Some Current ACTIVE Listings in….

 

HELLO MY BEEEEUTIFUL, WONDERFUL Bay Area!!!... I know many of you enjoy following the real estate market… especially in areas where you currently live or would like to live…To get an idea of your chosen market area most everyone likes to see what properties have SOLD AT…TODAY (9.5.14) I’d like to offer you the most current stats on  ACTIVE properties for sale...(keep in mind I’ve chosen just a few local cities in the Eastbay as a starting point… if you dont see a city you’re interested in just let me know)…

CITY:          ALL ACTIVE   DET.SFR/ AVG LIST    DET.3.2/ AVG LIST
ALAMEDA                 54               82          $858,499            9           $858,532
CASTRO VALLEY   96               81          $887,718             23         $774,985

DANVILLE                103             81   $1,637,430         5      $993,460

DUBLIN                     111               77             $986,511          12           $690,904
HAYWARD               232             175           $577.696          66           $483,000
SAN LEANDRO       97                86            $534,282          28          $534,383
SAN RAMON            133              81         $1,083,298          14           $788,342

Dont forget these figures are for ALL ACTIVE Listings on the market for sale… Four out of the  seven cities currently have OVER 100 properties for sale… Inventory is still not overwhelming abundant everywhere…Buyers depending on your needs and price point your chances of getting your piece of property is improving… you just have to be completely ready… Sellers due to the sluggish inventory… you’re still in a great position to receive Top Dollar… keep in mind you must be realistic and price your home right!… Buyers and Sellers I’m here to assist you… Contact Me Now and lets get going…

925.997.2426 Cell/Text and email isiwu@comcast.net

A Short Sale Triumph!

Morning glory flower, species Ipomoea nil

HELLLOOOOO My Wonderful Beautiful Bay Area!!… The sun is out and is hanging out longer these days… more time for us to get out and enjoy our neck of the woods… even after work… plenty of light for all of us!…

Our real estate market all around our Bay Area is coming back by leaps and bounds… Sales have been inching upwards for a few months now… Sellers are reaping the benefits due to very low inventory and Buyers are out in droves vying for a chance at home ownership… taking advantage of the low low interest rates  to boot…Not so much fun for buyers since this is a seller’s market… meaning multiple offers for the sellers and buyers are pretty much stuck if they dont offer over list, short times to remove contingencies or the most minimal shortest times to remove contingencies, bigger down payments, very quick close times etc etc…

Nevertheless abit of good news to share with you as sellers, buyers or just plain market watchers…here’s a goodie for you… as a result of a recent listing I had… even tho a short sale… with 2 loans… from the actual list date to close of escrow took a mere 2 months…from date of short sale approval from the bank to close of escrow date took less than 35 days… Now we’re talking!!… it is possible to rise above the Short Sale craziness of months and months and months of delays working through the various  bank depts and myriad of bank short sale specialists who never seem to stay very long, who always seem to lose vital information… you can end up triumphant and literally close the transaction in the same amount of time as a normal regular transaction…Not a very usual happening but I do believe the general state of Short Sales are indeed getting better in as far as the length of time they’ve been known to take…

Its very possible the Short Sale process is finally getting more streamlined… I cant declare this sentiment as universal just yet but as the listing agent on this recent short sale… everything worked out super well for sellers, buyers, realtors for both sides, banks and buyer”s lender and escrow officer… it took all of us to work together to make it happen and make it happen we did!!… Huge Congrats… Luis, Melissa, Shayn, Megan, Karen, Randi, Marie  & Julian (asset manager)…

If you’re considering putting your home up for a possible Short Sale and more importantly if you’ve already received a Notice of Default (NOD)… please call me at 925.997.2426 or email me at isiwu@comcast.net… Lets Talk… I Can Help!!

 

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Avoid Hassles…You can count on me…

HELLLLOOOO My Wonderful, Beeeeeautiful Bay Area!!..We’re in a very aggressive multiple offer market…  you need to take action asap… I’m happy to help and at your service… 925.997.2426 or isiwu@comcast.net…

(please read below…from a satisfied repeat client)….

Now is a great time to make your dream come true of owning a home.  Interest rates are great and real estate prices are good. That’ s all you have to think about, Isi will take care of the rest.

You need a real estate agent who’s fresh and a “go getter” when it’s time to make a deal. Someone who has been around the block.  Someone who can represent you when the pressure is on. Timing is crucial when it comes to closing, because there’s so many “unknowns” that can spoil the deal.  Isi, has the knowledge of the whole process.  She has represented me in two house purchases and one sale.. she knows both sides of the negotiation… This is how she can put together as she would say, “a great package” when its time to submit an offer or receiving an offer.  Isi also has an extensive network of professionals to keep the process moving along…This recent purchase Isi made sure we got our inspections done in a timely manner and turned us on to a loan agent with much better rates than what we were already approved for by another company.

I’m convinced I would still be renting if Isi was not my agent… if you’re in the market for a home or considering one… CALL ISI… your dreams can become a reality like it happenend for my wife and me… Thank You Isi!!… by S Hipol

(and NO… I didnt pay him LOL… He’s a very happy client… I would love to go to work for you !!…Thanks for your consideration!!)

 

 

Purchase Strategy for a Fixer Upper…

 

Loans

HELLLOOOO My Beautiful Wonderful Bay Area…. As you all may have heard or perhaps been a part of... our current bay area real estate market for sellers is in the throes of Multiple Offers...Hooray for the Sellers!… however this sort of situation can put buyers into the fray of uncertainty and aggressive competition for a chance to buy a home…  the current low inventory of homes surely adds pressure for the buyer… many have to compromise on what their true desires for a home may be… Today my focus is to provide some information and help for those buyers…  whose goal is to become homeowners!!  There’s plenty of other types of buyers who have at least 30-40-50% down and in many cases All Cash… Buyers who are barely able to put down 1-3% don’t have the luxury of extra money set aside to repair or remodel the only property they can afford.  Lets say for example…
You are attracted to a house that is perfectly located but it just came out of foreclosure and needs a lot of work to make it habitable. To swing the deal, you need to finance both the purchase and the required repairs. How do you do that?
Getting the mortgage required to purchase a house is only one of the challenges facing the buyer when the house needs work. The second challenge is finding a way to finance the needed repairs. The standard purchase mortgage doesn’t do that because it is based on the lower of sale price or the appraised value of the home in its current condition.
An obvious solution is a second mortgage, but they are not available in the current market except where the first mortgage is too small to do the buyer any good. Second mortgage lenders are still smarting from the steep losses they suffered on second mortgages written during the go-go years leading up to the financial crisis. An unsecured personal loan would be extremely costly if it were available at all.
The solution to this problem is a mortgage on which the loan amount is based on the value of the property after needed repairs have been made. Then one mortgage would cover both a purchase and the repairs needed to make the house habitable. This is future value financing, and it is available through a special FHA program termed “203(k).” This program is available to both home purchasers and existing homeowners who want to rehabilitate their properties in conjunction with a refinance.

The Section 203(k) program is complicated because FHA as the risk bearer has to make sure that the future value of the property upon which the mortgage amount is based actually materializes. To protect itself, FHA requires an appraisal of the property’s value after completion of the planned rehabilitation, in addition to an appraisal of the property “as is.”
Further, before the mortgage is insured, the lender must create a rehabilitation escrow account that contains the money allocated for expenses. FHA has procedures in place to assure that draws against this account are properly disbursed and accounted for, and that the rehabilitation work is completed.
Lenders are encouraged to participate in 203(k)s by the insurance against loss provided by FHA. However, 203(k)s are more complicated and involve more paperwork than the mainstream FHA program, and participating lenders use specially trained staff. As a result, many lenders don’t offer 203(k)s. Lenders that do offer them charge a rate above that on standard FHAs — figure on paying about 0.25 percent more. 

The borrower looking for future value financing must deal with multiple players. In a typical case, the real estate agent who shows a potential buyer a house in need of work will recommend a lender who will preapprove the borrower for a 203(k). The preapproval is based on estimates of sale price and repair costs. The sale price estimate is provided by an appraiser selected by the lender who values the property on both an as-is and after-repairs basis. The repair cost is provided by a licensed general contractor who is usually recommended by the lender. 
In addition, if the repair costs are more than $35,000, FHA requires the borrower to retain a HUD-approved consultant to help manage the process… Among other things, the consultant prepares the required architectural exhibits, and monitors the improvements at each stage. HUD provides a list of consultants and sets their fee schedule, but does not warrant their performance. Lenders will usually recommend consultants that they have worked with, and this is one case where a lender referral is likely to serve the borrower well. The consultant’s fee can be included in the mortgage.
Increased use of 203(k) in the next few years is expected. Millions of homes emerging from the foreclosure process will enter the market, and many of them have been neglected and need work.
(written by…Jack Guttentag is professor of finance emeritus at the Wharton School of the University of Pennsylvania)
Perhaps its time to get you lined up for this sort of financing… contact me for further information… Call or Email Me Anytime… Isi
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Most Recent Real Estate Factoids…

 

HELLLLOOOOO MY WONDERFUL BEAUTIFUL BAY AREA!!… Have I told you lately how much I appreciate living and working in this awesome area we call the San Francisco Bay Area?… Having resided in other parts of  this US of A… sorry cant help it… we are blessed we are truly blessed to call this area HOME!!….

At a recent training I learned more real estate related factoids...(we can never get enough factoids… correct??… )  in the state of California there are…

  • 6.8 million Mortgages
  • 2.04 million Homes Underwater
  • 435,000 Delinquent Mortgages
  • 183,600 in Foreclosure
  • 75,000 Bank Owned
  • 18,000 Distressed

Do you fit into any of these categories?… let me hear your story… let me try and help you… WE ARE ABSOLUTELY THE LAND OF 2ND CHANCES… with rules changing every day there are No Rigid Rules!! Nothing is written in stone… I’m happy to hear your story… lets work together to get things straightened out…

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Should I Stay or Should I Go Now?

 

Upside Down

HELLLOOO My Wonderful Beautiful Bay Area!… The following is a question that has been entering many homeowners minds… fortunately for many… our current real estate market in our glorious Bay Area is enjoying a boom to put it mildly… still there are many other folks facing a situation they never ever dreamed they would be in…and I think its important to touch on this subject…

Homeowners buried in a mountain of negative equity are wondering what to do. “If they go there will be trouble and if they stay it would be double trouble.”

The first step in answering this question is to find out if you qualify for a modification or if you can refinance & take advantage of today’s low interest rates. The process of getting a modification can be very frustrating.  It not only takes a while to get approved, you must keep in mind that the lender has no legal obligation to offer or approve a loan modification. It’s important to note that they may dual track your file, which means while they’re  considering a t “Loan Mod” they’re also moving forward with the foreclosure. Sometimes they “set you free” and foreclose in the middle of your modification application.

Let’s say you get a modification. I have a friend who was approved for what at first appeared  to be an unbelievable loan modification. The modification did not lower the principle but did lower the interest rate to just 2 percent and locked that in for 30 years! This reduced their payment to the same amount that they would pay to rent a similar property, it sure seemed reasonable to stay – they get to keep their credit intact and remain owners, while paying no more than what they would pay for a rental. Plus the payment remains fixed for 30 years, while rents would increase. But that analysis is incomplete. The question that remains is their status when they sell, and would  they break even given the substantial negative equity that would remain?

Divorce, death, job loss, job transfer, and other negatives do happen.  Sometimes folks just want to relocate. Assuming long-term home price appreciation rates, these folks would need to stay until 2026 to simply BREAK EVEN vs. paying rent. Worse, unless they use the rent savings to pay down principal, they’ll be stuck upside down in the property, and unable to sell without bank approval of a short sale until 2033. So whether or not it is a good deal for them depends a lot on how long they plan to stay.

The best financial decision appears to be to try to short sell their current home, or if necessary let the bank foreclose.  If they rent for 3-5 years they should be able to qualify to buy again.  Assuming interest rates don’t skyrocket, or some other major change doesn’t occur, this will save them over $100,000, and give them the flexibility to move if needed without being stuck in their current prison of debt until 2033.

Unfortunately, few homeowners facing this decision have the financial skills to analyze the various scenarios, and few will consult a qualified accountant or other professional to do it for them.

This analysis is different for every homeowner facing this question.

How far under water are they?

The terms of the loan modification are clearly important.

It also requires some assumptions about price appreciation, rent inflation, and future interest rates.

Most importantly, it requires some serious thought as to how long they plan to stay, and perhaps some soul searching on the moral implications of walking away.

Bottom line, this question can be answered only by the homeowner based on their current situation and what is best for them. Would you stay or would you go now?

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Problems with Real Estate Listings on Trulia…

Image representing Trulia as depicted in Crunc...

HELLLOOOO My Beautiful Wonderful Bay Area!… Its a bright sunny day in our neck of the woods today…  I know many of you out there are searching and searching the awesome world of the internet for the best “deals” available in your chosen areas, including # of bedrooms, # of baths, square feet, space for parking your cars, space for play and gardening and the best absolute best (most rock bottom) list price possible!!… Tell the truth… you are right??  Of course you are!!… In this “down” market we’re in… why wouldnt you?… if you’ve spend any decent amount of searching online… you must also be wondering why those doggone listings at places like Trulia, Zillow etc… always have properties posted that are no longer available, have gone pending, have sold and not just sold but sold perhaps years ago, or perhaps they’re not actually on the market at all… the following is a partial explanation…

Trulia: Problems with real estate listings info are pervasive (INFOGRAPHIC) | Inman News

Source: inman.com

Survey shows accuracy is key priority for consumers, industry pros. A real estate data-quality study released by online portal Trulia found that about 69 percent of errors in online real estate listings information were directly related to third-party syndication of information by non-multiple listing service sources. The company reviewed about 1.2 million listings from about 250 data sources during the third quarter and found about 120,000 inaccuracies in listings information. More than half (51 percent) of those inaccurate listings had errors in price, 41 percent had status errors, and 8 percent had errors in both price and status.

My Beautiful Wonderful Bay Area… please keep the above in mind as you search the internet … when you’re ready to make that “decision to purchase”… please do yourself a major favor and enlist the help of a Licensed Realtor who can assist you every step of the way and provide you with bonafide “real time properties for sale” … properties that best fit your parameters…

Trust me… Licensed Realtors are here to guide you and assist you in everyway possible to help you get that home you’re looking for…  you can be assured they abide by the Code of Ethics… if they belong to the NAR (National Association of Realtors)… If you dont know how to find a good licensed realtor I’ll be happy to help you find one…

Cheers to you and Happy Searching…

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Its Spacious-Its Comfy-Its Got “Great Schools”-Its on a “Quiet Street”…

HELLLLLOOOO My Wonderful, Beeeeeauuutiful  Bay Area… The sun is out… Lets go out and enjoy enjoy… before you head out…check out this wonderful home that just came on the market!! … It sits at the crossroads to everything in the Eastbay –  very convenient, family oriented Castro Valley… You just might want to drop by my Open House this Sunday 1:30 to 4pm… Come visit and see for yourself!!… Call me at 925.997.246 or drop me an email at isiwu@comcast.net

Cheers and Enjoy Enjoy!!…

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Coming Very Soon!!…

HELLLLOOOOOO My Wonderful Beautiful Very Wet Outside Bay Area… Rain is Good, Rain is Good… Am so enjoying staying in and catching up on much needed computer work… yes realtors dont just sell properties we also use and work  on our computers LOL> LOL…
Today I have a heads up for all of you…  
COMING VERY SOON TO MARKET… 
A Gorgeous, Spacious Bi-Level Home  located in
“Distinguished Castro Valley Schools” on a quiet – private street…
3 Bedrooms – 2 Large Baths
2,364 sq.ft.  interior – 5,029 sq.ft. lot
( Huge Master Suite with Adjoining Office & Master Bath upper floor)
List of Amenities & Upgrades are too much to list…
(will forward to you upon request)
Move In Ready!!
Must see to appreciate… you will Love This One!!… 
Feel free to contact me for more information…

 

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Tax Credit Extension…

Seal of the United States Senate.

Hellooooo My Beautiful Wonderful Bay Area!!…  Happy Day to You!!… You may or may not have heard… but its Happy Hallelujah Day for all First Time Homebuyers who have ratified contracts in place as of  April 30, 2010!!… As of last nite the Senate passed the bill and the House of Representatives passed the same bill earlier this week to EXTEND the closing deadline for Homebuyer Tax Credit Eligibility from June 30, 2010 to the new date of September 30, 2010… The bill now goes to the President for his signature..

To be clear… the extension applies only to transactions with ratified contracts by April 30, 2010 that have not yet closed?  (Nearly 180,000 homebuyers would have missed out on the tax credit had Congress not taken action to extend the deadline to close escrow… Estimates from the National Association of Realtors show as many as 17,700 home buyers in California would not have received the tax credit without this extension…)

Will keep you posted… Thanks for checking in…

Cheers Everyone!…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay!

 

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