Mortgage orphans is a term used to describe homeowners with mortgages that no longer have a mortgage broker or loan officer due to their lending institution going out of business. There are a lot of mortgage orphans these days. The most recent deluge of orphans is a result of the IndyMac Bank takeover by the FDIC.

Last Tuesday, I attended the Contra Costa Realtors in Motion meeting at Concord Centre. IndyMac Bank was this month’s sponsor of the CCRIM. A representative of IndyMac Bank told the group – though IndyMac is leaving the traditional mortgage business, IndyMac is strong and remains a big player is certificate of deposits. I guess the upper echelons of the corporate structure weren’t sharing the depth of the troubles with their employees. This is often the case. It’s sad to see people put into these types of situations.

I ran into one of IndyMac’s former agents yesterday. He used to be part of their retail lending division in San Ramon, CA. I asked him what he was going to do and what he thought of the current situation.

He told me that he started looking for other options several months ago. He also told me that in his opinion the big banks taking over the lion’s share of the mortgage business is not good for consumers.

“The big lending institutions are top heavy with expensive level after level of management. The consumer winds up footing the bill for all of those salaries and the mortgage business does not really need or require all of that structure.”

I was also informed that there is a group trying to buy IndyMac’s former retail lending group. He did not feel that this was going to be a good thing either. My sense was because of the group involved in the takeover attempt.

Many homeowners' relationship with their lender or mortgage broker is a fleeting affair when it should be a long-term relationship. Finding a good lender or mortgage broker and consulting with them regularly like you would your financial advisor or CPA is a good thing.

If you find yourself in the position of being orphaned, pick up the phone and start the process of finding a lending professional that can help keep you abreast of what all the changes in the industry mean to you as a homeowner.

Selling Real Estate Takes more than a Sign, MLS, or Trulia

Don’t get me wrong. These three are important elements, but many agents ignore the value of the local Realtor marketing associations meetings and the networking that goes on there.

The other critical element that is often overlooked is – BUZZZZZZZZZZZZ.

There is a lot of real estate for sell these days in the TriValley area. Inventory in most local markets like Danville and San Ramon continues to climb. Walnut Creek is taking a bit of a dip and Dublin – well, Dublin CA continues to amaze me this year.

We have a new listing in Concord CA on Treat Blvd. This is an exceptional house, but the challenge is that the house is priced at the high end of the Concord real estate market. No matter what community or neighborhood you explore, you can find “the highest priced” home in the area. This is only logical – some house has to represent the highest price point in the area.

The trick to selling the highest priced home in any area is –the cream of the crop better be just that. And this house at 3661 Treat Boulevard in Concord is.

I say that with no reservation. This house was built according to standards that only an owner would implement. No builder is going to construct these days with 2×6 studs, and beef up the joists and subfloor to the degree this home has. And the walls were constructed in a factory to make sure they were all true. You should see the pictures of the trucks, wall panels and cranes putting the structure together.

In addition to the construction, the limestone, the woodwork, all of the details just blow you away.. So how do you create buzz on a house like this?

Well, I called my friend Holly Beck at the Balloonman and told her I needed two balloon bouquets – one plain vanilla and one spectacular. The point I wanted to make in my presentation to Contra Costa Realtors in Motion was that this house at 3661 Treat is to other Concord million dollar homes like the wow balloons are to the plain ones. You have to come see this house to believe it.

It must have worked, we have an interested party taking a serious look.

Now, I’m not crediting the balloons or my presentation – I’m really crediting the value of Realtors networking with Realtors and it’s sad to say that the vast majority of real estate agents in the 680 Corridor don’t seem to find value in the marketing meetings.

In this challenging market, if I was a seller, I wouldn’t deal with an agent that wasn’t covering all of the bases.

BTW, the postcard invitations for the Wine & Cheese tour on Thursday are in the mail to a targeted list of over 200 qualified move up buyers in the Concord area. I’m talking – all the bases.

Yesterday’s meeting at CCRIM – Contra Costa Realtors in Motion – was like a blend of vaudeville and the Oprah show.

Cathy Lee of CL Design Services and Debra Schwiering  of Brook Furniture Rental demonstrated how a few changes in furniture and accessories can transform a poorly lit stage into a thing of beauty (the mic stand and state flag were not part of the staging – that would be an additional fee for those of you wanting that extra touch!).

Cathy and Debra swear the results will be even more dramatic in the homes that real estate agents have staged.

CLDesign Services has been using Brook Furniture Rental for sometime and Cathy Lee had a list of accolades so long for Debra and BFR, I thought for a moment I was listening to President Bill Clinton talk about Hillary (just kidding!).

Cathy Lee is very happy with the service she receives from Brook Furniture Rental and recommends them to the world.

Today, we are all wondering how Tom Proell’ s back is doing after all of that heavy lifting – he ain’t no spring chicken anymore and those gals had him working hard!