Gail Boal

Short sale is a great way to buy a home or investment property! Depending upon the area, the better buy can be made by going after an REO - i.e. the one which bank has already taken back(real estate owned). In a short sale, the buyer and seller enter into a normal purchase/sale contract. The seller accepts the offer (even though it is less than what he/she owes to the bank).

The bank goes through their standard process.

First thing they look for is if the seller is already in default. If yes, they will look at the short sale. If the seller is not in default, most likely they will reject the short sale.....with the current heightened financial fiasco, they may look at any and all short sales.

Next thing they look for is how long the seller has tried to sell the property. The longer it has been on the market, better the chances that they will entertain the short sale.

Lastly, they will order their own appraisal in this situation. Once they have good assessment of the value, they have their internal criteria as to if the short sale is within a certain price range of the appraisal, the first line can approve the sale. If the price is discounted more than that range, then it goes to higher levels of approvals. This is where the delays are caused and you may not know whether you have the deal or not......If you go after REO property, all of this red tape has already taken place and the sale can be much faster.....

But, from the buyers point of view, there is no difference other than the fact that you have a contingent contract

~Gail My Site

I know this is going to seem a bit soon.. but.... looking at the inventory for existing homes for sale in Pleasanton and Danville areas-- the trend line is downward(click on the inventory button on the chart)!!! Average listing prices are actually trending up in Danville as well. Note, one month does a trend make(sic)... but it sure is nice to a see a graph that notes the change!!!! If this downward trend of available homes continues... a market swing may be occurring. i.e. if the available number of homes for sale continues in a downward trend for a period of 4 - 6 months, the market will be changing from a buyers to a sellers market. ~Gail My Site

Tri-valley’s area growth comes from the world-renowned Silicon Valley. And late breaking news claims the valley is finally recovering from the dot com days!

News from over the hill, claims Silicon Valley is on its way to a brighter economic picture in 2008. Latest job figures for 2007 show employers adding head-count and will continue to do so in 2008. Commercial vacancies rates have decreased by 30% and vacancy rates for residential rentals have decreased by 7%. Home prices in Santa Clara are actually seeing an increase in price over the same period in 2007. John Sloven, director of the Stanford Institute for Economic Policy Research, saying, "Silicon Valley is in better shape than the overall U.S. economy. My overall assessment is the Silicon Valley economy is going to come through this pretty well unscathed."

If one looks at the latest pending/sold homes for the month of January 2008, in Pleasanton, Ruby Hill, Golden Eagle and Blackhawk area it tracks with the data. Let’s put a bottom in this market… please!!!

~Gail My Site

I do have a feeling......

The Pleasanton market is going to do okay for 2008. Interest rates are falling and plenty of buyers are ready to purchase the right home at the right price AND in the right conditon. Sellers: Market your home the best way possible. Declutter, clean, repair and make your home shine! Homes that are remodeled with high quality materials and are priced right will continue to sell. Many people want a turn-key home. A home they are proud of and one that they can move into without worrying about remodeling. If a home does need remodeling and the seller does not want to go to the expense and trouble, then make your home shine with cleanliness...and price your home so you can get the buyers into your home. We have a great community, top schools, and a beautiful downtown.....!!

My Site

The market- what does 2008 have in hold for everyone thinking of buying or selling a home? No one knows for sure. It comes down to this: A buyer has a want and a need. They want to purchase a home at a price that makes sense to him/her. When it comes to the seller it has to do with price, competiton, and motivation. Motivation is becoming huge in whether a deal will work out or not. If the sellers are more open about their motivation and trying to work out a price with the right terms for a buyer, everyone can come to terms and a contract is neogotiated and carried out.

Patience- a lot of questions are necessary and the ability to access the situation so a transaction will occur and both buyer and seller are satisfied with the results

~Gail My Site