The Spivey Caravan Tour
5994 West Las Positas Blvd. Suite #101 . · Pleasanton, CA 94588
Every Saturday and Sunday, beginning June 20, 2009 · 10:00AM - 12:00PM

FOR IMMEDIATE RELEASE JUNE 5, 2009
CONTACT: Pamala Spivey, (925) 315-8000
Minh N. Hoang, (206) 335-0801

Free Foreclosure Tour -

According to statistics, California led the nation with 68,666 foreclosure filings in June. We are facing some of the most incredible housing crisis in history, and there are many neighborhoods that need help attracting buyers to maintain properties and home values. We hope to utilize a caravan tour to bring to the community solutions that can help - by showing potential buyers and introducing them into much needed areas.

Why is it smart to participate in the Spivey Caravan Tour? "Because it is 100% no cost, no obligation, no hidden fees. The tour is organized and efficient to ensure participants an experience unlike anything out there," said Minh N. Hoang, an attorney who deals in real estate and bankruptcy, "there are options available that home buyers are not aware of, and understanding those options will empower them."

This tour is a one stop shopping - you will have access to foreclosure homes, bank owned homes, short
sales, and other special listings; information on First Time Home Buyer Payment Assistant Program is
available; lending partners, real estate professionals, credit counselors, contractors and vendors, and attorneys can answer any questions and guide you through this exciting homeownership process.

"Whether you are a first time homebuyer, or a savvy investor, we will share with you insights and tips to save you time and energy on your next real estate transaction in the Bay Area," says Pamala Spivey, who operates the Spivey Real Estate Team.

The Spivey Caravan tour specializes in bilingual tours and can accommodate Chinese, Vietnamese,
Spanish, Japanese, Korean, and Hindi speakers.

The tour is a chance to find the answers to the current real estate economy. Take advantage of this free service and come out to support your local neighborhoods through this difficult time. We have a network of businesses-including Wachovia, Wells Fargo, Bank of America, Chase Bank, The Pamala Spivey
Real Estate Team, and the Law Offices of Minh N. Hoang, among a host of other vendors available at
your fingertips -- ready to facilitate your homeownership goals.

The Free Foreclosure Tour will take place on Saturday, June 20, 2009 from 10 am - 12 pm. To
participate, visit www.myhomestour.com or call (925) 315-8000.

Here is the link to our current flyer:
http://lawyerminh.vflyer.com/home/flyer/home/2553706

The news this Thanksgiving season is good for first-time home buyers.

First-time home buyers experience the mixed feelings of excitement and fear, no matter the economic conditions, when considering purchasing a home. This thanksgiving season gives good news to the first-time buyer and should lessen the fear factor.

Many who have considering purchasing a home have held back because of the fear that now is not the time to buy. The reality is that now is one of the best times to buy. First-time buyers still have the opportunity to take advantage of low mortgage rates and more affordable home prices.

On a national level, home sales are rebounding. On a more local scale, the state of California sales were up by 13%. Here in the Bay area ( California ) sales were up and sales were down depending on the area.

As the Hope for Homeowners program helps current homeowners to stay in their homes, inventory should decrease causing home prices to stabilize. This is good news for the first-time home buyer. First-time home buyers and move-up buyers tend to hold back in the decision process for fear they will buy a property which will depreciate greatly in value. With the stabilization of home prices that fear is diminished.

With the focus on helping homeowners stay in their homes and as a plan for national economic recovery is put in place, the bottom of the market should be reached in 2009; some areas have already reached the bottom with homes prices no longer in decline. Another reason first-time home buyers can be less fearful.

First-time home buyers are also fearful they will not be able to obtain financing. The media has continually reported that credit, especially in the mortgage industry is very tight. First-time buyers need to be aware that FHA is still in business and going strong.

Currently, FHA is closing about 100,000 loans a month according to Housing and Urban Development Secretary Steve Preston. Secretary Preston has stated that there is no credit crisis at FHA.

First-time buyers have also heard that you can no longer purchase a home without a minimum of 10% down. This is not true for those who obtain FHA financing. The FHA program only requires 3% down payment. A reasonable credit rating and verifiable employment are also required to obtain financing.

Using the services of a good Realtor® can help first-time buyers to determine which areas are the best for their home investment dollars. Knowledgeable Realtors® can also advise the first-time home buyers of down payments assistance programs and mortgage loan options.

The shaky economy has a lot of people quaking in their boots. This may be even more true for the first time home buyer.

What does the shaky economy mean for first time home buyers?

• It means that first-time home buyers can still take advantage of a real estate market that is in the buyer's favor.

• It means that first-time home buyers can still take advantage of low mortgage interest rates.

• It means that first-time home buyers can still take advantage of the $7,500 tax credit being offered by the Federal Government.

• It means that first-time home buyers can still take advantage of down payment assistance programs with less competition for the funds.

Purchasing a home in today's market is all in the first-time home buyer's favor. Purchasing a home in today's market is still a wise investment.

Today's headlines regarding the shaky economy has many first-time home buyers shaking in their boots. What does not seem to be making headlines today is the fact that nationwide the housing market is in recovery. Both home sales and mortgage loan applications are on the rise.

The nation has seen many severe recessions in the past, which tells us that the economy will recover. The nation has seen severe housing recessions in the past as well. Those real estate markets also recovered and home values rebounded.

Don't let the headlines regarding a shaky economy keep you from making a wise decision.

• First Stage - Pre-Foreclosure
• Second Stage - Trustee Sale
• Third Stage - Foreclosed Properties
• Fourth Stage - Auction Properties

In many areas, REO sales are dominating the market so understanding the various REO categories is important for buyers.

First Stage - Pre-Foreclosure

The buyer must negotiate with the homeowner to purchase the property. Current market conditions are mandating that most property owners will need to sell the property under short sale terms. Buyers will need to do their homework very carefully if entering negotiations without the services of a real estate professional or an attorney.

Second Stage - Trustee Sale

The property is placed on public auction. The property is sold on the court steps in the county in which the property is located. The buyer can purchase the property for the balanced owed on the property. Buyers must be in a position to buy the property at the time of auction, usually this is an all cash transaction. Buyers are usually responsible for any other liens and encumbrances attached to the property at the time of sale. In states that offer the property owner the "right of redemption", the property will enter judicial proceedings. Buyers need to be familiar with the state laws governing the sale of foreclosed properties.

Third Stage - Foreclosed Properties

The pre-foreclosure process has been completed, the property is now bank owned (investor owned). The bank places the property "for sale" on the market, normally through the services of a local Realtor. Most foreclosed properties being offered for sale will appear in the local MLS for the area. Some banks offer lists of property that they are offering for sale, whether listed with a real estate agency or not, as well.

Fourth Stage - Auction Properties

The mortgage holder will offer the property under Auction terms: buyers bid on the property, highest bidder wins. Many properties offered at Auction have starting bid prices that are excellent buys, but it is the winning bid which determines whether the buyer will pay a below market, at market or over market sales price. Generally speaking, properties are offered for auction after they have been on the market for a period of time but have not sold. Most property at Auction may be financed.  In most cases, the buyer must have a letter of commitment from a lender in order to purchase a property at auction. A cash buyer must provide "proof of funds".  Note: When a property is offered at auction is determined by the policy of the bank

For many, buying a home for the first time can be somewhat overwhelming.  There is routine maintenance that the home will need on a regular basis that new homeowners will need to get used to doing.

The first thing you will need to do is make a list of things in and outside the home that need regular maintenance.  It is wise to write them on a calendar that you look at regularly so you wont forget, or you can set up an online calendar that will send you alerts when it's time for the maintenance.  (Put a link to Google Calendars or something like that.)

Routine maintenance tips:

• Check around your windows and doors for air leaks.  Apply weather stripping or sealant where needed.
• Test all smoke alarms and replace any dead or low batteries.
• Have your heating and air unit checked annually by a professional to extend the units life.
• Have your chimney inspected and cleaned every two years.
• Check your sidewalks, foundation and driveway for cracks.  Seal any and all cracks immediately.
• Remove leaves and other debris from gutters and down spouts.
• Keep grass cut, bushes trimmed and landscaping beautiful.  This will not only make your yard look great, it will also keep your neighbors happy.
• Check around the home monthly or when it rains, to make sure water is flowing away from the home, not toward it.
• Touch up paint inside and out when needed.
• Change air filter monthly.
• Check for any roof leaks or missing shingles.
• Replace any bad siding or trim as soon as possible.

Doing routine maintenance and inspections of your home will not only protect its condition, but it will help raise or maintain the home's value.

 If you  want to buy a home now or in the near future, be sure to choose a professional real estate agent to help you through the process.

This guide is intended to help those considering a sale or purchase of a home under  "short sale" terms 

• What Is It?  
• Who Initiates a Short Sale?   
• When and Why a Short Sale   
• How It Affects Your Credit   
• Negotiating With Your Lender   
• Must A Lender Agree To A Short Sale   
• Chances for Success
• Getting Help
• What About Fees and Commissions
• Advantages of A Short Sale For Seller and Buyer
• Disadvantages of A Short Sale For Seller and Buyer  
  
  
  What is a short sale?: A short sale, in the simplest terms, is when the mortgage lender has agreed with the homeowner to accept an amount to settle the debt which is less than what is owed on the home.
   
  Who initiates a short sale?: A short sale is initiated by the homeowner. Sellers must have an agreement with the lender to sell the property for less than the balance owed. A word of caution to buyers and sellers: never enter a contract in the hopes that a lender will accept a request for a short sale. Be sure negotiations have been opened first.
   
  When or why to short sale: A short sale is advantageous to a homeowner when they have met a financial crisis that has affected their ability to make their mortgage payments.
   
  How it affects your credit: A short sale, while not quite so devastating as a foreclosure on your credit report, is still a negative report. It will affect your credit adversely. There is no way to avoid it, your credit will be affected.
   
  When negotiating a payoff with many creditors for less than the balance owed, you can also request that the creditor report the account as "paid as agreed". This is not the case with a short sale.
   
  In most cases, this derogatory remark will remain on your credit for 7 years. This does not mean you will not be able to purchase a home for the next seven years. Historically, mortgage lenders have approved a seller in as little as 2 - 3 years after a short sale of their previous home.
   
  Interest rates on certain products and goods, including a new mortgage, could be at a higher interest rate.
   
  Negotiating with the lender: You must take the first step in opening negotiations. You must prove financial hardship.
   
  Hardship includes, but is not limited to, the following: death of a co-borrower, catastrophic illness or injury, loss of job, a required job relocation and, in some cases, divorce.
   
  Negotiating with a lender is, unfortunately, not a simple phone call procedure. You will need to request a short sale packet from the Loss and Mitigation Department. The packet must be filled out completely and the conditions strictly adhered to.
   
  Must a lender agree to a short sale?: There is no requirement currently under law that states a lender must accept an application for a short sale. That decision is up to the Loss and Mitigation Department. While most industry leaders feel that it is to a lender's advantage to accept a short sale, it is up to the lender's discretion. A lender can even decline a short sale if the property is in escrow.
   
  Chances for success: To be very honest, it is going to depend largely on two things: who the lender is and what the reason is for requesting the short sale.
   
  In my opinion, we may see lenders become more agreeable to short sales due to the current economic turmoil. I believe the steps our government takes in the next few months will be a determining factor.
   
  Getting help: Getting the assistance of a qualified and knowledgeable professional is to your benefit. In most locales, a Realtor® will be able to assist you.
   
  There are many factors to a short sale and the paperwork can be quite overwhelming. I suggest that you seek the advice and help of a professional as soon as you have decided a short sale is the best course of action for you. Getting help early on will not only benefit you, but the professional of your choice as well.
   
  What about fees and commission?: Any professional is going to charge you for their services. Some professionals will charge you up front and out of pocket. A Realtor® will only get paid when the home sells. The Realtor® will be paid from the "proceeds" of the sale. In most cases, this is paid by the lender.
   
  Advantages of a short sale for seller and buyer: The real advantage for a seller is that they can avoid a foreclosure on their credit. While a Short Sale is not great either, it is slightly less negative. It also tells creditors in the future that you did the honorable thing and "took the bull by the horns" to resolve an exceedingly difficult financial situation.
   
  The advantage for a buyer is that they may be able to purchase home under current market value.
   
  Disadvantage of a short sale for seller and buyer: The only disadvantage for a seller or a buyer is that the lender may not agree to the terms of the sale. A lender is not obligated to accept or complete the terms agreed upon by the buyer and seller.
   
  Although a lender may agree to consider a short sale, until a purchase contract is submitted to the lender and approved, no one really knows exactly what the lender will accept in regards to price or specifics of the contract. Until the contract is approved, it is a "wait and see" situation. This can be extremely frustrating for a buyer who is anxious to know if they need to look for a home elsewhere. It is frustrating for a seller, who is also extremely anxious.
   
  Note: Because this is a simplified guide, there are many details that have been omitted for simplicity's sake. Short Sales are a detailed and complicated proces .
   
  Once again, I strongly advise you to seek the advice and help of a professional specializing in Short Sale transactions.