In a recent press release from the Wall Street Journal, Brookfield Residential Property Services announced the acquisition of Prudential Real Estate and Relocation Services. The Brookfield residential real estate franchise is the parent company of Real Living Real Estate.

Real Living is an Ohio-based company traces its roots to 1956. In 2002, the founding firms launched the Real Living brand, retaining the entrepreneurial-oriented culture that had made the firm so distinct for so many years. In 2009, Real Living was acquired by Toronto-based Brookfield Residential Property Services.

Since 2008, Toronto-based Brookfield Residential Property Services has doubled in size as it continues to carry out an ambitious, carefully timed international expansion. Brookfield Residential Property Services is a division of Brookfield Asset Management Inc., a global asset manager focused on property, renewable power and infrastructure assets, with over $100 billion of assets under management. (Source: http://www.realliving.com/pages/company-history)

More information on the recent Brookfield acquisition of Prudential Real Estate and Relocation click on the following link: http://www.marketwatch.com/story/brookfield-residential-property-services-announces-acquisition-of-prudential-real-estate-and-relocation-services-2011-12-06 or continue reading the article below.

 

Brookfield Residential Property Services Announces Acquisition of Prudential Real Estate and Relocation Services

Acquisition creates global residential real estate and employee relocation services leader

CHICAGO, Dec 06, 2011 (BUSINESS WIRE) -- Today, Brookfield Residential Property Services ("Brookfield"), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Real Estate and Relocation Services ("PRERS"), a recognized leader in employee relocation and real estate franchising, from Prudential Financial, Inc. Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe.

The addition of PRERS to Brookfield's existing residential real estate franchising and employee relocation services businesses establishes Brookfield as the world's second largest employee relocation services provider and the third largest residential real estate franchising business.

Under a licensing agreement, Prudential Real Estate brokerage affiliates will be able to continue to use the Prudential brand based on the terms of their franchise agreements.

"This transaction creates a global employee relocation services and real estate franchising leader," explained Graham Badun, CEO, Brookfield Residential Property Services. "We have now increased the breadth and depth of our service offering, keeping pace with the evolving needs of our clients around the world."

A North American & Global Leader

Through its various brands, Brookfield's residential real estate franchisees are now present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, with a network of approximately 80,000 real estate agents, 2,800 real estate brokerage locations and more than $150 billion in annual residential real estate transactions.

U.S.-based Brookfield Global Relocation Services moves nearly 85,000 families in and out of over 125 countries around the world each year. With the acquisition, more than one-third of Fortune 100 companies are its clients. In addition, Brookfield is now the largest provider of relocation services to governments, with long term relationships with the U.S. and Canadian governments.

The acquisition greatly strengthens Brookfield's existing U.S. business and results in the expansion of its operations in nine countries, with a rapidly growing presence in China, Brazil and India.

"Today, Prudential's real estate and relocation services businesses join a global company with a track record of over 100 years of success," said Earl Lee, President of Prudential Real Estate and Relocation Services. "We're excited to become part of a company that is focused on and deeply immersed in the real estate sector and is in the business for the long-term."

Earl Lee will continue to lead the U.S. real estate business, and Rick Schwartz, President, Brookfield Global Relocation Services, will assume responsibility for the combined global relocation services business.

Brookfield's parent company, Brookfield Asset Management, is a global asset manager with approximately $150 billion in assets under management. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA.

About Brookfield Residential Property Services

Brookfield Residential Property Services is a leading global provider of real estate and relocation services, analytics and knowledge. The company's portfolio consists of leading brands, including Brookfield Global Relocation Services, the second largest provider of global relocation services, Prudential Real Estate and Relocation Services, Brookfield Real Estate Services, Royal LePage, Real Living, Via Capitale and Centract. Through its real estate brands, it has nearly 80,000 real estate professionals in more than 2,800 locations, who transact over $150 billion annually. Its global footprint spans North America, the United Kingdom, France, China, Singapore, India, Brazil and Australia, and includes more than 2,500 employees worldwide. It is a division of Brookfield Asset Management, a global asset manager with approximately $150 billion of assets under management.

Source: Brookfield Residential Property Services

Source: Wall Street Journal, Dec 6^{th 2011}

^{Source: http://www.realliving.com/pages/company-history)}

According to the California Association of Realtors, borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down.

The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. (Realegal® is published by the CALIFORNIA ASSOCIATION OF REALTORS®)

Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:

-Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac.

To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

-Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.

-Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).

-Current loan-to-value (LTV) ratio must be more than 80%.

-Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.

More information is available from FHFA at: http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf. This information has been provided by Realegal®, which is published by the CALIFORNIA ASSOCIATION OF REALTORS®. For more details visit: http://www.car.org/.

What's happening in your area this weekend? The Marine Corps Air Station Miramar is proud to bring you the US Navy Blue Angels. The largest military show in the nation runs from September 30 through October 2^nd, where the theme is " A Salute to San Diego: Birthplace of Naval Aviation 1911-2011".

Join us in saluting the men and woman of the armed forces as you share this exhilarating experience with your own family and friends. For more information on ticket pricing and show details go to: http://www.miramarairshow.com

For more information on what's happening in your neighborhood, contact us  today for a complementary market analysis.

Governor Brown has signed Senate Bill 458 (Corbett) expanding anti-deficiency protection to all 1-4 unit residential mortgages or deeds of trust where the beneficiary consents to a short sale, whether a first deed of trust or a junior deed of trust. As an urgency bill, it became effective on July 15, 2011 when it was chaptered into law. The new law also limits the short sale anti-deficiency protections by excluding sales where the trustor is a limited partnership or LLC. Existing short sale law enacted in 2010 already excluded corporations.

The new law expands on short sale anti-deficiency legislation passed last year. Senate Bill 931 (Ducheny) was enacted last year in response to concerns that borrowers could have greater liability after a short sale than after a foreclosure. SB 931 prohibited a lender from obtaining a deficiency judgment as to a first mortgage or deed of trust following a short sale. Since SB 931 only applied to first mortgages, homeowners with more than one mortgage could still be liable to a junior note holder after the short sale.The new law addresses that issue. To read the official Senate Bill you can visit www.Senate.ca.gov.

RATE WATCH

Freddie Mac's Primary Mortgage Market Survey indicates the average 30 year fixed rate is 4.39% with .8% fees & points. 15 year fixed rates average at 3.54% with .7% in points & fees. Freddie Mac averages are for conforming mortgages with 20% down.

CARBON MONOXIDE DETECTORS

The Carbon Monoxide Poisoning Prevention Act of 2010 (Cal. Health & Safety Code SS 13260 et seq.) was signed into law this year. It requires carbon monoxide detectors be installed in every dwelling intended for human occupancy. To comply with this law, every owner of a "dwelling unit intended for human occupancy" must install an approved carbon monoxide device in each existing dwelling unit having a fossil fuel burning heater or appliance, fireplace or an attached garage. (Cal. Health & safety Code 17926a).

Please feel free to contact us today for more information related to these updates. If you would like specific information on your neighborhood, contact us today for a complimentary market analysis. Stay connected with us on www.LakeHodgestoLakePowayHomes.com for more articles and real estate news.

Short sales are a dime-a-dozen during these tough economic times, but they still an attractive option for both buyers and sellers. Buyers are still exploring the possibility of purchasing short sales with the hope of finding a good discount. On the flip side, sellers are hoping to receive a decent offer on their short sale in order to avoid the foreclosure process, which is more damaging to their credit. That being said, the short sale process isnt known for being a quick and smooth process. If you are considering buying or selling a home via the short sale process, it is highly advisable that you consult a trusted Realtor who can provide you with specific information on the lifecycle of the short sale process and who you should consider consulting prior to moving forward with your decision. In case you missed it, take a look at the following article written by Lily Leung from the Union Tribune. Its a bit lengthy, but worth the read as she walks readers through the short sale process and current market trends. San Diegans take the short-sale gamble- They can be a way out for underwater borrowers - if everyone's on board Short sales can be lifesavers for consumers who want to shed real estate and avoid foreclosure or are steals for house hunters, from first-timers to move-up buyers.Thats if everything goes right and everyones on board. Emphasis on "if." Short sales -- transactions in which borrowers owe more on their mortgages than their homes are worth but the lender agrees to a discounted payoff -- made up 18.7 percent of San Diego Countys home resale market in June, up from 2 percent five years ago, says local real estate tracker DataQuick. Even though short sales have become more common locally and throughout the state, the process of closing the deal from the buyers and sellers sides remains lengthy, uncertain and ever-changing -- qualities that could leave a cast of interested parties in a bind. "Short sales are changing all the time," said Kurt Wannebo, a San Diego broker who has specialized in such transactions for more than six years. "The banks change their processes all the time ... and there are new laws and new short-sale government programs." Short-sale insiders say one particular state law signed in July thats meant to further protect short sellers could actually make the process more lengthy, uncertain and costly for the seller. What kind of homeowners sell short, and why? A short sale is a transaction in which the homeowner owes more on the loan than the property is worth. To sell the home, the lien holder (the party or parties who have claim on the property, such as a bank) must approve the sale, because the amount owed to them will be short of what is currently owed by the borrower. The typical short seller is someone who cant afford their mortgage and wants to walk away because their once-sound investment no longer makes sense. Take Sheila Brady, a 47-year-old flight attendant. She and her husband bought her condo in Rolando for $285,000 in 2004. That property, now in escrow, is being sold short at $120,000. On top of the lost value, Brady and her husband fell behind on their mortgage payments because surgery kept her out of work for 2½ months and hes been unemployed for two years. Why did the couple short-sell over letting their home foreclose? "You have such a strong moral obligation toward your mortgage," Brady said. "You sign a document saying, 'I will do this. " Greg Ives, 33, bought his downtown San Diego condo at the Hard Rock Hotel as a rental investment for $405,000. As the propertys value depreciated, so did the amount he was able to fairly charge tenants. After paying his mortgage, he was $1,000 in the red for several months. Ives tried to secure a loan modification, but that effort failed, so he decided on a short sale as a last resort. After five months of negotiation, the deal closed. Ives still owes the lien holder, in this case a small bank, $340 a month for the next 10 years since the property was considered commercial, he said. Still, he said a short sale was his best option. "Im grateful to be done with it," Ives said. How do they work? Executing a short sale requires timeliness and coordination from several people: seller and buyer, their real estate agents, loan servicer (sometimes they are banks) and short-sale negotiator. Heres roughly how it works, although there are variations: Homeowners consult with agents who have experience with short sales. Agents at times refer the home sellers to a real estate attorney or tax adviser to evaluate the possible implications of a short sale on their financial records. The home gets listed, and as offers come in, sellers gather documents to prove to loan servicers they are under financial hardship. "Theyre looking for financial data," said Vikki Kuick, a short-sale specialist at Laturno Kuick Realty in San Diego. "There has to be a hardship. You cant just be in an upside-down house." If the paperwork looks OK, then the servicer sends someone to appraise the home. Once a number is settled on, negotiation between the sellers agent and the short-sale negotiator starts to settle the outstanding loan balance. This can get complicated if there are junior lien holders or secondary loans. Those are common since many homeowners tapped into their equity during the housing boom. At this point, the amount of time it will take to close the short sale is uncertain. In all, the process could take three to four months or as long as a year, if theres little or poor communication and lost documents. Why are short sales so attractive? Sellers prefer short sales over foreclosures because they typically have less impact on credit scores. Derrick Evens, who specializes in credit issues in San Diego, says short sellers can lose as little as 20 to 30 points or as much as 150 points off their scores, depending on how behind they are on their mortgage payments and other items on their reports. The hit is instant, but "it will recover as times goes on," said Evens, who goes by Mr. Credit on his weekday personal finance show "The Lunch Hour" on 1700 AM ESPN.How long the short sale will stay on record also depends on mortgage-payment history but is usually shorter than that of a foreclosure, which can stay on a credit report for as long as seven years. Buyers tend to like short sales because they can snag good deals.That was the case for Paul and Beth Batcher, who wanted to upgrade from their 1,000-square-foot home in Point Loma to accommodate two toddlers. After scouring for the right place since October, the couple moved into a San Marcos short-sale property in July. They bought the property for $300,000 below the previous owners purchase price, said Beth Batcher, a registered nurse. "We got so much more house for a little bit of money we put on it," she said. "We got yard size, square footage, amenities and a good school district."The downside to a short sale, she said, was the wait. "Be patient," Batcher advised others who are thinking about buying a short-sale property. How is the short-sale process changing? As people continue to buy and sell short, the rules and laws that dictate those processes continue to change. A recent example was the signing of Senate Bill 458, which says if a bank servicing a junior loan accepts a reduced offer in a short sale and then discovers an outstanding loan on the property, the bank cannot go after the seller for money owed once the deals closed. That law, which went into effect July 15, builds on a previous law, SB 931, which covered only servicers of first liens. Short-sale specialists say the new law has great intentions but could have bad consequences for sellers and agents. Banks, which follow their own in-house rules, likely will ask for more money up front since they cant pursue deficiencies after the fact. Whereas a second lien holder wouldve been happy with $3,000 to $5,000 to "release" the borrower from the lien, theyll now likely ask for $20,000 to $50,000 up front, said Wannebo, whose focus is San Diego short sales. Given that scenario, "the first lien holder may not pay that money, and that could lead to a foreclosure," he said. Since the law has passed, Wannebo and other agents have seen banks revise their release of lien amounts in letters to larger figures. In one case, the number was bumped from $12,000 to $30,000. "Right now, its hurting more than its helping," said Jacalyn Blank, a San Diego short-sale negotiator. "With anything, once the kinks get worked out, it will be good protection for the seller." See the full article at: http://www.signonsandiego.com/news/2011/aug/04/san-diegans-take-short-sale-gamble/ For more information related to short sales or specific information on your neighborhood, contact us today for a complimentary market analysis. Stay connected with us on www.LakeHodgestoLakePowayHomes.com for more articles and real estate news.