About Concord's Kirkwood

October 2010

Dear Kirkwood Neighbor,

We are almost through the year and what is going on in the real estate market is as much a challenge as ever. Our year so far is more short sales, more modifications (we hope and hear they are kicking in) as the Make Home Affordable Programs are implemented. As of 8-1-2010 any lender that signed up must follow the Home Affordable Foreclosure Alternatives Guidelines. Overall it is streamlining the process in a good way. The result will be fewer foreclosures as the program offers alternatives; loan modification, refinance, deed in lieu of foreclosure and shore sale, all of which minimize your credit risk and some of which have financial incentives to the banks and to you for being part of the program.

The most important thing to know is that if you know someone in this category that would be helped by one or more of the program, don't wait too long. There are time frames that make you eligible and you DO NOT have to be behind in your mortgage to qualify. In fact, it is better if you are not. (There are limited programs if you are behind as well).

See advice before the Notice of Default is filed. Terrylynn became a "Certified HAFA Specialist" proficient in these programs earlier this month for the purpose of counseling those who may be eligible for any/all of the programs. This is not necessarily just to sell your home, but to help you with the steps to modification and refinance as well. We are here to help... no matter what the market, and we mean it. We are offering FREE counseling sessions if you have questions about refinance, loan modification, short sale, and/or foreclosure options.

As we walk around the neighborhood on our morning walks, we feel lucky to be here, to have our work and health, to have our kids and grandkids nearby. Just like for most everyone, there have been fewer luxuries, less dining out, but what really matters is all the rest. We have a home in a great neighborhood where we have been for over 30 years. We are blessed, and we know it.

For those Real Estate questions about anything, Make Home Affordable Programs and assistance, tax re-assessments, property values, buying, selling property management, and whatever tickles your Real Estate fancy, please remember us. We have been working and living in your neighborhood for over 30 years. As always, we are here, and we'll be here tomorrow. Say hi when you see us walking, we'd love to chat. Good thoughts for our property values, may they rise.

- Terrylynn and Bob Fisher
www.KirkwoodNeighbors.com
Terrylynn@BuyStageSell.com
925.876.0966
Empire Realty Associates
DRE#00615420

Terrylynn & Bob Fisher, Realtors, DRE # 00615420
925 876-0966
Terrylynn@BuyStageSell.com
Kirkwood Neighbors Jan-October 2010 Recap

Kirkwood in Review, January to October 2010.

For all of 2009 there were 9 SOLDS and interest rates were around 6%; 2010 we are at 9 SOLDS with three months to go, a good sign for Kirkwood Real Estate. There are a number of factors that signal a real estate recovery:

• The California Association of Realtors reports that numbers of sales are up 3.8% from last year all over the state. Sales prices are not up...YET in most markets.
• NEW home construction housing starts are up, so the builders are seeing signs of a recovery.
• The near 5% and below interest rates make it a GREAT time to refinance and/or buy.
• In the under $500,000 price range the market is brisk, with multiple offers on well priced properties. Tenants are finding properties to buy where their payment is LESS THAN THEIR RENT!!!

Our near Clayton, Mt. Diablo foothills location is a plus as we enjoy many of the amenities of the downtown without having to travel far to do so and it is walking distance by trail, too. The festivals, farmers markets, rehab of shopping areas and adding some terrific restaurants in the Clayton and Concord shopping centers have been a big boost to those not wanting to have to travel long distances for those amenities. Kirkwood is poised for improvement as the economy picks up. Interest rates hovering at around 5% is a tremendous value (our all time high price was $750,000, backing the golf course).

For those sellers and buyers out there, never lose hope! The process of a Short Sale weighs on everyone involved in the transaction. All parties must be committed, responsive, and be blessed with patience!

In this transaction, I represented the buyers. We thought we were entering a standard BofA Short Sale through their Equator system. As it progressed, the sellers opted to go through HAFA (Home Affordable Foreclosure Alternative Program) which was just in its infancy! It was uncharted territory that very few had any experience with! I spent many hours over at ShortSaleSuperStars.com which was extremely helpful and beneficial. Although not all transactions will be the same, here's the time line we experienced:

April 22: Seller accepted buyer's offer (WooHoo...multiple offers, but we came in with a clean, fair market price, all cash offer)

May 26 (5 weeks): BofA countered to seller with minimal requests which seller accepted...(wow, short sales aren't as bad as they're hyped to be!)

May 27: BofA offers HAFA to sellers and they accept. Out of the Equator system it goes over to a separate HAFA department. (thinking to self...okay, it's only suppose to take 10 days for approval...worth it so sellers can enjoy the HAFA benefits)

July 28 (9 weeks): Get word that it was HAFA approved (NOTE...this is 9 WEEKS, not the 10 days!) Now it goes back over to the BofA Short Sale Dept via Equator.

Aug. 30 (5 weeks): Preliminary Acceptance and needs an updated HUD and Proof of Funds. (By the way BofA...you're welcome that I caught your typo error in which you were approving the offer for $20,000 less!)

Sept. 15 (2 weeks): Finally got written approval from bank...buyer now proceeds with inspections.

Sept. 30 (2 weeks): CELEBRATION...closed escrow!

So, from the beginning to the close of escrow, the process took about 5 months. From my experience, the HAFA program did not speed up or streamline the short sale process. Of course, I was the Walnut Creek Short Sale Agent on the buyers side of it and not privy to full details between the sellers, bank and Equator file. I'd be curious to hear from those of you who have gone through the HAFA program to see if you experienced a similar time line or not.

Special thanks to my buyers for hanging in there. It was worth the wait and will be a great home for this beautiful family...Congratulations!

5513 Kirkwood Drive in Concord, California

$2,000/month for rent, 2,200 deposit. No smoking, no pets.

3 bedrooms, 2 baths, double garage, inside laundry room, tile entry and kitchen. Living room and family room, brand new kitchen with cherry cabinets, stainless steel appliances, granite & more. Living room has high ceiling and fireplace. Formal dining and breaktfast room. Located on bus line. Assigned schools are Ayers Elementary, Diablo View Middle and Clayton Valley High. Please check with the school district for more information and availability.

For more information contact Property Management Alternatives
925.876.0966 925.876.0966 925.876.0966 925.876.0966

Terrylynn & Bob Fisher, Realtors, DRE#615420
925.876.0966
Terrylynn@BuyStageSell.com
Kirkwood Neighbors 2009 Recap

Kirkwood had 17 properties come on the market this year. Of those, 2 are pending, 9 sold, 4 of those in May, wow, what a summer rush, eh? There were 6 properties that came off the market and back on but 3 never sold! We have hovered in the mid $300,000 - mid $400,000 price range with two exceptions. That is encouraging as last year prices were low$300,000's for a time. Our near Clayton, Mt. Diablo foothills location is a plus as we enjoy many of the amenities of the downtown without having to travel far to do so and it's walking distance by trail, too. The festivals, farmers markets, rehab of shopping areas and adding some terrific restaurants in the Clayton and Concord shopping centers have been a big boost to those not wanting to have to travel long distances for those amenities. KW is poised for improvement as the economy picks up and with interest rates under 6% is a tremendous value (our all time high price was $750,000 backing golf course). But then, we know that, we live here...

www.KirkwoodNeighbors.com

DRE #615420

- Terrylynn Fisher has been a Kirkwood neighbor for over 30 years. Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.