Pleasanton Real Estate

Not all buyers are worth a counter offer!

You know sometimes a buyer can write an offer that is so low that it upsets the hell out of a seller, really makes the listing agent mad also.

I know when this is likely when an agents just.. ‘emails in” an offer, without phone followup or confirmation the offer was received.

Worse, the offer usually is incomplete with errors, typos and boxes left unchecked.

What to do? JUST SAY NO.

Sometimes the best counter offer is no counter offer at all. If a price offered is so low that it can be described as ‘patently frivolous’,

there is no need to respond. Often times that will help a buyer and their ‘agent’ see sense and return with a package that is more realistic.

Don’t be afraid to be tough with these bottom feeders!

How Far Underwater Do Borrowers Sink Before Walking Away? – Developments – WSJ

How Far Underwater Do Borrowers Sink Before Walking Away? – Developments – WSJ.

Related articles

• Fewer homeowners underwater in the third quarter (seattletimes.nwsource.com)
• Be aware of all that comes with walking away (hsh.com)
• Fewer homeowners underwater on their mortgage in the third quarter (usatoday.com)

Livermore Real Estate is a safe bet, here’s why!

On my way home bringing my oldest daughter home from Tucson, a 12 hour drive, I figured out the future of Pleasanton Real Estate and Livermore Real Estate.

We avoided traffic in Tucson, skipped thru Phoenix and even came thru LA albeit mid morning without a hitch. Some traffic but no major slowdowns. It was not until we arrived at the Altamont pass @ 5pm that we hit traffic, and watched the commuters at a standstill. Then I realized, despite the financial meltdown, the layoffs and all the negative news we have had,
people are still coming to the Tri Valley in droves!
Owning property here is as safe a bet as you can find in the world. The weather is great, location awesome and emigration to the bay area and in particular the Tri Valley is set to escalate in the next 10 years, so consider this if you feel scared or afraid to buy. Homes are on sale now, grab yours while you can!

Improving your curb appeal

Landscaping design ideas from Outer Visions Landsaping.

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.  The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

Wachovia Short Sales, do you have a Wachovia or Wells Fargo mortgage?

Do you have a loan from Wachovia? If you have a Wells fargo or Wachovia loan and are getting behind on payments and need to consider a short sale you are in luck.

Unlike other banks Wachovia is streamlining the short sale process and in fact the approval time required is usually 30 days or less. Wachovia have local staff in Pleasanton dedicated to reviewing and approving short sale applications. Their requirements are a executed purchase offer and a short sale package completed by the seller.
Do you have a Wachovia or Wells Fargo mortgage and are you considering a short sale? If so let us know, our experienced staff can expedite the process at no charge to you.

Congress extends Tax Break!

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

What to expect in 2011

I keep getting asked when will house prices start rising, will it be next month, the spring perhaps well to answer that one we need to look at some cold hard facts.

Currently in Livermore CA we have well over 300 homes for sale, with an average sell rate of @ 40 -50 per month. In Pleasanton CA the picture is a little more balanced with @ 200-250 available homes for sale and the same sell rate. What this means is that we still have an oversupply of both new and resale properties for sale in and around the Tri-Valley area.

Historically slowdowns affect the Real Estate market in this area every 7 – 8 years and this one is long overdue. However since the Fed has relaxed rates I sense that we should see a flatter market developing next year with a turnaround and price appreciation starting in spring of 2012 – 2013.

Click here for homes for sale in Livermore CA and Pleasanton

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