Tuesday, November 24, 2009

Washington High School--Huskies Basketball

After a few late appointments at my Fremont real estate office, http://www.tricityhome.com. I hopped in the car (could have walked) and drove to Washington High school Gymnasium where the Huskies were playing the Livermore High school team.

As you can see in the final scoreboard, the Huskies bit the Livermore High School team 70 times while the Visitors nipped back a mere 33.

It was good sportsman's ship to see fallen players helped back up after a fall from the opposing side more times than one. All in all, a good night out with the family.

Better luck next time Livermore.
By Jeff Pereyda

Saturday, November 21, 2009

Holiday Shopping in Fremont

It's not a good picture, but behind the small crane operator is a sign that says, "Shop Fremont." It's a nice sign and it shows some artwork of candles surrounded by sparkles, very noel.

I thought about how much Fremont has changed. Vince, my building manager at the Murco Plaza on Capitol and Paseo Padre has a long history of the landscape in Fremont. He remembers that the Western Dental building building on the corner of Paseo and Mowry used to be a chicken ranch. I recall some things too. I watched Target get built on Walnut and Fremont. Before that women used to complain that in order to buy a bra, you had to leave Fremont and go to Newpark Mall.

So, where to shop in Fremont? The Hub has Target, Pier 1, Borders, and Hallmark to name a few. Raleys Shopping Center has some smaller gift shops there, well, like The Gift Shop. but you can get some shopping done in Fremont. 

To me, the best shopping experience around here is at the Stanford Mall, just a straight shot over the Dumbarton. I still remember the Saks Fifth Avenue which had no escalator, only an elevator. After all, my Dad was the head fitter (a person who instructs tailors on how to alter the suits) in the Men's Department for around 35 years. It since has closed, consolidated and moved to the San Francisco store many years ago. My Dad went with the move as well. The Barn at Stanford used to be a food buffet and food mall with very high class stuff. I still remember the candy shop that sold solid red and black liquorice cords, honeycombs and more. The Stanford Mall has a great deal more class than say--the Hub. The difference is night and day. Plottage, architecture, vendors, landscaping and the surrounding area being Stanford says it all.

Feel free to shop Fremont, I will. And, don't forget to shop online too, but if you cannot afford a trip to Rockefeller Plaza and the Saks in New York, go to Stanford mall once or twice this year.

My Christmas wish list is posted on my Fremont real estate agent http://www.tricityhome.com web site. Just kidding.

Wednesday, November 18, 2009

Fremont Mission Hills Real Estate

Some of you know that from 1987 to 1999 I worked for UPS, a driver in fact. I delivered packages out in the Mission San Jose area of Fremont. In the morning deliveries to businesses came first, then some residential, then business pick ups, then go back out and deliver residential again. I saw a lot homes to say the least.

About mid route, I also delivered to small business center where I would find my new dentist Dr. Karen Gianotti, my insurance agent Mike Qutermous at State Farm, my Optometrist, Dr. Marvin Mah (I may need glasses soon) and the VCA Mission San Jose Pet Hospital where we take our pets. They are all there in the Mission San Jose Business center on the corner of Luzon and Washington Blvd. I especially grew fond of where one of my driver buddies lived off of Luzon and Castillejo. That is near Washington Blvd. and 680. I just liked it. It had some character, some views too.

Call me old-fashioned, but I'd rather have a slightly older home with character made with a mix of wood and brick than the new ones made with sprayed on stucco and weak stucco architecture that has foam underneath it.

As one who values long-term relationships, and even though I no longer drive for UPS, I still retain customer relationships with them all.

Even in the middle of busy day at my Fremont real estate agent http://www.tricityhome.com office, I can find time to drive into Mission and get a check up and find no cavities, but also be told that a little more flossing couldn't hurt. And, as a small aside--I met my wife there when she worked at the pet hospital back in 1993.

Friday, November 13, 2009

Asking Price .vs Selling Price In Fremont

On average, the "sold" prices for real estate owned homes in Fremont over the last 3 months or so have been selling for over the asking price. I ran just a quick list of all the homes that sold during that time, averaged the sales prices, averaged the listing prices, subtracted for the difference then divided the difference by the listing price. It sounds like a real estate question from the state exam. Doesn't it? Anyway, below in wonderful Excel colors are the results.
Asking Price Avg.
Sold Price Avg.
Avg. Difference
% Over Asking

We have not heard a lot of the "we bought our home for half the listing price" kinds of stories in our office. Actually, in order to get the house--most of the time, one has to offer over the asking price.

Please remember that these are averages and only performed by the method I showed above. I'm sure there is a more sophisticated RMS method of (root means squared) or something, but here you have it. If you want to buy a home in Fremont most of the time, they go for more. The test only included REO properties. It's very telling.

Some home buyer "to do's" for your agent would include:
  • After you like a property, have your agent perform a CMA for your property so you know the estimated market value of the home. Remember it still has to appraise for for your offer amount in order for your loan to go through.
  • Make sure you have your deposit check photocopied for your agent to present your earnest money.
  • Have a fresh "direct lender' approval letter on the ready.
  • Go over the Buyer's Net Sheet again to make sure you understand your closing costs.
  • The rest is up to you and your agent working together to create a good offer.
Again, these are the basics. If you need more attention to detail, please give us a call or send us an email. We are full-time real estate agents in Fremont.
By Jeff Pereyda

Tuesday, November 10, 2009

Shrinking Inventory For Fremont CA Real Estate

Just real quick--the number of homes for sale in Northgate, Centerville, Mission Hills and other areas of Fremont are shrinking. Usually this is followed or accompanied by rising prices.

In my last blog post, I simply laid out the fact that the home prices in Fremont were getting a bit of a boost upward. So, this could be the culprit. What do you think? Let me know.
By Jeff Pereyda

Monday, November 9, 2009

Antelope Hills Fremont Distressed Homes

If you go to my site http://www.MyColdwellBankerHome.com, you will find distressed homes for sale in Antelope Hills Fremont.

No matter where you are in the US, you are effected by the decreased value of homes. Antelope Hills is nice but not immune to the crunch. Just go to my site and wait for the thumbnails (small images of homes that change on the screen) to appear. There you will find distressed homes for sale in just about all categories and price ranges. The site uses IDX scripting, so I cannot embed it here, but go and try the site. It is just a click away.
By Jeff Pereyda

Sunday, November 8, 2009

Home Prices In Glenmoor

Homes for sale in Glenmoor are showing changes in pricing, and this area has always been one of the most desired places to live in Fremont CA that have home values from 500k up to over 1 million.

I like the area too, but I happen to live in the Parkmont area of Fremont. Glenmoor homes for sale have also felt the effect of the price drop. Homes sales since 2007 have dropped on average of 35%. Some areas only fell 30%. That would be Glenmoor. But recently there has been an increase of about 5% take a look at this chart. It's hard to see, but it shows that over the last 180 days, home prices in Glenmoor increased by about 5%. Thinking of selling your Glenmoor home? http://www.MyColdwellBankerHome.com. Is a good way to see how I sell Glenmoor homes.
Other areas hit by the 30% instead of 35% are:
  • Parkmont
  • Niles
  • Mission San Jose
  • Indian Hills
They are recovering at the moment. Let's see. Next blog post I will post the supply and demand levels over the last 90 days. It is very interesting.
By Jeff Pereyda

Wednesday, November 4, 2009

Real Estate Listing Agent In Newark--Syndication

Home Listing Syndication is part of a new buzz jargon that a lot of soon-to-be home-sellers in Newark should have in their home selling marketing plan.
A Syndication is defined by Dictionary.com--a group of individuals or organizations combined or making a joint effort to undertake some specific duty or carry out specific transactions or negotiations. When you list a home with us, we combine traditional marketing with newer (syndication) as well. Open Houses are great as well as postcards and flyers, but more and more buyers are starting out on the web, and that's where you need to be too.
If you or someone you know is thinking about selling a home in Fremont, Newark or Union City, then one of the newer things we do is a Home Listing Syndication.
Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:

Why not start here and see what your Fremont home is worth. On one of my next blogs, I will give you a Home Seller's Net Sheet that will allow you to calculate your estimated profits from your sale.

Tuesday, November 3, 2009

Real Estate Office In Fremont--commitment

At the time of writing this post, loan rates were down to about 4.5%. Unemployment was up to over 10%. Tempting as the rates may be, some people are scared to commit to a home purchase because they might be out of a job soon.

I spoke with a high level executive at B of A, and they are trying to do something about that. They actually have a home buyer protection program where they will pay 6 months of your home loan (P&I) if you get hurt or lose your job. Not a bad deal, but you do have to commit to the loan at first. No one want a home buyer to lose their job.

I know this next point isn't exactly related, and I am a bit off topic, but I added a link to my Fremont real estate agent http://www.MyColdwellBankerHome.com. Nothing new, I know, but we have found that those buyers who come in the office are more likely to be successful in buying their home. It's about commitment. I think buyers feel better knowing that they have a professional office and an agent that is full-time working for them. Likewise the agent feels better about working hard for their client who takes time out of their day and physically walks into the office to get a clear understanding of what they as a home buyer need to do.

So, if I were to try and link he opening paragraph with this closing, I would have to say that commitment plays a big part in buying a home in both getting the loan and sticking with the real estate office that is helping you get one. Let us know how we can help.
By Jeff Pereyda

Fremont CA Homes For Sale & Short Sales

If you have found a short sale in Fremont and are getting discouraged at the pace of things, find out if the home you are buying has a B of A loan on it. If it does, you are in luck, well sort of.

I know there have been horror stories about B of A. My father-in-law who also is a broker has a few of his own. But, I do not (yet). I have a short sale in the Parkmont area of Fremont and they buyer really wants to get going. I think they are feeling that they may miss out on the new buyer credit. I was introduced to a VP of B of A a while ago, and he has now been authorized on the account and the short sale is moving quickly. There are a few strings attached.

If you as a buyer have a loan approved already with a non B of A provider, you will have to dump them. The VP wants the loan in order to provide leverage for the workings in the B of A system. We have seen this with Wells Fargo and other lenders too, but this is a bit different. Then, you have to hire B of A to do the loan, and authorize the VP using the short sale authorization letter.

Let's just wait and see. As a full-time fremont real estate agent, http://www.MyColdwellBankerHome.com I am skeptical. 

By Jeff Pereyda

Monday, November 2, 2009

Bank-Owned Property In Fremont--We Call Your Bluff

We were given the MOD (Multiple Offer Disclosure) from on of the major banks today. We offered a fair amount for a property for sale in Fremont, and got the MOD in return.

It is the bank's way of flushing out any possible chance for a bidding war to get it's last word or dollar in. The notice only states that the bank is "letting you know" that they know there are multiple offers on the property. It sometimes comes with an attachment from the listing agent saying that any Counter Offer (extra bid from us or you if you are the buyer) needs to be in writing and so on.

We called their bluff today and stood our ground. The buyer simply acknowledged the MOD and sat back and is now waiting. Lets see those cards Mr. Lender.

By Jeff Pereyda

Fremont CA Foreclosure Found

It's a Fremont short sale actually. My point however is to remind home buyers in Fremont that your short sale deal needs to be well-cared for while it is in the bank's "system." Many brokers and agents feel a bit indifferent about referring to the bank's process of handling a short sale anything remotely close to a "system." It's a bit of a sore subject among us real estate professionals.

In a recent blog post, I mentioned that B of A was going to assist in one of my short sales. A VP was personally going to see that it got done fast. Last week I received a call from B of A. It turns out that my short sale file was sitting in the wrong department for a significant length of time. It was discovered by none other than the VP himself. It was quickly remedied and then brought to my attention.

I felt bad that something like that had slipped past me. I was assured that there was nothing I could have done to prevent that. It was all their doing. Now that I know, I think there is something I can do about it. I am going to tell you how to prevent this from delaying YOUR short sale significantly.

Here is what I found. It turns out that the bank has several short sale divisions, not one like they tell you, and only one can handle a Freddie Mac loan, a secondary mortgage market loan. Mine was one of those. For more on Freddie Mac reading go here. Ask the rep or negotiator if the loan is a Freddie Mac loan and if it is being handled by the right short sale division. Ask to be transferred to the manager of the shortsale division if they cannot answer the question.

In short, my VP came through. He broke the door down and rescued my short sale from sure abandonment. I hope that someone can use this info to rescue their short sale as well. Let me know if I can help.

By Jeff Pereyda

Sunday, November 1, 2009

Bank Owned Homes in Fremont

If you are in the market to purchase a home at a reduced price, then you have a real good chance at getting one if it is a Bank-Owned home. You can visit my slide cast to just get a quick inside look at how to get a Bank-Owned home or REO.

Not that it matters terribly what I think, but for the sake of argument, I think that I would never have seen a market such as this one. There are REO's everywhere and what is more puzzling is that most people do not know how to buy one. Banks have made it harder than you think.

REO Buying 101 would have to include just a few things:
  1. Include wording in the offer that says that your offer is the highest and best that you can do--when it comes to an REO, banks do not want to waist time with a counter offer on your offer to purchase. So, make it a good one the first time around.
  2. It should be an "As Is" deal or what they now call "As Disclosed."--As Is does not mean you are stuck with a lemon if you find out anything is wrong with the property. It simply means the seller is "preconditioned" not to have to fix anything that is known or discovered as damaged in the escrow process.
  3. Be cash or close to it--Your offer must have an approval letter from a major bank, not a mortgage broker. I am a mortgage broker, and although it hurts a bit to hear that, I understand. They want the approval from the horse's mouth.
  4. Clean it up--watch out for pesky, "seller pays this and seller pays that." You will be in competition with many other buyers who want that house too. Be careful so as not to appear as a nickel and dimer. The bank will not see the offer in the best light if you appear that way.
There is a bit more to it than that, but the above 4 items are a good start in understanding what the bank wants. Want more? Contact me direct and make an appointment. There is real estate to be had.

Thanks for reading. Why not take some free things back with you? Visit these links below.
By Jeff Pereyda