Brentwood Real Estate Trends: Available homes in Brentwood and Oakley

G'day friends!  This is a simple post, sharing links to "available"  Homes for sale in Brentwood and Oakley as of 10:45AM, September 20th, 2012.  I wrote "available" in quotes in an effort to reiterate how complicated our market is right now.

Click here to see HOMES FOR SALE IN BRENTWOOD

Click here to see HOMES FOR SALE IN OAKLEY

Featured Brentwood Property 

Our stunning Tahoe Cabin styled home on 1.41 acres in the heart of Brentwood is located at 530 Saddle Creek, Ct., in Brentwood.  Offered at $399,900

I can't stress enough the hurdles that buyers face in today's market.  Here are a few key points to help you rise above them. 

*** Make sure that your Realtor is YOUR Realtor.  Many, many agents are "double-ending" deals (representing the seller and the buyer at the same time).  If true synergies are leveraged to a truly happy end, fantastic. That's a win-win.  That's just typically not what happens.  Typically, a listing agent holds an open house, buyers walk in.  He/she tells the buyer the asking price and writes it up.  Not a lot of advocating going on on behalf of the buyers!  Negotiation is not about meeting in the middle either.  Anyone with a pulse can do that.  Negotiation is about listening and learning what is truly important to each party.  More often that you'd think price is not the 1st priority, but it's the one hurdle that most deals stumble over.  Is the seller's motivation time? Is it avoiding a foreclosure? Are they being pressured somehow, or are they listing the property just hoping someone will pay top dollar with little or no motivating factor other than that? Ultimately, searching for a Realtor who will advocate solely for you before you look at your first listing ensures that regardless of the seller's status you have someone watching your back...exclusively.  Click here to learn how to find a great agent!

*** Don't be afraid of Short-Sales.  Be afraid of listing agents without experience negotiating short sales!

*** BE READY!  Being almost ready is like being almost pregnant.  In today's market, you're either ready to write a competetive offer and close it...or you're not. Bring your check book, and your "A" game.

*** Ask your Realtor if they're willing to work for you.  By work for you, I mean really work.  For most Realtors a home listed as "Active" actually means that the property is listed as:

• ACTV - Active
• BOMK - Back on Market
• AC - Contingent
• NEW - New
• PCH - Price Change

The list of properties I link to at the top of this blog also include: 

• PSB - Pending, Show for Backup
• PSLA - Pending, Subject to Lender's Approval

If that doesn't get the job done, I turn my Tall coffee into a Venti and get on the phone, calling (not to be confused with pestering) any listing agent that has a property that I KNOW would be a perfect fit for my buyers.  As long as you're agent is courteous, most listing agents aren't going to mind politely responding. 

I recently sold a home in Brentwood to a couple who's agent called me after this listing was "Pending". The agent was polite and professional. The buyers actually wrote a letter to the seller's explaining why it was important for them to get into this house.  We agreed to let his clients see the property and to write a backup offer.  The day we received his offer our buyer in contract cancelled!  We closed with the new buyers less than three weeks later.  The buyers' agent didn't find anything "Active" but was willing to do the legwork to get the job done.  This is uncommon, but in today's market, it's one more way opportunity, slim or otherwise, to get into contract.  

If, as a buyer, you choose to call the number on the sign; the agent who's property you're interested in, PLEASE ask him or her the following: "How are you going to effectively advocate for your sellers and advocate for me as well?"  If he or she stumbles over the answer...walk away...run away and call another Realtor; one who will work solely for you.  Heck...call me.  Even if you're out of the area I can almost guarantee I know a Realtor in your area; a Realtor I respect.  

All for now, but more to come!

I'll leave you with this Taste of Wisdom, 

" Place a higher priority on discovering what a win looks like for the other person." 

 ~ Harvey Robbins

Until next time, and thank you in advance for remembering me when the topic of real estate arises.

Andy Blasquez ~ The last Realtor you'll ever need to look for.
DRE# 01826135

www.andyblasquez.com

Email me at andy.blasquez@gmail.com
Click here to reach Macky Hensel.

Please Follow me on Twitter and Re-Tweet these blogs.
Please Add me as a friend on Facebook 
Finally, please comment or ask questions.  Other readers may be wondering the same thing.  I love the feedback, critical or otherwise, and love the interaction: I love this job.

Thank you always for your support.

What's the difference between a Short Sale and a Foreclosure from a homeowner's point of view?

Like everything real estate related, this is a complicated question, but the answers don't need to be. 

Let me very, very briefly explain the differences; the practical differences between a short sale and a foreclosure from various points of view. This information comes from several years of practical experience, seminars with title companies and bank executives, and processing short sales.  My clients repeatedly tell me that what they really want most is the truth.  Well, sometimes the truth is hard to hear, but hear it goes. Oh yea.  I know we're a bit litigious so here's my disclaimer... clearly expressed:  If you have a tax question, as a CPA.  I'm a Realtor.  I know home values, marketing strategies, and C.A.R. contracts. I can tell you what your home is worth, and I'm usually right...but I'm not a CPA or an attorney, so when I'm stating my opinion, it's my opinion.

From a home owner's point of view:

Foreclosure:

MANY, many people find or have found themselves in a situation that is horrible to be in; unable to make their mortgage payments.  It really is one of the most stressful circumstances I've ever experienced or witnessed as a professional.  What the government doesn't see, and the banks don't care about is the devastation that the mortgage crisis has left in it's wake.  The fallout from these stresses causes problems far beyond and more serious than a poor credit score.  I've seen couples and families fall apart, people lose self respect, resort to drugs and/or alcohol to escape the inescapable.  I've watched business owners walk away from their homes as well as their businesses because they're just spent!  "No matter how hard I work, there's no way out.  Screw it!"   Homeowners were giving the proverbial finger to the banks.

Sadly, even with help and information out there, with laws in place to protect our citizens, some still feel it's easier to simply bury their heads in the sand and deal with the consequences as they come.  The truth is, foreclosing is virtually never the best option.  There are VERY few, if any benefits to foreclosing.  "But my uncle's cousin Jethro stayed in his house for 7 years without making a payment!" Good for him!  That never happened and  ship has sailed.  Banks work much more swiftly now!

When the bubble burst, banks did not have the infrastructure to handle the volume of defaults that were being thrown at them.  Not long after that (and trillions of dollars in bail-out money) banks "merged" and again couldn't handle the load.  Now how long can someone stay in home before being "thrown out"?  Each circumstance is different.  Could be 90 days after your first missed payment that an auction date is scheduled.  After that, you've got 21 days.  Could be more, but when it comes to that pesky little question like, "Where are my loved ones and I going to live?" I tend to lean toward the conservative side.  If you miss a payment, your in default.  If you miss 3 in a row, your property can go to Trustee Sale (auction). At that point it can be purchased on the court house steps.  Then...it is simply somebody else's house!

What about a short sale?
A short sale, although it is a bit more work, is 180% from a foreclosure.  It means that you're going to work with the bank; to provide information; to ask "how high" when they say jump!  It means that you're going to be a part of the solution.  Later, I'll discuss the benefits of your cooperation and how that's seen from others' points of view:

• From a lender's point of view
• From a landlord/employer's point of view
• From a home buyer's point of view

In a short sale, you are almost un-qualifying for your mortgage.  Some circumstance (hardship) has occurred and we simply want to share that with the bank; asking them to allow us to sell you (their) property for a price "SHORT" of what's owed.  You may have a financial hardship (job loss, curtailment of income, etc) or it may be physical (job relocation or transfer, change in family circumstances, change in healthy, etc.) After you provide the needed documents to the bank and secure an offer on the property, the bank determines if they will accept the offer. (it is paramount that you work with an effective Realtor in the process) then your house is sold.

Looking at the bullet list above,  imagine how the 'behavior' of foreclosing versus the "behavior" of working together with a bank to find a solution would be received by each of them.

From a future lender's point of view:
Foreclosure - This new loan applicant already walked away once! What's going to prevent them from doing that again?
Short Sale - It appears as though this applicant has gone through quite a bit. That's unfortunate. Where do they stand now?

From a prospective landlord and/or employer's point of view:
Foreclosure - They gave up.  When things got hard, they gave up rather than trying to work toward a solution.
Short Sale - Seems like today almost everybody has lost a home.  That's unfortunate.

From someone who may be looking to buy your home:
Foreclosure - So this house was foreclosed?  I wonder how well it was cared for?  I wonder if it was maintained the way it was supposed to be?
Short Sale - Short sale?  They're never short!  They take forever, but we may be able to close this one at a price a little below market value.  PLUS...if our offer is accepted and we have to wait 3 or 4 months, in this market it's only going to be worth more!

Now I KNOW that people were foreclosed on when the debt relief act and the senate bills weren't in place. That's a real shame.  I know people that were misguided as well.  I know personally that when banks weren't equipped to handle the volume of defaults...they simply foreclosed without even processing pending short sales.  Ok...yea...Bank of America REALLY dropped the ball a couple years back.  That said, they've gone from zero to hero.  Again, the infrastructure is there!

If you have questions or a unique circumstance to share, please give me a ring.  I haven't seen it all; nobody has.  But I've seen most of it, and continue to work through these deals smoothly and effectively as my clients have stated.

I'll leave you with this Taste of Wisdom, 

" Set your goals so big that you cannot achieve them until you grow into someone who can!" 

 ~ Unknown

Until next time, and thank you in advance for remembering me when the topic of real estate arises.

Andy Blasquez ~ The last Realtor you'll ever need to look for.

DRE# 01826135

www.andyblasquez.com

Email me at andy.blasquez@gmail.com
Click here to reach Macky Hensel.

Please Follow me on Twitter and Re-Tweet these blogs.
Please Add me as a friend on Facebook 
Finally, please comment or ask questions.  Other readers may be wondering the same thing.  I love the feedback, critical or otherwise, and love the interaction: I love this job.

Thank you always for your support.

Should I short sale my house?

The sad truth is that for tens of thousands of homeowners, their mortgages...and now their homes have become a living nightmare.  Sleepless nights with feelings of  fear, anger, confusion, and often an unconscious feeling of betrayal. I get it!  I really do.  

How do I know those feelings so well?  

Because I was there too!   

There's still time to sell before the Mortgage Forgiveness Debt Relief Act of 2007 expires; December 31, 2012!

My tears of joy became tears of pain in three short years. We took possession of our dream home two days before Christmas, 2005.  We paid $628,000 for a beautiful new home. Although our good faith estimate and actual payment were not even close to similar, we told that we could refinance to a better rate after a few months, "but at least we got our house!"  

By springtime we were over $70,000 upside down and we truly never, ever felt 'at home'.  The writing was on the wall from our first moments in the house. The property continued to decline in value as we watched lawns dry up and people drive away from home they purchased only a year or so earlier.  It's such a sad feeling.  We, with the help of an outstanding Realtor (Macky Hensel) successfully closed our house as a short sale just a couple of years later.  The property sold for $345k, with like models selling for as little as $240k since that time.

So where did that leave us at tax time?  First off, let me clearly express that I am not, nor do I intend to be (nor want to be for that matter) a tax consultant.  I'm a Realtor.  I know real property matters. When the debt relief act passed in 2007, the "Income" or "capital gains" (resulting from the difference between the original amount borrowed and the amount repaid) was excluded from our taxable income.  In our circumstance it was that simple, and as the act was intended to do, we were forgiven for the taxes that prior to the debt relief act we'd have been responsible for.

H.R. 3648 (110th): Mortgage Forgiveness Debt Relief Act of 2007

110th Congress, 2007–2009

To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

Introduced:

Sep 25, 2007

Sponsor:

Rep. Charles Rangel [D-NY15]

Status:

Signed by the President

Click here to read hr3648

Where did that leave us just a short time afterward? Remarkably...out of debt; completely. I can't put into words the lightness, the breath, the peace that we felt when we closed.  It wasn't even the debt relief.  It was that we got our lives back.  We got ourselves back. The entire experience was incredibly scary, but so worth it.  If it were not for Macky Hensel we'd have done what so many continue to do...completely bury our heads in the sand and await whatever consequence was coming. We'd have continued to sabotage our future and our family by living in an environment that was truly toxic. Don't wait.  Just don't.

So if I have a single, clear message...it is this.  ACT NOW!  If you are in this position, please drop me a line.  I have an excellent track record in closing short sales.  If you're not sure, drop me a line!  I'll complete a CMA or Comprehensive Market Analysis for you.  This will give you an accurate picture of where you are with regard to today's value (which is changing as I post this) and the balance owed. Just don't wonder any longer.

H.R. 3648, S.B. 931, and S.B. 458 typically apply to the following circumstance:

• First mortgages and any junior mortgage (2nd, 3rd, etc.)
• Primary residences as well as secondary and rental properties.  
• Properties with mortgages up to $2,000,000.  

"But my house already has a trustee sale date (auction date)." Typically, that's not a problem either.  I'm prepared to provide your lender or lenders with a completed short-sale packet in as little as 24 hours. The key is to act now!  Yes, that sounds like an infomercial.  It's not.  We don't have an additional set of steak knives for you if you act now.  What we do have is...just enough time to close most short sales before the Debt Relief Act expires on December 31st, 2012.  With typical close times ranging between 60 and 120 days (time from listing to close varies depending upon a number of circumstances) that means people who stand to benefit from the Debt Relief Act can't "wonder" any longer.  Be wise. Get informed.  Call me, e-mail me, comment, text message...heck send smoke signals, call another agent (but make SURE they're an expert at short sales).  Whatever you do...get informed!

I'll leave you with this "Taste of Wisdom" from an unknown source:

" Life is simple. People complicate it" 

Until next time.

Andy Blasquez ~ The last Realtor you'll ever need to look for.
DRE# 01826135

Click here to e-mail me.

Click here to reach Macky Hensel.


Ps. If you enjoy Social Medial, please "like" this post, Re-Tweet, etc. this blog at will.
I appreciate your support, and thank you in advance for remembering me when the topic of real estate arises.

Follow me on Twitter
Add me as a friend on Facebook