Mother & Daughter Blog: September 2007

Stockton is constantly working to improve the road ways and make the traffic flow smooth and safe.  Below is the project that is funded through Measure K-the voter-approved, half-cent transportation sales tax, state and federal sources, and development impact fees from the City of Stockton.

Construction on the entire project is expected to take approximately two years.

Primary improvements:

• Widen Route 99 to six through lanes (three in each direction) from the Ort J. Lofthus/Crosstown Freeway (Route 4) to Hammer Lane
• Make moderate improvements to the interchanges at Fremont Street (Route 26), Waterloo Road (Route 88), and Cherokee Road
• Reconstruct the Hammer Lane interchange

Other project features include the following:

• Sound walls at select locations
• Landscaping and public art
• Improved lighting, plus signalized ramp intersections at all interchanges
• Traffic operations systems, including changeable message signs, video cameras, and weather stations
• Permanent median safety barrier

Long Term Delays/Projects:

• El Dorado Street Widening
• Pershing Avenue Widening Project - est. completion: December 2008
• State Route 99/Hammer Lane Interchange Reconstruction State Route 99 Widening Project - est. completion: late 2007
• Thornton Road Widening Project - Construction in 2008
  

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  Pershing Avenue Widening Project Estimated Completion: December 2008 The Project The area on Pershing Avenue being studied extends from Meadow Avenue to Thornton Road. San Joaquin County Department of Public Works is the lead agency with the participation of the City of Stockton and the San Joaquin Council of Governments. The Alternatives Analysis has included the following tasks: Analyze traffic operations in the corridor Consideration of the City of Stockton adopted Stockton Streets Improvements Project Specific Plan that identified improvements for the Pershing Avenue corridor as well as the Hammer Lane intersection Identify roadway improvements needed to enhance safety and improve operations, such as pedestrian access and entering/exiting private driveways Identify potential drainage improvements Determine right-of-way needs, if any Perform an environmental constraints analysis Solicit and listen to public input The estimated completion of the construction project is December 2008. Measure K (the voter-approved, half-cent sales tax) will fund the project). the Mother and Daughter Realty Team @ Evolve Realty Group 866-750-8282

Way to go - Ways and Means Committee!

Lets give props to the Ways and Means Committee for unanimously approved Bill (H.R. 3648), the Mortgage Forgiveness Debt Relief Act of 2007 that relieves foreclosed homeowners from income tax on debt forgiven by their lender. This problem gained major focus in response to some of the tax issues that have arisen as a result of problems in the subprime mortgage market. As it is now, the homeowners who lose their home and have forgiven debt by a lender may be subject to this as taxable income. Under current law, debt forgiven following mortgage foreclosure or renegotiation is considered income for tax purposes, resulting in tax liability for individuals and families.

Some additional points:

1. Now the bill is advanced to the next step.... if it does not die out ....this debt would be excluded from taxation on or after January 1, 2007. 
2. It will provide relief to those families by permanently excluding debt forgiven under the foreclosure circumstance.... from tax liability.
3. The bill would also help would-be homeowners secure their investments through a long-term extension of the tax deduction for private mortgage insurance, and would ease restrictions for qualifying as housing cooperative corporations.
4. Finally, the bipartisan bill would tighten requirements taxpayers must meet to exclude gain from the sale of certain homes that have been used as a vacation home or rental property.
5. H.R. 3648 has received strong support from the housing and mortgage industry.
6. As with any tax issue, the sellers need to discuss with a qualified CPA.

Thinking of relocating to the San Joaquin County? Below is a list of the major businesses in the San Joaquin County.  In some instances, the company shown here may have its headquarters in the county, but the employees are actually located throughout the state.

Buyers tips on reading and understanding a listing description (Part 1)

My advice is to go and see the property with your own eyes.  Ask questions and make sure that you understand and verify as much as you can about the properties that you are interested in possibly purchasing.  It is not wrong or a bad idea to view the property a couple of times and take notes.  This will help you get a true picture of the home.

When reading the listing description, remember often time the agent have to abbreviate and use buzz words to get as best description out to the public as possible.  I have provided a cheat sheet to help you understand what agents usually mean with the buzz words.

A good Rule of Thumb:  When reading a listing, pull it apart for descriptive words that are usually put there to either pull you in and/or is trying to cover up a weakness in the property.  Be careful of hype words and exclamation points and bold print.

When you read a listing description, pull it apart for descriptive words that are trying to cover up a weakness. And beware of exclamation points: Too much hype is usually just that - hype.

Here is a few tips on descriptive buzz words:

Here are 5 examples, in which I give my 02 cents of how I interpreter the descriptions - keep in mind everyone read things differently.

1)    Looking for a project? Possible income property- needs TLC. lots of potential: To me, an agent, this means "attention investors" and that would be investors or buyers that have money to put into a property. It was built in 1959 and the photo says a million more words.

2)    This home was the model. Stunning single level. Gracious entry, large dine-in kitchen, beautifully maintained, boasting super landscaping.  To me, an agent, this means the words model, stunning, gracious, beautifully, boasting are all buzz words but it does make the property sound "irresistible".  I'd go see the property first before I rendered must option because the listing agent did not put a photo on MLS.

3)    PRIDE OF OWNERSHIP SHOWN HERE. To me, an agent, this is an older home (built: 1956) that the listing agent heard how proud the owner is about their property and they heard this during the whole listing presentation!  The agent was so excited, the whole description is typed in capital letters!

4)    THIS IS A MUST SEE PROPERTY!!! IT HAS SOME VERY UNIQUE FEATURES.
To me, an agent, I'd look at the year built (1966).  The word unique carries several meanings.

5)    One of the largest, most spacious floor-plans in (city). An incredible opportunity awaits with this amazing home. 5 Bedrooms - 5 1/2 Baths. Detached guest unit. And so, so much more... This home is a real Must See and a TRUE VALUE! To me, an agent, this is a good listing description, because the house is large (over 4,000 sq ft), and it could be a great opportunity to own this home. 

Part 2 will be on common (or close to it) abbreviations in listing descriptions.

the Mother and Daughter Realty Team @ Evolve Realty Group (866-750-8282)

Sellers and world... I can't fool you!  We are in a soft market and there are just some things that we need to work on to "drop the denial" and come to grip with the fact that we have to work harder at preparing, listing, marketing, negotiating and accepting "what it be like".

Before you stop reading and think that this is going to be a downer.... keep reading.  This is an attempt to emphasis the fact that there is work to be done, but it can be done - to be able to smile and say "The Price is Right!"

What is pricing all about in a buyer's market?  Is your listing price running your buyers away? Are you missing the point?

The Price is Right?? or is it?       Things you should do to price right: 

1. Know that pricing is about supply and demand - right now the MLS is proof that there is plenty supply by the number of listings that are sitting there collection DOM (days on market).
2. Master the art and science of pricing - this is a moving target in this soft & falling market
3. Know your neighborhood comps - ask your agent to go over the comps with you.  Be clear in what your property has that the other properties that are listed have (this includes: Active, Sold, Expired, Withdrawn, and Pending). 
4. Let your real estate agent help you out. They have the experience to compile the following facts dong the following (and more....)

•  * Check for days on market (DOM)
•  * Check & compare for original listing price / compared to final sale price
•  * Check & compare price reductions
•  * Check & compare final sale price
•  * Check for actual sold price
•  * Check & compare adjust pricing for differences in lot size, upgrades, other amenities, etc.
•  * Check & compare why each did not sell and what does each property have in common (compare similiar houses in the neighborhood - 1/4 to 1/2 radius; check physical barriers and dividing lines - such as major streets, freeway, RR; similar ages and square footage.
•  * Check to see what agency listed the property

Things to remember -  Buyers gravitate towards:

1. Properties that are a deal to them
2. Location, location
3. Incentives: Can improve the chances of selling at a good price
4. In a good condition to where they do not have to wonder if the deal is really a deal!
5. Pretend that you are the buyer and use the "treat others as you would want to be treated" attitude.
6. Price reductions are done if the market warrants a reduction
7. Remodeled for aged properties (kitchen, baths, windows, floors, etc)
8. Homes that do not have a long list of repairs (either major or minor repairs have an effect)
9. Move in condition homes

These are few tips that will help you price your home just right for the market at the time of listing.  Keep in mind that the market is changing downward at a fast pace, so listen to your agent about where the market is  and take their advice on if you should consider lowering the price if the market so warrants this to be done to keep up with the competition and the market.

Short sales work the same on the pricing.  Listing agent should be upfront and honest about the market value to the seller, the seller and listing agent should both know that the market changes are major factors in the listing price and whether or not a fair offer will come in and impressed the lender enough for short sale approval.

the Mother and Daughter Realty Team @ Evolve Realty Group - 866-750-8282

www.motheranddaughterrealty.com

Well, we all know that Paul Newman is not HUD... Well, he was HUD in the movie.  But this is about our US HUD.   

Will HUD destroy the Down Payment Assistent programs without waiting to see if our legistrator will turn down the bill (FHA Modernization bill)?  HUD seems to feel it has that kind of power to just go ahead and not wait for the vote.  At least this is the anticipation.  The big question is: What will be HUD final rule on the down payment assistance (DPA) -- we know that HUD wants to eliminate all forms of "seller-funded" DPA programs. If HUD does make that final rule against the DPAs it will and should be challenged in order to protect homeownership opportunities for low-and-moderate-income (LMI) homebuyers and your ability to serve them.  This annoucement is expected sometime this week.

Its amazing how on one hand the President announce a "plan" that singles out a section of the foreclosure meltdown to help with the new plan (FHASecure) and now there is a fear that HUD will drop yet another ball on the low-and-moderate-income public.

There is nothing wrong with buyers receiving assistence to purchase a home, by eliminating these programs its almost like the DPA is taking a hit because of the way the situation with the market is. My 02 cents.

Here are some actions you can take to help and show support:

1. Contact your Nehemiah or AmeriDream outreach representative for additional information.
2. Look for email updates from Nehemiah or AmeriDream.
3. Call your congressional representative and both Senators to support DPA as provided by Nehemiah and AmeriDream and to support the FHA Modernization bill. Click here for instant access.

What has been done so far: 

1. Congressional Support for DPA & Lower Income Homebuyers
2. Federal lawmakers have recently passed legislation supporting privately-funded DPA programs and barring HUD from implementing its rule on DPA.
3. The House of Representatives, by an overwhelming margin, has passed the Expanding American Home Ownership Act of 2007, which includes an amendment by Congressman Gary Miller to allow qualified DPA providers to participate in the FHA program. Also, the House passed its version of 2008 funding for HUD which includes language protecting DPA and LMI homebuyers by eliminating any funding for HUD to implement its DPA rule.
4. As the Senate works on passage of its FHA reform legislation, concerns about HUD's actions have been raised. In a recent interview with National Mortgage News, Senator Allard stated, "HUD seems to feel they have the authority to move forward on their own. At the very least, I think they need to consult with the Congress and seek out our consent."

As you know, Nehemiah and AmeriDream have a long history of successfully protecting and advancing homeownership opportunities for LMI homebuyers. 

the Mother and Daughter Realty Team @ Evolve Realty Group - 866-750-8282

  Visit our site: www.motheranddaughterrealty.com 

This is about options right up to the last day/hour of a foreclosure.  Up to 5 business days prior to Trustee Sale, you can reinstateyour mortgage. It is your responsibility to get in touch with the lender and make those arrangements.  Get everything in writing and make sure you understand what you are agreeing to.

• The first option is that you get enough funds together to catch up the loan by the 5 days prior to the Trustee Sale date deadline. Staying in touch with your lender is a good idea - keep the relationship open. 
• The second option is that you get an offer to purchase your home and its prior to the Trustee sale date and this can be either through a short sale or a regular sale if you have the means or equity to afford a regular sale of your property

Did you know?

If you are in foreclosure and have received your Notice of Trustee Sale date - which is the date set for auction/sale of your property on the county steps -- you still have time to reinstate your loan.  So never give up.

You have until minutes BEFORE the time of your Trustee Sale to file for Bankruptcy (either Chapter 7 or Chapter 13).  If you should wait until the last hour -- it will be up to you to get that information to the lender that you have filed and the best way to get that information to your lender is to fax and then call to verify that the fax was received.  The time stamp on your bankruptcy document will be the deciding factor or when it was filed.  This is a last minute effort to save your home.

Bankruptcy options:

1. Chapter 13 - if you want to do a payment plan and keep your home.  This plan will either be for 3 or 5 years and it must be approved by the court.  Seek a bankruptcy attorney or professional for this filing.
2. Chapter 7- if you do not want to keep your home and you have a load of other bills to be discharged.  This chapter is complicated and it is best that you get professional / bankruptcy attorney advice.

** A listing agent will be able to take offers up to the point of the sale.  However, it gets pretty sticky and if(y) if you do not get the offer to the right person.  The person that can not only make decisions of short sale approval but also who is willing to put a stop to the Trustee's auction/sale.  This is very important to have that sale postponed until a decision has been made.  Try to get it in writing but that is not a promise that you can.

** The same procedures are for a regular sale as a short sale as far as letting the lender know that you have a buyer and ask for a delay the sale.  Without that delay --- you may lose your home!

My point: Please do not give up -- right up to the last minute, because there are options and who knows there could be a postponement at the last minute.  Keep reaching for the goal you want from your property. 

Seek help from an agent: An agent that understands the Default, pre-foreclosure, foreclosure, short sale -- the entire process. 

Rosemary Brooks - the Mother and Daughter Realty Team @ Evolve Realty Group - 866-750-8282

JUST REDUCED!

Now $255,000 w/$10,000 credit to buyer! A lovely family home (1684 sq ft / Lot: 6098)in an established neighborhood. Sylvan school district. Great floor plan, 3b/2ba, with formal & family living spaces. Great kitchen,cozy fireplace in family room with deck in backyard. Short Sale comes with $5K cc credit & $5K for minor repairs. Pre-approved buyers only.

**Short Sale: Price, expenses, terms, conditions & commission to be approved by lender. Commissions to be paid 50/50 split. Occupied/No Lockbox. Please DO NOT DISTRUB OWNERS.

Contact: Call listing agents to show and with questions. Rosemary or D'Adrea 866-750-8282. All offers to be faxed to 209-879-4601.

MLS: 70047315

Motivated Sellers:  What are they, where can you find them and why are they motivated??

A motivated seller is usually a person who is looking to sell their home quickly, and usually is less concerned with the sale price. But please be forewarned that seeing the "Motivated Seller" does not necessarily mean that a seller is desperate enough to agree to a quick and costly sale.

A motivated seller is someone who has a very strong need or desire to sell his or her property and nothing else but selling will work for this individual.

A motivated seller could be an advantage to a buyer, but it would be a better advantage to the buyer to ask questions about why a seller is motivated.  If you do not know what the motivation, how can you help the seller?

Some of the reasons seller can be motivated:

• Job lost
• Family crises, such as health issues
• Financial
• Need to move
• Strictly emotional
• Divorce
• Property is falling apart and want to get out from under it
• Property is overpriced
• Seller is purchasing another property and need the money from this sale
• Seller is transferring to new location for a new job
• Seller is trying to avoid foreclosure (very popular in this "soft market")
• Ad can be misleading in that motivated seller can be designed to elicit interest in a property
• Seller maybe a For Sale by Owner and is right at the point of frustration
• Seller may have inherited the property and want nothing to do with it, but to sell it

When a seller is truly motivated here are some of the ways that can be an advantage to buyer

• Seller may agree to lower the price
• Seller may assist in creative financing
• Seller may assist with down payment assistant programs
• Seller may agree to do owner financing
• Seller may assist with closing costs
• Seller may be flexible in closing date and other terms and conditions
• Seller may throw in extras

Ads that read "motivated seller," just know that it is rare that a seller's motivation will dramatically affect the price of a home, but it is often possible to save a few thousand dollars.  It makes good sense to ask why the seller is motivated so that you, the buyer, is better equipped to make a offer that the seller will consider and agree to.  It is also good to get a home inspection and appraisal to be sure the property is all that you expect it to be.

In summary, there are several reasons why a seller can be "motivated" to sell, but never take it for granted that because you see the "motivated seller" notation that it will be a piece of cake to get the seller to agree to a lowball offer or your asking for more incentives that the seller is willing to give up.  Always ask why the seller is motivated.

                                                                        What a motivation to move to LIVERMORE, CA !

Great price $525,000! This gorgeous Palasage Community Townhome (Built: 2004)with (1744 sq ft) is a corner end unit and is sunny in like-new condition with a spacious kitchen , granite countertops, oak cabinets, black appliances, island & family room combo, baths are upgraded with granite countertops and nice decor touches, unit has designer warm colors throughout, carpet and wood flooring, oak cabinetry, custom closets, master has walk-in custom closet, other bedrooms has custom closets, double pane windows with window coverings, inside laundry room, custom pantry, 2-car garage with extra storage, common fenced pool & playground, walk to downtown, movie theatres, restaurants, shopping & ACE train with bus stop just yards away and easy 580 and 680 freeway access. Motivated Sellers!

Short Sale: Price, expense, terms, conditions and commissions are subject to lender's approval. Commission will be split 50/50 upon approval.

Contact: Call listing agents for showings and information: Rosemary or D'Adrea 866-750-8282

the Mother and Daughter Realty Team @ Evolve Realty Group 866-750-8282