Oakland Ca Real Estate Blog 
Home Affordable Foreclosure Alternatives Program (HAFA)
Wednesday, August 25th, 2010 at 12:37pm. 36 Views, 0 Comments.
On April 5, 2010 the HAFA program was rolled out. Basically it's a streamlined liquidation program that allows a homeowner to do a short sale when all other options are exhausted. If you determine that you are unable to pay your mortgage and stay in your home, the HAFA program is the best option to avoid foreclosure. All borrowers attempting a HAFA short sale must have first applied for a loan modification through the Home Affordable Modification Program (HAMP). If your lender is B of A, Aurora, or another lender on the list of HAFA approved lenders, then you may be eligible for HAFA.
Eligibility:
-Lender must participate in HAFA program
-You must have already gone through the modification application (HAMP) and submit the same docs
-Must be primary…
Oakland's Median Sales Price up 58%
Tuesday, July 20th, 2010 at 2:01pm. 190 Views, 0 Comments.
With all the doom and gloom in the media, it's always nice to put things in perspective with some hard numbers. It would probably shock many people to know that the median sales price in Oakland is actually up 58% year to year.
The chart below illustrates:
Tax Credit Deadline Extended for those In Contract
Wednesday, June 16th, 2010 at 11:05am. 285 Views, 0 Comments.
GREAT news for any first time buyer who is in contract but may not close by the June 30th deadline. The deadline has been EXTENDED to September 30th! To be clear...this is NOT for those who are not already in escrow on a property. However if you are currently in escrow on a property and you were otherwise eligible for the tax credit, you now have until Sept 30th to close and still be eligible.
CORRECTION!!! 6-30-10
I just learned that I was given some incomplete information about the tax credit. The situation is that there is a Bill that has passed the house but not the senate, which would in fact extend the deadline for closing until 9-30-10. So it's not for sure yet that it will be extended, but there is a good chance it will be.
Don't Skip The Home Inspection
Wednesday, May 5th, 2010 at 11:25am. 359 Views, 0 Comments.
Every now and then I come across a buyer who questions whether or not they really need a home inspection, and I always have to stress to them the importance of getting one. If there is already a home inspection done before the home hits the market (pre-sale), then as long as it was done by someone reputable you can feel pretty comfortable trusting the information they provide. Some buyers choose to hire another inspector of their choosing just to be sure.
However on almost all short sales and foreclosures (which makes up over half of the current market) the sellers never have pre-sale inspections done, which makes it hugely important that you get one done as soon as you are in contract. I would say it's most important when dealing with a foreclosure,…
Foreclosures and Short Sales Causing Homeowners Association Issues
Tuesday, April 20th, 2010 at 2:28pm. 476 Views, 0 Comments.
With all the foreclosures and short sales happening, some Condo developments in Oakland and elsewhere in the East Bay Area are having problems with their Homeowners Associations. The issue arises when there are a large number of residents who stop paying their monthly HOA dues which are used to maintain the building as well as the common areas, and pay for the water and garbage among other things. For every short sale or foreclosure in a development, there is one less person paying the monthly HOA dues which typically range anywhere $150-$700 per month. When the perecentage of delinquent HOA accounts hits a certain percentage (usually over 30%), most lenders will view this as too much risk and they will not lend money on it. This is why you have been…
Foreclosures in Oakland aren't Always Easy to Get
Friday, March 12th, 2010 at 3:36pm. 417 Views, 0 Comments.
A colleague of mine was recently interviewed by the New York Times about how difficult it is for many first time home buyers to buy a foreclosure in Oakland and the surrounding East Bay Area. The link is below..
New Real Estate MLS feature Offers More Exposure for Oakland/East Bay Sellers
Tuesday, March 2nd, 2010 at 4:02pm. 253 Views, 0 Comments.
All listings that are displayed on my website (or any other website for that matter) all come from the Multiple Listing Service or "MLS". The Oakland/East Bay area MLS is where all real estate listings in Alameda County are displayed for us real estate agents to search when we are searching for homes for our clients. It's accessable only to licensed real estate agents, and it contains information that is omitted from the public listungs that you see online.
For sellers, the MLS is the single greatest source of exposure, because it is where the real estate agent who have buyer clients are looking. There are several MLS's within California, and currently us Realtors have to become of a member of each MLS that we plan to market listings in. However soon…
Understanding the New Good Faith Estimate
Wednesday, February 24th, 2010 at 11:29am. 327 Views, 0 Comments.
Typically when you obtian a loan, you are provided with GFE or "Good Faith Estimate" which outlines the terms of the loan as well as the closing costs and the total amount the borrower will need to bring to escrow to close the deal. Due to concerns relating to the mortgage meltdown, the rules concerning GFE's have changed.
Previously, the GFE was only supposed to disclose fees and costs that are being charged to the buyer. The new rules stipulate that the GFE is to include ALL FEES related to the transaction such as pest and home inspection fees, and other fees which may or may not actually be paid by the buyer. For instance-I'm currently in escrow on a Condominium in the Lake Merritt area which already had a pest report done which was provided in the…
Lake Merritt Makeover
Thursday, February 18th, 2010 at 5:38pm. 249 Views, 0 Comments.
You have probably noticed a lot of work being done lately around Lake Merritt lately. Recent improvements include landscaping, new walkways, lighting and even a new restaraunt Lake Chalet. I recently attended a presentation by a non-profit organization that aims to restore and preserve the quality of the water in the Lake. One of the interesting pieces of news that I heard was that there are plans to demolish the dam that runs along 12th st (where the water flows into the estuary) and build a sort of overpass that will allow traffic to flow over the moving water below. The goal is to allow boats to pass back and forth from the lake out to the estuary, so they can get out into the Bay. This would be a dramatic difference and a tremendous improvement to the…
Short Sales Are Still The Best Option for Many
Thursday, February 11th, 2010 at 4:39pm. 187 Views, 0 Comments.
Many of us were hoping that the short sale phenomenon was going to be temporary, but it's turned out to be a huge percentage of the sales in our area throughout 2009 and into 2010..with no end in sight. There are so many homeowners who are "underwater" that many of them are choosing to attempt a short sale. For most of these people, the only option other than a loan modification is to continue paying your mortgage or walk away and foreclose. Loan modifications aren't popular with many, because the modification in most cases will not change the principal balance of the mortgage, but rather reduce the interest that the borrower is paying on that balance. For many people, the thought of continuing to pay on a mortgage balance of say $700,000, when the…
Home Affordable Foreclosure Alternatives Program (HAFA)
On April 5, 2010 the HAFA program was rolled out. Basically it's a streamlined liquidation program that allows a homeown... 1Comments Read MoreOakland's Median Sales Price up 58%
With all the doom and gloom in the media, it's always nice to put things in perspective with some hard numbers. It would prob... Add Comment Read MoreTax Credit Deadline Extended for those In Contract
GREAT news for any first time buyer who is in contract but may not close by the June 30th deadline. The deadline has bee... Add Comment Read More
