1.  They were talked into financing 100% of their mortgage due to the “thinking” that within a few years, the market value of their property would increase, thus they could then refinance because they would have instant equity.

2.  The type of loan the borrower got to purchase or refinance the loan has met it’s short “intro rate” term and has now adjusted to a rate the borrower cannot afford.

3.  Someone refinanced their home back when “No Doc Loans” were available for, let’s say for the sake of example, a 5-year term. Now the term is up, there is no longer the “No Doc” option and they are stuck without a way to remain in their home.

And I’m sure the list goes on as to the reasons why many find themselves in this situation. The one thing to know is that You Are Not Alone!!

What can you do if you find yourself wondering how to move forward?

First, (A) Act upon your situation. Don’t sit around hoping it will get better, burying your head in the sand. That won’t help. You can get through this; many people have gone through it successfully and are beginning the process right now.

Second (B) Believe…find a professional you believe you can trust. ASK for references from their past clients. Make your professional prove to you they know what they are doing. If you hire someone to guide you that doesn’t truly know how to get through a short sale, you’re going to be in deep trouble.

Third, (C) Cooperate. Cooperating with your Real Estate professional makes ALL the difference. How can we do our job if you are not providing the information the bank requires? The process is what it is. And what is that you might ask? It is tedious, time consuming, monotonous, wearisome, and the list goes on. Your professional knows exactly what to expect and how to get through it. They should set your expectation right up front as to the path to a successful end.  This is not a short process and you should expect it to take at least 4-months to a successful close. Once an offer is received and sent to the bank, this process alone can take up to 90-days to get an approval. Once the approval is completed, let your 30-day escrow begin!  That’s the less complicated part.

As an original owner, I purchased my home in Shadow Cliff in 1988 and at the time had no children. Since then of course things have changed and have a daughter now in college and my son still at Amador High School. Many know Pleasanton is well known for its educational system and thus many people want to move here.  Shadow Cliff is a wonderful community and very friendly.

What can happen with an overpriced listing?

• The seller begins chasing the market
• This positions the seller “behind the 8-ball”
• The listing becomes “stale” on the market
• Buyers won’t offer on these properties as they believe the seller is difficult, or they feel the may offend the seller.
• The agent can earn a bad reputation in the industry
• The seller usually ends up mad at the agent and after the listing period decides on a more professional approach
• Time and money are wasted

Seller beware…when interviewing agents to sell your home, be weary of agents that would rather tell you what you want to hear price-wise than trust in their own knowledge of the market.  If your chosen agent can’t negotiate with you, they can’t negotiate for you. Choose a professional with market knowledge!

In the last several months, banks have been very lax about dealing in a productive way with short sale properties. With the second moratorium in the last 6 months, this may just be what banks need to realize they must deal with distressed home owners. While some home owners may wish to modify their current loans, this will give others who wish to sell the ability to do so.To successfully sell a short sale in this market, a home seller must find a real estate professional experienced in dealing with banks in these situation.  In my personal experience, the banks DO NOT like 3^rd party negotiators. Sellers beware when it comes to hiring a company that asks for money upfront.  This process can efficiently be handled with the right real estate professional.

Residential Real Estate in Pleasanton is the topic of the upcoming Town Hall Meeting to be held Wednesday, May 27 from 7:00 – 9:00. A Panel of experts will provide insight as to the state of the market. This event will be held at the Veterans Hall in Pleasanton and is hosted by The City of Pleasanton, Pleasanton Chamber of Commerce, Pleasanton Weekly and the Bay East Association of REALTORS®. The event is open to the public at no cost to attend.

The following evening, Thursday May 28,  Kurt Kessler of Pleasanton Mortgage and Rhonda Fee of Realty World Town & Country are holding a FREE Home Buyer Seminar at 6:30 PM at The Rose Hotel in Pleasanton

The seminar is designed to answer many of your questions including:

• The difference between REO, Bank Owned and Short Sale Properties.
• The new role the FHA plays in both the mortgage and real estate markets.
• Seller concessions…What are they, how can they help YOU buy a home?
• Pre-approval vs. Pre-qualified…What’s the difference?
• Credit Scores and How to Improve them!
• Understanding the Stimulus Plan’s $8,000 Tax Credit for qualifying income (ends Dec. 1, 2009)
• Why we have “artificially” low interest rates and what might be next?
• The home/loan buying process and strategies

There is NO COST to attend, but space is limited. To make your reservation, please contact Rhonda Fee at 925.200.0827 or email rhonda. mailto:rhonda@rhondafee.com.

 Pleasanton homes are very desired. As a homeowner, when thinking of selling in any area, there are a few very important things to keep in mind. Choosing the Realtor is one of the most important aspects of the transaction. If you don’t have a referral from a trusted source, there are a few things to keep in mind.

• It would be wise to interview at least 3 realtors. Ask lots questions and ask for past client contact information. Take the time to make a couple of calls to their past clients. You’ll probably learn all you need to know by having a short conversation.
• Secondly, Google the name of the agent. See what you might come up with. Good or bad, it’s useful information!
• What kind of marketing are you being promised? Get samples!
• What kind of internet exposure will you receive? This is SO important in today’s selling market. Will YOUR property be listed on at least 30 + of the most commonly used real estate portals? This is a must have!
• Does the agent provide a virtual tour?
• Does the agent provide a web commercial for YOUR specific property?

Once you’ve made the decision on the Realtor, the pricing is of the utmost importance. Your trusted professional will be able to provide you with comparables to help you understand the pricing strategy. Starting high and chasing the market down doesn’t work, so don’t let your agent overprice your home! That is the number one way to fail at selling.

These are just a few things to keep in mind when searching for the right professional to sell your home.