Where oh where did the listings go?  SOLD is one way and there is very little coming on the market.

I was updating my website last night for some July numbers from our local Bay Area Real Estate Information.  OF course it is a point in time for posting what is happening in the Vallejo, CA real estate market.  So that means some Realtors do not post a listing SOLD quickly or at all.  However the source gives a very good picture of what is happening in today's world.

As of last night, in Vallejo there were 252 homes listed for sale (single family and condo), 78 are foreclosures and 116 are short sales.  There were 193 homes sold (at least posted sold) from July 1- July 31.

At this rate we have less than a month and a half of inventory at this pace of homes being sold.  The homes are slowly trickling out from the REO agents.  We have homes that are in pre-marketing and eviction status.  However, from talking to other REO agents, that number is no where what is was last year.

Everything that stands up with four walls is getting multiple offers in Vallejo. Short sales are getting multiple offers which was unheard of.  The good side many are being approved.  Patience is a virtue when waiting for a short sale to be complete, but can be worth the effort.

My personal opinion is there are many homeowners who are watching what is going on with short sales and will eventually jump into the market.  So there is an inventory out there waiting to make a move.

Is it enough for all the buyers who are hungry to purchase a first home, an investment home or move up? Time will tell.

Most important is PATIENCE.  If you want to buy or sell, your time will come and it will happen.

Talk about a weird day this past week.  I am confident we will get it worked out ---- somehow.  Maybe it is just us, but every time we have had a transaction with an Asset Link REO, strange things happen or just nothing happens for days.  YET they want it NOW and they want it ALL.

Here is the story, closed escrow this past week on a lovely home for a lovely buyer.  It is an Asset Link REO which is handled thousands of miles away from us to begin with.  10 days after loan docs were signed and we kept bugging the title company (who was great!), the title company continued to press for the seller hud to be signed. seller did sign a estimated HUD with all conditions as per the contract etc, etc. We finally record, FINALLY.

My partner calls me with a perplexed (to say it nicely) voice message and said the title company called her and said the AM comes back after it recorded and told title there was an addendum to reduce the closing cost credit from x to x (difference of $3000).  Seller signed an estimated HUD, which we were told is customary and then the final HUD gets done.  The estimated had exactly what was signed and contracted for.  And of course the final HUD matched the estimated HUD.  NOW they pitch a fit?

Okkkkkkk what kind of addendum do THEY have since we are in Calif and use the CAR for changes in contracts after we have all ratified seller addendums etc, etc.  Of course we have no addendum what ever it looks like, not signed by our buyer, no emails about a change, title has nothing, and how about this the listing agent knows nothing either!!!! 

First time for anything in the REO world.  As an REO listing agent and in this case representing the buyer, this kind of conduct totally blows me away.  I am sure it will work out, but what is this asset company doing???  and yes it is holding up any payment of any kind.  Given the plummeting of our market, selling a $300K house is a nice thing to accomplish.  Good thing I do not spend my money before getting it!!

We just completed a short sale with ACS and Wells Fargo HE. Closed yesterday above asking price less than 8 weeks from the time it went into contract.  "We" is an all inclusive term as the seller was the driving force behind its success.  My partner and I have found that when the seller is actively engaged the chance of success is optimized.

Our client had spent many months educating herself on loan modifications and short sales-- reading, talking, and attending short sale seminars for sellers.  When she decided to go for it, she was not behind on any payments and was not able to get a loan modification.  She had detailed and I mean detailed every conversation to the minute prior to choosing us as her listing agents. She interviewed several agents to find the right fit.  and by the way, she found me through the Internet!!

Our client had scripted out the entire transaction from marketing to accepting an offer to closing right before her birthday. (Yes she would even admit to being on the TYPE A side.  Like alot.)  We strategized and refined the sales plan and we executed it successfully. My partner had a wonderful negotiator at ACS who is a gem to work with.  This negotiator got right down to business without blinking an eye to move forward.  Unfortunately we would have closed two weeks earlier if it had not been for the Wells Fargo Home Equity side.      

When a client is active in the transaction the chances of going through increase dramatically.  She did more than her fair share to insure this short sale MUST go through. She is the poster child for doing a short sale. The buyers got a lovely home well maintained and ready for the next generation of owners.  Our client can move on now and celebrate her birthday coming up. Recorded yesterday June 26th!! 

Today's weather is predicted to be beautiful.  Why not bring your blanket, low beach chairs, and picnic baskets for delightful evening watching the popular movie "Kung Fu Panda" outside in our wonderful downtown City park.

The Blues Defenders,  a Sonoma County music group will start the festivities by playing their brand of "gritty roadhouse style West Coast Blues" from 6:30-8PM.

This event is sponsored by Benicia Parks and Community Services Department along with Benicia Performing Arts.  Movie night downtown has been going on for quite some years.  I can remember taking a blanket and sitting on the lawn watching movies played against the side of the historic Capitol Building at least 7 years ago with my twin daughters.

It is an opportunity to connect with friends and neighbors and meet new friends!! The location in the downtown City park provides ample space for adults to mingle and children to run free playing on the famous playground which my daughters loving called the "wood park". 

If you forget to bring a snack, popcorn will provided by local volunteer groups.  Or just walk across the street to Safeway.  Just remember this is an alcohol free event! For more information you can call 707-746-4285.

Another reason to consider living in Benicia, CA.  Free Movie Night in the summers! 

I need some help from my Active Rain Encyclopedia of Peers who know everything and have an opinion on anything.  Let me say up front I absolutely know that it boils down to what the VA appraiser will say.  I am looking for general information, stories, and advice, etc etc.  Since it is Sunday and I know many of you are out there......I cannot wait til Monday.  Can you help me??

My VA buyer desperately wants a home.  They realize they may be at the bottom of the food chain when putting an offer in with all the competition on our area.  (On a side note and probably a whole new blog---why are our veterans treated this way??) 

We have looked at countless homes and put competitive offers in, yet cash is king, then conventional loans then FHA and then maybe, just maybe, a VA offer will get the nod from the seller.  In our case it most likely will be a bank.

Yes I know about Sec 1 and 2 must be cleared, I feel comfortable writing an offer and have gotten several VA loans through in the past year. I know if I see holes in the walls or no stove or the furnace does not work it will be called.  We are trying to think outside the box and looking at older homes which have their own arms and legs to them. 

Can ANYONE tell me if a garage is stand alone does it have to pass Sec 1 and 2? What if it was built in 1940?  What if there is a back unit which was permitted, BUT not the bath/small kitchen that was put in later?

How far does the appraiser look for permits? I am trying to scratch the surface to find out the deal dropper appraisal requirements/conditions for VA past the Sec 1 and Sec 2.

Please rain upon me with you help!

With summer starting full tilt and people deciding what can we do this summer for a "staycation", think of visiting Benicia, CA June 13th.  Experience a French Theme Event along our famous promenade next to the Carquinez Straits.  Sponsored by our wonderful Benicia Street Program this will start at 10AM and run til 4PM.  Come browse the vendor booths filled with delicious treats, arts and crafts, jewelry....plenty to keep your interest piqued! Listen to the sounds of Paris by several local musicians.

"Marche Benicia" is a new event for our lovely city.  Sip wines imported from France staffed by our local Soroptimist International of Benicia in the wine garden.  Add some Champagne and mimosas and OH LA LA!! C'est Bon!!

I just received my CAR weekly news update plus I read an earlier email about what Obama is attempting to due for all the homeowners under water on their homes.

I say HURRAY!!  I sincerely hope that the servicing companies a homeowner calls trying to get a loan modification heeds this important news.

Homeowners---Push the envelope with your lender read this:

May 14, 2009 reprinted from C.A.R. News update: 

News Flash

The NATIONAL ASSOCIATION OF REALTORS® (NAR) today announced that the Obama Administration

has added new incentives and uniform procedures for short sales under its new Foreclosure Alternatives

Program (FAP), part of the administration's Making Homes Affordable plan.

Loan servicers may consider short sales or deeds-in-lieu of foreclosure for borrowers who do not qualify to

have their loans modified on a permanent basis under the Making Home Affordable Loan Modification

Program.

! Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the

Home Affordable Modification program, but don't qualify for a modification or do not successfully

complete the three-month trial period. Before proceeding with a foreclosure, servicers must

determine if a short sale is appropriate.

! Incentives include: $1,000 for servicers for successful completion of a short sale or deed-in-lieu of

foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000

toward the cost of paying junior lien holders to release their liens (one dollar from the government

for every $2 paid by the investors to the second lien holders).

! The program will include streamlined and standardized documents, including a Short Sale

Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use

of the short sale option.

! Servicers will independently establish both property value and minimum acceptable net return, in

accordance with investor requirements. The price may be determined based on an appraisal or

one or more broker price opinions (BPOs), issued no more than 120 days before the date of the

short sale agreement.

! In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to

market and sell the property, or up to one year, depending on market conditions. Property must be

listed with a licensed real estate professional with experience in the neighborhood. No foreclosure

may take place during the marketing period (at least 90 days) specified in the Short Sale

Agreement.

! The Short Sale Agreement must specify the reasonable and customary real estate commissions

and costs that may be deducted from the sales price. The servicer must agree not to negotiate a

lower commission after an offer has been received.

! Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

! The program is in effect through 2012.

! Servicers have the option to require the borrower/homeowner to agree to deed the property to the

servicer in exchange for a release from the debt if the property does not sell within the time allowed

in the Short Sale Agreement (plus any extensions).

REMEMBER use an experienced Short Sale Realtor!!  We are having success with short sales and now is the time to put your home on the market, before the next wave of predicted foreclosures.

Well..... they have been sold with not much more inventory coming on the market for buyers to choose from.

From January 2008 through April 2008 time period 175 homes were sold.  $65,000 was the lowest price and $620,000 was the highest.  Median price was $261,000.  All information is from Bay Area Real Estate Information dated 5/2/09.

From January 2009 through April 2009, 725 homes have sold.  The lowest price was $23,000 (price of a car and life expectancy is longer!) and the highest price home sold was $495,000.  The median price was $120,000.

WOW, more than a 50% drop in median price.

As of 5/2/2009 there were 152 foreclosures for sale.  You do the math, not a whole lot of inventory to choose from!!

There are homes coming on the market every day, just not as many as last year.  Now is the time with interest rates low, for buyers to jump in and still get some great deals.  Let a Realtor help you find the best home to meet your needs.

Our inventory of homes for sale in Benicia, CA has dropped tremendously since the last year.  HUGE drop in inventory.  As I have written previously this is now a seller's market with multiple offers on homes time and time again-as soon as they hit the market.

As of 4/19/09 per the Bay Area Real Estate Information (MLS), Benicia has 106 homes for sale (single family and condos).  We had almost twice as many last year.

19 of these listed homes for sale are foreclosures and the new news from several months ago is the number of short sales has gone up.  There are 36 short sales listed.  And short sales are going through.  I recommend to my buyers that if a short sale home for sale appeals to them, go for it.  It will be a long bumpy road, however, could be worth the wait.  Every month we as Realtors become more adept in navigating the short sale process and getting the banks to approve a sale.  It is important the buyers agent and sellers agent work closely together and communicate every week, even if the bank is not doing anything at that moment.

The interest rates are still great and there are some lovely homes for sale!!  Until more foreclosures get released, as the news has indicated, it is still a great time to buy.  Prices are not going up nor are they going down with all the multiple offers.  They are hovering! 

Remember -- use a trusted Realtor to assist you!

Our inventory of homes for sale in Vallejo, CA has dropped tremendously since the last year.  HUGE drop in inventory.  As I have written previously this is now a seller's market with multiple offers on homes time and time again-as soon as they hit the market.

As of 4/19/09 per the Bay Area Real Estate Information (MLS), Vallejo has 491 homes for sale (single family and condos).  We had that many listed as foreclosures 6 months ago!!

166 of these listed homes for sale are foreclosures and the new news from several months ago is the number of short sales has gone up.  There are 222 short sales listed.  And short sales are going through.  I recommend to my buyers that if a short sale home for sale appeals to them, go for it.  It will be a long bumpy road, however, could be worth the wait.  Every month we as Realtors become more adept in navigating the short sale process and getting the banks to approve a sale.  It is important the buyers agent and sellers agent work closely together and communicate every week, even if the bank is not doing anything at that moment.

The interest rates are still great and there are some lovely homes for sale!!  Until more foreclosures get released, as the news has indicated, it is still a great time to buy.  Prices are not going up nor are they going down with all the multiple offers.  They are hovering! 

Remember -- use a trusted Realtor to assist you!