Monday, March 28, 2011

Home Inspection Tips for Silicon Valley!

In today’s Silicon Valley real estate market, buyers want to have confidence in their home purchase. Sellers want to be sure they’re getting a good price. Whether you are buying or selling a home in Silicon Valley, you can benefit from a home inspection.

It may not occur to home sellers to order a home inspection before putting their property on the market, yet the strategy has merit. If a home inspection is performed by a buyer as a purchase contingency, you could end up with a surprise if an issue is discovered.

In the worst case scenario, a problem found in a home inspection may lead to a withdrawn offer. Why wait until the middle of the sale for a home inspection? It makes better sense to know up front if your home has any issues. Then you can determine if you should address those issues before placing the home on the market. Or you could decide to adjust your asking price accordingly.

In any case, disclosing known issues pertaining to the condition of your home is your obligation as a home seller. While a home inspection report does not replace your obligation, it shows you’ve gone the extra mile. This may help put a buyer at ease, and in turn, he or she may look upon your home more favorably.

Per a 2009 survey by the NATIONAL ASSOCIATION OF REALTORS®, up to 80% of all homes for sale nationwide had pre-purchase inspections. As the use of home inspections became commonplace, the number of “home inspectors” grew dramatically. But just as real estate sales professionals like me have organizations like the NATIONAL ASSOCIATION OF REALTORS® to separate them from the crowd, home inspectors have their own associations and credentials. 

The California Real Estate Inspection Association, or CREIA, has served the California real estate industry since 1976. CREIA defines a home inspection as a visual examination of the structure and systems of a dwelling. In other words, your home and its mechanicals won’t be taken apart in the process.

These are the common inspection areas identified by CREIA:
  •          Overall structural condition
  •          Roof
  •          Foundation
  •          Drainage
  •          Plumbing
  •          Heating System
  •          Central Air Conditioning System
  •          Visible Insulation
  •          Walls, Windows, Doors
Home inspectors are neutral third-parties and their task is to identify visual defects. A home inspection may result in nothing more than a list of maintenance to-do's.  Or, the report may reveal a more serious issue that needs attention. As a rule of thumb, it’s seldom cheaper to fix something later; a home inspection today could save you from more costly repairs tomorrow.

Selective home buyers in Silicon Valley know the importance of a home inspection. So do well-prepared home sellers

Of course, the importance of a good REALTOR® cannot be overlooked. As your Silicon Valley real estate professional, I’ll be with you throughout the entire buying or selling process. If you need a market analysis on your home, or if you’d like to see what’s new in Bay Area real estate, contact me! Let my experience and dedication to service help you reach your real estate goals.

Monday, March 21, 2011

Silicon Valley Welcomes the San Francisco Flower & Garden Show!

Nothing says spring in Silicon Valley like the arrival of colorful, fragrant blooms. A home garden can provide beautiful scenery to relax your senses, or supply a bounty of herbs and vegetables for your dinner table.  Bay area gardens flourish in all sizes, from windowsill boxes to patios to community plots

You can dig up new garden ideas by visiting the world-class San Francisco Flower & Garden Show at the San Mateo Event Center. The annual show celebrates “Life in the California Garden” and runs from March 23 through March 27.

New this year are "garden to table" cooking demonstrations by top Bay Area chefs, including Sean Baker of Gather Restaurant, Esquire Magazine’s Chef of the Year for 2010, and culinary icon Alice Waters, owner of the Chez Panisse restaurant and author of The Art of Simple Food.  

The restaurant luminary list rounds out impressively with Executive Chefs Andrea Froncillo of The Stinking Rose, Roland Passot of La Folie, and Jeffrey Stout of Alexander’s Steakhouse.

It wouldn’t be a garden show without gardens! You’ll find 20 full-size garden installations from the Bay Area’s foremost horticulture and landscape professionals. Design seminars feature notable experts such as HGTV personality Gary Gragg, and award-winning landscaper Jeffrey Gordon Smith.

Children are welcome at the show. “Sproutopia”, a special children’s area, will provide hands-on learning and fun for young, budding gardeners. 

The San Francisco Flower & Garden Show is one of the largest garden shows in the country, offering 75 seminars and films, 200 vendors, a full farmer’s market, wine tasting, book signings, and great food. It’s a fun way to grow your gardening skills in Silicon Valley!

A good garden, no matter the size, will improve your outdoor living space. A well-tended garden also shows pride of home ownership. If you have a growing interest in buying or selling a home in Silicon Valley, contact me for the best in real estate service!
 

Monday, March 14, 2011

Protecting Your Credit in Silicon Valley!

Good credit is important when buying a home in Silicon Valley. Sometimes it takes a major purchase to make us think about our credit, but no matter your plans, you need to know what’s in your credit report. This sounds like common sense, but not everyone takes the time to review their credit. The risks of identity theft and credit fraud make it a necessity.  

Take a look at the big picture for a moment, and you’ll see what I mean. The Federal Trade Commission estimates that 9 million people each year become victims of identity theft. Undoing the damage caused by fraudulent use of your personal information can cost a great deal of time and money. Here are more facts from the FTC:


  • Credit card fraud is the most common form of identity theft.
  • Fraudulent new credit accounts took the longest time to discover.
  • The longer the fraudulent activity continued, the higher the loss to the victim.
  • 16% of fraud victims were victimized by someone they knew.
  • 84% of fraud victims did not know who obtained their personal information. 
  • Of the above, over half of the victims did not know how their info was stolen.
  • 37% of fraud victims became alerted to the fraud by monitoring their accounts.

Our national affection for credit cards isn’t going away, however. The average American credit card holder has at least 3 credit cards, per a study conducted by the Federal Reserve Bank of Boston.

With these facts in mind, keeping an eye on your credit report is crucial. Fortunately, it’s also easy, and once every year, it’s free! And because I love to help Silicon Valley home buyers, I have this information handy. You can obtain a free copy of your credit report once each year at annualcreditreport.com. This website is a cooperative venture of all three major credit reporting bureaus, and is supplied as a public service.

Note that this free credit report will list your credit accounts and public records, but not your actual credit score. Still, it’s the right place to start to make sure your information is accurate.

If you wish to obtain a copy of your actual credit score, you can do so for a nominal fee by visiting MyFICO.com. FICO is the industry standard for numerical credit scoring. The site also provides useful credit tips that make it worth a visit.

Protecting your credit could help you buy a home in the Silicon Valley area. Helping Silicon Valley home buyers and sellers is my specialty! As your professional Silicon Valley Real Estate Agent, I will put my knowledge and experience to work for you. Contact me today for help with all your real estate goals!

Tuesday, March 8, 2011

Short Sales in Silicon Valley!

While there are many good things to be said about real estate in Silicon Valley, the national downturn in the housing market has affected some homeowners in our area. As a Certified Distressed Property Expert, I understand the special challenges involved when the market value of a home will not cover the outstanding mortgage against it.  

A homeowner who has a property with an “upside-down” value may mistakenly believe they cannot sell the home. Misinformation by the media and uninformed advice from well-meaning friends can compound the discouragement. Too often, a sense fear or frustration can cause a homeowner to abandon their property to the foreclosure process.  

Having a Silicon Valley Real Estate agent on your side who is familiar with Short Sales can make all the difference. Here’s a basic rundown of what’s involved in the process.  

First, there is no one-size-fits-all. Every mortgage loan has different guidelines set by the respective bank, investor pool, and mortgage insurer. These include specific documentation requirements. Good communication is critical in the short sale process, as many points of contact may be involved.

The next step is determining what your home is worth on today’s market. A REALTOR® with distressed property experience is best equipped to make market value comparisons.  

Your property will then be listed for sale with the full-service, professional marketing you can expect from an experienced Silicon Valley Real Estate agent

When an Offer to Purchase is obtained from a qualified buyer, the offer will be submitted to the bank, along with specific information from you, and a letter that explains your hardship. This is the most detailed part of the process. 

What qualifies as a hardship may vary by the bank involved. Generally, hardships are recognized as follows:
                                       
  • Permanent reduction of income
  • Unemployment
  • Divorce
  •  Death of borrower/co-borrower
  •  Permanent disability
  •  Involuntary job transfer 

Additionally, your financial information must show that you do not have the ability to cover the difference between the selling price of the property and the mortgage balance. It must also show that you cannot maintain the mortgage payments going forward.   

To prove your financial picture, the bank will ask for the following documentation:
  • Bank statements for checking, savings, and investment accounts
  • Disclosure of debts and expenses
  • Income tax returns for the past two years
  • Paycheck stubs/proof of direct deposits
  • Proof of adverse circumstance – divorce decree, job loss, ect.
  • Your credit report may be pulled by the bank  

Your bank may ask for other information specific to your circumstances. The clock is ticking during the short sale process, and any time the bank makes a request for information, a prompt reply is necessary. Again, good communication is critical. Working with a professional Silicon Valley Real Estate agent who understands the process, and your personal needs, will give you the best chance for success.

Short Sales are complex but they are not impossible. Patience, experience, good communication and professionalism are traits of a good REALTOR® and they are especially important in the Short Sale transaction. If you have a Silicon Valley home that may need a Short Sale, please contact me for personal assistance. 

Tuesday, March 1, 2011

Luck of the Irish in Silicon Valley!

St. Patrick’s Day is one of the most widely celebrated holidays in the world. It attracts celebrants from all ethnic backgrounds, and is observed in countries you may not expect, such as New Zealand, South Korea and Japan.  

The universal appeal of St. Patrick’s Day may be in the spirit of perseverance and luck that have connotations with the holiday. In fact, the phrase “Luck of the Irish” may have originated during the California gold rush, when many Irish immigrants pursued their fortunes in the gold and silver mines of the West.
 
The Irish-American heritage in the San Francisco Bay Area is represented in one of the largest St. Patrick’s Day parades in North America, held annually since 1852. Like St. Patrick’s Day itself, the parade evokes a spirit of inclusiveness, drawing participants of all demographics and ethnicity.  

This year’s St. Patrick’s Day parade in San Francisco is expected to include 5,000 participants from all over the United States. The parade is Saturday, March 12, and will begin at 11:30 a.m., stepping off from the corner of Second and Market Street, ending at City Hall.
 
Irish-themed festivities continue throughout the day at the St. Patrick’s Day Festival at the Civic Center Plaza. This family-friendly event features live entertainment, arts and crafts, rides, cultural displays, and plenty of food and beverages.  

Whether you’re Irish or not, anyone can enjoy a St. Patrick’s Day celebration. Just as anyone can enjoy having the luck of the Irish!  After all, a large part of “luck” is being in the right place at the right time – and the right place, is wherever opportunity dwells.  

That would put the Silicon Valley Area amongst the luckiest places to be found!  The opportunities for employment, business start-up, and venture capital are unrivaled. The opportunities for Silicon Valley real estate are excellent as well!   

If you’re looking to buy or sell a home in Silicon Valley, you’ve come to the right place.  Contact me to work with the right Realtor – someone who will listen to your needs and put all their experience to work for you.  By being prepared and informed, you’ll be ready to make your own luck in Silicon Valley!