Hayward, CA

Anna May, a Bay East REALTOR® and Hayward city council member, will make a presentation at the Central County Marketing Meeting on Wednesday, April 25. The meeting begins at 8:30 a.m. and is held at Knudsens Ice Creamery at 3323 Castro Valley Blvd. in Castro Valley. Her presentation will be a great opportunity for REALTORS® to learn about running for an elected office and what it's really like to serve on a city council.

Considering Moving to the East Bay? ~ Do you want to Buy or Sell a home?

Do you have clients with needs in the East Bay?

Search East Bay Area Properties

Visit my website at http://pamwinterbauer.com

The City of Hayward wants to do something about blighted vacant residential properties. Last month a group of Bay East REALTORS® and Bay East staff met with City officials to educate them about the realities of dealing with vacant foreclosed properties. We suggested several alternatives, however the City seems intent on developing an ordinance that will ultimately do little to address the problems associated with vacant foreclosed properties.

Earlier this week, City staff released a draft version of a vacant property ordnance. This ordinance could require owners to register their property with the City of Hayward upon receiving a notice of default. Once registered these properties could be subject to inspection and a $1,000 per day fee if the property is not maintained.

Bay East is seeking REALTOR® input on this new ordinance. Please take a moment to review the ordinance by clicking here.

Considering Moving to Hayward or the East Bay? ~ Do you want to Buy or Sell a home?

Do you have clients with needs in the East Bay?

Search East Bay Area Properties

Visit my website at http://pamwinterbauer.com

Today, I spent the afternoon taking my clients to see several REO listings, and compare them to short sale and regular listings.

Using the polygon feature of our MLS,we delineated areas where my clients like, and we chose 16 properties to look at.

Since this is my clients' first foray into viewing REOs, they were surprised at how different the agents took care of, and promoted their listings.

THE BAD

• No pictures
• Only one picture
• Fuzzy pictures
• Trash/garbage cans in front of the property
• Keys that don't work --- or missing keys, or wrong combination
• No lights
• No water --- and when people use the bathrooms without having water to flush the toilets, watch out!
• Incomplete descriptions, or no descriptions at all in the public or confidential remarks
• No indication on whether the locks are Supra or combination locks
• Trashed places with no attempt to clean them out

THE INCONVENIENT

• If combination lockbox, the agents require email requests to get the combination codes
• And when we call or email, we don't get the answers promptly. Sometimes, we don't even hear back from them at all!

THE GOOD

• Multiple and CLEAR pictures on the MLS
• Explicit instructions on where/when/how to submit offers
• Detailed descriptions on public and confidential remarks
• Thoroughly cleaned properties --- even if the previous owners have vandalized the property or removed the appliances, the properties manage to look neat and/or clean
• Info on what type of lock is at the property
• Easy to open locks,
• Instructions to call a dedicated number that provide an update on the status of the property (accepted offer? Pending? Still available?)
• Prompt responses to calls, voicemails, emails

What happened to REO agent's clean up crew?

I was under the impression that one of the reasons REO agents are selected is because they have teams of people that include those who replace locks, clean out the properties and make them halfway presentable.

Today, we got a taste of the good, the bad and the ugly. It was a rare breath of fresh air when we saw a group of people actually working to clean out a place (they were shampooing the carpet, washing down walls, cutting the yard, hauling away junk). They even told us to use booties as we entered the place.

The agent's description and pictures were so good that there was a constant number of agents and their buyers coming and going to that property. There is a published offer date --- and you can bet there will be several offers.

PERCEPTION IS REALITY!

We know enough to lower our expectations when it comes to REOs. The buyers are inclined to offer much less on properties that look, but may not really need, as much work as they seem. On the other hand, a property that is clean may not only attract more attention, but may also bring multiple AND higher offers.

Related posts

REO Agents: PLEASE give us buyers' agents some respect! (Rant)

To the REO Agents: What's with the attitude?

Two appraisals, same REO property. Significant difference!

Include material info in the MLS

I was watching the news the other day and started getting depressed. I have been doing the Realtor thing for 45 days now and am not even close to listing or getting something under contract. I was ready to throw in the towel this weekend but then I thought I love this real estate biz. I am going to make my business work. It may take me some time but I will build my database and referral base... I'm not going to let anything stop me!

The City of Hayward is committed to increasing the number of residents who own their homes especially in this tough time. The city recognizes that there are many families who want to own a home and can qualify for a mortgage and afford the monthly payments, but are unable to save enough for a down payment. The First-Time Home buyer Program (FHP) helps eligible families purchase a home in the City of Hayward.

The First-Time Home buyer Program is designed to work with a number of different mortgage programs. The program provides down payment and closing cost assistance.

Am I eligible for the Program?

It is designed to help first-time home buyers who, without city assistance would not be able to own a home.

It is best to call to see if you qualify. To try and figure out all the components yourself would be difficult. My pre-approval are FREE OF CHARGE.

To qualify, you must not have owned a home, condominium or town home within the last three (3) years.

You must not earn more than 120% of the area median income adjusted by household size as listed in the following table:

First-Time Homebuyer Program Income Limits

FAMILY INCOME

SIZE LIMITS

1 $72,300

2 $82,600

3 $93,000

4 $103,300

What kind of home can I purchase?

You may purchase any new or existing home, single-family detached, town home town home (no manufactured housing units, duplexes or mobile homes).

The home must be located within the municipal boundaries of the City of Hayward (i.e., homes within the unincorporated areas do not qualify for assistance).

The maximum purchase price of the residence may not exceed $400,000.

The City cannot provide assistance to purchase properties with health and safety deficiencies or structural problems.

Can my family really afford to own a home?

Buying a home is the largest purchase most families will ever make. A requirement of the down payment assistance program is attendance one of the City’s free Homebuyer Workshops. The Workshop takes you through the home buying home buying process step-by-step. Topics include deciding whether homeownership is right for you, shopping for a home that meets your needs, obtaining a home mortgage, closing the sale, and even maintaining your new home. You will know more home buying home buying and will be able to negotiate the purchase and financing of the home you want. You will understand the terms of your mortgage and be confident that you can afford home ownership.

What are the terms of the FHP loan?

The City will provide qualified homebuyers up to $20,000.00, which includes:

Down Payment Assistance; and/or Closing Cost Assistance

The FHP assistance is a 30yr loan, Loans are amortized over 30 years. The interest rate is based on the Federal Home Bank - 11th District Cost of Funds Index (COFI) at the time of City approval. The loan is secured by a second deed of trust. This city program differs from surrounding city down payment assistance programs. Monthly payments ARE made.

You must down payment a down payment of at least 3% of the purchase price, plus funds for recurring closing costs unless used in conjunction with an FHA loan which requires a 3.5% down payment per FHA.

Do I need to qualify for a mortgage?

Yes. In order to receive assistance, you must qualify for a home mortgage. Any of the participating lenders listed in this brochure can determine if you qualify for a first mortgage and for the City’s First-Time Home buyer Assistance Program. You must use one of the lenders approved with the City of Hayward. Vintage Mortgage Group the company where my license is hung is an approved lender. Contact Joanne with the city of Hayward with any questions.

How do I get started?

1. Contact myself Brian LeBars at 925-484-5363. I have a proven track record with closing these loans.

2. Become Pre-Approved for a First Mortgage contact Brian LeBars at 925-484-5363 to be pre-approved for a home loan and to check your eligibility for the First-Time Home buyer Assistance Program. You MUST use a participating lender.

3. Find a Home and locate an eligible house or town home within the incorporated areas of Hayward.

4. Attend a First time Home Buyer seminar.

5. Sign a Contract- Enter into a written contract with the seller to purchase the property. On a side note it does make a difference the agent you use. See…City of Hayward Down Payment Assistance success story.

6. Finalize your Mortgage- See your lender to finalize your mortgage and FHP loan. The lender will submit an application to the city for approval. The city will verify your eligibility and that of the home to be purchased and approve the FHP loan.

7. Sign the Loan Papers- Following application approval, you will sign the FHP loan documents and the first mortgage loan documents before the close of escrow.

8. Enjoy Your New Home! The city will deposit the down payment and/or closing assistance funds in the escrow account for your mortgage. When escrow closes, you are now able to move into your new home!

If you enjoyed this post, make sure you subscribe to our email newsletter!