Contra Costa Short Sales » concord

Clayton, CA Housing, Homes for Sales and Real Estate Stats

Catherine Myers — Sat, 10 Oct 2009 19:32:54 +0000

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.

“How much does it cost to do a short sale?”

Catherine Myers — Mon, 14 Jul 2008 18:58:56 +0000

That is a question we’re asked alot. The answer is NOTHING. At least not monetarily. We treat these sales as a typical real estate sale whereas we’re basically paid nothing unless and until the deal closes. So we sign you up as a typical seller. You do the listing agreement and its ancillary documents, the statewide disclosures as is typical, and then we’ll give you a few other pieces to complete specific to the short sale. But we don’t get paid unless we close the deal. In fact, we don’t take all deals, it has to make sense for the bank and if there are issues we can’t help you overcome, we may decline the opportunity.

A short sale does require some work on your part. There is more paperwork. We’ll need some specific items from you before we’ll even list the property. This saves us all time. My belief is that one of the top reasons for a short sale failure is the listing agent. We want to save everyone the trouble by having your entire package DONE , up front and in advance. Then, when we get an offer for your property we are ready to submit right to the lender without delay.

Sometimes offers don’t come in right away… and sometimes the banks take their time looking at the short sale request files. What that means is that we’ll ask you to continue to send us your pay stubs as you get them, as well as your bank statements. Its not unusual for a loss mitigator/short sale specialist at your lender to come back after 2 months and say they’re ‘missing’ updated items. By being proactive, we’ll always have what they need to complete the file. Our goal is to NEVER be the reason for any delays.

So, if you want to explore the option of a short sale in Contra Costa (and parts of Alameda) County, call us for detailed information on what you’ll need to gather and complete for us. Then, when we come with the bulk of the paperwork for you to complete, you’ll be ready with YOUR documents.

Foreclosure Scams – Its no April Fool’s joke

Catherine Myers — Wed, 02 Apr 2008 00:25:04 +0000

I attended a panel discussion at the local Pleasant Hill campus of JFK University last weekend. They hosted some very interesting speakers around the topic of the Subprime Meltdown and I’ll probably feature a couple of more of these speakers in future blog posts. But one speaker I wanted to focus on today was Ken McCormick of the Contra Costa District Attorney’s office. Mr. McCormick is the lead attorney at the DA’s office prosecuting cases of real estate fraud. He discussed the various scams he’s seeing right here in our county, and I felt it important to pass along the information he shared so that you, or someone you know, may be spared!

First, I wanted to share my general “overall” opinion. It is that if something sounds too good to be true, it probably is! It’s an old adage that holds oh so true when you and millions of others are in financial distress. You may become the target of many scam artists (aka CRIMINALS). This is the market for opportunists of every description, so be careful and don’t be a victim. Seek counsel at the first hint of trouble. Better yet, don’t get into trouble by noting the following:

DO NOT fall prey to “foreclosure consultants.” NEVER pay upfront fees, or any fees, for someone else to do something you can do yourself, i.e. contacting your lender to negotiate a resolution, a delay or a short sale. You can seek the counsel of a FREE HUD/housing counselor. An EXPERIENCED real estate agent can do this for you for FREE. You can do this yourself. Do not pay anything out of pocket.
Beware of anyone offering to delay the foreclosure of your home for transferring a portion of your house to their company. Do not transfer ANY part of your property to anyone.
You can not eliminate your mortgage, so run away from anyone who tells you that they can “eliminate your mortgage.” These schemes are complex and not only can you lose your home and all rights to other remediation, but you may be a party to criminal acts. Don’t do it.
Hang up or shut the door if anyone approaches you with an idea that all you do is transfer the property to them for a set period of time (i.e. 1 year) and you can stay in your home as a tenant – often for FREE. Then, they promise, you fix your credit, bolster your financials, then you get your property back and all’s well. Did that sound too good to be true? IT IS. Don’t do it, and report these types of people to the District Attorney’s office.
Warning bells should go off if anyone approaches you to either buy your equity or to pay your past due amount and save the house from foreclosure. They say, sell it to me and you’re off the hook. Don’t do it. Many homes now do not have any equity in them, but regardless, there are those offering to just pay your past due balances in exchange for the title of your house. Beware of anyone offering to “buy you out” of foreclosure.

So, who can help you during this time? See below for links to HUD (Housing and Urban Development, a governmental agency) and links to various local homeownership counseling agencies. These non-profit groups can help you for free. Do not pay anyone. A real estate agent EXPERIENCED in foreclosure avoidance can help you, for free. Operative word here is experienced. Too many real estate agents (in my opinion) are helping people with short sales as the best, or only, solution to a foreclosure. Now, in some cases, short sales can work well – but you MUST know the consequences (tax and financial) before proceeding and all too often homeowners are not being advised of the potential pitfalls that can haunt them for years to come.

Here’s some information and who you can call for help:

www.fha.gov/foreclosure -good information about foreclosure avoidance.

www.foreclosurehelpandhope.org/avoid_foreclosure.html

HUD foreclosure information: www.hud.gov/foreclosure/index.cfm

Homeownership Preservation Foundation: www.995hope.org These folks have put together a not for profit network of HUD certified housing counseling agencies. From their hotline you can be referred to a local agency who can help.

http://www.nw.org/network/foreclosure/default.asp NeighborWorks America Foreclosure resources

Find other local HUD certified housing counseling agencies: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

Remember, if you decide that a short sale is the best solution, or if you want local referrals to professionals who can help, contact the Contra Costa Foreclosure Avoidance Team. Catherine Myers and Terry Osburn are experienced and know the process. They serve Contra Costa residents in Walnut Creek, Concord, Clayton, Pleasant Hill, Danville, Alamo, San Ramon, Lafayette, Orinda, Moraga, Martinez, Bay Point, Pittsburg, Oakley, Brentwood and Antioch.

Catherine’s website: www.DiabloValley.net

Terry’s website: www.PawsitiveRealEstate.com

Contact: 925-683-2125 or 925-381-9944

Current Short Sale Listings Week of 2/25/08

Catherine Myers — Tue, 26 Feb 2008 04:38:45 +0000

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

Foreclosure Options for homeowners facing default

Catherine Myers — Thu, 27 Dec 2007 05:10:32 +0000

This is a repeat of a post from a few weeks ago, but because we get so many questions on this topic, we thought it prudent to run it again for your information.

There are a few alternatives to a foreclosure. Always communicate with your lender, first and foremost. Some of these options only work if you’ve missed only a payment or two. Missing more than that without communication could mean you’ll never be able to catch up, and some of these options will not work. In addition to finding a REALTOR experienced in pre-foreclosure options, ALWAYS seek expert legal and tax advice from a qualified professional. As REALTORS we can not offer you legal or tax advice, and foreclosures, short sales, bankruptcy, etc. can have significant tax and legal ramifications you must know about. Wading through the various options to foreclosure can be confusing, but to help, we’re offering a list of common solutions and what they mean:

Short Sale. A lender may allow you to sell the home for less than what you owe on your loan before it forecloses on the property. This helps you avoid a damaging foreclosure on your credit report, but with it can come a tax liability (**see recent post on the latest on this topic) on the foregiveness of debt. It can be a lengthy and cumbersome process with lenders strict guidelines, and sometimes, the lender may not approve the sale. You also can not take any money away from the sale. You must act fast to initiate a short sale and in addition to securing the services of a qualified REALTOR, you should also seek the advice of an attorney and/or tax professional.
Reinstatement. This can occur only when you can afford to repay the lender your entire past due balance plus any late fees or penalties by an agreed upon date.
Forebearance. This is an agreement with your lender whereas your mortgage payments are reduced or suspended for a certain length of time. At the end of your time limit, you would begin regular payments once again and bring the loan current thru a “lump sum” or additional partial payments over a certain period of months. This option may have some room for negotiation, i.e. forgiveness or reduction of the amount owed.
Repayment Plan. With lender approval you would add an additional sum of money to your monthly payment until you catch up on the past-due amount you owe.
Loan Modification. Can involve a change in your loan terms to help you keep your payments going. This can include lowering the interest rate, adding missed payments to your loan balance or extending the term of the loan in order to reduce the payment amount or to factor in your past due amount. We’re hearing that some banks are considering this solution, and is why communication with your lender up front is so important.
Deed in Lieu. A Deed in Lieu of foreclosure is when you voluntarily deed your property title back to the lender (with lender approval) in exchange for a reduction or cancellation of the rest of your debt. It can be less damaging on your credit than a foreclosure, however, you will lose any equity you may have. Again, you may face a tax liability on the amount of forgiven debt. This likely is not an option if you have more than one loan on the home.
Bankruptcy. Some people find they need to look into filing for Chapter 13 Bankruptcy. This may only suspend the foreclosure process temporarily, or you may still be forced to give up your home, but sometimes it can get a lender to accept a repayment plan. There are many variables here, and in some cases people who file bankruptcy, in the end have both a foreclosure and a bankruptcy on their credit report. Seek legal and tax counsel from qualified Bankruptcy specialists.

Coming soon, more information about ‘do’s and don’ts’ when facing forceclosure, deficiency judgements, predatory lending and avoiding foreclosure scams.

Your Contra Costa and Bay Area Short Sale Resource. Call today for a confidential consultation and frank discussion of your options to avoid foreclosure.

Catherine Myers, REALTOR
Alain Pinel Realtors, Walnut Creek, CA
www.DiabloValley.net

Terry Osburn, BROKER ASSOCIATE
Alain Pinel Realtors, Walnut Creek, CA
www.TerryOsburn.com