RealEstate680

 The local Realtor Board, Contra Costa Board of Realtors fought hard to get this great homeownership tool as part of the the Housing and Economic Recovery Act  HR3221 that passed on July 30, 2008.

It’s a single credit worth up to $7500 that has to be taken in a single tax year.  The actual credit amount is a percentage of the home purchase with a maximum of $7500.  Income limits are $75,000 for individuals and $150,000 for households.  If an individual makes more that $75,000 but less than $95,000 there is still a credit but it’s reduced.  Talk to your tax preparer for the actual amount.

Seven of the 100 homes currently on the market in lafayette are potential short sales.  Buyers and sellers are becoming used to the fact that shorts sales in Lafayette, Walnut Creek and on the 680 corridor are as common as a any other sale.

Banks are also getting used to negotiating short sales.  Using Trained Loss Mitigation Managers help all the parties involved communicate the best possible deal.  Whether you’re selling or buying, short sales offer tremendous opportunity.

As of the writing of this post, there are 40 potential short sale residential real estate properties in Walnut Creek, California. The process has greatly improved over the past several months. Banks are very willing to attempt a “negotiated short sale” with their homeowner. This means that buyer and seller have a good idea what the bank will settle for in an approved escrow.

Some Walnut Creek real estate agents like myself have created relationships with responsible companies that have trained Loss Mitigation Manager that act on our clients behalf to do the negotiation with the banks and lenders.

If you are in a position that may require a short sale, there are a few simple documents that will be necessary. Make sure you are dealing with a real estate agent that has the knowledge and experience with this process.

Originally called “The Comers”, Walnut Creek became an incorporated city in 1914. The city received its present name from a term by the Moraga expedition to describe the creek that flowed through Diablo Valley, “un arroyo que llama los nogales” (a creek called the walnut trees), which was later changed to the English name of Walnut Creek.

Settlers were first attracted to the area during the Gold Rush era. During this period the valley’s principal crops were cattle, wheat, fruit and nuts. The Southern Pacific Railroad opened service to Walnut Creek in 1891, and in 1909 the Oakland-Antioch Railway opened commuter service from Walnut Creek to the metropolitan Bay Area. Completion of the Caldecott Tunnel into Oakland and the Bay Bridge to San Francisco made the area more attractive to those who commuted to San Francisco by automobile.

Since the 1950’s Walnut Creek has been one of the Bay Area’s most desirable residential communities. Today, Walnut is primarily a bedroom community, with about 64 percent of the city’s housing units occupied by homeowners. Attractive shopping areas and financial, service research and development, and light manufacturing establishments constitute Walnut Creek’s economic base. Despite the fact that a large portion of the community’s land has already been developed, Walnut Creek continues to attract new residents.