Paul Mees and I were attending Steve Pierce’s Short Sales, Foreclosures, and REOs training in Pleasanton on Friday when an unusual event occurred – Craig cried help!

It seems he was being bombarded with calls from buyers who wanted to look at properties Friday afternoon and he was running out of bodies to cover his needs. Tracey was at a training gig down in Union City with one of our strategic lending partners. Ginny was packing for Europe and preparing our listing at 213 Aptos Place in Danville CA for the wine & cheese twilight tour.

So, that left Paul and me. We managed to catch about half of Steve’s presentation which was loaded with good information. Steve is not only our broker, but an attorney as well.

When you’re taking on a subject as broad as short sales, foreclosures and REOs – it helps to have the legal knowledge readily available as well as the real estate marketing and transaction process perspectives.

Short Sales, foreclosures and bank owned properties are on the rise in the TriValley area. Keller Williams prides itself on agent training. There is always recurrent training happening on all of the basics as well as special trainings such as this on those areas of special knowledge and skills needed due to current market conditions.

In the past two months it seems like we are attending a workshop on short sales, foreclosures or real estate owned properties every week. These are hot topics. 

• Homeowners need help and good advice
• Buyers are looking for deals and need Realtors with experience and skills with these type of transactions
• Real estate investors are looking for good agents to help them secure the best properties available for their portfolios.

Our team can help you with any of these needs. It’s just one of the advantages of having a team with a great blend of skills and experience.

Give us a call today at 925–984–4910 if you are interested in any aspect of short sales, foreclosures or bank owned properties.

There are a lot of hungry real estate agents in Danville and San Ramon – and – I’m not talking about the competition for real estate business in the TriValley area.

Real Estate agents eat, too – and not just at the Realtors Marketing Association meeting on Thursdays in San Ramon which includes breakfast.

Katy’s Korner at 2550 San Ramon Valley Blvd. in San Ramon is an establishment popular with local Realtors. Me? I like Katy’s because I like poached eggs and they know how to poach egg right. They also serve you three for breakfast which is enough to almost get a real estate agent through their afternoon open house.

I was having the Santa Fe Benedict when Ernie DeCoite from Financial Mortgage Bankers walked in with a group of guys. I guess Katy’s is popular with the lending crowd also.

Seems like if you need a home and breakfast, you could accomplish everything with one stop at Katy’s Korner. Give them a try.

It’s no news that foreclosures are on the rise in California. Danville, San Ramon, Pleasanton, Dublin and Walnut Creek are feeling the efeects of the increased foreclosure activity.

Can’t Make Your Mortgage Payment?
You’re NOT Alone

We can help. The absolute best thing a homeowner in trouble can do is: first – recognize YOU are not alone. Many people are finding themselves in the foreclosure process. The downturn in the housing industry is affecting many peoples lives – many people have lost their jobs as a result of the housing slowdown.

The rise in foreclosures is happening in all price ranges. It is not just first-time buyers that are in trouble with their mortgage. Homes above $2 million are also in the foreclosure process.

If you’re having trouble with your mortgage payment – contact your lender or real estate professional NOW. The sooner you take action, the better.

The bank does not want your property. Lenders are facing difficult times with the number of properties entering into default. Every home the bank owns effects their liquidity – they do not want your house, it ties up their capital reserves and they cannot sell it for what you paid for it.

Many lenders, like Countrywide, are starting to get more aggressive in their attempts to help homeowners stay in their homes. Do not give up or lose hope – contact a professional.

Foreclosure Process Timeline

Approximate minimum timeline for the foreclosure process in California.

• Day 1 – Notice of Default recorded
• Day 14 – Notice of Default – must be mailed to borrower 10 days after recordation
• Day 91 – Notice of Trustee’s Sale – recorded, published and mailed (lenders usually file 31 days before the sale because of an IRS notice requirement)
• Day 115 – Deadline to Cure Default (5 business days before the trustee’s sale)
• Day 122 – Trustees Sale (deadline to pay off loan is any time before the trustee’s sale begins)

Can’t Make Your Mortgage Payment?
You Are NOT Alone
Contact Us – We Can Help

(925) 984–4910

Danville Mayor, Candace Andersen, addressed the Realtors Marketing Association today at the San Ramon Community Center. The weekly RMA meeting is a venue for real estate agents and other professionals that work in Alamo, Danville and San Ramon CA.

Mayor Andersen reassured the crowd that Danville’s economic outlook remains good. The township runs a balanced budget and keeps enough in reserves to handle most economic downturns.

Education is a concern. The state’s proposed budget cuts in education are going to have a significant impact on Danville, Alamo and San Ramon schools.

Danville has been on the maps 150 years. Here are a few additions coming soon to Danville:

• Fresh and Easy at the old Albertson’s location on Diablo Road.
• Chow’s Restaurant
• Danville Hotel renovation is about to begin
• Elworthy – a new development of 84 single family homes and 12 apartments on 12 of 459 acres.
• Diablo Vista and Sycamore Valley Parks are being upgraded
• New small downtown park
• Studying a Danville Police Department

Mayor Andersen apologized in advance for any traffic citations the local real estate agents might receive, but noted their is a direct relationship between the number of citations issued and a drop in the number of traffic accidents.

In talking about crime figures, it was noted that the highest statistic is for auto burglary.

REOs – bank owned properties – are on the rise nationwide and California is leading the way. According to reports, California has led the nation in foreclosure filings for 15 straight months.

Real Estate Owned properties are houses which do not sell at foreclosure auctions. When houses are returned to the bank, the mortgage is eliminated and the bank negotiates with creditors to remove or reduce liens.

The 680 corridor from Walnut Creek to Pleasanton is one of the most stable real estate markets in the country, but that doesn’t mean that communities like Alamo, Danville and San Ramon are immune to the foreclosure problems.

The big lenders like Bank of America, Countrywide, IndyMac and others are ramping up their foreclosure and REO efforts to help homeowners in trouble and expedite the process.

Three perspectives to the foreclosure/REO situation:

• Homeowners in trouble – need help with restructuring to save their homes or expedited processes that help them move quickly through the difficulties and challenges with as little damage to their financial future as possible.
• Investors – individuals looking to invest in REOs and foreclosures will benefit from expedited procedures.
• Communities – neighborhoods like Danville and San Ramon will benefit by reducing vacant homes in the area and the quicker the inventory is moved, the sooner property values can be freed from the negative impact of REOs in the area.

Countrywide Mortgages Foreclosure Blog  indicates that they currently have over 14,000 properties available representing almost $3 billion of property – $1.3 Billion in California.

Financing REO properties in Danville and San Ramon is the same as any other investment property. Plan to contribute at least 10% or more toward the down payment. Do your due diligence to properly cash flow your investment; with this you will be able to weather any market volatility in the future.