Clayton, CA in the 94517 zip code is located in Contra Costa County. Nestled at the base of beautiful Mt. Diablo State Park this small city can transport you back in time. Small town feel, close knit community and an active and bustling (yet quaint) downtown combine with great schools (CA distinguished schools), priority to parks, recreation and entertainment to bring you the best in quality Bay Area living.

Voted as one of the Best Places to Live in 2009 by CNN/Money Magazine.

Ask me for the latest housing stats. If you like graphs and data, I’ve got info for you! Check out a Clayton market chart I can provide HERE.  And, some more market data HERE. And call me for more information about Clayton, Concord or other surrounding areas if you’re interested in buying a home, selling your house or to just get more information to start your process.

Catherine Myers, REALTOR
Alain Pinel Realtors

www.DiabloValley.net
Contra Costa Real Estate, Clayton, Concord, Pleasant Hill, Walnut Creek and surrounding areas.  Homes for sale, real estate advice, consultation and sales.  Relocation, short sales, bank owned and REO information for sellers and buyers.

Here is your opportunity, something for everyone.  If you’re a buyer, and you want to know more about the process of buying a short sale, please call.  Just as it is vital for a seller to have an experienced short sale agent, it is equally important for a buyer to FULLY understand the short sale process to avoid frustrating while waiting for an offer to be reviewed by the seller’s bank.  Your buyers agent should know enough about the process to be able to discern if the listing agent knows what he or she is doing .  If the listing agent has never done a short sale, your chance of success goes down.  There’s no reason to skip short sales, they are excellent opportunities, you just have to know what to expect.

1655 No. California Blvd, #321, Walnut Creek – THE MERCER building. Like brand new 1 bedroom, 1.5 bath gorgeous 3rd floor condo overlooking serene park like common area. Teak floors, granite counters, SubZero refrig, Viking gas range – all the upgrades! $395,000 ( a steal!)

932 So. Villa Way, Walnut Creek – The Villas. Excellent location off Olympic, easy access to downtown, commute, shopping and everything Walnut Creek has to offer. 1 bedroom, 1 bath, soaring ceilings, top floor penthouse style, end unit, shared wall on one side only. Hill views. Balcony. Light and bright. Ready to move in! $285,000.

2592 Oak Road, #256, Walnut Creek – Ashford Court. WOW, near BART, Iron Horse Trail, gym, new transit centre and more. 2 bedroom, 2.5 bath 2 story unit. 2 balconies. Fireplace. 1 car garage. Crisp and clean ready to move in! New price for Super Bowl weekend! $365,000 OPEN SUNDAY 2-4

Call for access to these or any other condos on the market in Walnut Creek and Contra Costa in general!

Catherine Myers, REALTOR
http://www.DiabloValley.net
Alain Pinel Realtors
925-683-2125

Serving Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Alamo, Danville, San Ramon, Pleasanton, Dublin, Lafayette, Orinda, Moraga, Benicia, Pittsburg, Bay Point, Antioch, Brentwood, Oakley and Discovery Bay.  We have contacts thru-out Contra Costa and if we don’t service the area, we’ll refer you to an experienced agent who can. We also service some areas of Alameda County.  Call for a referral statewide, nationwide.

Some say short sales never close, never work and are not worth showing… here are some Contra Costa and Alameda County short sale listings available and some noted successes (for details on any listing go to Contra Costa Real Estate.)  Much of a short sale success will depend upon the listing agent and/or the entity performing the negotiations with the lender(s).  Do your research!  Ask questions!  Work with only an agent experienced in short sales.

Concord, CA Short Sales
1669 Thornwood Dr, Concord $449,000 – 3 bedroom, 2 bath
BOTH LOANS APPROVED FOR SHORT SALE. Scheduled to close in September.

3154 Ameno Rd, Concord $275,000 – 3 bedroom, 1 bath
1 offer submitted to two lenders, accepting back up offers.

1195 Liberati, Concord $735,000 – 4 bedroom, 2.5 bath
Available now! Make an offer!  Beautiful creekside setting.

Walnut Creek, CA Short Sales
2716 Oak Road #99, Walnut Creek $210,000 – 1 bedroom, 1 bath (Oak Road Station)
1 offer awaiting WaMu approval (appraisal done last week, negotiator notes 3-5 days from receipt there will be a decision)

2716 Oak Road #102, Walnut Creek $299,950 – 3 bedroom, 2 bath (Oak Road Station)
BOTH LOANS APPROVED FOR SHORT SALE. Scheduled to close in September.

2 Oak Treat Ct, Walnut Creek $549,000 – 2+ bedroom, 3 bath (Oak Treat Ct)
Only one short loan! Come see this brilliantly designed urban styled townhome!

1781 Tice Valley Blvd, Walnut Creek $450,000 – 2 bedroom, 2.5 bath
THREE LOANS – ALL SHORT SALES APPROVED – CLOSED ESCROW in July!

East County (Antioch, Pittsburg, Brentwood), CA Short Sales
2385 Boulder Street, Brentwood $450,000 – 4 bedroom, 3 bath
BOTH LOANS APPROVED FOR SHORT SALE. Scheduled to close end of August.

105 Pelican St, Brentwood $210,000 – 3 bedroom, 2.5 bath
We need your offer! Package is ready to go! Just 1 lender involved!

1116 Stonecrest Dr, Antioch $290,000 – 4 bedroom, 3 bath
Make an offer! We’re just waiting on your offer to submit the package to the lender! Just 1 lender!

5 Fawn Glen Ct, Pittsburg $425,000 – 5 bedroom, 3 bath (Oak Hills)
WOW, large amazing house, we just need your offer! Package ready to go!

247 Balsam St, Pittsburg $268,000 – 4 bedroom, 2.5 bath (Harbor Lights)
1 offer submitted, but readily accepting back up offers!

San Ramon, CA Short Sales
636 Filbert Ct, San Ramon $550,000 – 3 bedroom, 2 bath (single family home)
BOTH LOANS APPROVED FOR SHORT SALE. Scheduled to close end of August.

2141 No. Donovan Way, San Ramon $665,000 – 4 bedroom, 2.5 bath (Windemere)
Two loans – ONE LOAN HAS APPROVED SHORT SALE, WaMu awaiting appraisal to come back to negotiator.

Danville, CA Short Sales
1131 San Ramon Valley Blvd, Danville $329,000 – 2 bedroom, 1.5 bath (townhouse)
Two loans – ONE LOAN HAS APPROVED SHORT SALE, awaiting approval from one, should be forthcoming.

Martinez, CA Short Sales
209 Village Place, Martinez $194,800 – 1 bedroom, 1 bath (condo)
1 offer submitted to two lenders – accepting back up offers.

Pleasanton, CA Short Sales
1731 Germano Way, Pleasanton $2,500,000 – 7 bedroom estate in prestigous Ruby Hill
1 offer submitted to two lenders – accepting back up offers.

Livermore, CA Short Sales
2 listings coming soon!
One beautiful 4 bedroom home in Springtown.
One beautiful 2 bedroom condo in Copperhill.

New listings as of week of 4/28/08:

RUBY HILL, Pleasanton
Exclusive gated country club location. 2 year old custom built estate home.  7 bedrooms, 6.5 baths, 8900+/- square feet, exercise room, sauna, office and library.  Infinity edge pool. Private setting, backs to open space. SO MUCH here.  This will impress any buyer in this price range.  Offered at $3,795,000.  NOT ON MLS.  Agents call for co-op information and private client showings.  Buyers must have pre-approval or financial statement prior to showing.

2141 No Donovan Way, San Ramon / 4 bedroom, 2.5 bath $665,000 - PENDING, back up offers welcome -

636 Filbert Ct, San Ramon / 3 bedroom, 2 bath - PENDING, back up offers welcome -

1789 Tice Valley Rd, Walnut Creek / 2 bedroom, 2.5 bath $450,000 - PENDING, back up offers welcome -

4621 Shannondale Drive, Antioch / 4 bedroom, 2.5 bath $350,000 - PENDING, back up offers welcome -

1149 Victory Lane, Concord/ 2 bedroom, 1.5 bath $298,000 – SOLD -

2455 Carpinteria Drive, Antioch / 4 bedroom, 3 bath $298,000 - PENDING, back up offers welcome -

 2716 Oak Road, Walnut Creek / 1 bedroom, 1 bath $210,000 - PENDING, back up offers welcome -

1067 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000 - PENDING, back up offers welcome -

1053 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000 - PENDING, back up offers welcome -

 Also available, but not short sales or distressed:

293 Foulkstone Way, Vallejo / 4 bedroom, 3 bath $580,000

2412 Geraldine Drive, Pleasant Hill / 3+ bedroom, 2.5 bath $519,000

1336 Viva Lane, Concord / 3 bedroom, 1 bath $389,000 - SOLD -

Plus two mobile homes:

Pacheco / 2 bedroom, 2 bath $95,000

Pacheco / 2 bedroom, 2 bath $79,900

COMING SOON!

Oak Hills, Pittsburg
California Chateau, Danville
Harbor Lights, Pittsburg

Wow, its tough out there for a ‘regular’ seller.  What is a regular seller?  Its one that isn’t a short sale, isn’t a REO and isn’t in distress.  They just need, or want, to move now.  Most areas have some serious competition from distressed sellers and the prices are getting lower and lower on those.  I know that when we price our short sales, if priced “right” we get offers, and often multiple offers.   Sometimes it almost seems like an invisible line in the sand.  We can’t see it.. but what will make a buyer react?  We had a home priced at 399k.  Nothing happened.  Few showings, no offers, nothing.  We dropped to 350k and got 3 offers in a week.   Same thing with another.  Priced at 499k, nothing happening until we dropped the price to 450k and got 2 offers in a week.   Larger price drops are becoming the norm.  Dropping your price just 1% or even 5% is hardly making buyers take notice now.  Here’s one reason why:  The median price for bank owned homes is 24% LESS than the median home sales price. 

Take a look at this graph from Trulia:  http://images.trulia.com/resources/Trulia_Trends_Report-February_2008.pdf

Says alot doesn’t it?  Its a vicious cycle.  Why would you pay upwards of 25% more on a house when one down the street is so much cheaper?  For most, you wouldn’t.  So it almost makes the regular listings “unsaleable.”  If you don’t have to sell now, perhaps rethink it.   There are so many agents listing short sales now that simply don’t know what it takes to get a short sale approved with the bank(s), that makes those almost unsaleable.  And agents are getting gun-shy at even showing short sale listings.  But in the hands of the right listing agent, and the right negotiation team a short sale can be an excellent opportunity for the right (patient) buyer.    If you have to sell a home that you owe more than the home is worth in today’s market, call us.  If you are upside down, call us for your options.

We are foreclosure avoidance specialists.  We can help you with a short sale, or refer you to someone who can help with a loan modification or information about deeds in lieu of foreclosure. 

Catherine Myers
Contra Costa Real Estate and Walnut Creek, Concord Homes for Sale
925-683-2125

Terry Osburn
Pawsitive Real Estate and Homes for Sale in Contra Costa
925-381-9944

Homes for sale!   What an array we have. Contact us if you’re looking for a new home and would like to explore your options with purchasing a short sale or even an REO/bank owned, distressed property.  Some excellent first time buyer or investment opportunities here!  Call us or email for photos, appointments to view and for more information about these listings.

Pre-Foreclosure Properties

2141 No Donovan Way, San Ramon / 4 bedroom, 2.5 bath $665,000

636 Filbert Ct, San Ramon / 3 bedroom, 2 bath COMING SOON

1789 Tice Valley Rd, Walnut Creek / 2 bedroom, 2.5 bath $450,000

4621 Shannondale Drive, Antioch / 4 bedroom, 2.5 bath $350,000

1149 Victory Lane, Concord/ 2 bedroom, 1.5 bath $298,000

2455 Carpinteria Drive, Antioch / 4 bedroom, 3 bath $298,000

 2716 Oak Road, Walnut Creek / 1 bedroom, 1 bath $210,000

1067 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000

1053 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000

 Also available, but not short sales or distressed:

293 Foulkstone Way, Vallejo / 4 bedroom, 3 bath $580,000

2412 Geraldine Drive, Pleasant Hill / 3+ bedroom, 2.5 bath $550,000

3678 Joan Avenue, Concord / 3 bedroom, 2.5 bath $439,900

1336 Viva Lane, Concord / 3 bedroom, 1 bath $389,000

Plus two mobile homes:

Pacheco / 2 bedroom, 2 bath $95,000

Pacheco / 2 bedroom, 2 bath $79,900

Contact Catherine Myers, REALTOR or Terry Osburn, BROKER for information about these listings or if you’re interested in buying a pre-foreclosure or bank owned home.

http://contracostashortsales.wordpress.com

Your local short sale, distressed property and pre-foreclosure resource on the web.  Serving Contra Costa County; Walnut Creek, Concord, San Ramon, Antioch, Brentwood, Clayton, Pleasant Hill, Martinez, Pacheco

Yes, there are a few alternatives.  Loan modifications could be helpful to a great many, but reports from several of our clients say its not as easy as that.  Many banks are simply saying “sorry.”   In fact, some of our clients could actually now afford their homes they’re in  . . . say they bought for 650,000, and now their adjustable loan continues to adjust right out of their financial reach, as an example.  Well, NOW that same house is worth 350,000 and with the conforming loan rates where they are now, they could actually afford to buy their home back, well, that is if they weren’t already in it.  What a situation. 

Well, there may be another option for a few homeowners.  If you owe close to what you can sell your house for (admittedly rare in many areas now), think about a lease option / equity share arrangement. 

What if someone took over your payments?  They could get the tax advantages of homeownership, you would get out from under your payments without a credit damaging short sale or foreclosure and then in 3-5 years, the house sells, and you split whatever equity has accumulated (assuming the market comes back in 3-5 years).   That is a bit of a simplified view, but that’s the gist. 

Yes, taking over someone’s payments is more expensive than a traditional lease.  But you are getting tax benefits (check with your accountant) and you are earning equity – not something you can do in a traditional lease.  And since most 80/20 and 100% loan programs are gone or very restrictive, its a way to get into homeownership without a down payment, and without the rigors of bank qualifying.  Yes you’d still have to qualify as a “renter” but it is often more forgiving than a bank in some situations.

Here’s one equity share option we have available.  This is a home that could sell around $725,000. Located in the newer Windemere neighborhood of San Ramon.  You could take over these payments for about the same amount it would cost you to go out and get 100% financing on this property (if that were still available that is).  Check it out:  Equity Share / Lease Option in San Ramon

So, its an idea.. something that could work for some.  Buyers with challenges, it could be an opportunity. 

REMEMBER a short sale is not the answer for all.  And in some cases, can yield some very damaging results (recourse, taxes, judgements, bad credit, etc) .  Foreclosure may also yield some big surprises later – do you have more than one loan? Remember, only one loan is typically foreclosed upon…  if your first foreclosed… do you know your 2nd can still go after you? Always work with professionals in negotiating a short sale.  An experienced short sale specialist may be able to negotiate out some of these unfortunate surprises. Please ALWAYS check with an attorney and/or an accountant as a short sale is not for everyone, and a foreclosure may not be the end of your problems. 

Home buyers: Looking to buy now? Looking to jump into buying a foreclosure or short sale? Contact Catherine Myers 925-683-2125 or Terry Osburn 925-381-9944 to see one of these homes or to explore other short sale, REO or pre-foreclosure opportunity homes. We can help you buy and have the experience you need with the banks.

Or use someone who does!

I just got off the phone with a very nice person who was a little confused. As the story goes, she and her husband decided had saved up a bit of money and wanted to capitalize on the current market conditions. It’s a great time if you are looking for bargains.

They attended a Trustee Sale (foreclosure auction). Cashiers checks in hand, you can imagine their surprise when their bid actually won the 3 bedroom, 2 bath house!

It was close to their home, they knew the area, but hadn’t actually viewed the property. The best part? The home was reported to be worth in the high $400,000 range. Their bid? ONLY $40,000! They had struck gold on their first auction! It was just like the ads on TV!

The sale was recorded. The papers signed. A $480,000 home, bought sight unseen, for only $40,000. How bad could it be?

As you might expect the house was a little run down. A couple of months of hard work later they had the trash hauled away, the rooms painted, the landscaping done. It was just about time to find a renter.

That’s when they found that little yellow card tacked on their front door. It was a Notice of Default, the first step in a California foreclosure procedure.

But they paid cash. They didn’t have a loan. How could anyone foreclose on them?

As it turns out, what they bid on in the auction was the Second Trust Deed. The house was abandoned, heading to foreclosure. It had a first and a second mortgage. They paid $40,000 for the second – but the first was still in place and tied to the property.

Now the owner of the first mortgage was foreclosing on the property to recover the unpaid balance of the note. Guess what? They have every right to do it! If the property does foreclose it’ll be sold once again on the county courthouse steps. These people will probably lose their $40,000 as well as every dime they put into the rehab.

The State of California has a well defined hierarchy as to which lien takes priority over other liens. Here is a quick run down: California Lien – ing

As you can guess, had they used the services of a professional, the outcome would have been very different. I am reminded of a long favorite quote by Brian Brady, “If you thought dealing with a professional was expensive, wait until you find out how much dealing with an amateur costs.”

I think they just did.

Always use a Professional.

As more and more people are contemplating the possibility of foreclosure or a short sale on their homes, many feel ”safe” that they may not owe taxes following the forgiveness of the debt by their lender(s).  Be sure you do your homework, carefully. Hiring a short sale expert to help you negotiate the terms with your bank is important.  Many terms are negotiable with the lender, and you MUST know what to ask for to protect yourself.  Protect yourself from what you ask?  From recourse, deficiency judgements or tax bills.  Further, you must know what this Mortgage Debt Relief Act really means. It is NOT the cure-all and it is not even an option for all.  It does not encompass all “mortgage debt,” so be careful.  Take very careful note as to who this Act will help, and/or who it will not.   If you have refinanced your mortgage, have a second, a third or if this is an investment property – you likely do not fall under the protection of this act at all. 
As we always say, enlist the counsel of an experienced attorney and for tax implications, get expert advice from an income tax professional (CPA). 

Here is a White House press release about this Act for more information:  Fact Sheet: Mortgage Forgiveness Debt Relief Act of 2007

Below is information provided by Wendy Cutrufelli, Certified Mortgage Planner in Walnut Creek (one of the best there is in the mortgage business). 

__________

Mortgage Debt Relief Act will save some homeowners facing short-sales or foreclosures from paying federal taxes on the “forgiven” debt.   There are very specific requirements:

• The mortgage is for the homeowners principal residence.  The relief does not apply to any debt forgiveness for any vacation or investment home.
• Forgiveness is only for the “acquisition indebtedness” of the principal residence.  Acquisition Indebtedness is defined as the debt used to acquire, construct or rehabilitate the home. 
• No relief is available for cash-out mortgages whether the cash-out takes the form of a refinanced first mortgage, a second mortgage, a home equity line of credit or a similar arrangement.
  • Exception:  If the cash-out was specifically used to improve the home and the homeowner has adequate records to prove it.

Important note: This bill relieves these specific homeowner of their federal tax liability but does NOT relieve the homeowner of their state income tax liability. 

Contact Wendy for any further questions:

Wendy Cutrufelli, CMPS, CMP
Certified Mortgage Planner
Direct: 877-27Wendy
    (877-279-3639)
www.CAMortgagePlan.com
Providing mortgage strategies that safely create financial security and financial independence.

www.WendyCutrufelli.com

Call Catherine Myers or Terry Osburn to buy a foreclosure, bank owned or short sale home for sale.  Call us for property marketing assistance for properties in distress in Contra Costa. 

Buyers, check out our Short Sale Listing page for our latest and greatest listings.  We have a couple new listings you may love and are an excellent opportunity. 

1. A rare large lot with pool, lush lawn, backyard paradise in Antioch – we are priced at 399,000 .  Needs bank approval, but package is submitted and ready for an offer. Look for updates on our Short Sale Listing page.
2. Newer home in popular Windemere in San Ramon.  Have it all in one of the newest master planned communities in Contra Costa.  All the upgrades (i.e. granite), private yard, absolutely lovely home will be priced in the low 700’s.  Walk to Hidden Hills Elementary. 

Photos available soon.

Home buyers: Looking to buy now? Looking to jump into buying a foreclosure or short sale? Contact Catherine Myers 925-683-2125 or Terry Osburn 925-381-9944 to see one of these homes or to explore other short sale, REO or pre-foreclosure opportunity homes. We can help you buy and have the experience you need with the banks.