduce the value of your property.

Be mindful to correct things that give you the HIGHEST return on your investment (ROI). It is highly recommend that you hire a reasonably priced home stager who will do their best to make your home look like a model home!

2- Paying attention to curb appeal by having tidy landscaping. Obviously, this is a challenge with distressed properties, foreclosed or short sale homes. Because of the current market conditions, it is even more important as a re-sale seller to pay attention to this item.

3- Make sure appraiser is aware of all upgrades and remodels.

4- Location, Location, Location of the subject property. . .It does matter!

5- Have comparable sales available for the appraiser to consider. This is extremely important for newly constructed homes! When new homes are sold, the builder's sales office has these records, the broker's multiple listing services (appraiser depend on this service for their comparable sales) does NOT!

Buying, Selling or refinancing in this market is a "team" concept. The proactive homeowners, sellers and buyers who believe in this attitude will most likely see positive results!

DISCLOSE OR NOT TO DISCLOSE?

noreply@blogger.com (Ling Tseng) — Sun, 23 Jan 2011 07:13:00 +0000

Many sellers become confused when they are deciding when to disclose material facts about the home they are selling. The general rule in California, "when in doubt, disclose". I have a seller along with his buddies installed a brand new HVAC (heating/air) system in their older home without obtaining a permit before installing the unit.

It is common for homeowners to avoid retaining permits for remodels or installation and/or replacement of equipment in the home. In many California city and counties, the building permits can be quite costly so it is understandable why many avoid taking out required permits prior to construction or installation. In some counties, a seller must obtain a clear 'city re-sale inspection' before placing their home on the market. This forces the seller to sell a home that is code compliant.

Even though my seller had already installed the HVAC system without the permit, it became very clear that he needed to produce evidence of a permit and he understood it wasn't too late to obtain the permit because of the following California law.

Beginning October 1st, 2005, all HVAC systems installed or replaced requires a permit and test for leaks. Any ducts leaking more than 15 percent from the HVAC system must be repaired or properly installed. This law came into affect as a measure of energy conservation in California.

AVOIDING FORECLOSURE WITH A LOAN MODIFICATION

noreply@blogger.com (Ling Tseng) — Mon, 03 Jan 2011 07:55:00 +0000

Today, we received an unfortunate call from two distressed homeowners who found a Notice of Trustee Sale taped to the front door of their home. What does this mean? The bank and/or their mortgage servicer has notified the homeowner that in 21 days from the date of the Notice, their home goes to Auction and the home is sold to the highest bidder in a court setting, not pretty.

Unbeknown to this couple, the foreclosure timeline proceeded forward while this upper middle class couple had successfully obtained an approved loan modification. Keep in mind, their approved loan modification came from the same bank who is scheduling to foreclose on their home!!! Wow?!?

Yes, this is just plain strange and NOT surprising. The left hand doesn't communicate to the right hand! Several months ago, I blogged on the topic of the banks' loan modification and loss mitigation departments never communicating with each other. Another case and many cases out there just like this young couple.

Viewing from the borrower's perspective, one might assume that this is malicious intent by the bank, the banks must be on a mission to foreclose on their borrowers' homes. Rumors and the news support distressed borrowers' suspicion that the banks are receiving subsidies to foreclose on them, a justifiable paranoia.

My advice, don't give up, if you have a bonafide APPROVED loan modification from your mortgage servicer, that means you as the borrower have signed an agreement to the terms of the loan modification provided by your mortage servicer, there's a strong chance you will avoid foreclosure.

It is a matter of providing documentation of your approved loan modification to the loss mitigation department of your bank and/or mortgage servicer. It is advisable that you seek legal counsel when you find yourself in a similar situation of these distressed homeowners.

NOT AN REO/BANK-OWNED OR SHORT SALE TRANSACTION: IT'S A RESALE SELLER!

noreply@blogger.com (Ling Tseng) — Wed, 22 Dec 2010 00:10:00 +0000

Serendipity really does happen when we are open to the magic that life has to offer! Peter is from Sweden and his lovely wife, Diana, is American Filipino. These people are the sweetest most gentle clients I’ve had a in quite sometime. This lovely couple married just three years ago and came as a first time buyer referral from a business associate.

October 24^th, 2010 was the first stormiest day of the fall season in the sleepy town of West Sacramento when I met Peter and Diana at the local coffee shop. With my laptop, we spent a good hour becoming acquainted while learning about the type of home this young couple imagined as their home.

Peter was raised in the rural countryside of Sweden while Diana was raised in a bustling city in the Bay area. With their diverse cultural backgrounds, I was also able to see how well they complimented each other and how similar their priorities were! After the 2 hours we spent together at the coffee shop, we visited three homes and one they fell absolutely in love with.

As soon as we walked in the front door of this impeccably maintained 3000 sq. ft one story home, the moment felt completely surreal. . .and yes 45 days later the home belonged to Peter and Diana!

Last weekend, I had the privilege of presenting Peter and Diana with their closing gift and as I entered their home, I was pleasantly surprised that these new homeowners had already re-painted their living room and decorated for the holidays. My heart warmed when I saw their 9 foot Christmas tree adorned with blue and white lights only, Sweden’s colors.

The tears welled in my eyes when Peter and Diana presented me with an unexpected gift basket filled with ‘relax/de-stress’ products and the most beautiful appreciation card, I was overwhelmed !!! Working hard to maintain my emotions, Diana then proceeded to show me a note that the sellers left.

“Dear Peter and Diana, Kathi and I have lived and spent 25 years in this home raising our children and have filled this home with many, many happy memories. We know this home will allow you to do the same. We are leaving a legacy behind and have taken care of this home as if it were one of our children. We hope you do the same. Sincerely, Del”.

Oh my God, I completely lost it, I just get emotional recapturing this moment as of the writing of this blog.

To all my readers, now you know why I love what I do and the passion I have for how I can serve!

In this market, working as an “REO/bank owned and/or short sale” listing real estate brokers/agents, we forget that as real estate professionals, we are in a ‘relationship business’. I so appreciate when I have the opportunity to work with clients like Peter and Diana!

With these type of transactions, I am reminded that I am in the best business in the world!!!

THE GIVING TREE

noreply@blogger.com (Ling Tseng) — Mon, 06 Dec 2010 20:00:00 +0000

The holiday season has arrived quickly and as we know, there are many people that are much less fortunate than all of us who even have the ability to read my blog assuming you own a computer.

I am dedicating this blog to an opportunity to have you schedule 1 hour of your life to see how you can participate in "Revenue Share & Fundraising Program for Non-Profit Organizations". When is this webinar?

Click here to sign up for this webinar on Wednesday, December 8th, 2010 at 10:00 AM PDT

As many of my blog readers, Facebook friends, and Twitter followers know, I have been active with a group called AgentsPayingForward.com

Everytime I close a transaction, I donate a portion of my commission to several charities listed on this site. In addition to donating directly to charities partnered with AgentsPayingForward, I have partnered with Team Ignited of Ignite360 who is committed to collaborating with AgentsPaying Forward in providing a simple and effective solution to INCREASE fundraising to non-profit organizations and the community!

As you are all well aware, tis’ the season for non-profit organizations to shake the trees in hopes that money will fall into their charity cups. Unfortunately, these days, non-profits find themselves shaking those trees harder yet receiving less for their fundraising activities.

Will you join me in securing a future for our charitable organizations and more importantly, ensure the health of our future generations?

Remember, this Wednesday, December 8th, 2010, 10:00 am. Click here to sign up for this webinar on Wednesday, December 8th, 2010 at 10:00 AM PDT

LOAN MODIFICATION & CALIFORNIA'S FORECLOSURE TIMELINE

noreply@blogger.com (Ling Tseng) — Sun, 10 Oct 2010 22:05:00 +0000

In the last week, I've received 3 calls from homeowners asking for my help and informing me that either in the middle of their loan modification with their mortgage company or obtaining fully approved loan modifications, they were surprised to receive a "Notice of Trustee Sale" taped to the door of their home. A Notice of Trustee Sale is a legal notice to a homeowner that their home is going to the auction block 21 days after the notice date. Pretty gut wrenching. The question comes to mind, why are these homeowners surprised?

After the homeowner's bank personnel told them repeatedly during their loan workout process not to worry and that their loan modification would stop the foreclosure process, they had every right to be surprised. Unfortunately with all three homeowners, they did not obtain confirmation that their FORECLOSURE PROCESS WAS DELAYED AND/OR HALTED IN WRITING. What distressed homeowners are NEVER TOLD: The loan workout or loan modification department never communicates with this loss mitigation (handles foreclosed properties) and short sale departments. In my experience, I've had numerous conversations with bank personnel confirming this to be true.

Most Realtors, Real estate brokers, and personnel working with these banks on short sales and/or foreclosures will confirm that most internal operations are flying by the seat of their pants. A tremendous amount of disorganization, lost files, and lack of communication is frighteningly prevalent among the large banks.

Among the smaller banks, there seems to be a noticeable difference in service, communication and positive action. The take home message for all distressed homeowners: If you are applying for a loan modification from your bank, obtain confirmation from your bank/lender that your foreclosure timeline is being delayed, or halted.

I hate to see anyone losing their home when attempting to do the right thing for their families! Any questions about California's foreclosure time line, please contact me.

CHASE BANK CHASING HOMEOWNER INTO FORECLOSURE

noreply@blogger.com (Ling Tseng) — Fri, 08 Oct 2010 05:48:00 +0000

It's been over a month since my client was encouraged to foreclose on his home due to Chase bank's lack of action to release my client from debt on a short sale in his bank approval letter. Because of my client's strong desire to be 'socially responsible' by choosing to short sale his property while possibly doing less damage to his credit, it took a veteran real estate broker, an attorney and my vigilant client to lobby and advocate for a short sale, making total sense to Chase bank that they stood to lose less money in a successful short sale than foreclosure. . .

Unfortunately, the battle was lost when Chase just couldn't see themselves stepping outside the box which would have created a win-win for all parties. To add insult to injury, my seller lost a total of 6 highly qualified buyers over a 12 month period due to Chase's zero communication and lack of incentive to do anything in a timely fashion. When Chase did respond, their staff managed to send over approval letters with expired dates. When asked to correct these bank approval letters, Chase took so long, the buyers walked . .Damn it, what in the world do these BIG name banks do with their time and more importantly, why such INCOMPETENT staff dealing with people's lives???

My young client only 5 years ago, started a new life buying his first home. It is was time when homes sold in less than 24 hours after a seller would sign a listing contract, interest rates were moderate and home prices were rising exponentially. Sadly, we have heard and read so many related stories as of late.

Just over 30 days ago, my client's attorney wrote the following letter as the last ditch effort to have Chase release my client from debt by changing the definitive verbiage in their bank approval letter. Of course names are hidden for confidentality:

August 18, 2010 Chase Home Finance LLC XXXX, Via Facsimile: 1xxx - xxxx --

Dear Ms. G :

I am the attorney representing the D family in the short sale of their home. We have all been working together with Chase in an effort to avoid foreclosure and to reach a mutually agreeable resolution for all parties involved. To that end, we have submitted to your institution a strong offer and all the required documentation. We have obtained approval from your institution, which we are thankful for, but it in fact encourages foreclosure because of the verbiage chosen. Again, while we are grateful for the approval of the short sale, which enables the family and your institution to potentially avoid foreclosure, we are writing to formally request that the verbiage used therein to be changed to reflect the realities of California foreclosure law as it would be absurd to ignore the same. The subject property is located in California and your institution holds both first and second position with its liens.

Pursuant to California foreclosure law, your institution will be prohibited from obtaining from my client any deficiency should the short sale not be consummated and your institution forecloses (see California Code of Civil Procedure 580d and 726a, which prohibits a deficiency judgment after a non-judicial foreclosure). In other words, according to California law, should your institution sell the property at an auction, it will not be able to pursue my client for the deficiency that will naturally result in this upside down market and so it does not make any sense for you to reserve the right to pursue the deficiency as you have in the approval letter; by doing so, you are actually encouraging foreclosure.

Moreover, California case law provides that where a senior lien holder, that is the same as the junior lien holder, forecloses the juniors will similarly be prohibited from obtaining a deficiency judgment (see George v. Simon 4 Cal. App. 4th 63 (A bank's action to recover the deficiency due under a promissory note secured by a junior deed of trust was barred by Code Civ. Proc., § 580d (deficiency judgment after private foreclosure forbidden), where the bank had previously foreclosed a senior deed of trust on the debtor's property).

To reach such an absurd conclusion flies in the face of good faith and is one of the reasons homeowners are so upset with your institution. I understand that it may make sense to reserve the right in another context, but not here. As such, I write asking that you reconsider your position in the short sale approval letter that attempts to reserve any wrongly perceived deficiency balance rights that your institution and/or its investors believes exists and allow the short sale to be consummated in line with California law.

Again, should you not release liability; you are actually encouraging foreclosure because California foreclosure law will protect my client more than consummating the sale. Assuredly you do not wish such preposterous result nor would the investors once they review California foreclosure law. Please know that it is not lightly that we come to you with this request. Generally most lenders will step outside of the box and analyze the situation for what it is and make a financial decision. It is only because your representatives in this situation are not considering the best interest of your institution that I must write. If you have any questions, or if you would like to contact me to discuss the short sale, please do not hesitate. I look forward to resolving this matter quickly as it has been an arduous process thus far.

Sincerely, R T, Esq. L Law Firm

Yes, the bank rejected this clear request. In my opinion, I don't even think the bank staff understood the letter. . .

The startling point about this issue, there are thousands of people in my client's same situation and yet our government are bailing out these banks.

Does anyone know the definition of insanity?

CUSTOMER SERVICE BEYOND EXPECTATION!

noreply@blogger.com (Ling Tseng) — Fri, 01 Oct 2010 04:26:00 +0000

Wow, a powerful lesson I've learned in the last 72 hours. When you deliver outstanding customer service, you can always expect longevity in business! It was merely 3 months ago that I signed up for a business that specializes in video communication and marketing and what I have observed, they have excellent products while severely lacking in customer service. After seeing increasingly poor service and continuous refusal to openness of suggestions, I've chosen to stop promoting this company.

My message to you my friends, take the time to observe the customer service of any company or business before you consider endorsing. Align yourselves with people who desire to contribute to the world and WORK AS A TEAM. Choose a company who models a selfless attitude, I know you know they are out there! Join me in creating a world of selfless acts of kindness in business and in our lives!

A POSITIVE DETOUR FROM REAL ESTATE. . .WHAT GOD WILL AND WON'T ASK FOR. . .

noreply@blogger.com (Ling Tseng) — Sun, 25 Jul 2010 21:34:00 +0000

A NEW TWIST ON THE SUBJECT OF BUYING & SELLING REAL ESTATE, REAL ESTATE INVESTING, SHORT SALES, REOs, BANK-OWNED, DISTRESSED PROPERTIES. Many people I come into contact with daily have this impression that real estate professionals make a truck load of money, drive fancy cars, live in monstrous mansions and what isn't realized or spoken, not ALL real estate professional fit that stereotype.

Although I work at freeing myself of judgment of others and situations, I've observed that it is human nature to judge and/or to be judged by others. Just stepping back, I truly thank all those who have the courage to send the following in an email only to find out, I will post this publicly on my Blog and more importantly, be PROUD TO PUBLISH on my blog. . .The following speaks loudly on how I LIVE MY LIFE and most importantly, how I view my relationship with God in my life. . .

What God Will And Won't Ask

1. God won't ask what kind of car you drove, but will ask how many people you drove who didn't have transportation.

2. God won't ask the square footage of your house, but will ask how many people you welcomed into your home.

3. God won't ask about the fancy clothes you had in your closet, but will ask how many of those clothes helped the needy.

4. God won't ask about your social status, but will ask what kind of class you displayed.

5. God won't ask how many material possessions you had, but will ask if they dictated your life.

6. God won't ask what your highest salary was, but will ask if you compromised your character to obtain that salary.

7. God won't ask how much overtime you worked, but will ask if you worked overtime for your family and loved ones.

8. God won't ask how many promotions you received, but will ask how you promoted others.

9. God won't ask what your job title was, but will ask if you performed your job to the best of your ability.

10. God won't ask what you did to help yourself, but will ask what you did to help others.

11. God won't ask how many friends you had, but will ask how many people to whom you were a true friend.

12. God won't ask what you did to protect your rights, but will ask what you did to protect the rights of others.

13. God won't ask in what neighborhood you lived, but will ask how you treated your neighbors.

14. God won't ask about the color of your skin, but will ask about the content of your character.

15. God won't ask how many times your deeds matched your words, but will ask how many times they didn't.

~Author Unknown~

Real Estate Investing 101

noreply@blogger.com (Ling Tseng) — Sun, 18 Jul 2010 08:42:00 +0000

Today, I caution you from a company called Noveau Riche, a MLM in real estate investing. There are many inexperienced real estate investors and unlicensed people who pretend to practice real estate in this organization.

Recently, I acquired new clients who have fallen victim to ill advice by Noveau Riche distributors and/or members. This company has taught my newly acquired clients about making 'fast money' by flipping properties. There is no such thing as making 'fast money' when it comes to real estate investing. Just because the current market is a strong buyers market and residential income and/or single family houses are below market does not necessarily mean that it is a good buy.

Eight months ago, my newly acquired clients purchased an investment property learning the Noveau Riche way and they have LOST money in the process of flipping their first investment property. As a matter of fact, there going to have to 'short sale' their property.

There is NO SUBSTITUTION for knowing your numbers. The investor must know down to the dollar what they will walk away with when purchasing an investment property. There are several factors involved in buying investment properties, ROI (return on investment), cash on cash, after repair costs, appreciation, depreciation, cash flow etc.

Due your due diligence with Noveau Riche or any other company who teaches real estate investing and before doing business with these individuals, ESPECIALLY as an important decision as real estate investing. Work with a experienced real estate investor that has a solid reputation and/or extensive portfolio. Connecting with the wrong individuals can place you in financial ruins and of course, connecting with the right people will help you build a very solid financial future!

You should also consider a real estate professional, licensed in the State and has a track record of happy clients.

SAVING A HOME FROM FORECLOSURE!

noreply@blogger.com (Ling Tseng) — Wed, 02 Jun 2010 03:28:00 +0000

Holy Cow, after a day of losing a buyer on my short sale listing, I received this email. . .Bottom line, not everyone loses their home in a distressed market. . .This just made me realize I love what I do!

Ling L. Tseng, RE/MAX Gold, was extremely helpful in assisting me with getting a loan modification. I met Ling in August 2009 at my place of employment. I had spoken with several credit counselors, real estate brokers, and mortgage companies in the past and they were very high pressure and really did not offer good or accurate advice, so I was a little leery of talking to Ling at first. However, after talking to Ling for just a few short minutes, I was convinced that she knew what she was talking about. So I scheduled an appointment with her to discuss my options regarding my home loan payment that was becoming unaffordable due to a 15 percent paycut. To make matters worse, I was upside down in my house and could not sell it. Ling spent the time to explain to me my options and provided detailed documents for what I would need depending on the option I chose. After talking to Ling and looking over the materials she gave me, I felt that the best option for me would be to try and get a loan modification. After submitting my loan modification paper work to my mortgage company, and following-up persistently, I was finally offered a loan modification in December 2009. I wasn't real happy with the loan modification offer and I discussed it with Ling. She was patient enough to sit down and talk to me about the offer and to explain that I could do much better than what had been offered and recommended that I talk to my mortgage company and see if I could get a better offer. A second loan modification offer was made to me in February 2010. It was better than the first offer, but after talking to Ling she thought I could still do better. So I approached my mortage company once more and in March 2010 they finally came back with an offer I could live with. My payments were reduced from about $2,700 per month to about $1,800 per month. Thank you Ling for being there for me and for being a good coach and friend, I couldn't have done it without you. Tom P

HOUSE VS. HOME: East Meets West

noreply@blogger.com (Ling Tseng) — Sun, 21 Mar 2010 22:38:00 +0000

It recently occurred to me when I work with my seller clients, I found myself telling them, "let's put your 'house' on the market". When my sellers are motivated to sell, it is time for them to detach their emotions from what was once, their 'home'. . .and not it is time to sell their 'house'.

So here is where East meets West and my Fengshui home staging and consultant experience comes into play. I work my sellers to shift their mindset from owning their 'home' to selling their 'house'. I teach methods for depersonalizing their 'home' while helping them to stage their 'house' to sell! Amazingly, in no time, the 'house' sells!

When working with my buyer clients, it is all about where they see themselves creating memories of family, friends, career and their lives. . .Often my buyers consult with me to determine why a feeling arises when viewing selected properties. It is the foreseen energies, plot shape, location of the structure, floorplan, yard condition and the unforeseen energies is how I educate buyers. . .

It is truly amazing how powerful communication can be, especially our choice of words! Whether you are SelLING a 'house' or BuyLing a 'home', I make it a FUN, educational and most importantly, a memorable experience!!!

Yours Truly,

MyFengShuiAgent.Com

Ling Ling

The Meaning of Bling!

noreply@blogger.com (Ling Tseng) — Wed, 10 Mar 2010 05:29:00 +0000

For a person who loves jewelry and notices 100% of the time when others wear beautiful creations, I had a recent revelation of how I feel about my admiration for all this bling! Some people can wear the most beautiful creations albeit jewelry and/or clothing and there is nothing that beats a person’s smile, the best jewelry ever!!!

Today I stood in line behind a woman wearing one of the most beautiful bracelet and necklace I have ever seen! I quietly admired her jewelry while she proceeded to checkout. While the young male checker was scanning her items, one of her items scanned a price different then she remembered and proceeded to scream at the young gentleman as he worked hard to calm her down.

At the moment I witnessed this confrontation, a young man with a beaming smile tapped me on the shoulder to bring me a sample of a tasty morsel that he was handing out to customers in the store.

For an instant, I realized that my vivid memory of the woman’s jewelry had vanished from my mind as it was suddenly replaced by this young man’s smile which still remains vivid as I write this short blog.

It is these moments that serves as a reminder of what valuable gifts we receive daily!

RELATIONSHIPS

noreply@blogger.com (Ling Tseng) — Sat, 27 Feb 2010 02:21:00 +0000

As we can all agree, this week just flew by. I looked back on my week and even today, finding myself acutely aware of the fact my life and career is about building lifetime relationships. To some reading this post, this observation and statement may read trite, for others they can relate!

Throughout my academic and corporate years, I never realized how unconscious I was with the people that came into my life. During these years, the focus was getting through school and rising up the corporate ladder, never realizing how much my life was about "me". It was until I switched careers only 8 years ago, I never imagined how much growth I would experience. . .

When working with my seller & buyer clients, the details of their lives are disclosed in a short time as part of the transaction; the end result, a gift of a lifetime, a friendship. How many can really say they love what they do for a living?

PAYING IT FORWARD!

noreply@blogger.com (Ling Tseng) — Sun, 21 Feb 2010 22:42:00 +0000

As we all are so aware, the news & the general moral is doom & gloom for America's economy. When we choose to focus on ourselves and the present situation of the world's economy, you get more of the same placed in your life, a spiral of negative thoughts.

Imagine for a moment, your life was suddenly over because a catastrophic earthquake took you and your entire family out in less than 60 seconds. . .Well this is what has happened to my extended family in Haiti. . .No, you don't have time to think about what's in your bank account, how big of house to buy or ponder on where to go on vacation.

As of result of this tragic event, I am thankful for a vehicle I have to make a sizable donation to a charity who will continue to take care of these victims of a natural disaster. My friend Tom Ash, a brilliant person created a program called "Agents Paying Forward" that allows me to donate to my favorite charity each time I close a real estate transaction. What I have found in my life, the people who prosperous the most are those who give of themselves the most. Please check this out and join me in making a difference. . .

Agents Paying Forward

I wanted to let you know that I have pledged to make a difference in the world, and you can too. I’ve joined Agents Paying Forward, a program developed to help many worthy charitable organizations

Every transaction I close will generate a donation to my designated charity American Red Cross. The more business I do, the more the charity receives - it's that simple.

By working with me, you can do your part to help change the world. You don’t even have to support my designated charity: you may want to support another charity – just let me know! I just want to encourage paying it forward in order to help so many needy and deserving groups.

Call me today and let’s change the world by changing the way we do business.

Do you know if you still own your home?

noreply@blogger.com (Ling Tseng) — Wed, 29 Jul 2009 03:33:00 +0000

This is the second time this month when I discovered that a distressed homeowner had no knowledge they were not the owners of their own home. Last week, I received a call from a couple who was referred to me for pre-foreclosure coaching. For the last 9 months, this nice young couple had been making minimum payments on their mortgage while diligently working with their mortgage servicer (in contact twice daily) believing that they were making headway on obtaining a loan modification. In frustration of never getting the same person in loss mitigation to commit to affordable payment terms for these distressed homeowners, this couple called me to help them with advising and guiding them through the modification process. Also, having no idea of the foreclosure timelines, options and strategies for possibly keeping their home, my business partner and I scheduled a meeting with this couple.

Before we met with these clients for the first time, I pulled a deed to their property showing their bank owning the property! When these new clients contacted their bank, the bank did not have any records to show the property was owned by the bank. The bank representative did further state to my clients, their lack of accurate records did not necessarily mean their records were inaccurate because of their huge backlog. Is it too late for these people?

The moral of the situation, do you know distressed homeowners that are seeking help and do not know where to turn before it is too late? Work with experts who have experience, knowledge and a plan that can help you before it is too late!

Who is Ling Tseng?

noreply@blogger.com (Ling Tseng) — Thu, 16 Jul 2009 21:05:00 +0000

I am a California licensed Real Estate Broker who helps buyers and sellers of residential and commercial real estate experience memorable, educational and smooth transactions. I am also an experienced Loss Mitigation Consultant as well as a Certified Distressed Property Expert, specializing in helping people in distressed homeowner’s situations by offering a series of options to resolve the most difficult circumstances facing fear of foreclosure.

In addition to helping families prevent foreclosure, I've created one of the largest relocation packages for government employees in the state, and know that I have been instrumental in helping families obtain their dream of home ownership. The relocation program, Maxadvantage offered through the California Employees Retirement System (CalPERS) Home Loan Program, gives a cash rebate back to the employees when they utilize their own retirement system's loan offerings. As a the director and administrator, this program has continuously run for more than 5 years and, most importantly, it has allowed me to give back to the community while at the same time growing my business!