I decided it was about time to do a little housekeeping around good old Route66Living. Since my site is preparing to celebrate its fourth birthday on April 7, 2011 (They grow up so quickly don’t they?), I thought it might be time to try on some new clothes so to speak.

I [...]]]> Hi All,

I decided it was about time to do a little housekeeping around good old Route66Living. Since my site is preparing to celebrate its fourth birthday on April 7, 2011 (They grow up so quickly don’t they?), I thought it might be time to try on some new clothes so to speak.

I also decided to try to do all of the updates and upgrades by myself which leads to the next paragraph…

While I am getting used to the new digs, things might be a bit chaotic around here and some links might not do what they are supposed to do. If you run into anything broken, please do me a HUGE favor and let me know by clicking that “Contact” button and dropping me a line.

Thank you for stopping by, I really appreciate it!

Take care, help lots of people and have a wonderful day!

Just recently I received a question on one of my previous posts about what buyers of Short Sales need to know. As I started to respond to the comment I realized that perhaps folks would be better served if I answered via a full post instead so…

KJN thanks for stopping [...]]]> Hi All,

Just recently I received a question on one of my previous posts about what buyers of Short Sales need to know. As I started to respond to the comment I realized that perhaps folks would be better served if I answered via a full post instead so…

KJN thanks for stopping by and here is your answer as I see it…. You asked “I’m currently contemplating putting an offer on short sale in Jersey City, NJ. My agent says that to make an offer I’ll need to place a good faith deposit of $1K (no problem with me). Additionally, should my offer be accepted by the seller, my agent claims I will need to pay for initial legal fees and inspection costs, all BEFORE the bank approval. Doesn’t sound right to me, is this the norm?”

First and foremost please remember that I am licensed and trained in Sunny Southern California real estate practices so that being said, I am therefore only able to respond based upon what I have seen here in my neck of the woods.

Asking a buyer to put forth a good faith deposit is not only very common it is also good practice. Folks can get very excited about buying a home (or a car, or a boat or a buffalo) but sometimes get reticent when the time comes to put their money where their interest is and having cold hard cash on the table tends to strengthen resolve.

As for legal fees and inspection costs… well, here’s the rub… In California, especially in Southern California where I practice real estate having lawyer’s involved in a purchase is not the norm (unless the property is being sold via probate then that is another story entirely . As a result, I can’t speak from personal experience here but my “Spidey Sense” would say that paying legal fees before you have any kind of guarantee that the transaction is going to move forward would not be a great idea.

However, being prepared to pay fees as soon as you get an official “green light” via a Payoff Demand Letter (which is the instrument that the bank prepares telling the seller of the property what their conditions for accepting the short payoff of the loan will be and also spells out exactly how much money, down to the penny, they will require, after all the other expenses of the sale are fulfilled, to come their way) is a good idea. And, being prepared to show proof that you have the funds available to do so is also a good idea.

As for the inspections, this is a two-edged sword. On the one side you could wind up paying for an inspection for a home you won’t be allowed to purchase because the bank in control of the transaction won’t accept your offer (more on this later…) which would be a bad thing, on the other side, you could spend money to do the inspections and uncover a glaring problem which would be a potential deal breaker or at least a deal modifier, which would be a good thing.

In a Short Sale, the one thing that you will have in abundance is time before the fact and choosing to use that time to your advantage to investigate the neighborhood and it’s amenities, continue to keep your eyes peeled for an even better property that fits your needs and budget and most importantly, to have time to thoroughly inspect and review the results of the inspections of the property somewhat at your leisure, is the only major advantage that you will have. Remember that in a Short Sale the property is being discounted from the amount owed upon it, but not necessarily from the current market value of the home. So, you might be paying less than you would have two years ago for the same home but that is because the market value of the home is lower, not because the bank wants to give you a “deal”

Another very good reason for wanting to do your inspections BEFORE the bank gives approval to the Short Sale payoff amount is that you may need to adjust your offer if you uncover something that needs repair or replacement. It is a whole lot easier to ask for an adjustment before the bank starts counting their money than it is to do after. And, if you have a home inspection (or a pest inspection) that documents issues that will NEED to be taken care of (not things like carpet or paint but biggees like a red tagged furnace or broken windows) in order to sell the home, especially if they are issues that the bank would have to pay to take care of if they were to foreclose – in addition to the cost of the foreclosure itself, you might be able to adjust your offer to reflect the costs or even possibly get the bank to give allowances to allow for the repairs. But if you don’t know about these things before hand you don’t know to ask for them.

Now, one thing to keep in mind if you do wind up having inspections done before receiving written approval and formally starting the clock is that if you decide not to go forward with the transaction, although your deposit probably won’t be in jeopardy (Because you signed a Short Sale Addendum with your offer and had your agent stipulate that the deposit would go to escrow within 3 days AFTER you receive written bank approval and that all the timelines of the contract start after approval as well, right?) you will eat the cost of the inspection and you will have to provide a copy of the inspection report to the seller regardless. (Be sure to have your agent ask the listing agent for copies of any other inspections or reports that they may have had done on the property. The seller is supposed to disclose these to a buyer but sometimes things slip through the cracks so asking is never a bad idea)

Of course you might be able to deduct the cost of the inspections from your taxes (check with your tax professional on this one since that is not my area of expertise) but you will still be out of pocket for the money. And, if you do it too many times these fees will add up quickly.

So, my bottom line on this is: If you think this is a home you really want to own, and you are sure that, on your end at least, you are prepared to move forward on the transaction as soon as the bank gives the official “go-ahead” then do your inspections, read the disclosures, get your loan docs ready, basically do everything you can do ahead of time so that as soon as the bank responds you can zip through the transaction like greased lightening.

Oh, and about that “Later” that I mentioned earlier… Sometimes, the bank doesn’t want to come to reality where value is concerned so while you may have made a very market appropriate and comparably supportable offer, they want more. In those times, your agent needs to be ready with supporting data including recent market sales, current market supply and other factors that can affect value. Providing this to the bank via the listing agent may not cause a meet of minds but at least you will know that you have done everything in your power to make the deal work. If they still won’t see reason, then, as my mom used to say when I was little “Perhaps it is time to pick up your toys and go home”.

So, Should you Pay BEFORE You Play where Short Sales are concerned? It depends… but you can’t pick up if you don’t put down and the smart business person will take advantage of every opportunity that will better their position. And having more information sooner is definitely bettering your position.

I would also tell you that in my opinion, I would counsel my client’s to not pay legal fees upfront (because I don’t see the benefit to my client as a buyer) unless they got some sort of guarantee that should the deal fall through for any reason other than their failure to complete the transaction, they would be able to get their money back, but again, because that is not generally how things are done in my neck of the woods that could be incorrect information.

So, as usual a long answer to a short question. I hope it helps and if anyone has any additional queries, please don’t hesitate to ask!

Take care all, help lots of people and have a wonderful day!

Well, I won’t lie, guild the Lily or beat around the bush. It is a confusing time in the wonderful world of real estate. Heck, it is a confusing time in the wonderful world period! Things we thought we could count on are disappearing and things we never expected to happen are happening. [...]]]> Hi All,

Well, I won’t lie, guild the Lily or beat around the bush. It is a confusing time in the wonderful world of real estate. Heck, it is a confusing time in the wonderful world period! Things we thought we could count on are disappearing and things we never expected to happen are happening. But, here’s the thing… with all growth there is change and changes can be very uncomfortable indeed. As anyone who ever watches the old Dick Van Dyke show sees time and time again, Laura moves the ottoman, Dick trots into the room, expecting things to be where they were when he left that morning and BAM! He goes shin first head over heals into his living room in front of all his friends and family.

It is scary out there for a lot of people. Prospective buyer’s are afraid to enter the market because they are worried that if they buy a home now the prices may continue to fall and they won’t get the best deal. Homeowner’s are worried that they may not be able to keep the homes they love because they may be facing job loss, their mortgage rates may be getting ready to reset or they may have seen their credit card payments and interest rates suddenly soar. Lender’s are worried that even if they get every tax return, bank statement, and paycheck stub a person has ever had for the last 30 years of their life, and even if that person also has a midline FICO score that is 800+ they might make a loan which won’t be paid back.

So what to do? I won’t presume to have all the answers, geez, I won’t even presume to have most of them (there are a whole lot of questions out there but I do have some of them so here goes…

If you have been thinking about buying a home but wanted to wait until prices “hit bottom”, while I can’t tell you when that will happen, I can tell you when you will know it has. You will know we have hit bottom when you can look down, see where bottom was and go “Oh… there it is”. The Real Estate market is like one of those bungee jump rides at the fair, the only thing you can be sure of is if you decide to get in and take the ride, you will know when it tops out as soon as you start to descend and you will know you have hit bottom when you are on your way back up again.

I am about to play an old saw here… prices are historically low, as are interest rates. FHA lending is a very viable resource since the loan limits are temporarily increased. Conventional, conservative, predictable fixed rate financing is in fashion again and there are homes available to buy.

I am now dropping the old saw and picking up an electric guitar (a Vintage Fender Telecaster with Tobacco Sunburst or perhaps a Jagstang in Red…). The $8,000 first time buyer’s credit available from the Federal Government is here until November 30, 2009 for any home purchase, new or resale. First time buyer’s are defined as people who have not owned or been on title to any home, anywhere for three years or more. So, if you sold your last house in January of ’06 and haven’t owned anything else between then and now… Congratulations! You are a first time buyer, again .

If you are thinking about buying a brand spankin’ new home from the builder that has never been lived in before, in addition to the $8,000 from the Feds, you may be able to get in on the $10,000 available from the State of California. But to get the $10,000 you need to get moving as there is a limited pool of money available and it is about half gone. More good news on the new home front is that the builder’s are offering incentives in most cases, which can range from giving you granite countertops and stainless steel appliances (including refrigerators) to washer’s and dryers and even paying your first year’s HOA dues.

And here’s a really awesome benefit which really deserves an article all it’s own (and which will get one but you’re here now so…) If you use a Realtor (like me which is someone who holds a valid California Real Estate license and is also a member of the National Association of Realtors and the California Association of Realtors, to represent you in your purchase, in addition to my knowledge, skill and a good firm hand to hold when things get rough (and even in the best of transactions they always do, somewhere) you get the Housing Affordability Fund Mortgage Protection Program free for the first year!

What this is is an insurance program that will pay up to $1,500 of your mortgage should you be involuntarily unemployed, accidentally disabled. There are restrictions but it really is a great program and a great comfort to those who may need it.

Another thing to remember is that while the housing market is and remains volatile, investing in a home is different than investing in, say stocks, bonds or even gold. All can fluctuate in value, all can be “good” or “bad” investments depending upon which side of the fence you are on, but one and only one can be the place where you raise your family, celebrate holidays and build memories. A home is the only investment you can live in.

So, for everyone who has ever said “Boy, I sure wish I would have been able to get into the housing market before the boom”, your wishes have been granted and your chance is here, right now.

Please contact me if you want additional information about any of the programs I have mentioned I will happily oblige.

Take care all, help lots of people and have a wonderful day!

DRE#01784679

In the past I have talked about what seller’s need to know in order to successfully navigate a Short Sale. Now, let’s talk about the Short Sale Secrets that buyer’s need to know.

First I need to level with you, there really aren’t any “secret’s”. Getting from “I Love It” to “Sold” is [...]]]> Hi All,

In the past I have talked about what seller’s need to know in order to successfully navigate a Short Sale. Now, let’s talk about the Short Sale Secrets that buyer’s need to know.

First I need to level with you, there really aren’t any “secret’s”. Getting from “I Love It” to “Sold” is not a mysterious uncharted territory never before explored by man or beast. Even if it might feel like it sometimes.

No, successfully buying a home that is a Short Sale requires agents who know what they are doing on each side of the transaction, seller’s who understand their situation and the process, oh, yes and the patience of a saint.

Here’s what I think Buyer’s need to know…

Short Sale’s take time, lot’s and lot’s of time. This is how you wind up paying for the savings that purchasing a Short Sale may give the buyer. And when I say time, I mean TIME. After an offer that is acceptable to the homeowner is submitted to the bank for approval it will take, on average, a minimum of one month before you hear anything at all. Don’t be surprised if it takes longer. The lender’s are swamped (no surprise there) and each and every transaction they are dealing with is complex, challenging and usually sitting next to a thousand others just like it.

Short Sale’s Are Not Always A Great Deal Remember that what is really happening when a lender agrees to allow a Short Sale to take place is that the lender is agreeing to take a loss on a portion of their investment, sometimes a fairly significant one, because it has been demonstrated to them that the amount they receive by accepting the reduced payoff will be greater than the amount they would receive if they take the home back via Foreclosure and have to sell it themselves. So, by allowing the Short Sale to take place they have already, in their eyes, effectively given the buyer a “discount”. So, while you can sometimes get a good deal on a home in this situation, in most instances you will be paying about or just a tad under current market value. What you do get as a buyer of a Short Sale is information that would not be made available to you if the home has already gone through the Foreclosure process. And, if you and your agent both really understand the process you may have less competition for the home you want because there are a whole bunch of folks out there who can’t or won’t wait for the process to run its course.

“When A House Is A ‘Short Sale’ The Price It Is Listed For May Not Be The Price It Is Allowed To Be Sold For”
One major difference between a home listed as a Short Sale and one that is either not in distress or one that has already been through the Foreclosure process and is now an R.E.O. (Real Estate Owned, meaning that the bank has Foreclosed on the home, bought it back and is now reselling it to recoup their loss.) is that the price placed on the home, while it may be very market appropriate, may not be the amount the Lender is willing to accept to pay off the Seller’s debt to them. So, don’t be surprised if you make what you, your agent and even your Great Aunt Nellie all know to be a fair or even a down right good offer for the home that may even be at or above the listed price only to have the lender respond with a different amount that is higher, sometimes significantly so, than your offer.

“Short Sale’s Need A Good Agent On Both Sides Of The Table” If you are working with an agent who does not understand the process and how to help you construct an offer that the seller can accept, and most importantly, that the lender will agree to, you could be dead in the water. And, if the seller has not chosen a representative that knows what they are doing and how they need to do it, you are even deader. I have seen offers come across my desk where the agent helped write an offer that would cut the second to less than nothing, significantly short the first and also ask for credits, repairs and closing costs. I chalk these up to agents that just plain don’t know the rules. Offers like these are a waste of effort, time and paper. Even for a wonderful agent who knows all the in’s and out’s every offer written won’t be accepted, but I believe that every offer I help construct should be able to be.

Short Sale’s Don’t Always Work Out But When They Do They Can Be A “Win” For Everyone
When a lender agrees to allow a Short Sale to take place it helps more than just the potentially defaulting seller and the new buyer, it helps the community too. Homes taken out of the Foreclosure pipeline and purchased by new, capable buyers will once again help to support the community at large by adding property tax payments to the city coffers and by keeping a home from going completely through the Foreclosure process, properties that could become vacant eyesores can instead continue their lives as family homes.

Bottom line, If you thinking about entering the housing market as a buyer, make sure you and your representatives are well educated on the ENTIRE process. And, provided that you know what to expect and what you are getting into when you start, buying a home in Short Sale status could get you the home of your dreams as long as you are not in a rush to finish.

Take care all, have a great day and help lots of people!

Well, 2009 is here and it brings with it the hope for health, happiness, prosperity and a whole host of new laws here in Sunny California. The Claremont Police Department offers a wonderful service called eWatch which updates subscribers via email on important happenings within the City and, when it applies, within [...]]]> Hi All,

Well, 2009 is here and it brings with it the hope for health, happiness, prosperity and a whole host of new laws here in Sunny California. The Claremont Police Department offers a wonderful service called eWatch which updates subscribers via email on important happenings within the City and, when it applies, within the County or the State. The following is taken from their latest missive and I thought it was important information for everyone so here it is…

A number of new laws go into effect in 2009. A summary of some of the new laws are shown below.

Texting While Driving: This new law makes it an infraction to write, send, or read text-based communication on an electronic wireless communications device, such as a cell phone, while driving a motor vehicle.

Driving Under the Influence (DUI) Zero Tolerance: This new law prohibits a convicted DUI offender from operating a motor vehicle with a blood alcohol level (BAC) of .01 percent or greater while on probation for DUI. The law requires the driver to submit to a Preliminary Alcohol Screening (PAS) test, a portable breath test to determine the presence of alcohol. If the driver refuses, or if the driver submits and has a BAC of .01 or greater, a citation will be issued, the driver’s license will be taken and driving privileges will be suspended. In addition, the vehicle will be impounded.

Global Positioning Systems (GPS): This new law allows a portable GPS device to be mounted in a 7-inch square in the lower corner of the windshield on the passenger side of the vehicle, or in a 5-inch square in the lower corner of the windshield on the driver’s side. These are the only two locations on a windshield where a GPS device can be mounted. The GPS device can only be used for navigational purposes while the motor vehicle is being operated, and it is required to be mounted outside of an airbag deployment zone.

Motorcycles: This new law changes the definition of a motorcycle by deleting the weight limitation and deleting the separate definition for electrically powered motorcycles. The law will now allow fully enclosed, three-wheeled vehicles to have access to high-occupancy vehicle (HOV) lanes regardless of occupancy.

Clean Air Stickers: Misuse and Penalties: This new law makes it an infraction for anyone who forges, counterfeits, falsifies, passes, or attempts to pass, acquire possess, sell, or offer for sale a genuine or counterfeit “Clean Air Sticker.”

911 Telephone System Abuse: This new law increases the penalties for any person who knowingly uses, or allows the use of, the 911 telephone system for any reason other than an emergency.

Special License Plates: This new law, when approved by local authorities, allows veterans whose vehicles display plates honoring Pearl Harbor Survivors, Legion of Valor recipients, former American Prisoners of War, Congressional Medal of Honor recipients, or Purple Heart recipients to park their vehicles that weigh not more than 6,000 pounds gross weight, without charge, in any metered parking space.

Stun Guns/Less Lethal Weapon at College: Prohibits the open display or exposure of stun gun or less than lethal weapon on public or private college campus, without written permission of the college president or chancellor or designee.

More information on new laws that impact driving and vehicles will be listed on the California DMV web site (click on the DMV link below).

Have a safe new year. DMV Website

Take care all and have a great day!

If you’ve driven down the shady streets of Claremont in the Fall you might have noticed the eye-catching red, white and blue banners lining most of the major throughfares. These are the “Claremont Hero’s” banners saluting those brave men and women, past and present who have selflessly served their country in our armed [...]]]> Hi All,

If you’ve driven down the shady streets of Claremont in the Fall you might have noticed the eye-catching red, white and blue banners lining most of the major throughfares. These are the “Claremont Hero’s” banners saluting those brave men and women, past and present who have selflessly served their country in our armed forces.

If you’ve seen them you might have wondered how they got there and how folks were chosen to receive the honor. Well, I’ll tell you… Claremont Hero’s is the direct result of one local resident, Army Reserve wife and mom Debra Mendelsohn’s efforts to find a way to answer her kids when they asked why their daddy didn’t have his name up on a banner like the ones that they saw for other moms and dads in other communities.

The city does not sponsor this program, all the funding to create, install and maintain the banners comes from community members. When the program started there were about 50 honorees and each banner cost about $250 to produce and have hung. In the last couple of years the program has grown and now the organization needs about $3000 to fulfill all the banner requests they have received.

Any Claremont resident or former resident who was a past or present member of any branch of the Armed Forces is eligible for nomination to be recognized with a banner at no cost to them or their families.

I know times are tough, but I also know personally what it feels like to have a loved one far from home, in a hostile place, facing danger at every turn so that I can sit in comfort and safety awaiting their return.

My oldest step-son Sgt. Scott Swanberg, U.S. Army just returned 3 weeks ago from his second tour of duty this time in Afganistan and he is scheduled to be redeployed somewhere around January or February for parts unknown.

When my husband and I drive down Indian Hill and see Scott’s name high above on a Claremont Hero’s banner it makes him feel a little less far away. I want to help other families enjoy that same feeling.

Please contact the AMERICAN LEGION POST 78 to send them your tax deductible donation to support this worth cause. Checks should be made out to: American Legion Post 78 and mailed to: American Legion Post #78 Post Office Box 128 Claremont, CA 91711 (please mark “banner program” on the memo section of your check).

For more information about the program or for any additional questions, please contact: Debra Mendelsohn Founder, Claremont Heroes (909) 641-5758.

Thank you in advance for your assistance. Take care and have a wonderful day!

If you haven’t had a chance to visit the Claremont Village Square in downtown Claremont, now would be a great time to plan the trip. On Friday, August 1 from 5:30 to 9 PM and Saturday, August 2 from 10 AM to 9 PM the businesses within the Claremont Village Square will be [...]]]> Hi All,

If you haven’t had a chance to visit the Claremont Village Square in downtown Claremont, now would be a great time to plan the trip. On Friday, August 1 from 5:30 to 9 PM and Saturday, August 2 from 10 AM to 9 PM the businesses within the Claremont Village Square will be celebrating their OFFICIAL GRAND OPENING!

There will be live music, food, fun, free giveaways, entertainment for the whole family and a chance to shop in some of Claremont’s newest and most exciting businesses and maybe even save a buck or two!

Friday will bring the official Chamber of Commerce Ribbon Cutting and Dedication at 5:30 p.m. in the heart of the Square. In addition, the regular monthly ArtWalk and Friday Live, featuring live music at the Village Square, City Hall, and Packing House, held on the first Friday of every month, will be in full swing with free admission to the museum and galleries and a chance to meet the artisans who display their wares.

The 3-piece Joel Ceballos Band will entertain will entertain Friday night. But that’s not all, be sure to come again Saturday when you will find more live music, a roving magician, a stilt walker, a face painter and a balloon artist all there for your enjoyment. And the Laemmle Claremont 5 will be hosting a FREE screening ALL DAY LONG of The Princess Bride!

In addition, there will be free chair massages (I am SO there , gourmet food and beverage samples, an AWESOME Sidewalk Sale on Saturday and more fun than you can shake a stick at.

Just a few of the special promotions you can look forward to include a “Wine Tasting Extravaganza” hosted by Wine Styles featuring over 25 wines to sample, as well as a live band, appetizers, prizes, and visits by winery owners distributors. If thats not your cup of tea (or glass of vino) pop over to Le Pain Quotidien where they will be holding a drawing for a “Hollywood Bowl Le Pique-Nique box,” which includes a host of gourmet food items in a reusable jute bag. There will also be several stores offering a 10–15% discount off your entire purchase.

For more information please visit http://www.squarevillage.com/events for more information on the Grand Opening event and a detailed lineup of performers.

Claremont Village Square, is located at 101 North Indian Hill Boulevard – on the block bounded by Indian Hill Boulevard, Oberlin Avenue, 1st Street, and 2nd Street. Home to the Laemmle Claremont 5 Theatre, Hotel Casa 425 and Lounge, and a great collection of stores, restaurants, and cafés, the Village Square is just a few short blocks from the Claremont MetroLink Train Depot. Ample free parking is available in the 1st Street and Oberlin Avenue parking garage.

I hope I see you there! Take care all & have a great day!

I like Zillow! There, I’ve said it, and I’ll say it again by golly… I LIKE Zillow a lot! Why you may ask would a Realtor be a Zillow fan especially when they seem to be trying to give away all the super secret Realtor decoder ring keys and tricks to everybody [...]]]> Hi All,

I like Zillow! There, I’ve said it, and I’ll say it again by golly… I LIKE Zillow a lot! Why you may ask would a Realtor be a Zillow fan especially when they seem to be trying to give away all the super secret Realtor decoder ring keys and tricks to everybody for free? Well, I’ll tell ya, I like ‘um because my client’s like ‘um. And because they help me speak to my client’s in a way that they can understand. I use Zillow for fun and profit and to make my job as a Realtor easier. I use them to help my buyer’s search for what they want and my seller’s understand the market in a way that facts and figures alone might not be able to do.

There is a whole lot more available on Zillow than just property values.

Here is my Zestimate (a Zillow coined word for estimate of some of what I think are Zillow’s most valuable and fun tools for both sides, how I use them and how you can too.

Let’s start the feature that started it all the “Zestimate”. A Zestimate of a home’s value is not a cast in stone price that a buyer will pay or a seller can expect to receive but it can give a very general idea of value. I actually encourage potential seller’s to do a Zestimate themselves because it gives us a jumping off point to start a pricing discussion.

One of my favorite tools is Dueling Digs. Dueling Digs is useful and just plain fun to play with. This is great to use when I am talking about staging a seller’s home to help them begin to view their home through a potential buyer’s eyes. And since it shows you how your choices compare to all the other folks who have “dueled” you really can get a feel for how your taste compares with others. It is also great to look at when you have bought or are considering buying a new home and want to get decorating ideas.

And, before I ever sit down with folks to discuss helping them sell their home I take a look to see if they have “Claimed” their home and/or set a “Make Me Move” price. This tells me how internet savvy they might be (very helpful for a tech geek like myself and it gives me an idea of where their head might financially be. And, when I am working with folks looking to purchase a home I like to check to see if the homes they are interested in have been “claimed” or if a Make Me Move price has been set by the owner’s as this can give us an idea how negotiable the current owner’s might be before we ever write an offer.

Mortgage Marketplace is a nifty tool allowing potential buyer’s or folks looking to refinance, a fast, easy way to start shopping for a loan or see where their loan rates might fall.

I like the tools that Zillow provides but what I like even more is the transparency that Zillow helps me to provide to my clients. When I tell folks that I am a Realtor, they know what I do, but still may not have the foggiest notion how I do it.

The truth is that there aren’t any “super secret Realtor decoder ring keys and tricks”. Real Estate is not a mystery wrapped up in an enigma, it boils down to a pretty straight forward transaction – “I have what you want and you have what I want, let’s switch”. My job is to help facilitate the “switch” and Zillow’s tools can help.

A lot of my cohorts get very caught up in whether Zillow’s values are “right” or “wrong”. But, I think that they are totally missing the boat. The truth is that I don’t care whether they are bang on the money or a mile off, it doesn’t really matter, because it is MY job to be the voice of accuracy, in-depth local market knowledge and the factors that affect value where my client’s home is concerned.

If Zillow’s numbers differ from mine it is a great opportunity for me to demonstrate what I do and how I do it so that they will understand not just the result, but the process. Zillow helps start conversations, it gives folks lots of things to talk about and until that happens nothing else can.

So, if you haven’t already checked out what they have to offer, spend a few minutes poking around on Zillow and you may be amazed at what you find.

Take care all and have a wonderful day!

The words “Short Sale” are on just about everyone’s lips these days but how can you make sure that you have a smooth Short Sale?

If you are a prospective seller or buyer what do you need to know in order to minimize frustration and maximize your odds of a successful result? [...]]]> Hi All,

The words “Short Sale” are on just about everyone’s lips these days but how can you make sure that you have a smooth Short Sale?

If you are a prospective seller or buyer what do you need to know in order to minimize frustration and maximize your odds of a successful result?

What are the prospective pitfalls and what are the warning signs that you are about to go from the frying pan into the fire?

Let’s start with what the prospective seller needs to know, I will cover the buyer’s needs in the next installment…

If you are thinking of exploring a short sale as a solution to your financial predicament make sure that you have tried EVERYTHING else first. Start by calling your lender or lenders to see if you can work out some other alternative. Remember that the bank actually has as much, if not more to lose than you do. As a result, they may be able to offer options that could help and if you don’t ask you’ll never know.

A few points to remember:

1) If you own any other property, have any additional assets, savings or equity in the property then a short sale is probably not an option for you.

2) If you are still able to make your payments even if it is difficult, try to keep doing so. No reputable real estate professional would ever tell you to quit making your payments. Of course, that being said, it is very difficult if not impossible to successfully negotiate a short sale with the lender if the payments are current. The bank usually needs to see that you truly can’t keep up, and are actually behind in your payment commitment before they will consider allowing the sale.

3) NOBODY and I mean NOBODY can guarantee that a short sale can or will be allowed by the lender. All that a reputable Realtor (like me) can do is guarantee that I will help to price your home appropriately for the market and the area, aggressively and actively market your home to try to find a buyer and prepare a package for the lender that has every element that they will be looking for in order to encourage them to accept the short sale as a solution to everyone’s problem.

4) A Short Sale is not a “Get Out Of Jail Free” card. There are repercussions for this action. Your credit will be damaged and despite the new laws, there can still be tax implications.

Yes, a Short Sale is less damaging to your credit than a foreclosure and yes, you can recover from the damage in a much shorter period of time, but damage is damage. Think of the difference between the Short Sale and a Foreclosure like a sprain versus a break. Both hurt, and under normal circumstances neither one will kill you, but it sure doesn’t feel like that while it is happening.

If you don’t have any other option then contact a reputable Realtor (like me) with experience successfully negotiating short sales on both sides of the transaction to help you.

If you are able to proceed with a short sale, you can help speed the process along by making sure that everything the lender will need is available for them as soon as they need it, if not sooner.

The lender will need to see a hardship letter which explains in your own words why you fell behind in your payments, what you have tried to fix the problem and why you are ultimately resorting to this drastic step.

They will also want to see proof that what you are telling them about your financial situation is really true. Be prepared to show them current bank statements, pay stubs, a profit and loss statement from your business (if this applies), tax returns and any other financial information or statements that they desire.

Your agent should be able to demonstrate to the lender why the amount you owe for the home is now greater than the amount the home can be sold for.

When I am preparing a package for the lender I send them all of the same information that I prepare for a seller when I am helping them determine appropriate pricing for their home. I include comparable information reflecting current and recent sales (within the last three months), pricing for currently listed comparable properties and information about comparable properties whose listings have expired.

One of the things your Realtor needs to do for you when they are working to negotiate a short sale is to educate the lender about value where your home is located.

The negotiators are, on average, handling 200+ transactions at a time and can’t possibly know the market vagaries for each and every area.

For instance, here in Claremont depending upon how close your home is to the mountains, to Baseline or to the Village can severely affect the value of your home. The same house located below the 10 Freeway at the Montclair border is worth significantly less than it would be if it were on College one block from Yale and different again if it is located above Baseline. But, to the negotiator sitting in an office somewhere in New York, or to an out of area agent, Claremont is Claremont.

As a seller, try to remember that when you receive offers to purchase your home, especially if they are even lower than the price the home is listed for (because assuming that you hired me or someone like me, the listing price should be pretty right on the money), they are not meant to be insulting. The buyer’s are just trying to get the same good deal when they purchase their new home that you tried to get when you purchased yours.

It is possible to successfully navigate the stormy waters of the Short Sale as long as you have a good captain and a great crew along for the ride.

Take care and have a wonderful day!

As the New Year begins folks tend to think about moving to a new home and some will think of moving to Claremont. Some will be coming for school, some for work and some just because it is a great place to live. As a resident, here are some things that I think [...]]]> Hi All,

As the New Year begins folks tend to think about moving to a new home and some will think of moving to Claremont. Some will be coming for school, some for work and some just because it is a great place to live. As a resident, here are some things that I think you should know before moving to Claremont.

1. Claremont is warm… and cool. Although many of our streets are named for famous College’s in the east (Radcliffe, Harvard, Yale, Princeton, etc.) and we are nestled in the Foothills, our weather is much more like the Desert than the mountains. Things get warm here, really, really warm and summer is more of an late August, September, October even November thing than June, July, August. So be prepared. If you don’t have central air, a box fan would be good, an air conditioner would be better. And when winter does come it can get bitterly cold. You won’t need it often, but a good warm jacket will come in handy when winter finally arrives.

2. Claremont is an intellectual town but not a stuffy one. Casual attire is fine in almost every restaurant and there are a whole lot of them within walking distance of the Colleges. Everything from Sushi to Tappas, Greek, Italian, East Indian and good old All American Comfort foods can be found within a four block radius. Some restaurants deliver and most don’t require reservations.

3. Grocery stores are not plentiful, but they are diverse. Von’s on Mills and Baseline, Wolfe’s Market on Foothill near Indian Hill, Sprouts also on Foothill at Mountain and soon a Trader Joe’s to be located on Foothill at Indian Hill are all available and most are open pretty late. Sprouts is like a more inexpensive Whole Foods offering locally grown produce, vitamins and a terrific bulk foods section. Wolfe’s Market has a deli that just can’t be beat. Most of the stores offer specialty foods as well as the usual grocery store fare.

4. Parking on city streets is restricted and cars will be ticketed if they are parked on the street for longer than one hour between 2 AM and 6 AM. You can contact the police department at (909) 399-5411 or (909) 399-5415 to request an exemption if your car, or that of your guest, must be parked on the street after hours. This exemption is available free of charge three times per month per residence.

5. Claremont is a stop on MetroLink. So… getting to and from Los Angeles or even San Bernardino is as easy, efficient and eco-friendly as hopping on the train. There is a large park and ride lot right near the station and there is also a covered parking structure there as well. Both are free for your use and are patrolled by our volunteer community patrol.

6. Claremont is pet friendly with a wonderful dog park just on the outskirts of the Village. In addition, most rental homes allow pets as well. Talk to the landlord before you move Spot or Fluffy in of course, but since most homes in this community are indeed “homes” with yards, pet ownership is encouraged.

7. The Fourth of July and the last Saturday in October are both big days around here. The Fourth of July is when our annual parade is held down Indian Hill Boulevard. Featuring floats sponsored by local civic organizations, marching bands, families on decorated bicycles and kids in decorated wagons and Americana galore, this is one event not to be missed. But, be warned that this is our demi version of the Rose Parade and folks stake out spots for viewing early. Also, remember that on Parade day Indian Hill will be closed to through traffic from Memorial Park to just beyond Harrison for a couple of hours.

The last Saturday in October is when Village Venture is held. Village Venture is a huge craft fair which takes over the down town Village area. Artisans from all over the Southland bring their wares to show and sell. It is a huge event that is wonderful fun for all ages. There is no admission, and parking is free. Also, this is the weekend that the Claremont Library always does their annual fundraiser book sale. Aside from all the other benefits (not the least of which is knowing that you are helping support the Library) it is worth becoming a “Friend of the Library” in order to be able to shop the sale the day before it opens to the public.

8. Our schools are all topnotch. From kindergarten to the Colleges, Claremont’s schools can’t be beat. Folks come from all over the world to attend our Colleges and from all over the surrounding areas to get their kids into our public schools.

Word to the wise here, if you are considering moving into Claremont in order to have your kids attend the award-winning public schools, do your homework and make sure that the area you are moving into is serviced by the school you want your kids to attend. Oh, and if you can’t find your perfect home in Claremont (you haven’t talked to me , consider looking at some of the areas bordered by Pomona as a few of them are part of the Claremont school district. I can happily help you suss out those neighborhoods (and Pomona tends to be a bit less pricey than Claremont).

9. Claremont is a “green” city in more ways than one. As a designated “Tree City, USA” for over 22 years in a row so far, Claremont is green in appearance. Tree-lined streets are the norm here and many homes have citrus trees in their yards, harkening back to the city’s agricultural past.

As for the other “green” title, Claremont works hard to encourage eco-friendly behaviors. The recent renovating of the Packing House is a great example. Instead of tearing this historic building to the ground, a great deal of time and effort was spent preserving the existing structure and adding sustainable elements that will allow this early twentieth century building (which was the birthplace of the Citrus Consortium that ultimately became Sunkist) to continue to be a vibrant and viable part of the community it helped to create.

10. A good local resource for information… that’s where I come in If you are considering a move to my community feel free to give me a call at(909) 837-8922, even if you are not looking to buy or sell a home yet I would be happy to show you around.

Take care and have a wonderful day!