It’s 9 O’Clock: Do You Know Where Your Listing Is? – Call SkippyBean Realty

It’s 9 O’Clock: Do You Know Where Your Listing Is? – Call SkippyBean Realty.

“I Could Have Bought That San Ramon and Danville House…” – Brooks Landry – SkippyBean Realty

San Ramon, Danville, Pleasanton, and Dublinresidents used to hear the familiar refrain from their elders; most of us, ever since we were kids. Usually it was Grandpa, talking to no one in particular, as the family sedan sped past a particularly attractive property: “I could have bought that San Ramon or Danville house in back in 1975 for only $100,000

Then, when you (or your father or mother) responded with the inevitable question, “then why didn’t you, Grandpa?” the answer would vary, but it was usually some form of “because nobody would have believed how much it would be worth later.”

Even though the time scale varies, it’s a safe bet that the “back then” Grandpa was talking about was a time very similar to what’s going on January 30th. People knew that San Ramon,Danville,Pleasanton, andDublinhouse values had fallen precipitously (they always do, sooner or later) and no one could be certain when they would turn around. At least not for sure. Values had changed, the future was uncertain, so it was safest to stand by and wait for the trend to become clearer.

The inevitable drawback to that plan is that once the future becomes certain, the advantage of entering a market when it’s near the bottom will have already largely vanished. And it’s usually, for a very long time.

Certainty means safety, and safety is not only valuable – it’s also costly. In January’s market, that cost has disappeared, and even if it’s beginning to look as if a reversal trend may have begun to surface, the value associated with a more stable market is only partically in evidence.

The upshot is that comparative values are still in evidence now, and it’s worth noting that tomorrow’s Grandmas and Grandpas might be able to impart their own version of the old refrain. This time it could be, “It’s unbelievable what I bought that area house for back in 2010

Will a Short Sale hurt my credit?

SkippyBean Realty’s question of the week

That depends because short sales will affect your credit differently depending how many late payments you had on your mortgage before you started the short sale process. We have had homeowners walk away with better credit when they continuted to make their mortgage payments and short sold but let the rest of their credit obligations go vs homeowners who just couldnt make any payments and waited for the short sale finish.  I have seen many instances where my seller’s credit scores were high 700’s and dropped only 60-80 points after the short sale was closed.  The standard “wait time” that lenders have told me are between 18 months – 24 months from when the short sale is closed to when the lending institutions will allow another purchase (granted the credit score is 620 minimum).  In all cases I reccomend that the seller’s contact a credit repair company immediatly after the short sale is finished to have the experts repair as much as they can in that 18-24 month time frame.  Yes it will sometimes cost a month fee or an inital deposit but its well worth it to be able to buy 2 years later and still take advantage of this buyers market.  Remember each situation is unique.  You need to speak with an experienced short sale agent at 1-800-706-7636 in order to know if you should short sale or attempt another route. 

For more information go to http://www.MyShortSale.net and request a Free personalized report on your home.

New Software for ALL SkippyBean Realty Clients!!

IT’S HERE!!!!

All of my homeowners in the East Bay have been wanting a program or access to a program that would give them an accurate….really accurate assessment on their homes market value and whats going on in their neighborhood.  This program is our monthly Market Snapshot that gives all homeowners accurate info on the most recent home sales and most recent active listings, including foreclosures and short sales in their neighborhood. If you own a home you need to check this out.  On top of the home value option it compares local schools with all the information and grades as well as lists local stores.  We can have it set up to a monthly email update, bi-weekly email update, or quarterly email update.

Check us out at http://www.SkippyBeanRealty.com and click on the Market Snapshot tab! Its Zillow times 100!

Short Sales vs. Foreclosure….What’s the difference? SkippyBean Realty

I’m finding that most homeowners in the San Ramon, Danville, Brentwood, Pleasanton, Livermore, and Discovery Bay Real Estate markets are too quick to give up and foreclose when there are a lot more options to consider. I get it…. in most cases homeowners with adjustable rates feel like they were lied to and want to stick it to the bank that didn’t explain the original loan they signed for. The best way to stick it to the bank is to work with the bank…….Let me explain. Yes it would be easier to stop making payments and wait until the sheriff came to kick you out after the foreclosure is sold. Why not try for a loan modification (which will not go through in most cases) but will keep you in the house for months (rent free)? After your denied for the loan mod and have not been making payments for months (hopefully saving your money) apply for a short sale with an experienced short sale expert. Short Sales take anywhere from 4-6 months to close (still not making payments and saving your money) and because you were denied for the loan modification you qualify for the HAFA Program which gives you $3,000 from your bank to help you relocate. It’s a not brainer….. You have not only stayed in your home rent free for months, you were able to save some scratch, and once you closed your short sale you received $3,000 and up from your bank to move.

Lending institutions have a 24 months grace period from when you short sold your home to qualify (if your credit is 640 +) to purchase a new home. This market