The auction date is scheduled and the homeowner panicked after recieveing 3 separate denials from their lender to modify the loan. The homeowner told me that she’d spent a lot of money, more than $800, for a “law firm’ to work on a modification.

She said she was aware of  law SB94 about NOT paying upfront fees, but her husband had made the decision to do so. It is very unsettling to see this happen to those already under so much stress and confusion about the situation.

If you find yourself in this situation of being denied a modification and needing to choose short sale or foreclosure, here is my advice (having dealt with banks in these situations over the last few years for my clients).

When they tell you you do not qualify for a modification, they actually set up an auction date to sell the property at the court house steps. At this point, a decision between short sale or foreclosure needs to be made. The auction dates can and do get postponed, especially if you list the house for sale, however if you ignore making the choice and there is no headway being made, someone will knock on your door and say they are the new owner.

I’ve witnessed this last year with an elderly lady that did not believe she deserved to have her house taken and was planning to keep it, however she had an upcoming sale date. About a week after I talked to her, she called me crying that the house was being sold that morning. At that point, although I made calls and inquired about stopping the sale, her choice between short sale or foreclosure was simply too late! The house was sold and by noon, the new owner knocked on her door to let her know he was the new owner.

Some people expect they will get a notice from the bank about the sale date. What they may not understand…a notice was given and in some cases maybe 12-months prior when the payments were no longer being made by the borrower. It is called an NOD (Notice of Default).

Once that notice is delivered, regardless if 12-months, 24- months later,  and a homeowner has been able to slide under the radar without making payments, the house can be auctioned out from under the current owner. At that point, the homeowner is basically ejected from the home.

Difficult choices need to be made. Do your homework. Consult with professionals, licensed and in good-standing. Check licenses, check expiration dates and google these individuals before hiring them.

I have a great list of professionals to help distressed homeowners make these difficult decisions between short sale or foreclosure. Just send me an email and I will happily forward you names. It is advisable to speak with a Real Estate Attorney, Tax Attorney, and/or CPA. Making the wrong decision regarding short sale or foreclosure could follow you for several years.

At current, there are 7 “active” foreclosed properties available ranging from $334,900 to $2,100,000 located in the Ruby Hill community. The smallest of the 7-available properties was recently used as a business location near downtown.

Based on the pattern of the last 12-months, I suspect these properties will be pending within a matter of days. For homebuyers thinking of purchasing, the best advice to take heed…get pre approved by your lender of choice because in this market, once you fnd the property, acting quickly and wisely with the professional you feel most secure with is your best strategy.

• 86-Single Family Homes priced from the low of $399,000 up to the high of $8,888,888
• 15-Condos priced from the low of $170,000 up to the high of $395,000
• 14-Town Homes from the low of $189,000 up to the high of $468,000

The shortage of homes available on the market continues to be the trend. We are beginning to see a trickling of Bank Owned (aka, REO, Foreclosed) properties come to the market; one being in the Shadow Cliff neighborhood of Pleasanton, located on Whitney Drive.

 The First Time Home Buyer Tax Credit is still in affect until April 2010 and FHA loans continue to be accessible allowing for down payment Requirements (as low as 3.5%).

If you’ve been on the fence about selling, this is most definitely a good time to make a move. The market is begging for more properties!

For specific questions or housing information, please feel free to contact me direclty.

Recently my clients closed escrow on a home in Tracy, CA,  a bank owned property. The warranty plan was put in place. About 3 weeks after their move-in date, the water heater began to leak from the bottom of the unit. They called the home warranty company, the water heater was replaced (approx. $900 value) and the client only had to pay $50 out of pocket. I know they are glad to have the warranty in place and told me they may even renew it next year.

• 7 of these properties are single family, detached homes ranging in price from $424,500 up to $1,398,800.
• 4 of these properties are bank owned townhomes for sale in Pleasanton as well ranging from $319,900 to $524,900.
• 2 foreclosed properties went pending in the month of March and 2 foreclosed properties closed escrow in the Month of March.

Pleasanton consists of nearly 69,000 residents. This family friendly community has everything that makes living in Pleasanton an exceptional experience. Pleasanton offers the Stoneridge Mall, Alameda County Fairgrounds, beautiful sports fields and more. The Pleasanton Unified School District has been named a National District of Character and 12 out of our 14 schools have received the California Distinguished School designation. Together, the City and School District are committed to building a Community of Character.

Pleasanton’s downtown is the heart of the city. The Farmer’s Market takes place every Saturday during the year on W. Angela Street.  The downtown is the perfect setting for parades, festivals, weekly summer concerts in the park and other special events.

If you’re looking for a place to call home, or even looking to purchase an investment property, Pleasanton is one place you should definately consider!

In January as an effort to stimulate the housing market, a moratorium was placed on foreclosures by the Obama Administration. As of April 2009, the moratorium has ended. What does this mean to you? It depends on your personal situation.

For Some It Could Mean:

• Opportunities to buy your first home, second home or investment properties at “artificially” low interest rates.
• $8,000 Government rebate on your taxes if you are a first-time homebuyer with qualifying income and purchase prior to 12.31.09.

For Others It Could Mean:

• Making your last efforts to modify your current home loan.

How You Might Get Help:

• If you are in default and you currently have a Countrywide Home loan, they have just released a product that might help you refinance your property. It requires NO income documentation as long as you are employed!
• If you are looking to buy homes at these low rates, for investment, primary residence or second home, you can receive up-to-the-minute reports on every bank owned property in the areas & price range of your choice.