i SELL East Bay Real Estate...

Sellers-Preparing your home for the market

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 10 Mar 2010 10:45:49 -0600

Whether a regular sale or short sale........you want to get maximum amount your particular market will allow. You don't have a lot of cash to pay for staging...

There are several things you can do that does not cost money to make your home appealing and desiring.

First impressions and first smells are extremely important with home buyers.

Remove your clutter. Box personal items up and stack inside garage. Don't have a garage and cannot afford storage? You can still rearrange closets and/or a bedroom to neatly stack things.

Have your dining table clear of items and consider a nice table cloth and/or at least a vase of flowers or candle.

Smells and odors- There are candles that help with absorbing bad odors and some sprays(Just be careful with the sprays as some my trigger allergic responses)

Keep kitty litter boxes cleaned out daily.

When possible bake bread or cookies prior to open house .

Clean your windows. Keep the kitchen sink and counter clean and free of dishes.

Rearranging furniture can make a difference as to how spacious a room may feel.

Have pets? I love pets but unfortunately not everyone else does.....Either confine them in a secure area while gone and/or make other arrangements while home is being shown or held open. It is for their safety as well in the event someone inadvertently leaves a door open or ajar that will allow the pet to escape outside.

For more information as to how I can help you in marketing and sale of your home please contact me.

HOA's Fighting Back.....Reverse Foreclosure

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 09 Mar 2010 11:16:00 -0600

http://www.realtor.org/rmodaily.nsf/pages/News2010030802

The above link to article underscores the huge dilemma facing many HOA's today in the housing crisis in foreclosures.

This has been a major dilemma in many of our short sale situations in the past years.

In short sales, many banks and lenders have been balking in bringing up to date the back HOA fees. Some will allow up to 3-6 months fees to be paid. Others will allow zero. Some may pay all.

Some lenders are requiring the buyer to pay the HOA fees up to date.

In some cases, the seller has been able to bring to the table the funds to at least pay half if not all of the back fees.

We do ask our Homeowners, if at all possible, to keep the HOA monthly dues up to date. Of course, if their attorney advises otherwise we move forward and negotiate as appropriate.

Tis the season to be thankful....and boy am I thankful.........

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 16 Nov 2009 19:56:20 -0600

I walked out the back door today to go meet client. I looked at my right front tire.......a little puzzled at first.......and realized it was flatter than a pancake.......alas.......I LOVE AAA.....

OK, now I could throw a fit or I could be thankful I was at home and not on the freeway......

I chose to be very thankful I was not on the freeway nor that I had anyone in the car with me.

Moving along, I take the tire to Firestone in Pleasant Hill. Thinking I would drop off that tire(had broken valve-AAA said that there was a bad shipment about year or so ago with valve stems that were defective-I had this tire replace about then) and mosey on with my business......BUT WAIT.....when the customer service rep followed me out to my car we looked at the same time at the other front tire........BIG shiny nail right in the middle of the tread.....not flat.....

OK, looks like I need to rethink my day.......decided to get the front end realigned and have all of the tires rotated and rebalanced.......

BUT WAIT....When they removed the rim from the front tire with the nail hole........OH NO....another issue

There is a huge chunk out on the rim part that fits the wheel......They legally could not remount........

I started out at 12:30PM and by the time my car was done it was 5PM.....

So another brand new tire, one patched tire, re alignment and so very very very thankful that neither tire blew out as I was driving...

Yes, tis the season to be very thankful............when I realized that both front tires had been greatly compromised.

FHA Spot Approval Extended-What this means for the buyer...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 11 Nov 2009 10:36:27 -0600

FHA has extended the spot approval til 2/1/10 and spot approvals will be eliminated 2/1/10.

Apparently they will allow currently approved condo projects to be valid for 2 years from 2/1/10.

New approvals are expected to take 8-12 weeks.

Eligible condo projects are considered to be: new construction, existing projects, or condo conversions.

What does this mean for the buyer who is seeking a condo or their loan approval price will only allow for purchase of condo's?

Several Things:

Buyer if you have been sitting on the fence you need to get out and start looking now .
Even though there are several approved condo projects , there is also several that are not that will fall into your price range.
The spot approval will allow for a quicker resolution and acceptance.
Waiting until 2/1/10 will cause considerable delays and no guarantees your lender will approve these projects. They are costly and can take up to 2-3 months. However once approved they will remain so.
Being FHA buyer has its advantages and disadvantages.......You lose a lot of clout when you are competing with all cash buyers or those putting down 10-20 %. In particular on short sales and REO's they will migrate to what they consider the strongest buyer, All cash first, large down payment 2nd. So identifying now as many condos as possible that will meet your criteria will give you greater chance of finding one where your offer will be accepted. Do NOT get discouraged if you and your realtor write several offers before you have one accepted. Persistence does pay off.
Remember depending on your area many of the condos on the market are short sale which will take 2-3 months to process and be approved and then if you want until 2/1/10 you will have an additional 2-3 months for project approval.

Short sales are expected to be around for at least another 2 years even though we have been seeing some more homes come on the market that are not in distress. I am not saying you need to purchase the first thing you see. What I am saying is start looking now, keep your eyes open and jump on those condos that meet your specific needs when they arise.

Obviously price and current market trends in your area will determine what you offer. Have your Realtor pull comps and examine the trend in the area you are seeking and make your best offer based upon those observations as well as any competition your Realtor has been made aware of. Some believe you have to offer asking or above....in some cases that may be very true.......but one of the most important influences is how your offer is written! Keep it simple, straight to the point, with buyer protections for loan, appraisal, inspections etc. Keep your contingency periods as short as possible. Take your cue from your lender in terms of time needed to obtain appraisal and review file for loan approval.

Play it smart! Make sure you have teamed up with an experienced mortgage broker and have completely been pre approved subject to finding home and appraisal and final review of your financial status. In other words your lender should have requested from you up front a copy of your tax returns, pay stubs,verified your credit scores etc and job history etc......

If you do not have a mortgage lender I can refer you to one of several with experience.

I serve the greater Walnut Creek area and surrounding communities........

DRE License #01255032

Tax Credit Overview

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sun, 08 Nov 2009 10:27:34 -0600

Per Christina Stratton, Private Mortgage Banker:

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

This information from Christina Stratton. If you need a loan now or in the future give Christina a call or email her. Her information is below:

Christina M. Stratton
Private Mortgage Banker 1
Private Mortgage Advisors, LLC
An Affiliate Of Wells Fargo Home Mortgage
MAC A0394-011

925-627-3025 Tel

christina.m.stratton@pmahomeloans.com

www.ChristinaStratton.com

Terry (DRE #01255032)

Walnut Creek Townhome-Reduced Open Saturday Nov 7, 2009 2PM-4:30PM

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Sat, 07 Nov 2009 13:21:16 -0600

Terry Osburn | Alain Pinel Realtors | 925.627.3006

1715 Geary Rd, Walnut Creek, CA

Commuters Delight!

3BR/3.5BA Single Family House

offered at $489,000

Year Built	1984
Sq Footage	2,367
Bedrooms	3
Bathrooms	3 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$495 per month

DESCRIPTION

Oh, by the way, the Listing Agent Karen Hultman gave me permission to advertise and locate a buyer for this townhome. I do not represent the seller. This townhome is located in a great commute location with easy access to freeway and Bart as well as the convenience of personal shopping and park area. HUGE kitchen with center island and separate eating areas. Spacious with bonus room . Did I mention 3.5 baths? Call me today to set up a personal preview of this property.

Representing Buyers seeking the homes of their dreams.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Tile floor	- Bonus/Rec room	- Dining room
- Dishwasher	- Refrigerator	- Stove/Oven
- Microwave

COMMUNITY FEATURES

- Garage parking

- Swimming pool(s)

- Tennis court(s)

OTHER SPECIAL FEATURES

- Formal living and dining area

- Unit in back of complex away from Geary

- Close to Bart

- Near Freeway

- Near Shopping

- Large Kitchen with center island

- Private Lanai

- Lower level bonus room with full bath

- Separate Laundry room

- Near Larkey Park

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4

Contact info:

Terry Osburn

Alain Pinel Realtors

925.627.3006

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 7, 2009, 10:08am PST

Pet Emergency Preparedness (PEP) Contra Costa County

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 04 Nov 2009 15:59:33 -0600

Pet Emergency Preparedness (PEP)

Did you know that the Contra Costa Animal Services Department has instituted a Pet Emergency Preparedness operation for emergency response?

You can also become pet CPR /1st Aid trained .

After what happened in New Orleans became a wake up call across the country. Pets have needs as well.

In California it is not matter if, it is WHEN we have another earthquake, or another firestorm or flood etc and to be ready to assist in evacuation and saving of pets and assisting those in need.

Go to the link above and read about what emergency services are available, how you can become involved, how to get pet CPR trained and be prepared to help not only yourself but your community in the event of emergency or disaster.

DRE #01255032

Homebuyer tax credit extension......almost .........not quite but almost...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Wed, 04 Nov 2009 15:10:10 -0600

November, 4 2009 10:15 AM

News on the homebuyer tax credit...the House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week.

Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. And as we had also predicted, the tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years. Remember - this is still NOT final, and even if it is approved, it could contain further changes.

Stay Tuned!

Per Christina Stratton, PMA

christina.m.stratton@PMAhomeloans.com 925 627 3025

As Christina has stated NOTHING IS FINAL until signed and there still could be changes.

By the way, Christina is an excellent loan officer , if in need for someone to assist with your home loans and financial planning! http://localism.com/neighbor/cstratlend

DRE License # 01255032

Martinez /Pacheco Stats July 2008-Sept 2009

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 11:12:50 -0600

Homeowners if considering selling and you would like a more detailed breakdown of your home value in todays market please contact me.

Shows trend of sales over the past year.

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Number of Homes For Sale vs. Sold vs. Pended (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
For Sale	99	100	1%	137	100	-27%	153	100	-34.6%
Sold	35	29	-17.1%	37	29	-21.6%	27	29	7.4%
Pended	39	49	25.6%	31	49	58.1%	38	49	28.9%

All reports presented are based on data supplied by Contra Costa, Bay East, MLSListings, San Fransisco MLS, Metrolist and BAREIS MLS. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Avg Price For Sale & Sold (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Avg. Active Price	454	460	1.3%	476	460	-3.4%	471	460	-2.3%
Avg. Sold Price	306	325	6.2%	381	325	-14.7%	424	325	-23.3%

Facts and Trends^TM
Published Oct. 2009
*Location : Martinez/Pacheco (Area 56)*
Months of Inventory based on Closed Sales (Jul. 2008 - Sep. 2009)
Price Range: $0 - $1,099,999
SQFT Range: 0 - No Limit
Single Family Home

	1 month	1 year	15 months
	Aug 09	Sep 09	% Change	Sep 08	Sep 09	% Change	July 08	Sep 09	% Change
Months of Inventory (Closed Sales)	2.8	3.4	21.4%	3.7	3.4	-8.1%	5.7	3.4	-40.4%

DRE License #01255032

Concord Sales up to $599000-Past Year

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 10:57:22 -0600

Below is Facts and Trends for the past year for Concord Single Family Homes up to $599000.

If you want a breakdown more specific to your home and neighborhood , give me a call or email me.

You can see the inventory has dropped considerably.

Understand there are neighborhoods that command more in purchase price than others. Obviously is relative to condition of home.

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Number of Homes For Sale vs. Sold vs. Pended (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Avg Price For Sale & Sold (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

Facts and Trends^TM
Published Oct. 2009
*Location : Concord (Area 57)*
Months of Inventory based on Closed Sales (Jul. 2008 - Sep. 2009)
Price Range: $0 - $599,999
SQFT Range: 0 - No Limit
Single Family Home

DRE LICENSE #01255032

Jerry Brown has link now to check status of Loan Modification Companies

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Tue, 03 Nov 2009 10:15:01 -0600

http://ag.ca.gov/loanmod/

If you and/or someone you know has questions or concerns about a company that has promised to assist you in loan modification go to the link above and check the company out.

Jerry Brown has requested that all must sign up with his office to legally provide services in the State of California.

Loan Modification Fraud has become so rampant and many people in financial distress are seeking any glimmer of hope for their situation that allows for them and opens them up to become victims of the various fraudsters and scams .

I recently heard of a victim who paid not once but twice to different companies....

NEVER pay any upfront fees to someone to do a loan modification.

The banks would rather work directly with you the client. You do not need someone unless you are having difficulty filing the paper work etc but you still do NOT pay fees up front.

There is a lot of good information for the consumer in regards to this at the link provided.

DRE License # 01255032

Short Sales in Today's Market...

Terry Osburn, Broker Associate (Alain Pinel Realtors) — Mon, 02 Nov 2009 20:30:49 -0600

It is amazing how things have changed from even a year or so ago. Short sales are going to be around for at least another 2 years.

For the homeowner in distress this means even in a short sale situation there is a lot of competition for buyers. Will this change in the coming new year with more inventory expected? Remains to be seen.

There are so many variable in terms of area, school, condition, age , upgrades, commute etc.

The bottom line is there are many buyers poised to purchase a home. Some are waiting for the new year to arrive in hopes prices will be driven down further. Others are still waiting to see if the tax extension is passed.

Depending on your lender, investor involved, recourse or non recourse loan will depend on how cooperative and fast your lender witll work with you to approve a short sale once a buyer has been located and procured.

Short sales do successfully close. Despite many of the negatives you hear and the horror stories. Catherine and I have successfully closed a huge percentage of homes listed as short sales.

Sometimes it was like pulling teeth and at times appears games are played but persistence and hard work has paid off for our sellers as well as the buyers.

There is no guarantees but there is hope.

Wachovia loans in short sale are a breeze to do now since Wachovia streamlined the process.

Wells Fargo is in the process of streamling their process. When that will take effect is unknown but would surmise within the next 6 months or less.

BofA (Countrywide) has gone the opposite way and has made life difficult for all parties involved, however we have closed escrows with them.

If a short sale turns out to be the best option for you then contact us to discuss your entire short sale needs and listing of your home. You can find a lot of information on our short sale blog www.ccshortsales.com.

Please note we are not attorneys and we cannot advise as to what is your best option . We are here to provide a service of listing your home, procuring a buyer, submitting the short sale package to your lender(s), negotiating the short sale and hopefully bringing to a successful resolution for all concerned.

You are never charged a fee. Our fees are paid by the lenders at close of escrow.

DRE License #01255032