It can be so frustrating in these times in the real estate market. We see so many homeowners trying for months on end to secure loan modifications, only to be told in the end that they are not going to be finalized. We then turn to doing a short sale, signing up for [...]

Congratulations to our happy sellers in Valley Terrace who closed on their short sale condo today. Happy New Year to you and all the short sellers out there struggling to make it happen. There are success stories, folks!

Here’s a good article on the foreclosure numbers recently released. They’ve slowed, but it’s artificial — the banks are just holding off on foreclosing because they’re in terrible hot water. Homeowners aren’t any more current on their mortgages, values aren’t any higher, and there’s no more market activity. No, we’re not recovering, just not sinking [...]

After months of dealing with an uncooperative, bureaucratic behemoth called Bank of America, today we received confirmation that our client’s wrongful foreclosure was rescinded.
 
You’ve heard of all the banks dealing with “issues” surrounding their wrongful foreclosure on thousands of homes. In our client’s case, it was shocking how sloppy it was, yet the sale [...]

In past months, who would ever have thought that it would be a better idea to purchase a short sale than a foreclosed home? As our market has been taken over by distressed properties, buyers have often chosen to stay away from short sales and try instead to buy homes that have already been [...]

The homes on Mission Blvd. near 680 (north) are reduced in price! Mission Estates gorgeous Capistrano model just came down by $60,000! Let us know if you’d like more information.

Don’t miss our FREE short sale seminar on October 26 at 7 pm at the offices of the Fremont Chamber of Commerce. Click here for our flyer to see all the details!

We are putting on a FREE seminar on short sales on October 26 at 7pm. It will take place at the office of the Fremont Chamber of Commerce, 39488 Stevenson Place, Suite 100, Fremont. It will be focused on homeowners facing short sales — what to expect in the process, how to make it [...]

www.dailyfinance.com/story/real-estate/home-foreclosures-soar-august/19635952/

Closing costs, the costs associated with buying or selling a home, can add up. It’s wise to get an estimate of how much you’re likely to pay in closing costs before you make an offer to buy a home or accept an offer to sell.
 
Closing costs reduce the amount the seller nets from the sale. [...]

On Tuesday, July 27, 2010, the Fremont City Council approved new rules for second-story additions. The rules ban these additions in the Glenmoor neighborhood but allow additions up to 27 feet in Mission Ranch. These are the only neighborhoods subject to the standards. Additions are still allowed in all other areas of the City of [...]

If you’re a homeowner, it’s a given that you claim the mortgage interest deduction on your tax returns. If you are a green-minded homeowner, you may be eligible for a federal tax credit if you purchase or have purchased (keep those receipts) an energy-efficient product or a renewable energy system for your home.
 
These credits apply [...]

Great news for buyers with transactions that did not close before the June 30, 2010 deadline for the homebuyer tax credit — the House and Senate have passed legislation extending the deadline for transactions to close and still qualify for the credit to September 30, 2010. To read more…click here.

Check out this great chart to better understand the short sale process. Have questions about how it works, and how it will differ from a traditional sale? Read on! When you’re done, call or email us with your additional questions.

Every year at about this time, we see the “Spring Buying Season” open for business. We typically mean that sellers busily get their homes ready to be sold, buyers clean up their financials and contact their loan brokers, and everyone begins scurrying around town checking out homes and schools and making offers. The [...]

Today, Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified [...]

If you are thinking of buying this spring, you may be looking around and wondering….what exactly are you going to buy? There are very few homes for sale right now. Sellers who have been holding off should reconsider — this is a great time to sell. With inventory low and buyers looking [...]

We have seen this in our practice, and it’s being noticed on a large scale — homeowners all around the country, and largely in the Bay Area, are walking away from mortgages that far exceed the value of their homes. Read more here in the Chronicle.

In another effort to stem the tide of foreclosures, President Obama is instituting a plan whereby homeowners can actually receive a bit of cash for completing a short sale. Read the details here in the New York Times.

February 2010 Housing Statistics posted!

When pondering how we got to where we are in the real estate market, it is hard not to figure that stupidity and outright fraud play roles. After all, people purchased homes with “stated income” loans, meaning that they stated to the lender that they had a certain level of income that was high [...]

Statistics compiled by the Construction Industry Research Board (CIRB) show homebuilders pulled permits for 2,979 total housing units in January, a 49 percent increase compared with January 2008 but an 18 percent decline compared with December 2009. Permits for single-family homes totaled 1,908, a 50 percent increase compared with the same period a [...]

Every year at about this time, the real estate market hits what we call the “Spring buying season.” This is the prime time of the year for sellers to snag ready, willing and able buyers looking to be settled in their new home before the new school year. We typically see an uptick [...]

I stumbled across this great article on staging your home for sale. http://realtytimes.com/rtpages/20100301_staging.htm
 
What I like about this article is its focus on “less is more.” I cringe when I walk into a home for sale and there is so much furniture in a room that I can’t move around. Or so many [...]

The massive economic rescue bill enacted into law last month includes a provision to help military families forced by deployment or other eligible circumstances to sell their houses at a loss in today’s down market. Under the provision, the federal government will cover 95 percent of a loss. The law applies to service members with [...]

If you’ve looked at the Gables End development in Mountain View, you might be interested to know that they’re down to the last home in phase 6. They will be entering a new phase soon.

The new homes at Mission Estates, just off of Mission Blvd at 680 (northern exit for Mission) are now selling. In addition to the floorplans that have been modeled, there are expanded versions of those floorplans being built. We can take you into the sales office and help you make sense of it [...]

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers.
 
The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 [...]

A recent report shows that one in five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter; however, California’s housing market is bucking the national trend and is telling a different story.
 
WHAT THIS MEANS FOR CALIFORNIA HOMEOWNERS
 
Although the report by Zillow.com claims that the percentage of American single-family [...]

In the current climate of short sales and loan modifications, many homeowners feel like the deck is stacked against them when they try to talk to their lender, but they can’t quite articulate the factors that have created the disproportionate bargaining power. Check out this video for a great explanation of the situation when [...]

Valley Terrace is full of opportunities, and here is a new one — a 2 bedroom/2 bath condo for $150,000. This is a short sale and we have already opened discussions with the primary lender. Let us know if this one interests you!
5025 Valley Crest Drive, #137, Concord

When trying to figure out what you can do about your overbearing mortgage, it is extremely helpful to know if Fannie Mae or Freddie Macx owns it. Fannie and Freddie loans are eligible for various programs, including a Home Affordabel Refinance. To find out who owns your loan, check out makinghomeaffordable.gov.

California’s Unsold Inventory Index (UII), a closely watched index indicating the number of months needed to deplete the supply of homes on the market at the current sales rate, declined to 3.8 months in December, the lowest level in five years, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). By comparison, the UII for [...]

We love to keep you updated on recent real estate activity in Mission Valley. The sale on 379 Carmelia closed — sales price $780,000. The home at 350 Carmelita is back on the market at $820,000. This is a short sale.

Click here to see our January 2010 Mission Valley Update. Highlights this month are 39861 San Moreno Court, which sold for $920,000, and some tips on keeping your heating bill under control this winter.

For many home sellers in Fremont, a significant portion of their home’s value is based in the school attendance area. If you live in the Mission schools and are planning on selling, you probably already know that the schools are your home’s biggest draw. Potential buyers who want their kids to go to [...]

Here’s our neighborhood newsletter from December 2009, showing you the market activity in the area. Click here to read it.

During his State of the State address, Governor Schwarzenegger yesterday announced his 2010 proposals for California. Included in the proposals is a recommendation to set aside $200 million for a new round of $10,000 state tax credits for first-time home buyers. The proposal expands upon the initial $10,000 state tax credit by including [...]

Did you know that when you complete a short sale, it means that you have sold your house for less than you owed the bank on it, and the bank has agreed to accept that lower amount in satisfaction of your mortgage? That means that the stress of having overpaid for your home, the [...]

The models at Mission Estates in Fremont will be open this weekend! Serious buyers, call us to take you on a showing! (Note that the models are closed Christmas Eve and Christmas Day.)

Did you know that the City of Fremont offers lots of free services to its residents? For seniors 60 and better, call the Senior Helpline at 510-574-2041 for help with care coordination, paratransit, counseling, health promotion and caregiver support. For families with young children, call 510-468-8699 to schedule a car seat inspection by [...]

We toured the models at Mission Estates in Fremont today. This is the rare new construction community in Fremont that is in the Mission schools attendance area, including Mission San Jose High School. They are located near 680 and Mission Blvd (the north Mission Blvd exit on 680) behind McDonalds and the Shell [...]

The U.S. Dept. of the Treasury recently announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP). The purpose of HAFA is to create an alternative to foreclosures for homeowners unable to successfully modify their troubled [...]

Check out the Environmental Working Group’s website to learn about your city’s water supply. Just enter your zip code.

Check out the November 2009 housing statistics for the Bay Area, city by city.

The U.S. Dept. of the Treasury last week announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL).
 
The HAFA program simplifies and encourages short sale and DIL options by:
 
Allowing pre-approved short sale terms before a property is listed;
Preventing servicers [...]

Merry Christmas season from everyone here at the Mission Valley Real Estate Company. This is a wonderful time of year for families, and we hope that all of our past, current and future clients are finding the time to spend with their loved ones. The economy and general insanity of the last year [...]

The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding in the third quarter, up 40 basis points from the second quarter, and up 265 basis points from one year ago, according to the recently released Mortgage Bankers Association’s (MBA) National Delinquency [...]

Gorgeous, huge new homes now available in Fremont! For the first time in years, the Mission San Jose district is seeing some gorgeous and spacious new homes being built. The development is Mission Estates by Robson Homes. The homes are located on the land behind the McDonald’s and Shell gas station on [...]

In a recent Money article, the publication reported that 10.7 million borrowers in the US owe more on their mortgages than their homes are worth. Such a staggering figure begs the question, are more foreclosures on the horizon, or short sales, or government bailouts?
 
We at the Mission Valley Real Estate Company hope [...]

The City of Fremont has launched a new system to alert community members when an emergency situation arises. Visit the City of Fremont website to sign up to receive phone calls, emails or text messages when an emergency happens.

Fannie Mae last week announced a new Deed for Lease™ program. The new program allows borrowers to voluntarily transfer their property back to the lender and then lease back the house at market rate. The lease period is for up to 12 months, with month-to-month contract extensions after that period. The program is designed for [...]

Look here for our latest newsletter detailing recent market activity in Mission Valley.

Check out the new housing statistics for October 2009. http://mvreco.com/housing-stats Now including Danville and San Ramon.

Thinking of halting payments on house?
 
Some homeowners underwater on their houses—who owe more on their mortgages than their homes are worth—wonder what would happen if they were to stop paying their mortgages.
 
When lenders do not receive payments, the first action taken by the lender is to report the missed payment to the [...]

Great news for homebuyers! Congress has just voted to extend the $8,000 credit for first time homebuyers though April 30, 2010 (with an additional 60 day extension for buyers who are under contract at the time of the expiration)! Moreover, current homeowners are now going to be eligible for a smaller credit of [...]

Loan limit extensions signed into law
 
President Obama late Friday signed a congressional resolution to extend through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. The resolution was part of a broader piece of budgetary legislation that will prevent a [...]

List/sale price gap diminishes
 
Home buyers still are paying less than a home’s asking price, but had slightly less negotiating power in August than they did in July, according to the August Zillow Real Estate Market Reports. Buyers paid a median $6,525, or 3 percent, less than the last listing price on homes bought in August, [...]

You can now find us on Twitter! @MVRECo
 
https://twitter.com/MVRECo

Welcome, blog readers! We are Jim Murray and Megan Zavieh, two attorneys and real estate brokers who also happen to be father and daughter. We are the team behind the Mission Valley Real Estate Company, located in Fremont, California, and serving the entire San Francisco Bay Area. We plan to take turns posting items and [...]