January 25, 2010

California Mortgage Protection Plan

Posted to Kathy Mardiros, Real Estate Tips

The California Association of Realtors Housing Affordability Fund Mortgage Protection Program is designed to help California first time home buyers in the event that they lose their job. Eligible homebuyers may receive up to $1500 per month for up to six months to help them with their mortgage payment. Qualified co-borrowers may also be eligible for up to $750 per month for up to six months.

There are several qualification criteria which can be summarized as: The applicant must

  1. Be a first time buyer – someone who has not owned in the last three years (includes the co-borrower)
  2. Have opened escrow after April 2, 2009 and close before December 31, 2010
  3. Have used a California REALTOR® for the transaction
  4. Purchase a property in California
  5. Be a W-2 employee (not self employed).

With the first time home buyer tax credit available as well, now is a great time to buy a property. If you would like a referral to a real estate agent, give me a call at 925-287-0550 or email me at kmardiros@legacyrealestateassociates.com.

Posted by:Kathy Mardiros



January 22, 2010

Open House this weekend: 2236 Bishop Avenue Fremont, CA 94536

Posted to Kay Korbel

Come to my Open House, this Saturday and Sunday (January 22, and January 23) at my new listing in Fremont’s desireable Parkmont Elementary school attendance area.

Visit www.2236Bishop.com for photos and inspection for this LOVELY single family 4 bedroom 2 bath Cape Cod! Priced at $674,950.

Open house address:
2236 Bishop Avenue
Fremont, CA 94536

Stop by and say hi!

It’s a good life!


Posted by:Kay Korbel



January 13, 2010

"Building Your Care Team" Jan 13 - It Takes a Village Eldercare Teleclass

Posted to Kay Korbel

Why do elders end up moving out of their homes? The simple answer is that their care needs exceed what family and friends can provide. Going at it alone can be one of the biggest mistakes you can make when caring for a family member.

When you build a care team to support you and the elder you are caring for, you are planning for long term success.

Please join The Eldercare Coach and family caregivers for a Teleclass and discussion about Building a Care Team.

Contact Janice Wallace, the Eldercare Coach for details, follow this link.

Janice Wallace, the Eldercare Coach
Certified Grief Recovery Specialist
Phone: 415-661-3271
Caring for an ailing family member? Visit www.caringforcaregivers.com
Supporting a relative with Alzheimer’s disease or other dementia? Visit www.understanding-dementia.com


Posted by:Kay Korbel



January 13, 2010

Real Estate is Local: Market Conditions for San Francisco East Bay

Posted to Kathy Mardiros

Do you hear people from around the country and other areas of the state talking about how there is an abundance of inventory on the market and properties are selling for pennies on the dollar? That may be true in other areas but in most of the San Francisco East Bay there is very limited inventory and properties are often selling for over the asking price with multiple offers.

Let’s take a quick look at the market to further explain what is truly happening in the San Francisco East Bay. The following chart shows the number of active listings, number of pending sales and sales closed since October 1, 2009. This is for all residential property types:

This shows that there is about a two month supply of inventory in most East Bay communities. Sure more properties will be coming on the market now that it is after the first of the year but likewise, more buyers will be looking and more properties will be going off the market. However, the real estate market is very localized and what is happening in one neighborhood or subdivision may not be happening in another – there are lots of micro markets out there and a knowledgeable real estate agent should be able to explain the actual market conditions of any area based on neighborhood data. This will help when you are ready to write an offer on a home or list your property for sale.

With the Federal Tax Credits available to both first time home buyers and move up home buyers, more and more buyers are out there looking. I hear stories every day of buyers who have made offers on several properties only to lose out in a multiple offer situation. Properties are selling and many are selling in a matter of days. What a great time to be a seller!

Sure there are short sale and foreclosure properties available but often they too have multiple offers and are often selling over the asking price. Remember in some of these situations it does take quite a bit of time to get a bank to respond to an offer so these properties are often taking quite a bit of time to close escrow. This might not be the right choice for you if you are looking to obtain the tax credit as properties must be in escrow before April 30th and close by the end of June 2010.

If you are a buyer looking to purchase a home and take advantage of the home buyer tax credit, now is the time to seriously begin looking and listening to your real estate agent as market conditions are explained to you. This is not a market where you can offer well below the asking price in most situations and expect to have your offer accepted. This is not a market where you can wait until the last minute and expect to get an offer accepted and closed before the tax credit deadline.

Now is the time to get serious if you want to purchase a property. Find a real estate agent who will tell you about the local market conditions in which you desire to purchase and help you negotiate an offer that will be accepted by a seller so that you too will enjoy the benefits of home ownership.

To help you find a real estate agent, give me a call at 925-287-0550 or send me an email at kmardiros@legacyrealestateassociates.com.

Posted by:Kathy Mardiros



January 08, 2010

Crab Feed Fundraiser for The Tri Valley Animal Rescue Center

Posted to Area Attractions, Kay Korbel

The Tri-Valley Animal Rescue (central to the tri-city area: Pleasanton, Livermore & Dublin) is hosting a Crab Feed Fundraiser on Saturday, February 6th at the Shannon Center in Dublin.

It’s a fun event with a cash drawing and raffle items along with a lot of yummy food. I’ve attached the flyer. Tickets are only $45 per person if purchased before 1/15 and then $50 per person there after.

Support the Tri Valley Animal Rescue Center and have fun and a meal at the same time!

It’s a good life!


Posted by:Kay Korbel



January 08, 2010

Changes to the Good Faith Estimate

Posted to Kathy Mardiros

This week at our sales meeting Shannon Baird of Prospect Mortgage gave a report on the new Good Faith Estimate that will be used by all lenders for loan applications taken after January 1, 2010. I thought you might like to learn a bit more about this so I have asked Shannon to review it for you. Shannon writes:

The U.S. Department of Housing and Urban Development (HUD) has announced significant changes to the lending requirements under RESPA and Regulation X. These changes impact the Good Faith Estimate (GFE) and HUD Settlement Statements (HUD-1 and HUD-1A) and will be effective with mortgage loan applications taken on or after January 1, 2010. These important regulatory changes will require lenders to ensure that borrowers are better positioned to understand their mortgage transaction.

Previously, you would see very different formats for the GFE used by different lenders. The GFE and HUD-1 forms have been re-designed with significant changes, which standardize the forms, making it easier for borrowers to compare offers between lenders. Specific changes include:

1st page: Now provides borrowers with all of their loan details, such as loan amount, interest rate, loan term, whether or not your interest rate is locked and if so, how long the lock rate is valid for and whether or not it is assumed that you will have an escrow/impound account for your property taxes and homeowner’s insurance.

There are also questions such as “Can your interest rate rise?” This will inform the borrower if the loan has a fixed or adjustable interest rate. “Even if you make your loan payments on time, can your loan balance rise?” This would have a yes answer if you chose a negative amortization loan. “Does your loan have a pre-payment penalty?”

The addition of this information ensures that the borrowers are aware of all the details of the loan before they reach the final settlement table.

2nd page: In the past lender fees would be itemized into applicable categories such as loan origination, processing fee, underwriting fee, etc. These are now all lumped together into “Our origination charge.” The field below that lets you know whether there are discount points (additional fee/charge) to get the interest rate listed or perhaps if there is a credit that is being provided for a borrower taking a higher rate.

Note that title/escrow fees that formerly were itemized are now lumped together as “Title services and lender’s title insurance”. Not included in this fee is the cost of the owner’s title insurance policy which has its own line on the GFE.

3rd page: To improve accuracy of the settlement charge information, new restrictions have been placed on lenders regarding how and when fees disclosed on the GFE may change. These are explained on the top of page 3.

This page also provides borrowers with a table they can use to compare different loan options – a loan with lower rate but higher points/settlement charges versus a loan with a higher rate but lower settlement charges. There is even a table where a borrower can compare loan options from different lenders.

The new GFE form can be seen at www.hud.gov/content/releases/goodfaithestimate.pdf

If you have questions about the GFE or would like to talk with Shannon about various loan options that might work for you give her a call at 925-890-1371 or email her at Shannon.Baird@prospectmtg.com.

Posted by:Kathy Mardiros



January 07, 2010

Livermore - wineries, rodeo and much more

Posted to Area Attractions, Kathy Mardiros

Livermore is becoming a destination location for those looking for a quiet affordable community in which to live as well as a tourist destination due to the many amenities and events occurring throughout the year. The downtown area has been revitalized receiving the 2009 Great American Main Street Award from the National Trust for Historic Preservation. This is the first city west of the Mississippi to achieve the award. It is fun to stroll along First Street and experience the neighborhood boutiques and restaurants.

Livermore also boasts a vibrant wine country. Presently there are over 4000 acres planted with over 50 wineries operating from those such as Wente and Concannon which have been in operation for over 126 years to small boutique wineries just starting out. Many have tasting rooms either at the winery itself or in the downtown area. Many wineries feature summer concerts and entertainment venues. To find out more about the wineries and special events visit www.lvwine.org .

Working cattle ranches and horse boarding facilities are also found in this historic town. The Livermore Rodeo held the second weekend in June features events such as bull riding, bareback riding, tie down roping, saddle bronc riding, steer wresting, team roping, and barrel racing. Several events lead up to the rodeo and information can be found at www.livermorerodeo.org.

Housing is varied from the older homes in the downtown area to vast ranches in the outlying areas. If you are interested in housing, give me a call at 925-287-0550 or visit our web site at www.legacyrealestateassociates.com and sign up for the Listing Alert. Listing Alert will notify you whenever a property meeting the parameters you enter comes on the market.

Whether you are looking for a place to live or a place to visit, put Livermore on your list of places to consider.

Posted by:Kathy Mardiros



January 05, 2010

Adopt an Angel Results

Posted to Kathy Mardiros

Last month I wrote about the Adopt an Angel program that Legacy participates in each year. Georgia Butterfield, a Legacy agent, each year does hours and hours of work sorting gifts, coordinating those who wrap to ensure that each child gets gifts each Christmas.

Click on the thumbnail below to read a letter from Terra Firma which tells more of the story:

This year over 850 children received gifts through the Adopt an Angel program. If you or your company would like to participate in 2010, let me know and we will be sure to get you details in November.

Posted by:Kathy Mardiros



January 05, 2010

Have an experience with an appraiser? Share it with others

Posted to Kay Korbel, Real Estate Tips

Real estate agents, buyers and sellers are now able to share their experiences with appraisers with the California’s Office of Real Estate Appraisers (OREA).

For more information on this, read the full article in this month’s Bay East REALTOR® Magazine at http://tinyurl.com/y9y3bc5 or visit the OREA website at http://www.orea.ca.gov.


Posted by:Kay Korbel