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Walnut Creek Townhome-Reduced Open Saturday Nov 7, 2009 2PM-4:30PM

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sat, 07 Nov 2009 13:21:16 -0600

Terry Osburn | Alain Pinel Realtors | 925.627.3006

1715 Geary Rd, Walnut Creek, CA

Commuters Delight!

3BR/3.5BA Single Family House

offered at $489,000

Year Built	1984
Sq Footage	2,367
Bedrooms	3
Bathrooms	3 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$495 per month

DESCRIPTION

Oh, by the way, the Listing Agent Karen Hultman gave me permission to advertise and locate a buyer for this townhome. I do not represent the seller. This townhome is located in a great commute location with easy access to freeway and Bart as well as the convenience of personal shopping and park area. HUGE kitchen with center island and separate eating areas. Spacious with bonus room . Did I mention 3.5 baths? Call me today to set up a personal preview of this property.

Representing Buyers seeking the homes of their dreams.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Tile floor	- Bonus/Rec room	- Dining room
- Dishwasher	- Refrigerator	- Stove/Oven
- Microwave

COMMUNITY FEATURES

- Garage parking

- Swimming pool(s)

- Tennis court(s)

OTHER SPECIAL FEATURES

- Formal living and dining area

- Unit in back of complex away from Geary

- Close to Bart

- Near Freeway

- Near Shopping

- Large Kitchen with center island

- Private Lanai

- Lower level bonus room with full bath

- Separate Laundry room

- Near Larkey Park

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4

Contact info:

Terry Osburn

Alain Pinel Realtors

925.627.3006

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 7, 2009, 10:08am PST

Pet Emergency Preparedness (PEP) Contra Costa County

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 04 Nov 2009 15:59:33 -0600

Pet Emergency Preparedness (PEP)

Did you know that the Contra Costa Animal Services Department has instituted a Pet Emergency Preparedness operation for emergency response?

You can also become pet CPR /1st Aid trained .

After what happened in New Orleans became a wake up call across the country. Pets have needs as well.

In California it is not matter if, it is WHEN we have another earthquake, or another firestorm or flood etc and to be ready to assist in evacuation and saving of pets and assisting those in need.

Go to the link above and read about what emergency services are available, how you can become involved, how to get pet CPR trained and be prepared to help not only yourself but your community in the event of emergency or disaster.

DRE #01255032

Homebuyer tax credit extension......almost .........not quite but almost...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 04 Nov 2009 15:10:10 -0600

November, 4 2009 10:15 AM

News on the homebuyer tax credit...the House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week.

Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. And as we had also predicted, the tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years. Remember - this is still NOT final, and even if it is approved, it could contain further changes.

Stay Tuned!

Per Christina Stratton, PMA

christina.m.stratton@PMAhomeloans.com 925 627 3025

As Christina has stated NOTHING IS FINAL until signed and there still could be changes.

By the way, Christina is an excellent loan officer , if in need for someone to assist with your home loans and financial planning! http://localism.com/neighbor/cstratlend

DRE License # 01255032

Martinez /Pacheco Stats July 2008-Sept 2009

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 11:12:50 -0600

Homeowners if considering selling and you would like a more detailed breakdown of your home value in todays market please contact me.

Shows trend of sales over the past year.

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Number of Homes For Sale vs. Sold vs. Pended (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
For Sale	99	100	1%	137	100	-27%	153	100	-34.6%
Sold	35	29	-17.1%	37	29	-21.6%	27	29	7.4%
Pended	39	49	25.6%	31	49	58.1%	38	49	28.9%

All reports presented are based on data supplied by Contra Costa, Bay East, MLSListings, San Fransisco MLS, Metrolist and BAREIS MLS. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Avg Price For Sale & Sold (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Avg. Active Price	454	460	1.3%	476	460	-3.4%	471	460	-2.3%
Avg. Sold Price	306	325	6.2%	381	325	-14.7%	424	325	-23.3%

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Months of Inventory based on Closed Sales (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Months of Inventory (Closed Sales)	2.8	3.4	21.4%	3.7	3.4	-8.1%	5.7	3.4	-40.4%

DRE License #01255032

Concord Sales up to $599000-Past Year

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 10:57:22 -0600

Below is Facts and Trends for the past year for Concord Single Family Homes up to $599000.

If you want a breakdown more specific to your home and neighborhood , give me a call or email me.

You can see the inventory has dropped considerably.

Understand there are neighborhoods that command more in purchase price than others. Obviously is relative to condition of home.

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Number of Homes For Sale vs. Sold vs. Pended (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Avg Price For Sale & Sold (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Months of Inventory based on Closed Sales (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

DRE LICENSE #01255032

Jerry Brown has link now to check status of Loan Modification Companies

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 10:15:01 -0600

http://ag.ca.gov/loanmod/

If you and/or someone you know has questions or concerns about a company that has promised to assist you in loan modification go to the link above and check the company out.

Jerry Brown has requested that all must sign up with his office to legally provide services in the State of California.

Loan Modification Fraud has become so rampant and many people in financial distress are seeking any glimmer of hope for their situation that allows for them and opens them up to become victims of the various fraudsters and scams .

I recently heard of a victim who paid not once but twice to different companies....

NEVER pay any upfront fees to someone to do a loan modification.

The banks would rather work directly with you the client. You do not need someone unless you are having difficulty filing the paper work etc but you still do NOT pay fees up front.

There is a lot of good information for the consumer in regards to this at the link provided.

DRE License # 01255032

Short Sales in Today's Market...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 02 Nov 2009 20:30:49 -0600

It is amazing how things have changed from even a year or so ago. Short sales are going to be around for at least another 2 years.

For the homeowner in distress this means even in a short sale situation there is a lot of competition for buyers. Will this change in the coming new year with more inventory expected? Remains to be seen.

There are so many variable in terms of area, school, condition, age , upgrades, commute etc.

The bottom line is there are many buyers poised to purchase a home. Some are waiting for the new year to arrive in hopes prices will be driven down further. Others are still waiting to see if the tax extension is passed.

Depending on your lender, investor involved, recourse or non recourse loan will depend on how cooperative and fast your lender witll work with you to approve a short sale once a buyer has been located and procured.

Short sales do successfully close. Despite many of the negatives you hear and the horror stories. Catherine and I have successfully closed a huge percentage of homes listed as short sales.

Sometimes it was like pulling teeth and at times appears games are played but persistence and hard work has paid off for our sellers as well as the buyers.

There is no guarantees but there is hope.

Wachovia loans in short sale are a breeze to do now since Wachovia streamlined the process.

Wells Fargo is in the process of streamling their process. When that will take effect is unknown but would surmise within the next 6 months or less.

BofA (Countrywide) has gone the opposite way and has made life difficult for all parties involved, however we have closed escrows with them.

If a short sale turns out to be the best option for you then contact us to discuss your entire short sale needs and listing of your home. You can find a lot of information on our short sale blog www.ccshortsales.com.

Please note we are not attorneys and we cannot advise as to what is your best option . We are here to provide a service of listing your home, procuring a buyer, submitting the short sale package to your lender(s), negotiating the short sale and hopefully bringing to a successful resolution for all concerned.

You are never charged a fee. Our fees are paid by the lenders at close of escrow.

DRE License #01255032

Walnut Creek, Non Distressed Entertainers Delight....

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Thu, 22 Oct 2009 11:48:19 -0500

Terry Osburn | Alain Pinel Realtors | 925.627.3006

2670 Buena Vista, Walnut Creek, CA

Walnut Creek Charmer! NON Distressed Home.

4BR/3BA Single Family House

offered at $749,000

Year Built	1973
Sq Footage	1,866
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	8,276 sqft
HOA/Maint	$0 per month

DESCRIPTION

Walnut Creek Charmer needs buyer. Non distressed home. By the way, I am not the listing agent but Todd & Katy Van Laanen, Listing Agents, gave me permission to seek and locate a buyer for this wonderful home. There is a special buyer who is seeking just a home as this! Immaculately kept up home with curb appeal and backyard privacy and entertainers delight. If you are seeking a home in Walnut Creek that is a single story home , turn key, non distressed ,give me a call for an exclusive viewing of this home.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Hardwood floor	- Family room	- Living room
- Dishwasher	- Stove/Oven	- Granite countertop
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

OTHER SPECIAL FEATURES

- Entertainers Delight

- Remodeled w/Tasteful updating inside/out

- Cherry Wood Flooring

- Dual Pane Windows

- Extensive Kitchen Cabinetry w/ Granite counters & Breakfast Bar

- Master Bedroom Suite

- Hall Bath features Jetted Tub

- Indoor Laundry w/ gas or electric hookup

- Newer Trane Furnace

- Central A/C

- Spacious garage with work benches

- Near Trail Access and Park

- Did I mention 4 BR & 3 Baths?

- Did I also mention Guest BR suite?

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Terry Osburn

Alain Pinel Realtors

925.627.3006

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 22, 2009, 7:53am PDT

DRE License # 01255032

48 Paso Nogal Ct-Non distressed original owner custom built home...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Thu, 22 Oct 2009 10:55:36 -0500

Terry Osburn | Alain Pinel Realtors | 925.627.3006

48 Paso Nogal Ct, Pleasant Hill, CA

Original Owner Custom Made Spacious Home

4BR/2.5BA Single Family House

offered at $719,000

Year Built	1988
Sq Footage	2,572
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	10,018 sqft
HOA/Maint	$0 per month

DESCRIPTION

Seeking Buyer for this nondistressed , custom made owner. By the way, I am not the listing agent but Margaret Geeber-Teeter , Listing Agent, gave me permission to post and locate that special buyer who is seeking such a treasured home.
If you like the feel of country and serenity in the city, this is the home for you. Please contact me to set up an exclusive viewing of this home. You will not be disappointed.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Hardwood floor	- Family room
- Living room	- Dining room	- Dishwasher
- Stove/Oven	- Granite countertop	- Stainless steel appliances
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard
- Jacuzzi/Whirlpool

OTHER SPECIAL FEATURES

- Non Distressed Home

- Backs to Open Space

- Custom Made Original Owner

- Spacious and Lite

- 2 Fireplaces

- High Beamed Ceilings

- Redone Kitchen w/ Granite counter tops

- Stainless Steel Appliances

- Trek Decking

- Walking Path to your own orchards

- Built in Barbecue

ADDITIONAL PHOTOS

Patio	Front of Home
Kitchen	Living Room
Family Room	Rear Yard

Contact info:

Terry Osburn

Alain Pinel Realtors

925.627.3006

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 22, 2009, 7:20am PDT

DRE LICENSE #01255032

Low Cost Housing for physically impaired.........

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sat, 03 Oct 2009 22:52:13 -0500

Hi There. I have a mobile home coming on the market next week that has been configured for the physically challenged. Has a working wheelchair lift. The master bedroom bath has been configured for wheelchair.

The guest bath has been configured with sturdy hand rails to assist in getting in and out of the shower and tub.

Located in Pacheco, California in a family park. This park is pet friendly and has all year round heated pool, spa and a small gym.

Located near shopping, bus line and easy access to the freeways.

Older home but has been well kept. Has screened in front porch area and a gazebo at end of the driveway. Washer and Dryer in unit plus the park has a separate laundry facility.

Lite and brite and spacious. Has two storage sheds.

All appliances stay without implied warranty. I am adding some pictures for viewing. If you and/or you know someone who would benefit by this type of housing give me a call. The seller is going to assisted living.

Price is $48,900. 2 Bed/2 Bath. Will be on MLS monday October 5th, 2009.

Master Bed Room

Master Bath

Master Bath Sink/Walk in Closet to left of sink

Guest Bedroom

Dining Area

Gazebp at end of driveway

Need Buyer! Westside Alamo Location-28 Kemline Ct

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sun, 27 Sep 2009 12:17:24 -0500

Hi there! I am seeking a buyer for this wonderful one story 4 bed/2.5 bath home in Alamo. Located on the west side and does NOT back up to Danville blvd. 2693 sq ft on a 23,400 sg ft lot!

Now I am representing buyers only and this is not my listing. But Catherine Myers of Alain Pinel Realtors, the listing agent, has given me permission to advertise this property and find that special buyer seeking a special home like this one. (If you are presently represented by a Realtor, that Realtor has access to show you this home)

I am including some pictures for you to view. This home will be opened Sunday October 4th from 1PM to 4PM. This home has easy access to shops, freeway and iron horse trail. Of course I am more than happy to make accommodations for showings during the week .

Contemporary feel, traditional comfort maybe a lit bit country. Presents with granite kitchen, hardwood floors, newer appliances, roof and carpeting. Plenty of room to expand for granny unit. Has a nice pool and basketball court.

A very comfortable home and atmosphere.

Schools are Rancho Romero Elementary, Stone Valley Middle School and Monte Vista High School.

If you are seeking the Alamo area and a one story floor plan you really need to stop in and check this home out.

For price and further information please contact me at 925 381 9944. email YourBrokerTerry@comcast.net

Terry L. Osburn, Broker Associate

Alain Pinel Realtors

DRE License #01255032

Successfully listing and selling homes in the East Bay Area since 1999.

http://www.TerryOsburn.com

http://www.apr.com/tosburn

All Information is deemed reliable but not guaranteed. Buyer should verify sq footage and schools and any other pertinent information.

Why should you have your furnace checked yearly....and why a home warranty is a good thing..

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 22 Sep 2009 16:05:35 -0500

It's called Murphy's law sometimes.......but here is another reason to have your furnace serviced each year to keep it in tip top shape.....

Depending on the type of furnace you have you may encounter issues with water dripping both inside the furnace and onto the surface below causing floor issues.

Sometimes the condenser freezes, the line to the condenser becomes plugged or the fittings somehow loosen.

I went in to change my filter today. I usually change it every 3 months only to find water in the furnace, on the floor and going , HUH?

Yes, I have called the local service provider. They cannot come out until til tomorrow.

I was told it could be from several causes. I guess I will find out when they show up.

I am really glad I have kept up my home warranty. It is events like this that can come back and bite hard that makes a home warranty worth it.

Probably will not pay for the damage to the floor, but my regular insurance should.

Preventive maintenance is a must. Change those filters often and look for signs of unusual changes.

Water would be one of those in a furnace............

The passing of Paul White, Realtor

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 22 Sep 2009 15:54:53 -0500

This may have already been shared in regards to the passing of Paul White yesterday.

Even though I never had the opportunity to actually work an escrow with Paul my interactions over the years with him showed him to be a man of integrity and honor.

You run into people throughout your life and some seem to leave a bigger imprint than others.

Paul was one of those. He always had a smile. He was gentle yet stood tall and steadfast. He was a Professional. He was a role model.

Contra Costa Real Estate and consumers alike lost a great partner yesterday in real estate.

Paul , may you rest in peace.

Thinking of writing an offer on a bank owned property?

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sun, 13 Sep 2009 17:39:24 -0500

Remember this, many have addendums they want you to sign.

PLEASE read them carefully and/or take to an attorney. These addendums HAVE NO BENEFIT to the buyer nor any protection for the buyer.

The addendums are solely for the protection of the bank, asset management company or investor and/or all of the prior mentioned.

NEVER give up your rights to inspections and review of disclosures.

Many have changed the active removal of contingencies to passive.......

Many indicated a $100 a day penalty if you do not close on time.....

ALWAYS make sure you have in writing a SIGNED RATIFIED contract and do not base your time periods or inspections based on a verbal agreement.

Bank owned properties may or may not be the best choice or value........

It is not atypical for some banks to get you ratified contract several weeks after the fact......while still reviewing and possibly accepting another offer thereby knocking your purchase offer out of the running......

Just be aware, never assume and always get something in writing........

Visiting and passing thru Elk, Ca? Try Queenies cafe....

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sat, 12 Sep 2009 13:31:44 -0500

The greatest little cafe to go to is Queenie's on Hwy 1. Is next to car repair shop and two doors down from the local grocery mart. Pet friendly. Has water bowl outside for the pup and free doggie biscuits inside to give to your pup. Oh, they have lattes, cappucino and mocha too!

They are closed on tuesdays and wednesdays .

Excellent salads, Breakfast all day, luscious home made pie........ Yes, I splurged a bit on my diet and split a piece of blackberry pie..........

Elk is about 20 min south of Mendocino. About 20-25 minutes north of Point Arena.

Across from the cafe is Greenland State Park. Path takes you down to the ocean for breathtaking views.

The path is a little steep at times and rocky but well worth the trek.

Greenwood Pier Inn down the road is pet friendly on some of their rooms.

Just FYI...

Excuse me, did I miss something here....

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 02 Sep 2009 10:19:56 -0500

You know it never ceases to amaze me the on bank owned property(REO's) the attitudes purveyed and delays in responses and of their requests of potential buyers.

I have no problem with the confirmation of buyer's ability to purchase by the banks own lender.

I take great exception though when it is relayed to me that the bank who owns the property will refuse to give credit back in closing costs UNLESS your buyer uses the banks own lending service.

I take great exception that the banks are allowed to flagrantly disregard RESPA rules by demanding the buyer use the banks own choice of escrow and title company and then NOT pay the fees for such.

It is a known fact that those title companies in southern california historically have charged excessively more than the local title companies where I am located in the greater Walnut Creek area.

So the buyer not only has to give up their right of choice for escrow company but also has to incur a greater cost in closing costs.

I take great exception when a banks response may be a verbal acceptance of contract but until written acceptance has been conveyed which can take weeks and weeks the buyer is not assured of a ratified contract and the bank has the right to pull back their acceptance until such approval in writing has been received and acknowledged by the buyer. YET they are expected to move forward with the escrow process or inspections ............

I guess I missed something along the way here.............

Yes, Wachovia has short sales down...........

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 27 Jul 2009 15:59:36 -0500

I just closed my first short sale with Wachovia. What a difference! 2 months vs 4-9 months. No BS.....just down to business, give me the facts and lets move forward.

What a delight and relatively coherent process. Now if the rest of the banking and lending industry would get on board we can move the inventory and get the housing industry back on its feet.

The negotiator was professional, did not take things personally, did NOT get hysterical and appeared to be very well educated and knowledgeable.

Wachovia has certainly realized the urgency and essence of working with short sales and moving forward as well as properly training their negotiators.

On the other side after 9 (NINE) months Countrywide(Now Bank of America) finally closed on one of my homes in Antioch.

What a nightmare, closed the file twice, first time entirely their fault, would not take ownership lost buyer. took 6 months to get short sale approval meanwhile turned out the buyer did not qualify for loan but I was able to put another one in immediately in May and finally 2 weeks ago we closed. By the way did I mention that the investor wanted exactly this amount $245,405.23

The purchase price had to be written up for the above number. Nothing more, nothing less.

Catherine and I both were fortunate enough and I say this with a smile to work with a negotiator from another banking industry who is hysterical , emotional, hates realtors, would constantly reference it was all about our commission instead of the task at hand, totally unprofessional, came across as someone who was picked up off the streets without training. I remember speaking to Catherine about her and unless you personally have dealt with someone like that it is hard to comprehend.

Then Catherine calls and says you will not believe who I have to deal with on this file and you were right , she yells, she is hysterical and condenscending. Why we were both blessed with the same negotiator I will never know.

So I tip my hat to Wachovia and say THANK YOU for a job well done.

Homeowners in distress, needing to do a short sale...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sun, 05 Jul 2009 20:17:13 -0500

For those home owners whose best option has been determined is a short sale , just what should you expect?

Home is sold as-is
Seller does not make a profit
Seller may be required to bring some out of the pocket money to the table(Not always, depends on offer, your deficit and the lender)
Most banks and lenders will not allow family members to purchase
Buyers to pay for any and all inspections
Most banks and lenders will NOT pay for any repairs and/or replacement items
Most banks and lenders will allow the buyer to get 3% back towards the buyers closing costs
The lender and /or bank will pay the agents commission
Our fiduciary responsibility is to you the seller, not the bank or lender. Our goal is to minimize your deficit as much as possible and/or as much as the current market will allow
Most banks and lenders will pay for what is customary to the area in re: to sellers fees
Short sale is not short even though some lenders have streamlined the process considerably whereby closing could conceivably happen within 30 days after accepted offer if the home has been a pre approved short sale at the list price given)Most will take 2-6 months. We have seen some close rather quickly , most about 2.5 months and unfortunately Countrywide(Now B of A) has taken 6 months or longer. I have heard rumblings that Countrywide is also trying to streamline the process.

We HIGHLY encourage all sellers to seek the advice of a real estate tax attorney or CPA and INVESTIGATE ALL options before proceeding with short sale.

If you are considering a bankruptcy, short sale may NOT be your best option. We are not attorneys and we cannot give legal advice.

Depending on whether your loan(s) are the original purchase loan will depend on how you proceed after getting a short sale approval letter. You may find foreclosure will better protect you.

Some of the lenders have included language that states they reserve the right to come back after judgment. In some states, like California, they are non recourse. The lenders cannot do double jeopardy. However there appears to be some hope by the lender that the laws may change and by signing such approval letters, sellers could conceivably give up their present umbrella of protection. So we do encourage our clients to have an attorney review all short sale approval letters.

In California, even though we think the verbiage is illegal the original purchase loans and that most of the consumer watchdog groups will not allow such, it has not been tested in the courts and the sellers attorneys have been advising, bankruptcy and foreclosure instead.

So basically what I am saying what may be good for one homeowner in distress is not so good for another.

If you live in Alameda, Contra Costa and Solano County of California, give us a call to discuss your particular situation.

We have successfully negotiated many short sales in the last year and a half.

I was asked the other day WHY I do short sales.........

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sun, 21 Jun 2009 19:54:57 -0500

That is a loaded question. There are several reasons.

Short sales are here for awhile and whether representing buyer or seller experience in short sales is a must.
I was ridiculed when I first started doing short sales....mostly the ridicule came out of ignorance and lack of knowledge. Within a year it was seen that there was indeed value in short sales.
I offer a valuable service to my clients who qualify for a short sale and please remember the word qualify.....Short sales are not necessarily the best option for my clients. I would rather see them stay in their homes if at all possible. So, Loan modification would be first choice. If not possible I then have my clients seek professional legal advice either from a real estate tax attorney and/or CPA before proceeding with short sale for two reasons 1- To make sure a short sale would offer them the best protection and/or 2- Whether a bankruptcy is in the cards and a foreclosure would serve them better.(Remember bankruptcy laws have changed and many times the property is needed to have enough debt to qualify. Many agents have erred telling their clients to go ahead and do a short sale especially when the verbiage in the short sale approval letter states the bank retains it right to come back and collect for deficiency if the law allows) I have had clients whose financials were rather complicated and it really takes a professional tax person or attorney to have a firm grasp on my clients best interests financially.

Since I am not an attorney I do not advise but guide my clients to the correct sources for their information.

I am not here to judge. I offer expertise and knowledge to assist those who are going through this grueling process. I have seen the worse side of my clients. Stress does brings out the ugly. I firmly believe that these same clients will remember me to family and friends for real estate services in the future as well as my clients when they get their feet back on the ground again.

I have learned a lot this past year and a half. I have come to understand further how this whole meltdown started as I see the same ineptness with the banks in short sales as was evident before the meltdown.

Despite the misgivings and ill fortunes of others I still believe owning a home makes good business sense as long as the buyer understands real estate is for the long term.

What happened these past years went from business sense to emotions with all of the hype in the news media about not being able to purchase unless you act immediately. Those who bought without contingencies still make me cringe.

Short sales are not short for the most part, except Wachovia is making a concerted effort to cut down the approval process immensely. Hopefully others will follow.

My hair has gotten grayer especially on those short sales that went from 6 -9 months before closing.

Most is 3-4 months.

Short sales do close. It does take patience. If a buyer finds a home that is exactly what they are seeking and it is a short sale I have no issue working with them on it.

For those agents in this area who want nothing to do with short sale listings , send them my way. I will gladly pay you a referral fee upon closing.

FHA 203K Loans

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Fri, 12 Jun 2009 11:22:34 -0500

Buyers have a tremendous opportunity to purchase and to maximize their purchase power with FHA 203K loans.

Divided into two categories...Streamline, $35000 or less needed for upgrades and/or repairs or Full Blown for over $35000 and any structural repairs that might be needed.

The beauty of these loans repairs can be done after the close of escrow. There are safeguards and you must use a FHA Certified Inspector as well as a FHA certified Appraiser. The guidelines are fairly clear.

The purpose is to allow buyers into homes that are affordable but need work that otherwise they would not have the cash to do. The home is reassessed based on the required FHA updates, upgrades or repairs and the appraised value that would result due to those upgrades etc would be the basis for the loan amount for the buyer so the costs can be built into their loan.

As with any loan, buyer(s) must be approved and qualified ahead of time.

It does take a minimum of 45 days for escrow to close due to the process. ALL contractors must be licensed, bonded and insured(workers comp) and contractor(s) must fill out specific paper work specific to such and there must be written bids for each project to be completed. Buyers are allowed to add carpeting, painting etc.

If you live in the Bay Area, specifically the greater Walnut Creek area and surrounding you can contact me for information as to whom to contact for this specific loan. I am more than happy to represent you as a Buyers Agent in this process.

Pulse of real estate today...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 25 May 2009 20:00:12 -0500

Well the title is a loaded sentence......Certainly depends on where you are .......But we are seeing multiple offers again...Not necessarily way above the list price but solid multiple offers......Granted it depends on the price range and area . Concord for instance has a slew of buyers who are qualified for between $200000 and $400000. Those homes bank owned, short sales or no distress that are in move in condition are priced to bring in multiple offers.

I walked into one home last week that had over 50 real estate cards on the counter. Have not seen that for a long time.

Is this the eye of the storm burp or a sign that things are finally settling down?

We hear rumors of hundreds of thousands more foreclosures waiting to happen as well as many more short sales to hit the market.

Of course with the possible many layoffs still to come plus those recent will really max out homeowners pockets and savings........

Only time will tell. At least the interest rates are good for buyers with the first time home buyer $8000 tax credit.

The higher end homes are starting to see movement and sales but appears to still be dropping somewhat in their pricing.

I am writing on average approx 3-4 offers before my buyers offer is accepted. Usually the first two rejections was due to the buyer lowballing and not believing the home would command at least full price.

My gut feeling is the market will not really stabilize until the mid to end of next year and then in certain areas with other areas taking years to recoup the losses felt.

But even in this darkness, opportunity does exist for those seeking to purchase a home. Just make sure you look at it as a long term investment and not short term.

Can a dog have panic attacks?

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 06 Apr 2009 22:13:55 -0500

Yes, they can. The new little guy that I adopted a few weeks ago presents with such.
He was grumbling, muttering and pacing while sleeping and eating...Fortunately he was acting out when I took him to the Vet...The Vet immediately recognized it as anxiety due to the fact he and his wife adopted a dog who had the same issues and he could distract him with cookies and belly rubs and checked out OK physically otherwise.
I will say Toby has improved greatly with fewer and fewer episodes. Even though there was growling involved there was absolutely no aggression ever shown.
Rescue Remedy is helpful to pets in transition. Lots of love and consistency helps also.

Writing multiple offers on various homes at same time in this market....

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 25 Mar 2009 15:22:49 -0500

Specific to California.......I have been approached by buyers as well as several colleagues of mine about writing multiple offers at once on various properties and see which ones win.........

In California, if a buyer writes up a mulitple offers and those offers are accepted by the various sellers that buyer is technically responsible for all of those accepted offers.

One colleague was even approached recently and refused, by a client, who insisted that she write up multiple offers and in the the course of conversation found out these "buyers" had every intention of lying on the purchase contract of being owner occupants and was going to approach tenants to allow their mail to be sent there so they could get lower interest rate......Simply that is Fraud........mortgage fraud........

Frankly, those agents who purport to clients to write up multiple offers most likely are cutting corners on their clients protection.

Will they get caught ? perhaps not? But as a listing agent I can tell you this........we do communicate among each other and if we know of an agent who has a questionable reputation and a history of doing such we will make sure our sellers are fully aware of that background.

I have nothing against getting a good deal. I do have issues with agents who skirt the lines of ethics and good faith.

Many listing agents that I have come into contact with recently are really frustrated with all of the time and effort they have put into these offers , especially on short sales, to have the buyers walk. One of the reason the bank owned properties has made it difficult to bid on their properties is to weed out the yo yo's and to deal with those buyers and agents who truly intend to follow thru with their commitment.

I also realize some agents cave in to buyers demands as they want the commission. My experience has been when you cut loose that buyer which is unrealistic, asking you to compromise your ethics and possible legal standing, another buyer will come forth to which you can hold your head high and move forward.

Part of our obligation and Professionalism is to act and perform in good faith.

Is a short sale the best option for a seller in distress?

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Thu, 01 Jan 2009 21:14:48 -0600

Actually , NO it may not be....

This is where we are going to see a lot of backlash within the next few months when the sh-t hits the fan.

There are mitigating circumstances to each particular situation. What may be right and work for one may not work for the other.

There may be penalties involved in a successful short sale that may find a foreclosure to give the best option in reducing a clients liabilityand /or a short sale may indeed be the better choice. This is why it is imperative that a seller check with a real estate attorney before making a decision to proceed either with a short sale and/or foreclosure. At the very least speak to a CPA who is knowledgeable of the short sale and foreclosure process and the penalities involved etc.

There are sellers who think because they allowed their home to go into foreclosure that was it , all done, nothing to worry about. Hmmmm, the foreclosure is usually on one loan. That leaves the other loan out there open and anxious to get their money back....

Each state has their own pecularities. California is non recourse state.

Then we have those who had a successful short sale who may be hit with judgment from the 2nd lender.

Remember, a HELOC loan had to be used entirely for capital improvement of the home.

I think there will be a lot of surprised and very distraught individuals within the next few months. Many will be forced into bankruptcy.

This is a mess that will have several ramifications and fallouts before some semblance of order has been met.

However this too shall pass. Our job is to give as much support as we can to our clients thru these hard times and to continue ourselves to educate and learn as much as we can to pass on knowledge even though the stakes and rules keep changing every day.

Even though the loan modification is only helping a few , Sellers, PLEASE speak to your lender first and see if a loan modification is at all possible. Yes, I know they have those on the phone systems who are not very knowledgeable or care but if you are persistent and keep calling back you will eventually find someone who actually knows what is going on and might be able to assist you.

Document every time you have called and get the name of the individual you spoke with.

Now I will tell all of those in trouble with their mortgages, there is LIFE after a short sale and/or foreclosure. Remember this.

You may have to reorganize a bit, change spending habits but there is life.

If a short sale is found to be your best option and you need help listing and procuring a buyer for a short sale please contact me. Catherine Myers and I have performed several successful short sales this past year.

Buying a foreclosed home the best option?

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 31 Dec 2008 19:48:07 -0600

Buying a foreclosed home, is it the best and wisest buyer choice?
What you must know about Foreclosed homes.
Foreclosed homes, they are everywhere. You a are a buyer seeking to find the best deal in the market while protecting your financial interests. Is Foreclosed homes the best option?
Depends. Bank owned (REO) homes usually come with a lot of issues. In the SF Bay Area every community has been hit. Some worse than others. Many home owners did not go out with a fight. Many had tenants who were evicted.
We have found sabotage of electrical systems, cement poured down the toilets, copper plumbing stripped, electrical wiring stripped, water heaters disconnected, furnaces disconnected and removed from the premises to name a few things.

Well you say I can always get inspections...

True. But bank owned properties are sold AS IS. You are allowed to obtain inspections and usually you are given 10 days. Inspections are not cheap. Buyer pays for the inspections. Say you have your roof, physical inspection, termite inspection, foundation inspection(if needed), sewer inspection (highly recommended on older homes)chimney and fireplace, where applicable. Here is approximately $2000 just in inspections fees. Say the home was priced for $250000. A home down the street, not in distress is priced at around $290000. The foreclosed home has approximately $30000 possibly more repair fees and upgrades . The non distressed home down the street is in move in condition with upgrades in place. Do you have the extra $30000-$40000 to spend? upfront?(This is just an estimate of repairs, most find after delving into the repairs the costs can go much higher.)

Would it make more sense to negotiate with the seller of the non distressed home to assist in contributing towards your closing costs and buy down your interest rate to get into a good solid home? Of course the non distressed home would still need to fall into the appraisal guidelines for the area.

What I have seen is a rush to purchase these foreclosed homes that may not make the best business sense down the road. You have to weigh in several factors.

Having said this , YES you can find some good deals on foreclosures but remember many had angry tenants and home owners who stripped the homes and/or did damage that may not be found on inspections that will show up after you received title of the home.

My advice to any buyer in this market....Do not get emotionally attached to any home...Take your time ...Do your homework...Make sure your Realtor has given you up to date comparisons for recently sold homes...Look at the overall value of the properties in the area and probably most important of all take into account how long you plan on keeping the property. The market eventually will bounce back. However I do not expect in the same fashion as before and it will take years for the equity to build back up. If you are in the mindset for a couple of years in hopes of making a profit by reselling, you might want to rethink that strategy.
History has proven for the most part you need to keep a home for a minimum of 5 years to break even and/or make a profit. It really depends on the timing of the real estate cycle when you purchased and when you intend to sell.
So, is a Foreclosure a Buyers best option? It depends....go in with your eyes wide open and have a CPA sit down with you to determine savings purchasing a Foreclosure vs a non distressed home.