Realty World – Town and Country

Pleasanton, CA Forclosures are on the rise. Over the past several months due to a moratorium on foreclosed properties, these “for sale” properties have been far and few between not only in Pleasanton, but nationwide.  We currently have 7-active bank owned/foreclosed properties on the market in Pleasanton and although for many communities this number is extremely low, for Pleasanton, this is on the high end.
At current, there are 7 “active” foreclosed properties available ranging from $334,900 to $2,100,000 located in the Ruby Hill community. The smallest of the 7-available properties was recently used as a business location near downtown.
Based on the pattern of the last 12-months, I suspect these properties will be pending within a matter of days. For homebuyers thinking of purchasing, the best advice to take heed…get pre approved by your lender of choice because in this market, once you fnd the property, acting quickly and wisely with the professional you feel most secure with is your best strategy.

Pleasanton CA, as of January 4, 2010 there are only 116 TOTAL Properties on the market in Pleasanton according to the Multiple Listing Service. This includes Single Family Homes (SFR), Condo and Townhomes!  Just before the holidays we had 102 Single Family Homes alone!!  Here’s how the market is currently stacking up:

86-Single Family Homes priced from the low of $399,000 up to the high of $8,888,888
15-Condos priced from the low of $170,000 up to the high of $395,000
14-Town Homes from the low of $189,000 up to the high of $468,000

The shortage of homes available on the market continues to be the trend. We are beginning to see a trickling of Bank Owned (aka, REO, Foreclosed) properties come to the market; one being in the Shadow Cliff neighborhood of Pleasanton, located on Whitney Drive.
 The First Time Home Buyer Tax Credit is still in affect until April 2010 and FHA loans continue to be accessible allowing for down payment Requirements (as low as 3.5%).
If you’ve been on the fence about selling, this is most definitely a good time to make a move. The market is begging for more properties!
For specific questions or housing information, please feel free to contact me direclty.

There is not too much to say other then it looks like Congress will extend the first-time homebuyers’ tax credit.
The vote is expected next week. The credit will give people who buy a home $8,000 and lawmaker say this will be the last extension.
“Tax credits like this only work by creating the sense of urgency to take advantage of them and to bring the market back. So the American people and the homebuyers of the United States and the potential home sellers have an opportunity in the next seven months to take advantage of a once in a lifetime credit.”
The House and Senate both have to approve the extension before President Obama can sign it into law. Make sure you dont miss the boat!

You know, it’s funny. In the last year or so, the Real Estate industry or Business, whatever you want to call it has been a hot topic, even more than usual.
I have worked in this industry for ten years through the “hay day” and into the “new” market. What has changed? Well…
For me not a whole lot We still are a service based industry. I never considered myself a salesperson, the agents that I have trained can attest to that. We don’t have anything to sell, our clients do, nor do we have anything to buy. I am still the same Consultant and Facilitator that I was before, only now I am in higher demand.
When I meet with a client for the first time the meeting is the same now as it was 3 or 7 years ago, I let them know that my job is to explain the realities of the market and make them a better buyer or seller. Staying current on trends on my market area and being a strong negotiator are valuable in any economy.
Real Estate is fun to talk about whether you really do know what you are talking about, or think you know what you are talking about. Just turn on the news and there it is, but what are they saying? When they are giving you national housing statitics do they really matter to you? The answer is, it depends. Every area has its own market so while it is interesting to watch the news and listen to the talking heads read the teleprompter, think to yourself does this apply to my market? What are we seeing?
Like I said, I am still doing the same job I have always done, with ethics and integrity as my compass and I know that I am not alone because most of the same people that I started in this industry with that were here before me and taught me some of these lessons are still here too doing the same job too, and the ones that never learned them are no longer here. I guess that is what is “new” in this market.

Excerpt from CLTA News:
Governor Signs Buyer’s Choice Act into Law
Measure to take Effect Immediately as Urgency Statute
The Governor signed AB 957 (Galgiani), also known as the Buyer’s Choice Act, over the weekend amidst a spate of political gamesmanship that put its passage into question. While the bill had almost no opposition in the Legislature before its signing, it nevertheless faced an uncertain future as one of hundreds of bills that could have been vetoed by a Governor unhappy with the progress of talks over water legislation.
The bill, which takes effect immediately as an urgency statute, prohibits a seller who acquired title to residential real property at a foreclosure sale from requiring a buyer to purchase title insurance, or escrow services from a company chosen by the seller as a condition of receiving offers or selling the residential real property. A transaction subject to the act would not be invalidated solely because of the failure of any person to comply with any provision of the Act. The measure is effective only until January 1, 2015, unless extended by the Legislature.
For commonly asked questions surrounding AB 957, please see the CLTA’s Buyer’s Choice Act FAQ.
Buyer’s Choice Act
Frequently Asked Questions
Q. What is the Buyer’s Choice Act?
A. The Buyers’ Choice Act is a new law that prohibits a seller who acquired property as a foreclosure sale from requiring a buyer to purchase title and escrow services from a company chosen by the seller as a condition to receiving offers or selling the property. It was enacted by Assembly Bill 957 (Galgiani).
Q. Who is a seller under the Buyer’s Choice Act?
A. A seller is defined as a mortgagee or beneficiary under a deed of trust who acquired title to the property at a foreclosure sale, including a trustee, agent, officer or other employee of any mortgagee or beneficiary.
Q. When does the Buyer’s Choice Act become law?
A. On October 12, 2009. The law is an urgency measure and became effective when it was signed by the Governor on October 12, 2009.
Q. Can a buyer agree to accept the recommendations of the seller as to which title or escrow provider to use?
A. Yes, provided that a written notice of the right to make an independent selection of those services is first given by the seller to the buyer.
Q. Does the new law apply to all real estate transactions?
A. No. The law only applies to residential property improved by four or fewer dwelling units.
Q. What settlement services are covered by the law?
A. The law covers title insurance and escrow services.
Q. Are there penalties for violating the Act?
A. Yes. A seller who violates the new law is liable to the buyer for three times all charges made for the title insurance or escrow service. In addition, a seller who violates the law is also considered to have violated their licensing law.
Q. If a person violates the law can the sale be set aside?
A. No. A transaction cannot be invalidated solely because of the failure to comply with the law.
Q. What is the reason the Legislature passed the Buyer’s Choice Act?
A. The Legislative findings and declarations state that the recent troubled real estate market has resulted in a concentration of the majority of homes available for resale within the hand of foreclosing lenders and has dramatically changed the market dynamics affecting ordinary home buyers. The act declares that the potential for unfairness occasioned by the resale of large numbers of foreclosed home requires that protections against abused be made effective immediately.
Q. Does the Act continue indefinitely?
A. The Act is only effective until January 1, 2015 unless it is extended by the Legislature.