Fannie Mae Offers New Buyer Incentives on Homepath Homes

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New Buyer Incentive on Fannie Mae HomePath® Homes

Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath properties through December 31, 2010.

Buyers must meet the following qualifications to be eligible for the incentive:

  • HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
  • Only owner occupants purchasing a HomePath property as their primary residence will receive up to 3.5% in closing cost assistance
  • the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
  • Buyers must request incentive upon submission of initial offer in order to be eligible.

Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.

Terms & Conditions:

  • The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
  • Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
  • Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
  • Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

See link to search for Fannie Mae Homepath Homes

CA State Assembly extended Anti-Deficiency Proection for Original Loan Refinances

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Unfortunately, this very logical bill, which passed both the assembly and senate was vetoed by the Governor.  But CAR (California Association of Realtor) will renew its fight next year for a similar bill – Sylvia

A relief for homeowners with deficiency on thier refinanced original mortgage loans and who are now facing foreclosure is one the way –

According to news just released by California Association of Realtors on August 19, 2010 that CA State Assembly passes SB 1178 protecting homeowners:

The bill essentially allows homeowners who defaulted on the mortgage that are part of refinance of the original purchase debt to limit their liability to the property itself; same as the treatment of the original ‘purchase money’ loan.

The bill moves to Government Schwarzenegetter for signature and if signed, will become effective June 2011.

This Only Makes Sense!

Following is the Press Release:

For release:

Thursday, Aug. 19, 2010

California State Assembly passes SB 1178 protecting homeowners

Measure protecting consumers from overreaching lenders now goes to governor’s desk for signature

LOS ANGELES (Aug. 19) – The California State Assembly today approved SB 1178 (D-Corbett) by a 49 to 14 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is the sponsor of the consumer-protection legislation.

Under existing law, if a homeowner defaults on a mortgage used to purchase a home-commonly referred to as a “purchase money mortgage”-the homeowner’s liability on the mortgage is limited to the property itself. However, homeowners who refinanced the original purchase debt, even if only to obtain a lower interest rate, were not extended the same protections. SB 1178 corrects this unfairness and extends the same protections to consumers who refinance their home loans.

“Cash-out” debt for home improvement or consumer expenses is not protected by SB 1178. Similarly, additional new debt secured by the home, such as a home improvement loan, is not protected-only original acquisition debt.

“Today’s vote was a victory for homeowners in California, but the fight is not yet finished,” said C.A.R. President Steve Goddard. “We are urging Gov. Schwarzenegger to swiftly sign into law this crucial piece of legislation. Passage of SB 1178 will ensure lenders underwrite refinance loans at least as carefully as purchase money mortgages and will provide much-needed consumer protection.”

SB 1178 now moves to Gov. Schwarzenegger for his signature. If signed, SB 1178 will become effective June 2011.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. ###

Marin County Bank Owned / REO / Foreclosed Homes as of 07/16/09

MARIN COUNTY BANK OWNED / REO / FORECLOSED HOMES

UPDATED 07/16/09 (last updated 06/06/09)

By Popular Demand … Thanks for emailing… Here is the updated report as requested!

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Wisdom from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best property for you in Marin and Sonoma county, Bank Owned or Not!  (O.K. I still have to work on the new Blog ‘Tale of a Short Sale’, but there are other priorities)  

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule).

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes (Updated 07/16/09)

It has been 1 and 1/2 months since I last (06/06/09) posted Marin REO proeprties – taking care of my clients tends to get in the way of posting online.  However, never hestiate to email me if you need current info.

The Marin housing market is heating up again, as evident in the new ‘sellers’ market.  Lack of supply and increasing demand play a big role in that – Economics 101, I am sure.  This can be attributed to a few reasons:  Continuing interest in first time homebuyers taking advantage of the up to $8,000 tax credit from the government, interest rates stay historicacl low, including the new friendly Jumbo ($729,000 in Marin county), consumer believing the market has hit the bottom (as evident by many multiple offers), the lenders are required to hold of for an additional 90 days before starting the foreclosure process – allowing distressed homeowners the opportunity to work out their loans with the lenders – we have heard quite a few successful loan modifications), short sales are getting easier to approve, less stress for buyers, and much more.  

And 1 and 1/2 months later, the famous, but accurate remark of: “The Bottom of the Market is Hindsight”   Don’t be the one who missed out on the opportunity.

Changes between 06/06/09 and 07/16/09!  for Single Family Homes

66 Totals!

  • 19 Active – Rumor had it and now Luxury REOs are finally on market.  Vacation at home with Bay and Mt. Tam views in Sausalito – speaking of breathtaking views!  check out that 178 Santa Rosa Avenue.  Belvedere REO? with stunning water view, small but sure

        ~ Continue watching for outstsanding properties on REO list! ~

  • 29 Pending (Contingent, Pending) a gorgeous home in Larkspur – 5 Wittshire Avenue, inescorw just after 3 days; 1190 Cambridge (short sale at $470K, now REO at $372,900) in escrow after 2 days, probably multiple offers too!  On the other hand, a major fixer (or tear down) in San Anselmo, first priced at $1,350,000 went into escrow when it was reduced to $1M in May. 
  • 18 Sold since 06/06/09 – Remember that super hot deal on Sun Lane? Sold for  $710K (12.72% over asking) ALL Cash. One of those, no offers, but then suddenly many offers came in.  A Shea Home in Pointe Marin closed in 21 days for $855K (last sale in 06 for $1,150,000)

Changes between 06/06/09 and 07/16/09 for  Marin County Bank Owned Townhomes / Condos  

54 Total Listings – 

Questions about the current market? a specific property? The Incentive?  Ready to Buy? Ready to Learn?  Call your trusted Realtor to give you personalized updates...

_________________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

 

Marin County Bank Owned/REO/Foreclosures as of 06/06/09

MARIN COUNTY BANK OWNED / REO / FORECLOSED HOMESUPDATED 06/06/09

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Wisdom from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!Come back for a new Blog ‘Tale of a Short Sale’, about my client’s latest Short Sale purchase, which hopefully I will be able to post within a day or two) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule).

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes (Updated 06/06/09)

It has been close to four months since I last (02/20/09) posted Marin REO proeprties – taking care of my clients tends to get in the way of posting online.  However, never hestiate to email me if you need current info.

Many homes went into escrow since March for quite a few reasons:  Obama Stimulus plan gave optimism in the market as a whole; first time homebuyers taking advantage of the up to $8,000 tax credit from the government, interest rate was the lowest (4.875% for 1 pt., 30 year conforming… although inching up) for a long time, consumers believe the market has hit the bottom (as evident by many multiple offers recently), lenders are open to loan modifications (we have heard quite a few successful loan modifications), short sales are getting easier to approve, less stress for buyers, and much more.  

The most famous, but oh, so accurate line is: “The Bottom of the Market is hindsight” – You only find out you have reached (actually, passed) the bottom of the market is when you look back.  Don’t be the one who missed out on the opportunity.

Changes between 02/20/09 and 06/06/09!  103 Totals!

 

Changes between 02/20/09 and 06/06/09 for:

Marin County Bank Owned Townhomes / Condos Marin County Bank Owned Townhomes / Condos

90 Total Listings – 

READY TO BUY (or not quite yet?)  Call your trusted Realtor to give you personalized updates... This is our profession and we should NEVER be TOO BUSY to help you!

 

find a Realtor

 

Spring Hiking in Marin County

marin-hikingApril 2, Thursday, hike a moderate/easy 1A hike in Muir Woods, via Fern Creek and Camp Alice Eastwood. Meet at 9:30 at Miller and Locust in Mill Valley (at the bus stop). Back by 1.30. Share carpool costs. Rain cancels. Sponsored by the Marin Group Sierra Club.

April 3, Friday, the Marin Bushwackers Hiking Club presents a two-hour, “exhilarating and educational, off-the-beaten-track hike for in-shape hikers.”?  Meet at Tennessee Valley Trailhead gate at 5:30 p.m.?  For more specific directions and information, call John at (415) 331-0100.

April 4, Saturday, Two-hour  hike on moderate trails with md-hike wine and cheese sevrved overlooking the pacific, followed by optional dinner and socializing at the Mt. Home Inn. Meet at 4:30 p.m. in the parking area across from the Inn on Panoramic Highway in Mill Valley. Cost is $15. Sunset Hike and Dine Club. To reserve a spot, call (415) 331-0100.

The Fairfield Osborn Preserve offers Saturday hikes through May 16 so visitors may observe the diverse fauna and flora of the popular nature preserve on Sonoma Mountain operated by Sonoma State University. Tours are appropriate for families, friends and individuals. Visitors should be able to hike two to four miles over uneven ground. Sturdy shoes, long pants, drinking water and a snack are highly recommended. General admission is $3. Visitors 12 and younger are admitted free.

Hikes are held every Saturday at 10 a.m. There will be no hike on April 18. The Fairfield Osborn Preserve is located at 6543 Lichau Road in Penngrove. For more information or directions, call (707) 795-5069 or e-mail fairfield.osborn@sonoma.edu or visit online, www. sonoma.edu/org/preserve.

On Thursday, April 9, hike nine miles from Mill Valley towards Sausalito. Discover this 1A easy Bay path from East Blythdale Avenue in Mill Valley along the Bayside towards the Bay Model, guided by a docent . Meet at 9:30 a.m. in front of the Maria Maria restaurant at 651 East Blythedale Ave. in Mill Valley. Return by 1:30 p.m. Rain cancels. E.mail-rgwatson@pacbell .net. or call (415) 461-9255.

Sunday, April 12. Angel Island picnic and hike. An easy 2A hike with 360-degree views of all the bay, and to see results of the Angel Island fire. Hike to the top of Mt. Livermore and then have lunch on the beach. Bring liquids and a potluck dish for 6 to share. Meet at 9:45 a.m. at the Angel Island Ferry dock in Tiburon. $13.50 fare. Back by 4 p.m. Rain cancels. E-mail rgwatson@pacbell.net. or call (415) 461-9255.

Thursday, April 16. China Camp. Explore the Shoreline Trails of China Camp in San Rafael. An easy 1A hike. Meet at 9:30 at the Civic Center Post Office on San Pedro Road in San Rafael. Back by 1:30 p.m. Share carpool costs. Rain cancels. E.mail-rgwatson@ pacbell.net.

Thursday, April 23: Ocean view trail. A moderate/long 1A hike from Rock Springs to the Top of Cataract Falls with a view of the ocean and Stinson Beach. Carpools from Miller and Locust at the Mill Valley bus stop at 9:30 a.m. Back by 2:30 p.m. Rain cancels. E.mail rgwatson@pacbell. net or call (415) 461-9255.

Sunday, April 26. Lakes and waterfalls hike to Bass Lake/Alamere falls. A 2A moderate hike from Palomarin trailhead. Bring towels if desired for an optional dip in Bass Lake. Meet at Fairfax Parkade at 9:30 a.m. Rain cancels. E.mail rgwatson@pacbell.net or call (415) 461-9255.

Thursday, April 30, hike the Dipsea Trail and Muir Woods. A moderate 1A/B hike on the Dipsea trail and through Muir Woods. Meet at Miller and Locust in Mill Valley (at bus stop) at 9:30 a.m. Return by 1:30 p.m. Share carpool costs. Rain cancels. E.mail rgwatson@ pacbell.net or call (415) 461-9255.

May 3. Sunday. Drakes Estero. A moderately paced and a most charming 2B tour to the ocean of the beautiful Drake’s Estero area on Point Reyes. Carpool at 9:30 a.m. from Fairfax Parkade (opposite Fairfax Theater). Back by 5 p.m. Bring lunch and liquids. Share carpool costs. Rain cancels.

May 7. Thursday. Blackie’s Pasture. A very easy 1A from Blackie’s Pasture. Hike from the parking lot at Blackie’s Pasture towards Tiburon and back, stopping at a yummy bakery with a fabulous San Francisco view. Meet at 9:30 a.m. at Blackie’s Pasture on Tiburon Boulevard. Back by l p.m. Bring your taste buds.

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

SERVING MARIN, SONOMA, S.F. BAY AREA – FOR ALL YOUR REAL ESTATE NEEDS Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.

Marin County Bank Owned (REO, Foreclosure) Homes, Farms, Ranches. Update 02/20/09

Single Family Homes (Note – There is a Separate List for Townhome / Condo)

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Advise from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin.  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes

Updates since 02/08/09 –  4 SOLD – A couple all cash sales, a couple over asking prices.

38 Total Listings – 30 Active, 4 Pending, 4 Sold

  • New –  1611 Center Road, Novato, 
  • Pending – 24 Elmwood Court, Novato
  • Pending – 1212 Lynwood Drive, Novato
  • Pending – 52 Austin Avenue, San Anselmo
  • Pending – 26 Stasia, Novato
  • Sold – 1 Plaza Loma, 3/2, 1092 sf $410,000
  • Sold – 8 Wilson Hill Court, Novato, 3/2.5, 2388sf, $530,000
  • Sold – 25 Durham Road, San Anselmo, 4/2, 1533sf $573,500
  • Sold – 931 Butterfield San Anselmo, 3/2, 2115sf $875,000

contact a real estate agent

_________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Marin County Bank Owned (REO, Foreclosures) Homes – Townhomes, Condos – updated 02/20/09

TOWNHOME / CONDOS – 02/20/09 (Note there is separate post for Single Family Residence)

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Advise from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best deal and best house in Marin and Sonoma county for you, Bank Owned or Not!) 

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin.  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Marin County Bank Owned Townhomes / Condos Marin County Bank Owned Townhomes / Condos

Updates since 02/08/09 –  28 Total Listings – 22 Active, 4 Pending, 2 Sold

  • New – 7 Oak Crest Court, Novato – 3/2, 1460 sf – Western Oaks, Best Deal!
  • New – 2 Park Crest Court #C, Novato – 3/2.5 1460 sf. – Western Oaks, closer to Redwood Blvd
  • New – 47 Sequoia Glen, Novato – 3/2.5, 1529sf.  South side of Redwood Blvd.
  • New 35 Fairfax St #27 – San Rafael – Bahia, 2/1, 864 sf, Grerat Investment
  • New 241 Playa Del Rey, San Rafael – Bahia, 3/1.4, 1116 sf
  • Pending – 110 Oliva Court, C, Novato
  • Pending – 17 Oliva Drive, E, Novato
  • Pending – 12 Oliva Drive, D, Novato
  • Pending – 1289 Maple Court, C, Noavto
  • Sold – 50 Sonoma St #7, San Rafael $100,000
  • Sold – 25 Andrew Drive, Tiburon, $151,000 (Unbelievable low price for Tiburon, but NOTE – This property’s current tenant has a recorded legal 75 year lease at $1,285/month rent controlled.  There is 48 years remaining on lease.

 contact a real estate agent

__________________________________________________

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Marin County Bank Owned / REO / Foreclosures

Due to strong demand from my past and current clients and the interest from the prospective clients who might not have been able to purchase a home during the past sellers market, I will be providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes. The list will be updated on a daily basis.

(Word of Advise from your Realtor – One thing I would like to stress is not to get hung up on ‘Bank Owned’ – They may or may not be the best deal in town. There are GREAT Deals out there from motivated sellers who understand the market and who need/want to sell. I will be able to help you to find the best deal and best house for you, Bank Owned or Not!)

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).

Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

I will include Single Family Homes, Farms and Ranches in one link; and Condos/Townhomes in another link:

* Marin County Bank Owned Single Family Homes

* Marin County Bank Owned Condos / Towhomes

 

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.

Make Dreams Real – Rotary Club of Novato Sunrise Youth Services

How does Marin REO, Bank Owned, Short Sale Affect Marin Housing Prices?

14defaults_mdHow do Foreclosures, REOs (Bank Owned), Short Sales affect the Marin Housing Market? A question often discussed on the national, regional and local newspaper, but none can be better answered by your local Realtor.

Being a Marin Realtor active on many major online forums, I have been chatting online on and off with a future Marin (I think, or at least I hope, she is finally favoring Marin county after a year’s research) buyer for the past year.

marincountyreoShe has been on the fence to buy properties in Marin for just as long; mostly because she misses SoCal with warmer beaches, for personal reasons and, I think, having difficulty adjusting to the higher housing price in the Bay Area; especially Marin – Wanting an excellent location, great house, wonderful schools, but the higher price makes her think twice, …., and changes are always hard!

So, a year later, she posted a question about Marin Housing Market… she wonders if the future of foreclosures and REOs (Bank Owned Homes) in Marin will have an impact on the overall pricing.

Here is my answer to her question on how the foreclosures and Bank Owned properties are affecting Marin Real Estate Market:
———————————————————————-
“First, as I have always said, and I stand by that statement – Marin county, due to it’s unique qualities, does hold its value compare to other areas. Marin Real Estate value, although dropped some, will go back up sooner – but you have heard my preaching on that before, so I won’t go there.

As it’s in any market, the fundamental is if there are foreclosures and REOs, the price will go down; both due to the nature of foreclosures and REOs but also due to the fact that sellers that do HAVE to sell are realizing that fact, though, very reluctantly.

Novato, the north most part of Marin county has seen the blunt of it; especially the condo/townhome market, and entry level homes, but the trend also trickles down to the higher end market – really good for home buyers like yourself.

Southern Marin has largely been unaffected, but we are seeing a slow trend to go towards that way. Since those houses were mostly purchased with more equity in the homes, most are safe, but you do have very few that are not. Those will be the ones who suffer and bring down the values.

Some effect is also due to the general economy, which, for the first time in many years, affected the high tech and financial sectors; which in turn, affect the affordability of the higher end market here and in other desirable places of the Bay Area. You will see some of those houses, not nearly the magnitude of the lower end housing, but few will also go on the distressed list and prices in those dropping slightly.

On the flip side, Marin is Marin, and people do love Marin – make sure you go to http://www.SylviaSellsMarin.com to read about Marin County!

moneysign1The buyers who could not afford before, the bargain hunters, the ones who sold their homes before the market drop and are renting now, the investors, ..,etc are taking full advantage of this market and the declin(ed,ing) interest rate.

I know, because we have weekly office meetings discussing the traffic (and Frank Howard Allen is the #1 company in Marin county) and I personally hold open houses almost weekly for my sellers (always nice to get that one more buyer in for my sellers) and in doing so, I get a pulse of the market and customers, I see them out there.

A great deal is a great deal and they jump in there. Multiple offers and even flipping on homes are back again, and people with large down payments as well as cash buyers are moving in.

My clients and I looked at many areas, tons of houses, spend lots of months, and at times, write several offers before they get the best deals on the houses they want and need. But that’s what it takes in Real Estate, before, now and in the future, to get the right house

If you have a Realtor – and you should get one who will look out for your best interest – he/she should do the same for you. .

As always, I would love to actually talk to you about this and provide you with details. So, drop me an email or give me a call, if you will.

Best wishes in 2009!
Sylvia

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange.

Make Dreams Real – Rotary Club of Novato Sunrise Youth Services

Marin County Bank Owned (REO) Homes – Take Advantage Now!

This is one of the very rare times in history where there are bank owned homes in Marin county, coupled with low interest rate; definitely a great time for buyers to take advantage of the current buyers market, even in Marin county.

marincountyreoI  have many clients who asked me about Bank Owned (REO – Real Estate Owned) properties in Marin county.  Although Rare in comparison to other counties in California, we are seeing more bank owned properites in Marin county with the majority in Novato, then San Rafael, and trickle down to Southern Marin county.
Several of my clients have taken the opportunity and bought bank owned homes, a couple are listed on multiple listing, and one bought before the house went on multiple listing from an investor associate of whom I have built a nice working relationship with. 
A sample of currently bank owned properties are listed below – 
One unit in Belvedere, Tiburon Area  Belvedere, Tiburon, Marin County Bank Owned – Extremely desirable area, and will normally have no foreclosured properties, but there is a very special reason for this  low price/bank owned in such desirable area – ask me for details. 
One unit in Corte Madera, Larkspur area – Corte Madera, Larkspur, Marin County Bank Owned
None in Greenbrae, Kentfield – Not too surprisingly that there are no bank owned home in Kentfield, Greenbrae area considering we just had 12 offers on a basically tear down house (Trustee Sale) all because of the highly desirable location for Greenbrae, Kentfield 
None in Ross – Same reason as Greenbrae, Kentfield on why there is NO Bankowned in Ross
None in Mill Valley – Same thing about Mill Valley Bank Owned – None in such desirable area.
3 Bank Owned properties in San Anselmo – A little west, but still short commute to the city, full of charm and character, a town you don’t want to miss!
21 bank owned proeprties in San Rafael – fabulous time to buy in San Rafael – these bank owned properites in San Rafael are from Canal area, Terra Linda, Spinnaker Point, Santa Venetia area, Civic Center area, all the way to Gerstle Park.  Homes are condos, contemporary homes, Eichler homes, newer constructions, you name it!  
26 in Novato – Novato is the north most city in Marin County.  These bank owned properties in Novato, Marin make Novato a ‘relatively’ affordable place to live now.  Several condos have restricted usage, a couple are in flood zone, some have higher HOA fees, but most of the others are excellent buys – many are gobbled up with multiple offers – make sure you don’t wait for competition if you are interested in any of these properties.
And there is even ONE in West Marin Muir Beach Bank Owned Homes just waiting for you to finish it up…..
My hope for 2009 is that the homeowners who own distressed homes will be able to take advantage of the government’s bail out plans and avoid foreclosures…….
This means there will not be as many foreclosure properties as forecasted, and that’s a good thing in my book…. So, take advantage of today’s foreclosure inventories to set your foot in Marin County! 
Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate 
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
 
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com
MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange.