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Linda Urbick's Blog

By Linda Urbick | Agent in San Ramon, CA
  • Contra Costa County Foreclosure Update

    Posted Under: Home Buying in Contra Costa County, Home Selling in Contra Costa County, Foreclosure in Contra Costa County  |  March 9, 2012 2:59 PM  |  504 views  |  No comments
    The foreclosure inventory maybe tapering off with banks urging underwater homeowners to do a short sale. To get a better picture of what the trend has been, these charts provide a visual of what is happening:

    The first chart Contra Costa County Foreclosure Filings illustrates the notice of defaults along with the notice of sale. This is where the homeowners have been notified

    Contra Costa County Foreclosure notice of defaults were the highest in July 2011 and the lowest in December. As can be seen, January filings are up 25% over December numbers, but down for the year.  December had the highest "notice of sales" recorded.

    Contra Costa Foreclosure Filings 2012
    Let's look at the chart below to see the actual outcomes. It is good to see the downward trend for notice of sales, which can mean that a another solution occured such as a loan modification, short sale or the homeowner was able to bring the payments current.
    Contra Costa County Foreclosure Outcomes
    The cancellations of sale or resulting in a foreclosure, is due to success (in most cases) of getting approved by the lenders for a short sale or a loan modification. The month's numbers of cancellations do not correspond exactly to the month's notice of sales, but the overall effect is that 14% of homes that were slated to be foreclosed upon, were sold to individuals.

    As can be seen from the chart "Contra Costa County Foreclosure Time Frame"  it is a very lengthy process, from the time the notice of default is filed until the final sale at the courthouse on average for the past year was 10 months. This is also a costly proposition for the banks. Add to that the time it takes the banks once they are in possession of the property it takes almost 8 months to resell the property.

    Contra Costa County Foreclosure 2012

    Who knows if the "shadow inventory" is a reality. It is rumored the banks may be selling the inventory in bulk to investors with a requirement that these homes are to be used as rental units for a couple of years.

    While the number of foreclosures in Contra Costa County are decreasing, they will continue to be a part of our market for at least a couple more years.

    Current list of bank owned homes.

    Source of Data/Charts: Foreclosure Radar

  • Save Your Home Californians - Learn What's Available to Help You

    Posted Under: Home Selling in Contra Costa County, Foreclosure in Contra Costa County  |  February 21, 2012 5:17 PM  |  562 views  |  No comments
    The "Keep Your Home California" organization wants to raise awareness and help Californians keep their homes.

    At our weekly San Ramon Realtor Marketing meeting, a representative was the featured speaker. California has $2 billion is federal funds to help homeowners who are struggling to make their mortgage payments.

    The programs are focused on assisting low and moderate income families if possible avoid foreclosures. A brief overview of each program:
    • Unemployment Mortgage Assistance - up to $3,000 per month to eligible homeowners
    • Mortgage Reinstatement Assistance Program - Up to $20,000 who are now in a position to reinstate their mortgage. These are the folks who thru a hardship have fallen behind in their mortgage payments but now are back on their feet and need to bring the mortgage current.
    • Principal Reduction Program - for those homeowners who are really upside down on their mortgage. The mortgage servicer must be on board with this program, as not all servicers are as of this date. The maximum for eligible loans is $100,000.
    • Transistion Assistion Program - the agency will assist with up to $5,000 to help families relocate who are unable to keep their home and have either completed a short sale or a deed in lieu of foreclosure.
    There is certain criteria for each of these programs and the best way to understand what you should do is contact the agency. They have conselors who can point you in the right direction and determine if your mortgage company is participating in these programs.

    The contact number is 888.954.5337 - www.keepyourhomecalifornia.org.

    If we can be of any assistance, please feel free to contact Linda Urbick at 925-415-3046.

  • San Ramon Distressed Home Sales for 2011

    Posted Under: Home Buying in San Ramon, Home Selling in San Ramon, Foreclosure in San Ramon  |  January 26, 2012 6:05 PM  |  773 views  |  No comments

    San Ramon Distressed sales - defined as Short Sales and REOs represented 43% of the total 1021 units sold in 2011.

    The breakdown is as follows:

    • 173 REOs
    • 261 Short Sales
    • 587 Regular Sales
    San Ramon Condo/Town Home Distressed Sales Total for 2011

    San Ramon Detached 2011 Distressed Home Sales

    50% of detached homes in San Ramon sold in 2011 represent a distressed sale.

    There is a wider margin in the detached homes between the list price and sales price ranging from 1% to 6%.

    Homes Sales Activity for 2010 as a comparison:

    • Total Sales All Properties 998 
      • 221 Distressed Units vs 213 in 2011
    • 150 REO
      • 81 Condos Average Sale Price $270,063 - decrease of 6% 2011 vs 2010
      • 68 Detached Homes Average Sale Price $659,141 - increase of 2% 2011 vs 2010
    • 251 Short Sales
      • 100 Condos Average Sale $337,667 - decrease of 22% 2011 vs 2010
      • 151 Detached Average Sale $738,988 - decrease of 9% 2011 vs 2010
    • 587 Regular Sales
      • 145 Condos Average Sale $448,995 - decrease of 14% 2011 vs 2010
      • 442 Detached Homes Average Sale $797,564 decrease of 6% 2011 vs 2010
    Do you need help selling your San Ramon home - call me let's talk - Linda Urbick 925-415-3046.
  • San Ramon Bank Owned-Open Sunday January 15-Hosted by Linda Urbick

    Posted Under: Home Buying in San Ramon, Home Selling in San Ramon, Foreclosure in San Ramon  |  January 14, 2012 12:56 PM  |  799 views  |  No comments
    San Ramon Neighborhood - East Hampton open house Sunday January 15th from 1 to 4 PM.

    This is a bank owned property and represents a good deal, especially for the first time home buyer. 2 story 3 bedroom 2.5 bath located conveniently to 580/680.

    Move-in ready. Kitchen/family room combo. Decorator wall colors. Hardwood floors kitchen. Dining room, family room. All bedrooms are located on the second floor.

    Benefits - private park and play area, located in the highly acclaimed San Ramon school district.

    Stop by - take a look - this might be the one for you.

    Address: 76 Elmwood Dr., San Ramon (off Alcosta).
    Time: 1-4 PM

    Can't make the open house? Call Linda Urbick 925-415-3046 for a private showing.

  • San Ramon Foreclosure Report

    Posted Under: Home Buying in San Ramon, Home Selling in San Ramon, Foreclosure in San Ramon  |  December 14, 2011 4:26 PM  |  892 views  |  1 comment

    San Ramon Foerclosures accounted for 162 closed sales in 2011 as compared to 128 in 2010, 21% increase in 2011. Of these bank owned properties:

    • 2011 - 74 Detached Homes & 87 Condo/Town homes
    • 2010 - 59 Detached Homes & 67 Condo/Town homes

    Current Inventory of San Ramon Bank Owned Properties:

    • 18 - 8 detached homes and 10 condo/town homes
    The following charts are from ForeclosureRadar.com which show the trends of all San Ramon Foreclosures for 2011 and 2010.
    San Ramon Foreclosure Filings November
    San Ramon November Foreclosures
    Foreclosure outcomes as noted above are either cancelled (for a number of reason), go back to the bank or are bought by individuals or investors at the auction. The numbers would indicate more properties are going to individuals than to the banks.

    San Ramon November Foreclosures
    These numbers show how long it takes for the actual foreclosure to take place and that is why we see some houses sitting vacant for a long time or homeowners are still in the homes. Interestingly the banks take a little over three times longer to resell the properties as do 3rd parties.

    Interested in buying a foreclosure or getting a list of current foreclosures - call Linda Urbick 925-415-3046 or send me an email.
  • San Ramon 3 Bedroom Open House Saturday Oct 29

    Posted Under: Home Buying in San Ramon, Home Selling in San Ramon, Foreclosure in San Ramon  |  October 29, 2011 10:15 AM  |  524 views  |  No comments
    Come by and see this move-in ready bank owned home in the San Ramon Lauderhill neighborhood.

    The home features:
    • 3 Bedrooms
    • 3 Baths
    • 3 Stories
    • 2 Car Garage
    • Designer Upgrades - granite counters, paint, hardwood floors
    • Surround sound wired
    • Easy maintenance
    This is a great value at only $565,000. Open Saturday October 29 - for only 3 hours from 1 to 4 PM.

    Address - 3324 Chartwell St., San Ramon
    Directions: Crow Canyon to Old Mill Rd (by Home Depot) to Chartwell.

    Can't make the open house - give me a call 925-415-3046 or email Linda Urbick for more information or a private showing.

  • New Focus for Short Sales with Bank of America

    I attended a “webinar interview” by Alex Charfin of the Certified Distressed Property Institute and Bob Hora from Bank of America this past week and it was quite interesting.

    By golly, I think the banks finally get it. Short sales are more productive and profitable for the banks, better overall for the economy, the homeowner and the community.

    Going forward Bank of America will be reaching out to troubled homeowners. It wasn’t clear at what point this would happen, i.e. how far behind on their mortgage they are, but I am guessing because each State has different regulations for foreclosures, etc. it was hard to be so definitive during the interview.

    According to Mr. Hora, Bank of America now has a staff of over 3000 employees dedicated to working Short Sales. They have better systems and processes in place such as one person handling the file not someone new every time we call in for a status. Real Estate agents who have worked short sales with Bank of America know that everything starts with Equator. Unless the documents are uploaded in Equator, no amount of telephone calls to the bank will get a response.

    Homeowners, buyers and real estate agents become frustrated with the length of time it takes for a short sale to get processed and the reality is that banks have relationships with over 500 investors on the loans  each with their own guidelines as to how to handle distressed sales.In addition each state has regulations for the banks to follow.

    A couple of key items I took away from the call:

    • Bank of America wants to do short sales and not foreclosures
    • Processes are now in place to guide the homeowners – either loan modification, short sale, deed in lieu
    • Specialist assigned as soon as docs are uploaded in Equator
    • Service Level Agreements -commitment to communicate to Real Estate Agents within a predetermined schedule and if they don’t – we can escalate to the next level
    • Investors are classified as delegated and non-delegated. If non-delegated then the bank can make the decision regarding the price and terms. If delegated they must go back to the investor for approval. You can ask your specialist who the investors is on the loan. Previously they were reluctant or couldn’t disclose this information, but knowing the investor will help real estate agents understand just how long it will take to get the short sale processed.
    • Fraud checks in place – ensuring market data is accurate, arms length transactions, real estate agents do not represent themselves in short sales, and sometimes depending on the investor an agent cannot handle both the listing and sale of the property.

    Bottom line – Bank of America projects short sales to increase 60-70 percent in 2012 as compared to 2011. This is good news for homeowners.

    If you need some assisstance with selling your home, please give me a call perhaps I can point you in the right direction, Linda Urbick 925-415-3046.

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