RealEstate680

Walnut Creek and the 680 corridor has its share of SHORT SALES.  A short sales is when a lender accepts a reduced amount on the mortgage to avoid foreclosure.  The real estate community in Contra Costa County is just learning the procedures of short sales.  If you are interested in learning more about short sales in Walnut Creek, Pleasant Hill and the 680 corridor, I can show your the listings; and we can create a game plan that meets the needs of the buyer, seller and lender.

Whether you are buying or selling, it’s very important to deal with a real estate professioanl that knows how the short sale process works and can guide you through.  Sellers have to disclose just like a normal sale and buyers have to do the inspections needed to show the condition of the home.  In many cases this is a great way for a buyer to buy a home at a discount and for a seller to avoid foreclosure and possible bankruptcy.

We live in a very diverse county.  On the positive side, we have always had good employment, measured growth and although people in east county will argue; good transportation.  BART put Contra Costa on the map.  In the 1980s corporations moved out of San Francisco to Oakland, San Ramon and Walnut Creek.  Cheaper rents, yes; but also a better and less expensive labor force.

The past 12 months in Conta Costa County has produced a large increase in mortgage defaults.  Buyers are still relectant to get into the market.  “LOOKING FOR THE BOTTOM OF THE REAL ESTATE MARKET.”

According to Data-Quick, a real estate reporting company; last week Walnut Creek did not add any foreclosures, neither did Alamo or Danville, Lafayette, nope and Orinda and Moraga–not a one.  The 680 and 24 corridor has a few homes owned buy banks and several homeowners trying to get out from underneath their debts.

Take the time to research the real estate markets that interest you.  Walnut Creek is a good example of a buyers market.  All prices ranges from first time hone buyers to multi million dollar homes.  The new FHA financing to a perfect tool for mortgages up to $725,000 in Walnut Creek, Concord, Pleasant Hill, etc.

It’s a great time to buy a homes!

 
It’s another sign of the times.  Buyers are leaving the loan contingency in the accepted offer until close of escrow.  In other words; up until the day the loan funds, the buyer can back out of the transaction based on a lender that does not perform.  The reason for this is the uncertainly of some lenders in the market, but also bcause lenders are re-qualifing buyers at the last minute as well as requesting review appraisal just before they release the loan funds to close.

 I have an accepted offer on a listing in Pleasant Hill California that has all contingencies removed except the loan contingency.  The buyer is a friend and collegue of mine in the same Walnut Creek Coldwell Banker office.  I advised my sellers to accept her offer because she is putting a seizable amount of her ouwn funds into the transaction and we know that the lender, Nannette Voluntine from Priceton Capital Morgtgage has a track record of performing.  This is another way that buyers are protecting themselves in a real estate market that is going through change. 

It is very inportant the agents, buyers and sellers communicate their wants and needs in this market.  Real estate deals are lost because of a lack of communication and understanding.  The Walnut Creek, Pleasant Hill markets still have a lot of inventory and present a good opporuntity for buyers.