Vice President, Commercial and Luxury Home Investments
REMAX Prestige Properties
Yes, we are in the holiday season already! As we approach Thanksgiving, I am trying to balance my work and social life and consider a way to help others in a meaningful way. As you most likely know, I have always try to keep children needs close to my heart and to help those less fortunate. Thousands of children in
Southern California suffer needlessly from real pain resulting in lost hours from school and from time focusing on the joy of youth – all due to problems with dental care. Sadly, many of these children can not afford the oral health needed and suffer greatly as a result. This year I have decided to join Healthy Smiles, an organization dedicated to solving these problems. They, along with others have a fun way to help these children through a fund raiser called “ride for a dream!”
On November 12, 2015, Healthy Smiles for Kids of Orange County will participate in The Carousel of Possible Dreams at Disneyland in an attempt to fund their dream of increasing prevention services throughout the community. This year our team goal is $25,000!
Healthy Smiles for Kids of Orange County Tooth decay is the most common chronic childhood disease, resulting in 51 million lost school hours each year. With one in three elementary school students screened by Healthy Smiles for Kids of Orange County showing visible tooth decay, Orange County is truly facing an oral health epidemic. Healthy Smiles’ prevention program consists of two smile mobileunits that visit approximately 105 public schools throughout Orange County. A trip to the smile mobile consists of a visual dental screening, fluoride varnish, and oral health education. On average, Healthy Smiles screens about 400 children a week.
I, along with 8 other dedicated and enthusiastic colleagues, have taken on the challenge to ride the King Arthur Carrousel at Disneyland 50 times to help Healthy Smiles meet their $25,000 goal. To support, simplyclick on the link below!
I am truly grateful for your support to this wonderful organization. Your investment will make a positive and lasting impact on the children in our community!
Visit my personal page to support:
On July 11, 2011 Governor Brown signed into effect Senate Bill 458 (Chapter 82, Statutes of 2011) which took effect immediately. The provisions of SB 458 expanded the previous statute which prohibited a first lien holder from filing a deficiency judgment against a seller after a short sale, and expanded this no recourse coverage to include any junior loans secured against a dwelling of not more than four units. SB 458 also included a provision which prohibits a lender from requiring a seller to make any additional payments above and beyond the sales proceeds including a cash contribution at closing.
Among other things, SB 458 specifically:
Provides that the lender cannot obtain a deficiency judgment for any loan, without regard for purchase money or non-purchase money status or loan seniority, for loans secured by a deed of trust or mortgage on a dwelling of not more than four units, where the seller has voluntarily sold the property for less than what is owed and the sale proceeds have been paid to the lender in accordance with the parties’ agreement.
Provides that the anti-deficiency provisions cannot be waived.
Prohibits a short sale lender from requiring seller funds be deposited to closing as part of the short sale agreement, specifically, that a lender “shall not require the trustor, mortgagor or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.”
• Allows the lender to retain existing rights and remedies for recovery if the borrower has committed fraud or waste.
• Does not apply to commercial loans made to legal entities (where the borrower is a corporation, limited liability company, limited partnership or political subdivision of the state) or where a loan is secured by mixed collateral, such as a residential 1-4 unit property and a commercial property, thus allowing the lender to retain any rights under applicable laws to proceed against the other collateral to the same extent as if the dwelling had been sold by non-judicial foreclosure.
Escrow Officers are neutral third parties and cannot provide legal advice. It is up to the lender to ensure they are in compliance with State Law. Escrow Officers’ responsibilities are to ensure they are closing their transaction pursuant to the terms described in short pay approval letters and in accordance with the mutual instructions from the principals of the transaction.
Gerald T. Henberger
CalBRE # 01332379
Remax Prestige Properties
23120 Alicia Parkway, Suite 100
Mission Viejo, CA 92692
The Spring Market is now in the rearview mirror, making way for
a whole new season in home sales: summer.
The Summer Shift: The expected market time has increased by two weeks longer since the prime Spring Market.
Housing tends to follow a similar cycle every year. This time of year is no different. It started a couple of weeks ago with graduation. The market slowed a bit; many houses were not selling as rapidly as they were in April and May. The explanation from the real estate trenches was that it was due to graduations and the end of the school year.
Then there is our national holiday, the Fourth of July. Not as many buyers tour homes as they turn their focus to playing in the sun, barbecues, and fireworks. In housing, the holiday turns into a distraction of grand proportions and the lingering effects can be felt for a week.
As Southern California experiences summer heat waves, many will turn to the oasis known as the community pool, and others will flock to cool off in the welcoming, crashing waves of the Pacific. The heat will also distract the real estate market from performing on all cylinders.
Finally, the slower housing scene will be blamed on the family vacation. From Hawaii, to the East Coast, to the ultimate family destination, Orlando, it is the season for summer vacations. Camping, airplanes, house boats, motor homes, and road trips, just about everybody has plans. It is hard to tour homes or conduct real estate transactions when you are checking in to a Hyatt and touring the Empire State Building.
Many will blame the slower housing market on graduation, the 4th of July, hot summer days, and family vacations. It is, quite simply, the Summer Market. It happens every year. For sellers and buyers in the real estate trenches today, they are all experiencing the shift in the housing market already and we are just a couple of weeks into the official start of summer.
A Summer Approach for Sellers: with buyer traffic down and the expected market time rising, it is now more important than ever to NOT get too far ahead of the market by overpricing. Multiple offers can still be attained, but only for those homes that are priced at, or very close to, their Fair Market Values. Here’s a quick refresher for determining that value: take the most current closed and pending sale activity and carefully adjust for upgrades, location, amenities, and condition. The Fair Market Value is not determined by arbitrarily pricing a home out of thin air. Ignoring the fundamental shift in activity during the Summer Market will result in many homes being overpriced with absolutely no success; instead, they will waste valuable market time during the second best time of the year to sell.
A Summer Approach for Buyers: although competition dips a bit during the summer, buyers must respect the fact that it is still a seller’s market. Buyers are not able to call the shots. Sticking to paying the Fair Market Value determined by recent market activity is key. Also, knowing the local or neighborhood market conditions is extremely important as well. It may be the case that a certain neighborhood is a bit hotter than another and when a home comes on the market that is priced well and is in great condition, buyers must be willing to push the envelope a bit in terms of value. Paying a few thousand dollars more than the last comparable sale may be the winning strategy that will allow a buyer to beat out the competition. Grossly overpaying is not advised. Sometimes waiting for the next shift in housing, the Autumn Market, may be a wise approach as well.
For both buyers and sellers, the Summer Market shift means a new approach to the market is crucial in order to find success. Realistic, level headed, patient buyers and sellers will be rewarded from now through the first few weeks of August. From there, the housing market will experience another shift, the Autumn Market. Stay tuned…
For more information on market trends click the link below:
The Fourth of July is a day when we honor our country. We honor those who have gone before us and those who make our country great. From those who founded the United States, to those who fought for our freedoms, to those who immigrated to become part of the fabric of our lives, we salute you.
It occurs to me that there are many heroes we often overlook. Caregivers take time each day to support our aging population and those fighting disease. This part of our society loses many of the freedoms we take for granted. Caregivers help restore those freedoms while improving quality of life. My friend Hass gave his time and energy to support caregivers and those less fortunate – all to honor his brother. Tragically, his brother, a gifted cardiologist, just lost a battle to Parkinson’s disease. Thank you to all the volunteers like Hass in our country.
As the Fourth approaches, look around and consider our heroes and loved ones. Every day we fight prejudice and inequalities. As we face these challenges, consider the words of the great Dr. Martin Luther King, Jr. ” we will prevail”. We will continue to build an even greater society, we will cure diseases, we will do our best to fight famine and support people throughout the world. This is our country and these values are reflected in the hearts of our youth. As the fireworks go off, feel proud that we are a nation of freedom, hope and commitment.
Happy Fourth of July!
RE/MAX Prestige Properties
Charity and Real Estate
For those of you who know me, you most likely know that a strong passion of mine is charitable work. The Henberger Properties Blog will have a section specially suited for you to voice your passion, helping you with your charitable goals. Share how they benefit peoples lives and the results of your charitable work. Real estate is of course a part of your success and part of your investment portfolio. In the near future we will have information on how to set up a CRT or Charitable Remainder Trust.
Please contact us for information on an upcoming
Charitable Remainder Trust Seminar.
RE/MAX Prestige Properties
Jerry Henberger, Gosia Kawczynski
Broker Associate Broker
Guest Speakers include:
James D. Frey
Director, Gift and Estate Planning
Mission Hospital Foundation
The Henberger Properties Blog is all about sharing information important to other property owners. Together we can provide important and timely resources to help your real estate investment stay in tip-top shape. My goal is to help you build resources including a top real estate expert, mortgage specialists, escrow partners, title companies, handymen services, inspections services, termite recommendations, local landscapers, service reviews and other important information.
Thanks for being part of our team!
1031 Tax Exchange
A 1032 Tax Echange is a tax-deferred exchange or a transaction to defer the payment of capital gains by “exchanging” investment property owned by an investor (“relinquished property”) for another investment property (“replacement property”) of equal or greater value.
The most common type of exchange is a delayed or straightforward type of exchange is a delayed or straightforward exchange. By properly effectuating an exchange, the investor is able to defer the realization of depreciation tax on the relinquished property.
Choosing the Right Intermediary
An investor should be selective in choosing a Qualified Intermediary (“QI”). Choosing a professional QI with financial strength is paramount to a successful exchange.
Choosing the Right Broker
Make sure your broker has the resources to successfully bring the right team together to help you succeed.
For more information to sign up for a 1031 Tax Exchange Seminar,
– contact: firstname.lastname@example.org Direct Line (949)874-7126
REMAX Prestige Properties
*If your property is listed with another broker, this is not a solicitation for a listing.
**Be sure to consult your tax advisor on any transaction that may impact your taxes.