BEST BIDDER HOME SALE- Saturday and Sunday 6/7-6/8 1-5PM ONLY….693 Ridgecrest Circle in Livermore

BEST BIDDER HOME SALE- Saturday and Sunday 6/7-6/8 1-5PM  ONLY….You must view the property in person this weekend in order to place a bid! All initial bids are due by Sunday at 5PM.

This is not a foreclosure or a short sale and it is NOT ON THE MLS. This is just another way to sell a home for top dollar quickly. front showing RV1 front from right see all Best Bidder Sign sample

The Sellers are the original owners who have put a lot of love into this house and its yard and it has been well taken care of. All inspections have already been done for you and they will be available onsite for prospective buyers to review.

Tour this great spacious house with RV parking on over ¼ acre lot with private yards, awesome luxurious pool with waterfall, relaxing front yard with fountain and sitting area, lots of grass and garden areas  with fruit trees and places to relax front and back, mountain views from every top floor bedroom and even the master bath! This home has no rear neighbors and only has a neighboring home on one side and that is a single level house…so this property has tons of privacy!!

If you like the house, review the inspections and disclosures that will be available on site and place a bid. It is an open bidding process so everyone will see all bids that have been placed.

This great property is worth well over $700,000, but minimum opening bid starts at about half of market value—only $375,000! Sunday at 5PM, the initial bidding will be closed and starting at 6PM on Sunday, all bidders will be called to be informed of the highest bid as well as the number of active bidders and to see if they would like to increase their bid price. Calls will continue until highest bid is reached and that will be the offer presented to the seller

Hope to see you there!

back yard patio back yard right grass2 pool grass and patio set pool up close gazebo front side showing roses and fountain area front yard

 

Sales Slowing in Livermore, the Tri-Valley and Bay Area & Across the U.S. A GREAT Time for Buyers to Buy a Home!

As many Sellers who put their home on the market in August hoping to be part of the summer buying frenzy with multiuple offers and over asking price offers are finding out, home sales in Livermore, the Tri-Valley, most of the East Bay Area and across the U.S. are slowing. In some bay area cities, average days on market for active listings is more than 30 days. That is not a bad thing necessarily. It is just a sign that that fall is here, mortgage rates are beginning to rise and hopefully, we will be headed to a more “normal” market and inventory. In a typical market…which we have not seen in almost a decade, we have about a 6 months of inventory on the market and homes may take 1 or more months to sell because of so much inventory. The real estate gossip says that the banks are going to start releasing their “shadow inventory” of foreclosed homes in September. If that happens, that will just increase the number of homes available for sale, giving buyers more choices and as supply and demand dictactes, home prices will either stay steady in most areas or more than likely drop a bit as sellers begin lowering their prices ir accepting less for their homes in order to compete with all the other homes on the market and get them sold.

In Livermore today, there are 10 homes on broker tour today, 94 residential properties for sale with an average of 42 days on market, 167 pending residential properties with an average of 20 days on market. That is almost three times as many homes pending sale now than and  about 50% more homes on the market today than we typically had on the market any one day during the summer! So as the calendar seasons change, so is the real estate market.

Have you seen a change in your neighborhoods market? Comment and tell me what you have been seeing where you live.

In this market, if you are considering selling your home, make sure you interview agents and know what them so you do not waste any time getting your home sold. The longer a home is on the market, the less it will typically sell for, so finding the right agent fto list your home is a must!

Since my background is in Education and Psychology, as a courtesy to homeowners in the bay area, I have put together an Agent Selection Guide that goes into detail about How to Choose The Best Real Estate Agent to Sell Your Home. It has facts about selling your home, why some people may choose less experienced agents than others, some of the marketinng an agent should be doing to get you top dollar for your home, the Biggest Mistake A Home Owner Can Make When Interviewing Agents, A Checklist for Selection Factors for Real Estate Agents, and the 10 Key Questions to Ask Agents During the Interview.

If you are thinking of selling your home and would like a copy of my free guide, email me your name, address, and contact info and I will get you a copy as soon as possible. You can use the “Contact Me” tab above.

Check out this article I found from DSNews.com that addresses some of these issues. Below, I have copied and pasted the text from the article at http://www.dsnews.com/articles/rising-rates-prompting-action-from-cash-buyers-2013-08-29 for you to check out.

 

Rising Rates Prompt Cash Buyers to Act

While higher mortgage rates have been blamed for the slowdown in pending home sales, they may be contributing to an increase in cash purchases, RealtyTrac suggested in a recent report.

In July, about 40 percent of residential property sales were all-cash transactions. The share presents an increase from 35 percent in June and 31 percent compared to July 2012.

Dallas experienced the biggest monthly increase in cash sales, at 82 percent, followed by St. Louis (+66 percent), Los Angeles (+32 percent), Riverside-San Bernardino in Southern California (+26 percent), Seattle (+21 percent), and Phoenix (+21 percent).

Daren Blomquist, VP at RealtyTrac, explained rising rates could be leading to a higher percentage of cash purchases, while “some non-cash buyers can no longer afford to buy, particularly in high-priced markets.”

Short sales also accounted for a bigger share of sales in July, increasing to 14 percent, up from 13 percent in the prior month and 9 percent from a year ago. Meanwhile, institutional investor purchases and sales for bank-owned properties fell flat, at 9 percent for each type of sale, unchanged from June and July 2012.

Overall, RealtyTrac reported an increase in July sales, with sales volume rising 4 percent from June and 11 percent compared to a year ago.

Despite the national gain, sales were still down year-over-year in eight states—California (-17 percent), Alabama (-14 percent), Arizona (-11 percent), Nevada (-7 percent), Georgia (-2 percent), New York (-2 percent), Hawaii (-1 percent), and Oregon (-1 percent).

Of those states, four still managed to post the biggest annual price gains. California led with a 31 percent annual increase in media home values.  Price increases in Nevada, Arizona, and Georgia ranged from 20 to 27 percent over the last year.

Among the largest metro areas, the biggest annual declines in sales were concentrated in California, starting with San Francisco (-20 percent), Los Angeles (-20 percent), San Diego (-19 percent), and Riverside-San Bernardino (-14 percent). Other large metro areas with significant decreases were Phoenix (-13 percent) and Atlanta (-8 percent).

On the other hand, sales were strongest in Chicago (+27 percent), Minneapolis (+23 percent), Baltimore (+21 percent), Boston (+20 percent), and Philadelphia (+ 20 percent).

Livermore Real Estate Market Update–Probably have not hit bottom yet

You may need to short sale or do a loan modification if you have been struggling to make payments hoping your underwater home would increase in value so you could do a regular sale.

Lots of folks have asked me if home prices have increased in Livermore and I the answer is, not right now. In the first part of 2010, home prices did get a little better, but that was probably due to the tax credit incentive that the government was offering increasing demand for homes and with increased demand comes increased prices. Once no new real estate purchase contracts would qualify for the tax credit, home prices peaked in the second quarter of 2010, and began decreasing steadily in the second half of the year and home prices have returned to about the same as their Sept 2009 low, which were about the same as Livermore Home Prices in 2003 prices. Below, I have provided 3 charts to demonstrate the market data.
The first is a 10 year Livermore home price market history; the second a 5 year history; and the third is the real estate home price history from Oct 2009-Oct 2010 (the latest Zillow data available).If you have questions, let me know.

Looking into the would-be crystal ball that so many people think I have, I do not think we have hit bottom yet. I think as long as we are dealing with mostly foreclosures and short sales in the market, home prices will not increase and I think we will likely hit bottom in our around the end of 2012. Only time will tell.
So, for you homeowners who owe more money on your home than it is worth and are struggling with your mortgage payments hoping the market will come back in time so that you can sell your home via a regular sale and not a short sale or possibly lose it to foreclosure, you should realistically consider a different option since it will be quite some time before home prices will be back to where they were just 5-6 years ago. If you want to consider a loan Modification, I highly recommend working with NACA. Their services are free and if your loan is not investor owned, but is actually owned by the bank you write the check to, you can usually get a loan modification completed in just 2-3 days if you attend one of their save the dream events. They have one coming up this month that I will be blogging about, but you can check it out on their site at NACA.com. Their services are much better at the Save the Dream Tour Events than they are using the services online and the process is much quicker! I and folks I know have personally used NACA to complete loan modifications and I highly recommend them. If you have questions, let me know.

If loan modification is not the right option for you, a short sale may be what you need. I have been specializing in short sales for almost 4 years now and have lots of experience helping home owners get out from under upside properties usually with little or no out of pocket costs to the seller! Our goal is a non-deficient short sale for our client so that when the property closes escrow, the home owner has no more obligation to the bank. Many agents do not even know the difference between a deficient and non-deficient short sale. If you would like to know more, just let me know. I am happy to give free Alternatives to Foreclosure as well as Short Sale consulations to homeowners in Livermore, Alameda County, Contra Costa County, and parts of San Joaquin, Santa Clara, Solano and other counties.Just send me an email or give me a call.

Livermore Historic Market Data-Last 10 years

Livermore Zillow Home Value Index

Livermore Historic Market Data-Last 5 years

Livermore Zillow Home Value Index

Oct 2009-Oct 2010 ONLY- Livermore Market Data

Livermore Zillow Home Value Index

Buying a Home in the Bay Area after doing a Short Sale in Livermore, the Tri-Valley, East Bay Area & California

I had a very exciting thing happen to me a couple days ago while sitting in my Realty World-No Pressure Realty office in downtown Livermore, CA.  A couple of great past clients called me wanting to purchase a home. What was great about these clients is that I helped them short sale their primary residence in Vacaville, CA  in Solano County a little over two years ago and they want to buy a home in the Concord, CA area in Contra Costa County because it would be closer to the wife’s new job location.  They were interested in conventional financing options as well as possibly using a VA loan since the husband is in the military.

They have a unique situation…they had moved into their rental property in Fairfield, CA after they did a short sale on their primary residence in Vacaville, CA. That property is also under water, so I needed to find out how they would be able to buy a new home in Bay Area while still owning a property that was upside down.

As soon as they contacted me, I contacted a few of the loan consultants that I work with to see if they would be able to help them get a loan for a new property.

On December 1, 2010. Margalit Ir, Mortgage Loan Officer at Bank of America stated:

The guidelines at Bank of America to purchase a property after a short sales is as follows:

 Loan to Value > 80%  will be 5 years from the date of the short sale

 Loan to value < 80% will be 2 years from the date of the short sale.

Credit must be re-established with good repayment history.  Rental Income can only be considered if rent has been received for two years and is declared on the 1040 Tax returns.  Schedule E.

I also spoke to Delmy Steward, a great Sr. Loan Consultant at J.W. Bradley. She responded to their scenario of getting a loan after doing a short sale as follows:

I will check into it but I think we need 3 years from the date of a short sale/foreclosure.  They are viewed the same on the guidelines.  I do VA loans also and they do require a 3 year period from the short sale/foreclosure …

Since they are occupying a home that is upside down and does not have 30% equity even if they put on the application they will rent it out, we can’t use rental income to offset payment.  They will have to qualify with the old and new payment . I will have run their credit to be sure where they stand.

Both Delmy Steward and Margalit Ir are fantastic very resourceful loan agents who can work quickly and often get loans done when others cannot. 

If you or someone you know would like to speak to Delmy Steward or Margalit Ir about getting pre-qualified or preapproved for a loan, Margalit Ir can be contacted by phone at (925) 208-2475 and via email at margalit.a.ir@bankofamerica.com ; her website is http://mortgage.bankofamerica.com/margalitair . . Delmy Steward can be reached by phone at 925-864-7717 and via email at delmy.steward@wjbradley.com.

Another possibility is FHA financing after completing a short sale. If the short sale was non-deficient and the seller had not been late on any of their mortgage payments, and a few other guidelines, there is an FHA loan program that does loan to people right away after doing a short sale. Given the current California housing market and the fact that most of the properties for sale in Livermore, Alameda County, Contra Costa County, Solano County, the tri-valley, and East Bay, Bay Area are either short sales or foreclosures, a person using the special FHA financing after doing a short sale would likely need to rent or live in some sort of transitional housing for a few months until a new property could be identified and purchased. There is definitely a benefit to using FHA financing…with its very low 3 1/2% down payment, so the inconvenience of transitional housing may be worthwhile for many.

I will keep you posted to let you know how things turn out with my great clients.

Are you considering buying a home in California before or after doing a short sale? Have you already bought a home after completing a short sale? Did you use conventional or FHA financing? Who did your loan? Did you get a loan from a bank or a mortgage broker? I would love to hear about it!

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