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Jeff Pereyda Fremont-Newark-Union City Homes for sale

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Selling A Home In Fremont CA--Have you considered a proposition?

10-31-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
In a recent blog post, I wrote about a Proposition 60, 90 and 110 client of ours that was denied the claim to transfer their tax to the replacement home.


In short, the replacement home was too expensive for the transfer. The tax assessor will only allow a certain increase in the replacement properties sales price. It was not even close, but we thought we would try. The comment from my client was, "Well, I had to have this house, so it was not even a question." I agree. The replacement house is a beautiful house in the Niles area of Fremont.
In closing, if you are over 55 or disabled and are selling your home in Fremont or any home in California and Alameda and Contra Costa Counties, look into the Props before you plan your move. That is unless you just, "gotta have that house."


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Fremont CA Short Sales

10-29-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
A client visited with me in my office in Fremont last night. He makes a good income and is capable of buying a home in the Mission San Jose Area of Fremont, which more most is no easy task. As we talked further, he disclosed that he recently got out of a short sale. It closed escrow in August.


If you know just one thing about buying a home it is that the lender will look at your credit and put it into the long equation on the home qualification formula. What do you think his credit showed?


After we both sighed, he authorized me to pull his credit. His credit showed that he now had two "derogs" on the credit report. A derogatory event on a credit report is never a good thing. If someone you know has had or is going through a short sale in California several things will appear in the credit report when it is all over. The first thing they may notice is the highlighted derogs. This will specifically show as three, thirty-day lates on the credit report. It will show as a ninety-day ding. What's more is that say the owner had a first and a second loan, or HELOC, a home equity line of credit, and they were both settled after the short sale closed escrow--now the owner will have two ninety-day dings on their credit report. How does that effect one's FICO score? Say someone had a shining 740 FICO score just prior to all this mess. After all is said and done with the short sale proceedings, their score will be reduced down to a 617 FICO or somewhere thereabouts. Good luck getting a loan with a 617.


Can it get worse? Yup. If the short sale lender recorded an "NOD" (notice of default) against the owner during the "lates" or at anytime during the short sale proceedings, many new lenders (when the short sale seller goes out and tries to get a new loan for another home) will treat this little bit-0-history as a foreclosure against the owner. A foreclosure means no loans period.


In closing, we certainly saw that he had the money and a great job with scores of income. But, because he had to choose the short sale of the prior home, his FICO score went poof. What is good about California is that it is almost impossible for a lender to go after a deficiency judgement for the difference of the loan and taxes. That's good for consumers, but bad in other areas. The lender will report the short sale to the credit bureaus and the ninety-day dings will appear. You cannot have your cake by getting the loan forgiven and the debt reduced to zero and eat it too.
I promised that I would do my due diligence, pull his prior HUD 1 settlement statement too to see if the lender recorded a NOD and call my banks to see what his options are. I will let you know.
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Real Estate Agent--Fremont CA--Selling a House In Fremont

10-26-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Once a homeowner decides it is time to sell their house, They'll need to do a few things. First, owners should psychologically become sellers in their actions and in their frame of mind. After this transition, what follows next is that they should find homes that are comparable to theirs. It's usually called a Comparative Market Analysis (CMA). Lately, Internet companies call them a Home Value Report. Either way, it should contain these things in it:
  • Homes like yours sold in the last 3 months or so
  • Homes like yours pending a sale
  • Homes like yours still on the market and
  • Get the story behind each one.
Then, they should perform a net profit analysis on the sale of their home on a simple excel sheet. And, needless to say, they should have a place to live after they sell the house. They need to be able to afford the change of venue. Somewhere in all of this, they need to find me.
Some people who need to sell a home in Fremont are on the Internet with the goal of finding the right tools to achieve all of the above mentioned items. They want to do it on their own it first in private. I do that with a lot of things I set out to do. When I built my Fremont, Newark and Union City website called, tricityhome.com, I built it myself--see what I mean. Anyway, I put these home-selling tools in place to help homeowners transition from owner to seller.
  • Here at Tricityhome.com they can request a home value report that I create by hand, old school, where driving the area and finding homes that are not on the MLS may help the value along too. You simply fill out a small form and ask for one here. Remember I do it by hand. Zillow and others can be off as much as 40-50k in their estimates.
  • On the website, Fremont home sellers can download a working home seller net sheet that is easy to use, so they can find out what their profit will be from the sale. "Will it be enough?" is a common question that gets asked across the kitchen table when the sellers are trying to figure things out.
  • They can also get peace of mind by downloading our TriCity Real Estate Brokers, Inc. Seller Certification that allows the seller to fire us on the spot if we ignore something that the seller wishes to change in our marketing efforts or purchase offer negotiations. We haven't used one yet, but it is there.
In closing, there is a sea of real estate agents in Fremont alone, some are good ones. On the Internet, it is hard to weed through some hand picked ones. Sherry did just that here. My hope is that someone who needs to sell their home in Fremont, Newark or Union City can find me through the forest of agents out there. I love doing a good job.
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Welcometofremont.com--Our New Home

10-23-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Before anyone gets too sentimental, welcometofremont.com is a new home for the blog. It's all part of a blog syndicate (blog once and having it populate to different blogs automatically). It's in the rough stages, so needless to say it may take a while before the real content gets published on a regular basis. So far, the blog is mirrored on 3 sites, so a total of 4:





So, I post to one and the all get posted, except for blogger (blogspot). I just can't seem to let it go. It's like an old friend. Bye for now.
Thanks for reading. Why not take some free things back with you? Visit these links below.

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Consider This Proposition--Prop 60, 90 & 110

10-21-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
For the most part, if you are 55 and over, you can have your existing property tax payments carry over to your replacement property. This is mostly for replacing a Alameda County property in Alameda County and a Contra Costa County property in Contra Costa County. The two counties here also cooperate with each other. Other counties participate with each other too, but they are very slim to none.


I carry a Seniors Real Estate Specialist (SRES) designation as do some other real estate professionals. The SRES requires that the agent undergo a certain number of hours and courses geared to helping seniors attain qualified professional help regarding real estate matters. Although I am not a tax professional, and this is by no means tax advice, the courses introduced a few propositions that tend to spill into our line of business. And they tend to be a bit tricky, so please consult a tax professional before considering the move and the benefit.


I recently helped a couple sell and replace an Fremont CA home--Alameda County property with another Alameda County property. In a nutshell, the properties must close escrow the same day--we did. One of the claimants must be 55 or older or disabled (prop 110--is for disabled)--we did have a 55+ claimant. We filled out the forms. We called the tax assessor's office, etc. We were ready.


For reasons beyond the scope of this blog post, our claim was denied, temporarily. We will appeal the case because everything was in place exactly the way we needed it. Basically, the only variant was that the claimant was removed from the purchase contract 1 week later by order of the lender for the purposes of financing only. He was to be added back on title after the close of escrow. Trying to redraw loan documents and have the claimant added as a "non-borrowing spouse" would have cost us the most crucial part of the requirement, and that is closing escrow on the selling property exactly the same day as the replacement property. We did that against many odds. The title thing we had to deal with later. I will keep you posted on the appeal.


Advice to those who are considering the Proposition:
  1. close escrow on the same day
  2. be over 55
  3. all buyers be on the contract if lender likes it or not--be a "non-borrowing spouse" if applicable. DO NOT let the lender push you around AND
  4. remember #1 again.
Please consult a tax professional for further information on Prop. 60, 90 and 110. Here are two good links to get your started.
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