CasaGuam Vol. 5 Issue 7

CasaGuamJuly12:Layout 2 7/6/12 7:10 PM Page c1


GUAM ASSOCIATION OF REALTORS®The Voice for Real Estate on GuamSuite 236A Julale Center424 West O'Brien Drive, Hagatna, Guam 96910Office: (671) 477-4271 • Fax: (671) 477-4275

afa Adai!Pulse on the Market......Guam's warm SummerMonths are heatingup...the interest rates are hot, hot, hot—

perfect time to refinance your home for rates as lowas 1.99% up.This is also the best time toBUY...if you are renting

- you can definitely afford to own your home!First Time Home Buyer's Loans are available withunbelievably the lowest interest rates inmany years.A $800 per month rental payment could be a

mortgage payment for a house priced at $150,000.A $1000 monthly rental payment could be apayment for a home priced up to $186,000.There are a number of programs to assist buyers

in achieving the dream of home ownership.

- Rural Development Loan- CAHAT - Interest free- $10,000 (up to) down payment assistance- USDA 2% Loan- FHA Loan- VA loan

The Affordable Housing Symposium and Expothat was held recently was an excellent source ofinformation for buyers. The Guam Association ofREALTORS® will be conducting a similar eventgeared towards the home buying process inOctoberof this year. Stand by for more details on thisevent or simply call the Guam Association ofREALTORS® office at 477-4271/479-4271 to learnmore of the details sooner.Call a REALTOR® to assist YOU in finding the

perfect home for your family.Our Guam REALTORS® are hard at work

helping our Community build neighborhoods andmaking the dream of home ownership a reality.

Si Yu'os Maase.....

July 2012 • Vol. 5 • No. 07

D e p a r t m e n t s

5 Market Report

2011 Year in Review

8 Feature

A Tough Market

Guam Loan Programs are

available for those who

want to own a home.

10 On the Cover

Perlas Corte

Tamuning’s Secret Hideaway

16 Profile

Fiona Hocking

“No Regrets”

19 GHURA

GHURA Celebrates Their

50th Anniversary

26 Curb Appeal

Gardening - Making a Big

Impact with small spaces

27 Who Ya Gonna Call?

28 Closing

Guam Association

of Realtors®

Mortgage Fraud

M e s s a g e F r o m G A R

CasaGuam is Published by:

P.O. Box 24881 Barrigada, GU 96921Tel: (671) 472-3495 | Fax: (671) 472-3498

email: [email protected]

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|Publisher||Business Sales Manager|Jay-R S. Dominguez

|Display Advertising|Darrell T. PeredaDoris PangelinanJohn MendiolaEmily Untalan

|Traffic/Circulation Manager|Josie Redmond

|Production Manager|Mark S. Burke

|Graphics & Layout|Mark S. BurkeEdwin E. Valencia

|Editorial Contributors|Faye Varias Creative Services

Elizabeth DuenasAnthony Godwin

Peggy Araullo LlagasDeniece Menez

Arlene Taitague TaitingfongDavid J. Sablan

Senator Tina Muña BarnesYolie Elliot

Cover Photo: Mark S. Burke

CONTENTSMessagefrom thePresident

By Elizabeth C. Duenase-pro®, CRS®, CIAS®,

REALTOR®Associate Broker

RE/MAX Diamond Realty

H10

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Total Listings in MLS: 2,084 (as of June 24)Average Home Price: $288,192

Days onMarket: 178Average Condo Price: $147,482

Days onMarket: 195Average Rental - Single Family: $2,085/monthly

Days onMarket: 86Average Rental - Condo: $1,316/monthly

Days onMarket: 77No. of Agents/Brokers: 411 (as of June 24)

Market Type: Buyer’s (&Renter’s)Market

Buyers Rejoice! You have Choice!With just over 2,000 listings on the market buyers (and

renters) have an awesome selection of properties to choosefrom. For thosemaking a home purchase, the added benefit oflowmonthlypayments and, in somecases, sellerhelpwithdownpayments and closing costsmakeNOWa great time to buy!

Market TrendsWe are just about at the halfway point this year. The av-

erage single-family home sale price at the same time last yearwas $260,927 and days onmarket was 163.While the aver-age home price has increased over last year the number ofhomes that have sold over $400,000 has decreased. Therewere 57 homes that sold under $300,000 so far this year and36 homes that sold for more reported to the GuamMLS.We are starting to see seller assistance in the form of down

payment and closing cost credit offerings in order to providebuyers withmore incentives to buy. Banks are helping.Manyare streamlining the loan process getting buyers qualified andinto homes faster!We are in a Buyer’s Market. Most REALTORS on

Guam agree with this assessment. In a telephone survey ofseveral island REALTORS, nearly all said “Buyer’sMarket”when asked whether we were in a “Seller’sMarket,” “Buyer’sMarket” or “Somewhere In Between.”

Advice to Sellers

My advice to Seller’s in a Buyer’s Market: Make sure yourproperty is in tip top showing condition, is priced right andbeready to offer concessions, such as help with down paymentsor closing costs. Many sellers (and first time buyers) don’trealize that, in addition to the purchase price, a typical homebuyer also has to come up with almost 7% of the purchaseprice in various fees in order to get the financing for thepurchase. So if you want your property sold (or rented)provide the best incentives possible to potential buyers (andrenters) and your agent. Make your property stand outphysically and financially.

Mortgage Rates & Outlook

The 30 year fixed rate mortgage rate is hovering around4%.What does this mean?Well if you found a found homefor $200,000, put down $20,000.00 as a deposit and wereable to get the Seller to pay the closing costs, then yourmonthly payments would be about $700.00 a month plusproperty tax and insurance. That’s less that rent on mostapartments!

Finding Properties

Perhaps 90%of buyers and tenants are starting their searchon the internet. Nearly all real estate websites on Guamfeature all properties from all real estate companies throughthe GuamMLS.Websites such as http://www.guamrealestate.com also

allow you to create favorite folders, save searches and trackproperties thatmeet your requirements.When you are readyto make a move, contact your favorite REALTOR®.

All data in this article is from the Guam Multiple Listing Service (MLS).

M a r k e t R e p o r t

Market Snapshot January 1, 2012 to June 24, 2012




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E.Cotton/P.B.


F e a t u r e

Guam Loan Programs are available for those who want to own a home.

A ToughMarket

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Guam Housing and Urban Renewal Authority

HOME ProgramHOME is a grant provided by the U.S. Department of Housing and Urban

Development. GHURA administers the grant on behalf of Guam. HOMEgrants fund a wide range of activities that build, buy and/or rehabilitate afford-able housing for rent or home ownership or provide direct rental assistance tolow-income people. HOME is designed exclusively to create affordablehousing for low-income households. The program's flexibility allows States andlocal governments to useHOME funds for grants, direct loans, loan guaranteesor other forms of credit enhancement, or rental assistance or security deposits.

Eligible Applicants:

Applicants must be organizations or individuals on Guam.• Government agencies• Non-profit organizations• Low-income families

Eligible Beneficiaries:

The eligibility of households for HOME assistance varies with the nature ofthe funded activity.• All Home funds must be used to assist families or individuals with incomesat or less than 80 percent ofGuam’smedian income.HUDpublishesHOMEIncome Limits for Guam each year.

• For rental housing and rental assistance, at least 90 percent of benefitingfamilies must have incomes that are no more than 60 percent of the HUD-adjusted median family income for the area.

• In rental projects with five or more assisted units, at least 20% of the unitsmust be occupied by families with incomes that do not exceed 50% of theHUD-adjusted median. The incomes of households receiving HUDassistance must not exceed 80 percent of the area median.

• HOME-assisted rental housing must comply with certain rent limitations.HOME Rent Limits are published each year by HUD. The program alsoestablishes maximum per unit subsidy limits and maximum purchase-pricelimits.

Eligible Activities:• Home purchase or rehabilitation financing assistance to eligible home ownersand new home buyers

• Building or rehabilitating housing for rent or ownership• Site acquisition or improvement• Demolition of dilapidated housing to make way for HOME-assisteddevelopment, and payment of relocation expenses

• Tenant-based rental assistance contracts• Program planning and administration

Application:To receive a HOME grant, an applicant must submit a proposal to GHURA’sResearch, Planning andEvaluationOffice. For applicationkit, contact theResearch,Planning and EvaluationOffice at Phone: 671-477-9851, Fax: 671-472-7565.

Technical Guidance:HOME is authorized under Title II of the Cranston-Gonzales National

Affordable Housing Act, as amended. Program regulations are at 24 CFR Part92. Additional information about theHOMEprogram can be found by visitingtheHOME programweb pages at the U.S. Department of Housing andUrbanDevelopment web site.

In a tough economy, buying a home may be the last thing on yourmind if you don’t already own one. While many people may knowthere’s assistance out there, the tough part is making the first step.Here, we summarize some basic points to see if you qualify, and younever know, you may just be steps away from the American dream ofhomeownership.

Source: www.guamhousingprograms.com


F e a t u r e

Guam Housing CorporationRegular Loan ProgramThis is a residential mortgage lending program to

assist families and individuals who are first timehomeowners and are unable to obtain financing forpurchase or construction through conventionallending institutions. Interest rate is prevailing ratefor a term of 15 years to 30 years.

Eligibility Criteria:• U.S. Citizen or permanent alien resident• Resident of the territory• Minimumoccupancy requirementof two (2) years• Must have a written denial from a financialinstitution

Qualifying Criteria:• Permanent employment of at least two (2) years• Acceptable credit• Maximum income to housing expense ratio of 29percent

• Maximum debt to income ratio of 41 percentincluding housing expense

Collateral Criteria:• Maximum loan-to-value ratio of 80 percent(first mortgage)

• Improvement must be insurable with all perils• Detached single-family dwelling• Town house and condominiums acceptable uponreview and common area fees must be includedin housing expense calculations

Maximum Loan Amount:Increased to FHA current maximum loan limit.

Public Law 22-113 authorizes GHC to adjust itsloan limits using the FHAmaximum loan amountsas established.

Funding Source:• Generally funded through revenue generated byoperations

• GHC has utilized borrowed funds fromfinancial institutions and the retirement fund.

• GHC has obtained approval as a non-memberborrower from the Federal Home Loan Bank ofSeattle.

Six Percent Loan ProgramThis is a low interest rate residential mortgage

loan program to assist families and individualswho are first time homeowners and are unable toobtain financing from conventional mortgagelending institutions. Interest rate is 6.00 percentfor a term of 30 years.

Eligibility Criteria:• U.S. Citizen or permanent alien resident• Resident of the territory• Minimumoccupancy requirementof two (2) years• Musthaveawrittendenial fromafinancial institution• Applicant must be a first time homebuyer

Qualifying Criteria:• Permanent employment of at least two (2) years• Acceptable credit• Maximum income to housing expense ratio of 29percent

• Maximum debt to income ratio of 41 percentincluding housing expense

Maximum Loan Amount:Increased to FHA current maximum loan limit.Public Law 22-113 authorizes GHC to adjust itsloan limits using the FHAmaximum loan amountsas established by HUD.

Funding Source:Legislative appropriations – Public Law 20-210

Community Affordable HousingAction Trust (CAHAT)This is an interest free secondmortgage designed

as a down payment assistance program for first timehomeowners for families and individuals who lackthe downpayment resources to purchase or constructa typhoon-resistant home. Enabling legislation isPublic Law 21-99. The term for the loan is 30 years.

Eligibility Criteria:• U.S. Citizen or permanent alien resident• Resident of the territory for at least five (5) years• Minimumoccupancy requirement of five (5) years• Must be able to obtain financing from aparticipating financial institution

• Applicant must be a first time homeowner

Qualifying Criteria:• Permanent employment• Acceptable credit• Maximum income to housing expense ratio of29 percent

• Maximum debt to income ratio of 41 percentincluding housing expense and first and secondmortgage payments

Collateral Criteria:• Maximum loan-to-value ratio of 95.00 percent(first and second mortgage payments)

• Improvement must be insurable with all perils• Detached single-family dwelling• Town home and condominiums acceptable uponreview and common area fees must be includedin housing expense calculations

Maximum Loan Amount:• The maximum interest free second mortgageamount is $40,000.

• The first mortgage maximum amount isdetermined by the participating institution basedon the borrower’s ability.

Funding Source:

• Through legislative appropriations• Total funds appropriated through Public Law21-99 was $4.5 million

• Total funds received from the general fund todate is $2 million

• Leverage Loan Program

The Rural Housing Loan Program

This loan program is designed to:• Provide loans to assist eligible personswhowill livein rural areas with an opportunity to own a homethat would provide a decent, safe and sanitaryliving environment for its occupants.

• Joint financingwithRuralDevelopment for a 100percent financingwith low interest rates. Termofthe loan is 33 to 38 years for RD financing.Construction of dwelling on Chamorro LandTrust property is also eligible (Dededo propertiesare ineligible under this program).

Eligibility Criteria:

• A person who does not own a dwelling, or ownsa dwelling which is not structurally sound orfunctionally adequate.

• Be without sufficient financial resources andunable to secure necessary credit elsewhere tomeet housing needs.

• Must be a U.S. Citizen or permanent residentalien.

• Possess the legal capacity to incur loan obligation.• Will personally occupy the home on a permanentbasis.

• Acceptable credit history• Adequate and dependable income sufficientto meet the following income to debt qualifyingratios:

• Low income not to exceed PITI – 33 percent;TD – 41 percent

• Very low incomenot to exceedPITI–29percent;TD – 41 percent

• Adjusted annual income not exceeding theapplicable low income limits

For more information on Guam HousingCorporation Loan Programs, call 671-647-4143 orvisit the GHC office between 8 a.m. and 5 p.m.,Monday through Friday at the 5th floor of theITCBuilding.




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FFiona Hocking recounts that her strong interest in real estate developedseveral years before shemade the career change and became licensed. She has noregrets! From years with a bookkeeping business and various managementpositions, to running a doctor's counseling clinic, real estate is a fusion ofHocking's past career choices and experiences. She says that “the core [of herendeavors], remains the same: providing excellent customer service.”She shares that numerous real estate training exercises, webinars’ presentations,

and educational classes that she attends on a regular basis, have been vital to hercareer. The inspiration to join the industry came many years ago by two of herfriends on Guam who are also realtors. Now a successful REALTOR® herself,Hocking reveals that her passion and drive to constantly do well comes fromhelping people attain their dreams.When asked about the challenges she has faced in her career so far, she explains

“every transaction has a different twist requiring attention to detail, sincerity, andcontinuous educational development, as the industry constantly develops.”Everyday she experiencesmeeting and helping different people.Whether they

have just arrived on island and are looking for a comfortable rental home, orare ready to buy, Hocking will take the time and care needed, to find the rightcondominium or home for her clients. Nothing excites her more than to knowthat they are thrilled with their new digs!If you are ready to sell, she will give you the personal attention you need, to

assure that staging, marketing and showing your home, are done to a highlyprofessional level. She exclaims that there is nothing more exciting than closing ahouse sale and watching the Buyer and Seller fulfill their dreams. According toHocking, “real estate is such a personalwindowof time into your client’s life. Thosewhere you have made a significant difference in someone’s life…what a feeling!”To aspiring REALTORS, Hocking advises that “to be a great REALTOR®

requires tremendous hard work, passion, sincerity, and a unique perceptionand sensitivity to your client’s needs and circumstances.” To homebuyers, sheemphasizes, “be in touch with what you are qualified to buy; understand yourbudget and the expenses involved with a purchase. It is a must that you arecomfortable sharing thiswith the realtor your choose.” Further, to home sellers, heradvice is: “consider carefully your choice of realtor. Professionalism, knowledge,experience, and effective communication skills are vital considerations.”Hocking plans to continue in real estate to gain a deep knowledge of the

market onGuam. “The return of clients (who have so often become friends), tohelp with their future real estate needs, is my ultimate goal,” she says. “Needlessto say, referrals are the ultimate reward!” She expresses gratitude to many, andparticularly to her two most supportive friends, Kevin and Anthony.

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P r o f i l e

…to be a great REALTOR® requires tremendous hardwork, passion, sincerity, and a unique perception andsensitivity to your client’s needs and circumstances.

“

“

“No Regrets!”

Fiona HockingREALTOR® TODAY’S REALTY

Significant Other: KevinHobbies: sewing, knitting, embroidery, gardening, reading, cookingMotto: “Do unto others as you would have them do unto you”

By Deniece Menez



G H U R A 5 0 t h A n n i v e r s a r y

22012 marks the 50th anniversary of the GuamHousingand Urban Renewal Authority (GHURA). 50 years ofserving our community and building communities wherefamilies thrive in wholesome neighborhoods.GHURA in the early years was synonymous with “low-cost housing”, or

“low-income housing”. One label meant cheap houses were available throughGHURA.The othermeant those houseswere for thosewhowere at or belowthe poverty line only. Many viewed the services at GHURA only for thosewhowere disadvantaged in our communities. That perception is true, but theservices the Authority offers go beyond that.The programs GHURA administers helps individuals, couples, and

families who need time to get their affairs in order. It helps those who wantto move out of their parents’ home to start a life of their own; or coupleswho are raising a family, but can’t quite make the down payment to buy ahome of their own yet; or a qualified single parent who wants to give his orher children a home in a good neighborhood, and still afford some of thenecessities of life.To achieve its objective of providing affordable homes to those who

qualify and building communities, there are other programs and fundingsources at GHURA to assist developers who want to tap into that housingmarket demand. The Community Development Block Grants (CDBG)assist developers to achieve that objective. Some examples funded through theCDBG program that you see around Guam include the Dededo SwimmingPool onHarmon Loop Road; theMacheche Community Center; SouthernHealth Cliinic in Inarajan; and the Police and Fire Stations in Agat aboveOceanview Middle School. It has purchased fire trucks and ambulances forseveral communities under the Block Grant program as well.From the humble beginnings of the agency in 1962, GHURAhas made its

mark Guam. Today GHURA receives just under $70 million each year fromtheUSDepartment ofHousing andUrbanDevelopment toprovide assistanceto those in need of affordable housing; to build facilities to create wholesomecommunities; and tomaintain those facilities andhouses theAuthorityhasbuilt.Today there are over 2,500 individuals, couples, and families who receive

assistance fromGHURAunder its Section 8 voucher program.This programallows families to seek out the homes they want to lease, with GHURA’s fi-nancial assistance. In the public housing area, GHURA is the landlord andhas over 700 homes it has built over the years to lease to its qualified tenants.This year, GHURA is building 10 homes in theMachanao area under its

homeownership voucher assistance program where it will offer qualifiedapplicants for public housing assistance, the chance to own their own homeswithout having to go through the leasing process. These qualified applicantscan own those 10 homes under a mortgage plan. GHURA’s role would beto subsidize thatmortgage till the homeowner is ready to take it over 100%.And it will not end at 10 homes.The overall objective with the tenants under GHURA’s Section 8

program; and its residents in the public housing units owned by GHURA,is to help these members of our community create a bridge toward

self-sufficiency. To provide them with the time they need to get a betterpaying job; to recover from a lay-off; or to retire some of their debts, so theycan afford to lease or own a home on their own without public assistancefunds. Some individuals or single parents get married and immediately areable to afford their own home, when the income of the household rises withtwo income earners. Many have graduated from the Section 8 and PublicHousing programs. GHURA is proud to have helped them achieve thatGuamanian Dream.The sad tale, however, is: For every one family that graduates from

our public housing and Section 8 assistance programs, there are 3 familieswaiting to move in.Governor EddieCalvo hasmade it a priority of hisAdministration towork

on housing 3,000 families over the next five years. This is a daunting task,but with the help of other agencies such asGuamHousingCorporation; theChamorro Land Trust Commission, and others, it can be done.In line with that, GHURA has outlined an approach to address this task

one year at a time in a 5-year strategic plan that will be adopted by the Boardof Commissioners before the end of the FY12. The initial draft was alreadyaccepted by the Board, and now the strategies of each division withinGHURA must contribute the details of how then intend to achieve thoseyearly objectives of housing at least 600 new residents a year. Once adoptedby the Board, it will become the “way forward” to achieve GovernorCalvo’spromise to the people of Guam.GHURA’s strategic plan will engage housing developers and landlords to

meet this objective. At the same time, theBoard andmanagement are lookingto increase the training of its staff to service the existing and future clientele ofGHURA.That objective is ongoing andwill bemet.Maintenance is also a keyissue, because of the standards of care thatHUD requires of the assets held intrust by GHURA. In line with that, the maintenance crew will be goingthrough an apprenticeship training program thatwill improve their skills andget them to achieve journeyman status in their respective trades from generalmaintenance to electrician, carpenter, or plumber.Additionally, GHURA is revamping and updating its Administrative

Plan and the Admissions and Continued Occupancy Policy, the operatingpolicies of the Authority that guides its staff in serving the general public.Those policies and guidelines should be ready for implementation and useby 1 October 2012.It is an exciting time atGHURA,whichwill challenge the Authority. But

in the spirit of true public service, the staff and management of GHURAlook forward to that challenge, because it means we are helping our fellowcitizens start them on their way to prosperity.Happy 50th Birthday, GHURA!

David J. SablanChairman, Board of CommissionersGuamHousing and Urban Renewal Authority

GHURA Leads the Wayin the AffordableHousing Market

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D



Homeownershipthrough Public Policy

Senator Tina Muña Barnes

During this past month many have taken notice ofincreasing forums anddiscussions focused onhousing, andfor good reason. The month of June has been designatednationally asHomeownershipMonth—a time to highlightthe significant role it has in improving social welfare,strengthening our community, and creating jobs.

Part of the “American” dreamwas founded on the ability of its citizens toown a home. It is an idea that has spread throughout the country fromMaine to our shores here in Guam although under a different name. Butunlike many of the dreams we had as children, homeownership is possible.Many in the government and private sector have been working diligently tomake access to the dream more attainable for every household. So why aregovernment agencies and private sector stakeholders increasing youropportunities to own a home?One major reason for the increase in public policies to address

homeownership is that studies show a direct correlation betweenhomeownership and positive social outcomes regardless of householdincome levels. Beginning with a stable home, homeowners tend to live ina neighborhood for a longer period of time. Since they remain in the arealonger they strengthen social ties with their neighbors and build long-termrelationships. Homeowners tend to be invested not only in theirneighborhood or village but also in their homes. Parents are more activelyengaged in the lives of their children—both in and out of school. Theirchildren show increased participation in school and civic activities includingorganized sports. Studies also show that children of homeowners are more inclined to do better in school, have higher Math and Reading skills, and

show fewer behavioral problems. Children that are active participants inschool tend to have greater exposure to educational opportunities. Similarly,families who fall below the poverty line and own a home, raise theeducational achievement of their children thereby increasing the earningsthey will make in the future while decreasing their dependence on the socialwelfare system.While we can all agree that positive social outcomes build a stronger

community, theymore importantly create a brighter future for our children.If we are to provide better opportunities for them, itmust begin in the home.As Oversight Chairperson on Housing, I have taken a proactive approachto finding solutions for our island’s housing needs. I am proud of thelegislation I have introduced to meet the growing demand for AffordableHousing and expand resources for first-time homeowners. Still, there ismuchmore work to be done. If we can continue tomatch housing demandswith initiatives that make sense, our island will be another step closer toensuring the dream of homeownership for all those willing to work for it.

Saina Ma’ase’.

Homeownership MonthSymposium

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Housing Expo



Congratulations!Congratulations!from your friends at the Agat Mayor’s Officefrom your friends at the Agat Mayor’s Officefrom your friends at the Agat Mayor’s Officefrom your friends at the Agat Mayor’s Office

Guam Housingand UrbanRenewalAuthority

Guam Housingand UrbanRenewalAuthority

Carol S. TayamaCarol S. TayamaMayorMayor

Augustin G. QuintanillaAugustin G. QuintanillaVice MayorVice Mayor

Carol S. TayamaMayor

Augustin G. QuintanillaVice Mayor

Congratulations GHURACongratulations GHURAon your 50th Anniversary!on your 50th Anniversary!

Congratulations GHURAon your 50th Anniversary!

Thank You for all thatThank You for all that you do to help ouryou do to help our

Dededo community!Dededo community!

Thank You for all thatyou do to help our

Dededo community!

FromFromMayor Melissa B. SavaresMayor Melissa B. Savares

Vice-Mayor Andrew “Peter Daigo” BenaventeVice-Mayor Andrew “Peter Daigo” Benaventeand the Dededo Municipal Planning Counciland the Dededo Municipal Planning Council

FromMayor Melissa B. Savares

Vice-Mayor Andrew “Peter Daigo” Benaventeand the Dededo Municipal Planning Council


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Homeownership MonthEmployee Recognition

Visiting HUD Officials & GHURA Staff membersat the Latte of Freedom

2012 Employee of the YearDan Cortez

Abaove: GHURA Staff and Management celebrate at the 50 Year Anniversary Kickoff event

Below: GHURA Employee Recognition Awards

2012 Division of the YearSection 8

Supervisor of the Year Teresa BlasAMP1 Property Site Manager

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Homeownership MonthGHURA Projects

Agat Fire Station

Dededo Fire Station

Inarajan Senior Center

Merizo Senior Center

Sinajana Senior Center

Latte of Freedom

Dededo Skate Park

Northern Precinct

Senior Citizens Dementia Care Center

Southern Precinct

Salvation Army Homeless Shelter

Barrigada Fire Station Caridad 1 - Mongmong

Haya Youth Center

Lagu Youth Center


Gardening: Making a BigImpact with Small Spaces

We live on an island where lush and colorful foliage and fauna thrive.Bring a little bit of paradise into your home. Withmany apartments,condominiums, and gated communities popping up, there isn’tmuch

space one may have for a little green area, but there are ways to make it so!Our home improvement stores have a gardening section full of tools, seeds,

and everything else you need to start your gardening adventure. Whether youlive in a gardenless apartment or have a postage-stamp yard, take heart, as thereare ways to use your sunny windowsill, patio or balcony, to create a cultivatingexperience. Having a “blooming” area increases the curb appeal of your home.Choose plants that are nourishing, delicious, and beautiful!

Balcony ideasDo you have a balcony or small patio? There is potential. Even if it's too small

for a chair, there is space to create a small garden, a tiny hideaway, a space out-side to call your own. If you're short on ideas on what to use or how to start, per-haps you can gain some inspiration from a few suggestions below.

Gardening Nook. Take your small balcony or patio and make it your gar-dening refuge for potting, tending to and enjoying your little plant family.

Shoe Rack. Repurpose that shoe rack and make it into a plant stand to gainsome elevation and make better use of your balcony's square footage.

Create Privacy. Plant bamboo or hang a screen to give yourself some privacy.

Plant Something Fragrant.Transform a small space into awonderland for thesenses.

Keep it Simple.With a small terraced shelf and matching containers, buildyour little kitchen garden without a big footprint or a lot of upkeep.

Start a Vine.With a simple trellis, you can grow some flowering (and won-derfully fragrant) jasmine or honeysuckle out of containers.

Grow a Kitchen Garden. Start your own kitchen garden for herbs, lettucesand maybe even some veggies.

Pegboard. It’s not only for the kitchen and the tool closet. Use it outdoors.Put some sealer on it so it doesn't rot in the weather and let it help you go verti-cal with your plants and containers.

Windowsill

When space is limited but enthusiasm isn't – thinkWindow Boxes for yourwindowsill. Just two feet long each, are big enough to grow all sorts of herbs, in-cluding oregano, basil, chives, and rosemary. I have only seen at least two housesthat use the window boxes. It does make the residence very inviting. It’s attrac-tive and a great way to spread some of the color around the outside of your home.

A few pointers when starting your garden.

• Vegetables need full sunlight for it to collect enough energy for a goodcrop.

• Taller plants may be too top heavy to move easily. Living on the thirdfloor of a condo has made me realize that those things are H-E-A-V-Y!Try a smaller shrub or leafy vegetable in light shade.

• If a container hold soil and has drainage holes in the bottom, it can beused for the garden. Big containers are best as they must be able to stayupright with fully grown veggies in them.

• Use pottingmix – not heavy soil if when planting in a container. Thereare many slow-release nutrients or fertilizers already added. The size ofthe plant determines howmuch soil it will need. A gallon container willgrow about five lettuce plants, but only one plant of Swiss chard collardsor kale.

Gardening is therapeutic and your garden can be your oasis after a long day atwork. Start one today. Try one container and one plant type. It can be floral ora produce item. Build your garden gradually. Enjoy your garden and others willenjoy it too – no matter what space type or size you have!

By Arlene Taitague Taitingfong

C u r b A p p e a l

2 6 C a s a G u a m J u l y 2 0 1 2



W h o Y a G o n n a C a l l ?


SSome common examples of mortgage fraud as described by the FBI include:

Property Flipping - Property is purchased, falsely appraised at a higher value,and then quickly sold.What makes property flipping illegal is that the appraisalinformation is fraudulent. The schemes typically involve one or more of thefollowing: fraudulent appraisals, doctored loan documentation, inflating buyerincome, etc. Kickbacks to buyers, investors, property/loan brokers, appraisers,title company employees are common in this scheme. A home worth $200,000may be appraised for $400,000 or higher in this type of scheme.

Silent Second -The buyer of a property borrows the down payment from theseller through the issuance of a non-disclosed second mortgage. The primarylender believes the borrower has invested his ownmoney in the down payment,when in fact, it is borrowed. The second mortgage is usually not recorded tofurther conceal its status from the primary lender.

Nominee Loans/Straw Buyers - The identity of the borrower is concealedthrough the use of a nominee who allows the borrower to use the nominee’sname and credit history to apply for a loan.

Fictitious/Stolen Identity - A fictitious/stolen identity may be used on theloan application. The applicantmay be involved in an identity theft scheme: theapplicant’s name, personal identifying information and credit history are usedwithout the true person’s knowledge.

Inflated Appraisals - An appraiser acts in collusion with a borrower andprovides a misleading appraisal report to the lender. The report inaccuratelystates an inflated property value.

Equity Skimming -An investormay use a straw buyer, false incomedocuments,and false credit reports, to obtain a mortgage loan in the straw buyer’s name.Subsequent to closing, the straw buyer signs the property over to the investor ina quit claim deed which relinquishes all rights to the property and provides noguaranty to title. The investor does not make any mortgage payments and rentsthe property until foreclosure takes place several months later.

As is demonstrated in each of the foregoing descriptions, a key element of theproblem is the imbalance of information. One side, normally the borrower orsomeone working with the buyer, conceals information from or affirmativelymisleads the lender. Anytime an agent suspects this may be the case, furtherinvestigation is warranted to rule out any involvement by the agent or theirunwitting client in a fraudulent transaction. There are several clues which mayalert the agent that there may be a problem.One of themost important documents in detecting fraud is the original sales

agreement and any addenda to that agreement. It is the document which thereal estate agent is most likely to be involved in preparing. Thus, care must beexercised in preserving its accuracy.

Things to be sure of:• The property is clearly identified• All parties to the transaction are identified and have executed the agreement• The signatures are legible or properly identified• All riders and addendums are attached• There are no blanks or inconsistent information in the purchase and salesagreement

• It accurately reflects the consideration to be paid by the buyer for the propertyOther possible red flags:• Significant sales price adjustments that are not supportedby comparablemarketdata possibly accompanied by request that list price inMLSbe altered to reflectappraised value.

• Required use of a particular appraiser• Down payment assistance programs that charge excessive fees or that attemptto place restrictions on how their participation is reported in contract docu-mentation, including the HUD 1

• Large seller contributions, possibly in the form of provisions for large deco-rator or improvement allowances

• Mortgage brokers who refer pre-qualified buyers to agents• Statement that the buyer will occupy the property is questionable. For ex-ample, the buyer is retaining old property or there is unrealistic commute tothe buyer employment

• Buyer has very limited credit history and existing history is with high rateconsumer finance companies

• Credit history indicates the repayment of a prior obligation did not includeany interest payments

• Unrealistic income for occupation• Recent drastic increase in income due to a raise or a new job• Sales contract, appraisal and title work disagree with respect to seller’s nameand appraisal shows property or comps previously sold in past year.

If these warning signs are present in your transaction, bring the situation to theattention of your broker. While fraud isn’t involved every time one of these warn-ing signs appear, the fewminutes itwill take to decide between innocent and fraud-ulent can save you and your broker time,money andmaybe even your license, andreporting fraud will protect the communities in which you do business.

- National Association of REALTORS®-

2 8 C a s a G u a m J u l y 2 0 1 2

C l o s i n g

Message from theExecutive Officer

By Peggy Araullo Llagas

MORTGAGE FRAUDRecognizing the Signs – Part 2

For More Information Contact:

Peggy Araullo Llagas, Executive OfficerGuam Association of REALTORS®

Suite 236A Julale Center424 West O'Brien Drive, Hagatna, Guam 96910Tel: (671) 477-4271 • Fax: (671) 477-4275

Mobile: (671) 689-4271 • www.guamrealtors.com


Dededo $179K3Br/2Ba #11-3576

Dededo $238K5Br/3Ba #11-2805

Dededo $289K9Br/5Ba #12-443

Inarajan $469K6Br/3Ba #12-448

Dededo $170K4Br/2.5Ba #11-4162

Barrigada $375K3Br/3Ba #12-2245

Yigo $199,5003Br/2Ba #12-2228

Tamuning $365K3Br/2Ba #12-2299

Tumon $260K3Br/2Ba #12-2497

Yigo $200K2Br/1Ba #12-2326

Yigo $220K3Br/1.5Ba #12-2192

Barrigada $420K4Br/3Ba #12-610

Homes&Condos

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RENTALSKalamaso, Dededo - 2Br/2Ba - $1,700 - #12-2417

7 Aragon Toto Park, MTM- 2.5Br/3Ba - $1,900 - #12-2499

468 Chalan Emsley, Yigo- 3Br/2Ba - $2,450 - #12-2485

Chalan Gunot Las Palmas III - 3Br/3Ba - $2300 - #12-2343

185 Bamba San Vitores Ct - 3Br/2Ba - $2,100 - #12-2315

Perez Acres, Yigo - 3Br/2Ba - $2,200 - #12-2427

Herman De Leon St, Sinajana- 4Br/2Ba - $2,000 - #12-943

Villa Pacita, Yigo- 3Br/3Ba - $4,400 - #12-521

189 Benbing Lane, Dededo- 3Br/3Ba - $1,900 - #12-519

Villa Pacita Estate, Yigo- 3Br/2Ba - $1,300 - #12-202

Gayinero, Yigo - 3Br/2Ba - $2,500 - #12-116

143 Chala St, M-T-M - 4Br/3.5Ba - $2,800 - #12-45

290 Chalan Estudia, Dededp - 4Br/2.5Ba - $1,800 - #11-4367

Golondrina Avenue, Barrigada - 4Br/2Ba - $2,400 - #11-4224

Pia Resort Condo, Tumon - 2Br/2Ba - $900 - #12-1540

Chalan Rosan Hongyee, Yigo - 3Br/2Ba - $1,300 - #12-566

Perez Acres, Yigo - 3Br/1.5Ba - $1,344 - #11-4678

Alupang Cove Condo, Tamuning - Br/1Ba - $1,600 - #11-3998

Tasi 17 Condo, Tamuning - 4Br/3.5Ba - $3,200 - #11-2748

Beverly Palms Condo, Tamuning - 3Br/2Ba - $1,423 - #11-469


Rosario F. Untalan - Dededo - 3Br/2Ba - $2,500- #12-1729

Alupang Cove Condo - Tamuning - 1Br/1Ba - $1,750 - #11-4073

Guahan Court Condo - M-T-M - 3Br/2Ba - $1,200 - #12-2584

202 Chalan Rodeo, Tamuning - 3Br/3Ba - $3,500 - #12-2613


Perez Acres, Yigo - 3Br/1.5Ba - $2,200 - #12-2610

LANDRoute 4, Ipan Talafofo - 2,000sm - $110K - #12-2416

Chalan Binadu Circle, Yigo - 1,858sm - $59K - #12-2438

Kayon Dalalai, Dededo - 1,858sm - $131,918 - #12-873

Chalan Castro, Dededo - 2,244sm - $336,600 - #12-796

S. Chalan Antigo, Talofofo - 27,774.22sm - $475K - #07-3850

San Vitores Road, Tumon - 9,423sm - $8,386,470 - #08-3021

Kayen Edivides Kotes, Yigo- 1,853sm - $65K - #10-1039

Rte 4 - Inarajan- 5,130sm - $125K - #11-3108

Monessa Lanan -Ordot-Chalan Pago- 1,608sm - $210K - #11-3108

Chalan Ping Pago- 1,864sm - $65K - #12-628

Hagåtña $1,482,770Commercial #10-4166

Tamuning $1,060,000Multi-Family #12-1955

Yigo $185KMulti-Family #12-413

Tamuning $1MCommercial #12-555

Commercial & Multi-Family

Tamuning $499,9995Br/4Ba #09-1332

Yigo $365K3Br/3Ba #11-4618

Yigo $439K3Br/3Ba #11-3983

Yigo $589K3Br/3Ba #12-520

Santa Rita $320K3Br/Ba #12-1775


Mangilao $68KK2Br/1Ba #12-2303


Tamuning $245K2Br/1.5Ba #12-2561



Dededo $190K3Br/2Ba #12-1945



Documents

CasaGuam Vol. 5 Issue 7