Bay Area Luxury Homes.Net - Keeping you informed on Real Estate

Now you can afford a Luxury Home!

2008-10-15T21:35:00Z

The luxury homes for sale market is not just for the rich and famous. With the market opportunity these days for relatively lower interest rates and low home prices, you can get in on this buyers market and secure yourself a luxury home or mansion of your dreams.

What makes a house a luxury home for you? A home with a great view? Maybe it’s extra bedrooms giving the whole family some comfort space or perhaps it's walking in to see vaulted ceilings and a marble fireplace in the formal living room. Perhaps you would enjoy seeing a movie on the big screen in your own media room. Luxury homes and mansions come in many shapes, sizes and styles. And now more than ever at a price you can afford.

For a list of luxury homes for sale in Pleasanton, Danville, San Ramon, Dublin and Livermore, please contact our team at Remax Accord at 925-997-SOLD!

How house staging can help your home sell faster and for lot more money!

2008-09-13T00:20:00Z

In today’s challenging real estate market, the Shastri Team understands how important it is for our client’s homes to look their best. Buyers have a lot of inventory to choose from and since home buying is an emotional process, often times their decisions are based on how they “feel” about a home. A well staged home can give it a “model” look, and buyers can more easily envision themselves in the home. This important “first impression” often helps in getting a good & quick offer from the buyer.

Research shows that well staged homes usually sell more than 50% faster than non-staged homes and at 3-5% more in price. With the bay area home prices, this 3-5% can mean a lot of money! Staged homes get better offers because they simply create positive emotions. Buyers are also looking for the best price and home staging supports the value of a home and encourages top dollar with very little cost to the seller (No cost to the seller, if they choose to go with the Shastri Team!). Also, home staging is designed to keep potential buyers in the home longer. The longer the potential buyers tour a home, the more likely it is that they will make an offer.

All serious sellers should look into this proven real estate strategy when they decide to sell. The Shastri Team uses a variety of marketing channel to highlight your home, staging being one of them. Recently, the Shastri Team has added a few more media, internet and staging professionals to our team. Our highly talented team knows how to maximize presentation and advises you on the changes necessary to transform your house into a hot property.

To sell your home successfully in a short period of time, while maximizing your net return from your home, call the Shastri Team at 925-997-SOLD!

How to sell your home in a slow market

2008-08-26T22:46:00Z

The current challenge to many of today’s sellers is an abundance of inventory currently on the market. Additionally, REO homes and Short Sale homes are causing prices to soften. If you are a seller who is trying to sell your home, here are some suggestions:

Even though the real estate market has slowed down in recent months, there are still plenty of buyers eager to make a purchase. So, the first step is to properly prepare your home for sale. Before you even put your home on the market, make sure that all basic repairs are completed. Easy repairs like a leaky faucet and missing hardware do not cost a lot of money. However, if a homebuyer sees that the little things are not attended to, they are likely to believe that the larger things are neglected too. Let buyers know that you have pride in your home by making sure that all of the small repairs are taken care of. Keep your home clean throughout the time it is on the market.

In a slow real estate market, it is important to have your home available to show at a moment's notice. The more often your home is shown, the likelier it is that your home will sell. Make your home available to your realtor and they will be able to show your home quickly to any buyer that shows interest.

Have your home staged by a professional. A professional home stager will help you remove clutter and depersonalize your space. Prospective homebuyers want to picture their family in the home, and a home full of personal clutter will not show off the potential of your home. (Builders often use a staged model home to sell off their whole community!).

Keep pets contained during a real estate showing and make sure that your cat litter box is always clean. Pet owners tend to get used to the odors caused by litter boxes and it is important that you remember to clean it every day. Nothing will turn off a buyer like a home that smells. Use air freshners to neutralize all odors.

Price your home realistically. Forget about what you could have sold it for last year and focus on what your home is worth now. There is simply too much inventory on the market that if a home is priced too high, it is likely to be looked over. Ask a fair price for your home to avoid the need for too much negotiation and a much longer time on the market.

In a slow market, hiring a good real estate agent is crucial to getting your home sold in a reasonable amount of time. A competent realtor will share the realistic price with you upfront. Do not make the mistake of going with the realtor who suggests the highest price only to bring it down later. Also, nothing beats the experience that comes from a real estate agent who is able to take care of everything in order to sell your home.

Selling your home can be a stressful time, but you can be successful in selling your home if you remain patient, reasonable and flexible. There are buyers out there and the key is to find them and get them to fall in love with your home.

Looking to sell your home or buy your next home, call Chris Shastri or Sonali Shastri at 925-997-SOLD!

State of the Real Estate Market

2008-04-18T20:21:00Z

Investing in real estate used to be considered a "no brainer," a can't-miss investment. But these days, this sure thing isn't so sure. Home prices keep falling. Standard & Poor tracking shows prices down 7.7 percent nationally in November 2007. The National Association of Realtors, or NAR, reports that sales of single-family homes were down by 13 percent in 2007, the biggest drop since a 17.7 plunge in 1982.

Representatives of the NAR say that this makes it the best buyer's market in a long time. Prices are down, interest rates are near a 45-year low and the supply of houses is high. But others argue that with the real estate market in a tailspin, it might be a very long time before prices rebound -- making it a poor market at this time. Even those who advocate real estate investing concede that you need the right circumstances before you take the plunge.

Who Should Buy a Home?

"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income."

Renters who have stable jobs might find this a good time to try homeownership because of the lower prices, says Scott Rose of Coldwell Banker in Deerfield, Ill.

William Chu, senior mortgage loan consultant, American Chartered Bank, suggests it's a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool. "So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago," he says.

However, as always, consumers need to shop intelligently, avoid risk and buy what they can afford. Kaiser warns that potential homebuyers must not get in over their heads. They should feel comfortable with their mortgages and be confident they can handle the payments along with taxes and insurance.

Those with lower credit scores will find it a little tougher. "If you have some credit challenges or less than 20 percent down, be prepared for higher interest rates due to risk-based lending," says Rose.

Who Should Not Buy Now?

While prices are more attractive these days, not everyone should be in the market.

"There is no hard and fast rule that applies in all cases, whether it be a good market for real estate or a down market, such as we are currently experiencing," says Valerie Anderson-Jones, CPA, JD, CVA at Kessler Orlean Silver & Co. PC. "Tax advantages can make the ownership of real estate quite appealing, but the decision whether or not to own a home should be based on many factors. The size of the down payment and resulting mortgage will play a large part in this decision, as well as the amount of any other assets and debt one currently has."

Brent Kalka, Certified Funds Specialist, or CFS, and financial adviser at Mueller Financial Services Inc., Elgin, Ill., points out there are times a person or couple should not consider buying in this market. "For example, if a retired couple is thinking of selling their home in order to downgrade and gets less than fair market value, they will lose more financially then what they gain by getting a good deal on a less expensive house and are better off financially by waiting until the market turns around."

A second consumer who ought not consider changing residences is a homeowner who, prior to the market downturn, had 20 percent equity in their home and didn't have private mortgage insurance, or PMI payments. "With home values down," he says "their equity has dropped, and they no longer would have the 20 percent down payment necessary in a lateral or upgrade purchase to avoid PMI, which can run anywhere from $50 to $150 per month."

Kalka also believes that potential homebuyers should consider the fact that the real estate market could be no better or even worse a year from now, so they have to decide if they want to wait it out.

People whose jobs are shaky should wait until their situation is more secure. "To buy on what you are making now if future income is not stable is asking for trouble," Rose says.

Also, if you are experiencing a life change, such as an upcoming job transfer, getting married, planning to move geographically within the next two years or struggling financially, you should wait.

"People who are thinking of flipping a home should not buy," says Walter Molony, spokesman for the National Association of Realtors. "Housing is a long term investment, and if you're only planning to be there for a year or two, keep renting." According to Karen L. DeRose, CFP, DeRose & Associates, Chicago, renovating and flipping homes is much harder today and not something she is recommending to any of her clients. She says several of her clients now have to sit on these properties and the gains they thought they would get have been eaten away by the decline in home prices.

People with heavy credit card debt should not consider buying now. "They must clean up their credit first," Chu says.

Should You Buy a Home in Foreclosure?

The Census Bureau reported that the number of vacant homes in 2007 climbed to 2.8 million from 2.07 million. This is the biggest one-year jump on record. What does that mean to potential homebuyers?

Although property is available, Marsha Schwartz, a broker associate from Coldwell Banker Residential Brokerage in Northbrook, Ill., and Rose believe that buying a home in foreclosure can be a challenge and not always a good deal. Sometimes the home has been neglected for a long time due to financial reversals. Be prepared to invest money in the property. Before you purchase it, have a professional inspection done, even though most of the time the home is being sold "as is." It also pays to research comparable prices to make sure the price of the foreclosure is significantly below values in the area.

Is Raw Land or Commercial Real Estate a Good Alternative Now?

"Now is a great time to acquire land, because when you look at the residential market, many homebuilders are looking to get their existing inventory off the books," says Ben Reinberg, Alliance Equities LLC, headquartered in Chicago. "However, if you are going to buy land, you must have the ability to hold that piece of land until you have an opportunity for the next cycle to come around."

When purchasing land, investors should investigate if it has sewer and water, what type of zoning it has and what you can do with it as well as the location of the property. When buying a piece of land, lenders require 30 percent to 60 percent equity depending on where it's located and what the selling price is.

Reinberg believes if you have the opportunity to purchase the land at a discount (less than it would have sold for three to five years ago), buy it. "There will be opportunities to buy land within the next 12 to 18 months, especially if we go into a recession," Reinberg says. "The market is correcting itself, and was very inflated. Now it's adjusting."

In addition, Reinberg expects the rental market to be strong compared to the condo market, so multifamily properties will be in strong demand as well.

But he does issue a word of caution. "Be careful what you buy in this down market. Due diligence is important, and if you are a novice you may want to hire a commercial real estate broker."

Why Not Wait Until the Economy Turns Around?

"If you wait till the economy turns around, the interest rates may not be as favorable, nor in all probability will there be as much inventory," says Schwartz.

She feels it's hard to predict when the market will bottom out, just as you can't predict when a stock has "bottomed out" until it has started to rise again.

Homes are starting to sell because prices have been lowered, but Kaiser doesn't anticipate home prices dropping much more. Interest rates are also dropping, and that is changing consumers' outlook.

When Will the Housing Market Turn Around?

The National Association of Realtors is projecting that home sales will trend up this year. "The timing of the recovery is a bit ambiguous because there are buyers looking for a bargain, while others are looking for more signs of stability. Still others are looking for interest rates to keep lowering, with prices still bottoming out in their area," says Molony.

However, he suggests the window of opportunity for buying is within the next six months.

But there is serious disagreement on that point.

"Overall my consensus is to wait another year to see how the housing market settles and see how capital gains plays out," says DeRose. She bases her thoughts on the fact that Census Bureau Data indicates this is the highest housing inventory in history with 17.9 million housing units available. In addition, foreclosures are at an all time high. "I am recommending to my clients that they do not purchase another home or one on contingency unless their home sells first. Otherwise, they could end up carrying two mortgages."

"Over all, the real estate market won't be strong till the spring of 2009," says Bob Mecca, CFP, MBA, RIA, of Robert A. Mecca & Associates LLC. He recommends that people look now, establish a list of priorities and amenities and do their homework. Then, negotiate.

Mecca believes people should wait and see if the economic stimulus package takes hold as well as keeping an eye on the Federal Reserve rate. "If the Fed starts hinting that interest rates are done with, then is the time to start investing and flipping homes."

"Many people believe that the earliest turn around will be in the second half of 2008," Schwartz says, "while others believe it will not be till the first half of 2009. Other people think people will have a wait and see attitude until after the presidential election, which would prolong the market turnaround."

The bottom line, Molony points out, is that all real estate is local, and people need to understand what is going on in their local market area before they buy. Internet research is an important first step, and you need to know if it is a buyer's or seller's market locally or if it is balanced.

Molony projects that home prices will stay flat this year, but 2009 will lead back to more normal market conditions with prices rising 3.1 percent.

by Vicki Gerson

Friday, April 18, 2008

Should You Buy a Home or should you rent?

2008-04-08T20:54:00Z

If you are planning to live in your new home an average of seven years or more then it almost always makes sense to buy rather than rent, in practically any market.

Why?

First, if you are thinking about delaying a purchase because you want to "time the market" to get the very best deal, that is almost impossible to do with precision. Even if you are in an area with declining market prices, the most knowledgeable experts cannot reliably anticipate the "bottom" of a real estate market. Afterwards, they can look back and say, "The market began to turn in 1997," like it did in some areas of California that had a tough market in the nineties. Before the turn, though, no one knows.

Second, if you aren't an owner, you're a renter. Renting is just throwing money away. You don't get to reduce your income taxes by itemizing deductions like property taxes and mortgage interest.

As a renter, you are limited on what changes you can make to your living quarters. As an owner, you can paint your living room, replace your carpet to hardwood floors, change light fixtures, garden and landscape. You can do whatever you want that makes your home a comfortable place for you and your family. It's your home, not a temporary place to sleep and eat until you do buy a home.

Third, interest rates are very low right now. If you wait, interest rates could be higher. That means your monthly payment could be higher, too. No one can predict rates that far in the future, of course, but rates are very low right now.

Best of all, there are LOTS of sellers out there right now. Inventory is high. If you make an offer, ask for incentives to buy that particular home.

For expert real estate advice call Chris at Remax Accord at 925-997-7653. Chris can even recommend a few lenders who will talk to you and explain what you can request in financing incentives.

What incentives can you ask for, when purchasing a home!

2008-04-08T20:50:00Z

If it is a buyer's market where you live and you're looking to buy a home, you are in a strong position to negotiate for lower prices and incentives.

Typically lenders follow this rule: If you are putting ten percent or more down, you can ask for up to six percent of the price of the home. If you are putting less than ten percent down, you can ask for three percent of the price. These credits could be used to buy down your interest rate. Get pre-approved first so you can check with your loan officer on guide-lines set by specific lenders.

Nothing guarantees you will get everything you ask for, but today’s sellers are generally willing to negotiate and give you something.

The next thing you should do is make an offer and ask for those incentive funds to be applied toward your non-recurring closing costs. By applying the incentives toward your closing costs, you lower the amount of out-of-pocket cash you need to close the deal. Otherwise, you would have to come up with a down payment and the closing costs.

There are two types of closing costs: non-recurring costs and recurring costs. Non-recurring costs are things like points and fees that you only pay once and never pay again. Recurring costs are things like insurance and property taxes that you continue paying over the time you own the home. Most loan programs only allow you to apply incentives to pay non-recurring costs. FHA and VA loans are exceptions.

A professional real estate agent and a good loan officer can save you thousands on dollars on your next purchase transaction.

For expert real estate advice, contact Chris Shastri at Remax Accord at 925-997-7653.

Selling a Home in Today's Market

2008-01-15T00:06:00Z

Today, buyers are looking for value. If you don't price your house right from the start, you won't receive showings of your home, it’s as simple as that.

Pricing can no longer be judged on what a neighbor's home sold for six months ago. Additionally comparing your home with other nearby homes that are on market and then trying to match their pricing is not an indicator of where your pricing needs to be if those homes have been on market for some time and haven't sold. You will most likely be able to sell if you

A. Price right,

B. Thoroughly clean and de-clutter

C. Enhance the curb appeal,

D. Consider offering Buyer incentives......such as closing costs. (NO DOWN financing has largely disappeared and many potential Buyers may be short on cash when it comes to closing costs).

With huge amounts of inventory, today’s buyers are comparing your home with dozens of other homes. They will quickly learn the actual comps/pricing of the homes comparative to yours, they will most likely want to know how long your home has been on the market, and they will come to a conclusive price range that they're willing to pay.

If you're serious about selling.....Price Right. If you are not serious, nor you “need to” sell.....you're better off waiting until market conditions improve. Obtaining the professional guidance of a knowledgeable Realtor is a must......you will be provided with the most current comparable prices. Remember, correctly priced homes ARE selling and so can yours!

To sell your home quickly, please visit www.FineValleyHomes.com or call a member of the Shastri Team at 925-997-SOLD.

Sell your home quickly using a 24/7 Open House

2007-12-09T21:44:00Z

In this market, where inventories are at record high, a seller and their realtor need to do everything possible to expose the property to the maximum number of buyers. Long gone are the days where simply putting a house on the MLS would cause it to sell.

Video Marketing is now of the greatest tools available that helps in showcasing your home to the world. Shot by a professional videographer, and uploaded to Youtube, google video, Yahoo Video, AOL video, MSN video etc, it acts like a 24/7 Open House without any inconvenience to the seller. (A video tour is completely different from a virtual tour that pans from side to the next and makes a person dizzy). Why should a seller or realtor spend 4 hours on a week-end trying to hold an open house only to have nobody or very few people show up.

Today's internet savvy buyers want the convenience and flexibility of seeing a home whenever they want. Now we can thrill those buyers with an actual movie-like video, with pictures and sound and complete details of the property and even the neighborhood, right from the comforts of their own home or office 24/7.

As a Listing specialit with Remax Accord, I use the services of Property Video Shows to market your home to the world.

When you are ready to sell your home with the realtor using the latest in cutting edge technology to sell your home quickly, call Sonali's team at 925.997.SOLD.

Should I buy a home now or should I wait?

2007-10-27T19:05:00Z

Five Reasons Why Today is the Best Buyers’ Market Ever

RISMEDIA, Oct. 27, 2007-Even though the current real estate market is challenging for sellers, it’s a dream come true for buyers. Never before have home inventory levels been so high or mortgage rates so low. And while many real estate agents and mortgage companies are advertising to attract buyers, not everyone is listening. So if you’re one of the many who has been waiting to purchase your first house or to move up into your dream house, you might want to stop procrastinating and take action now. Consider the following reasons why buying a home today is one of the best decisions you can make.

1. Inventory is at record numbers

When inventory is low, it’s called a seller’s market because buyers have slim pickings and often have to engage in bidding wars with other buyers in order to get the home they want. But when inventory is high, as it is now, buyers feel like kids in a candy store. They can get any brand of candy they want, in any flavor they want and for virtually any price they want. In terms of real estate, high inventory levels mean that buyers don’t have to settle for less than they want or pay more than they can afford. So whether you want a simple starter home or your dream house with extra features and deluxe upgrades, chances are high that you can find it now at a price that will make you smile.

2. Interest rates are on the rise

Historically, the interest rates of today are extremely low. Back in the late ‘80s and early ‘90s, interest rates of 9-12 percent were common. But today, interest rates are substantially lower. With that said, though, interest rates are starting to creep up. So if you wait too long to take advantage of the great rates available, you may end up paying more than you need to for a home.

For example, a lot of sellers made the mistake of waiting for the market to peak before listing their home. However, many of them waited too long, and by the time they listed, the selling market had already started its decline-hence the high inventory. As a buyer, every day you wait to buy a home is another day for the interest rate to rise. So even if you wait for a seller to lower their price by $10,000, if you take a mortgage rate that’s a percent higher, the amount of money you save on the home’s asking price is meaningless because you’re paying more than that amount in financing fees.

Think about it. If you were to buy a car and only look at the monthly payments and not the overall cost of the car, people would say you were being naïve. The finance fee definitely impacts the price of the car, just as it impacts the price of your home. So since prices are down, act now. While you’re waiting for home prices to decline further, your finance charges will continue to rise.

3. Real estate is a long-term investment

Very few people who bought property 20 years ago look back and say that they regret their purchase. However, almost everyone has heard a friend or family member say, “If I knew 20 years ago what I know now, I could have bought that piece of property for dirt cheap. That property today is worth over a million dollars. I wish I would have acted on it back then.”

The fact is real estate value goes up every year, even in a market that favors buyers. A new study by Jack Clark Frances, a finance and economics professor at Baruch college in New York City, and Yale’s Roger G. Ibbotson, compared real estate investing from 1978 to 2004. They found that the average annual return on real estate was 8.6 percent. Their findings don’t take into consideration tax deductions and credits. So if you bought property today, it might not be worth much more five months from now. But five years from now you’ll have a good return on your investment, and seven to ten years from now that piece of property is going to practically double in value. So don’t get caught up in short-term thinking. Buy now so you can have long-term gains.

4. A home is much more than a commodity

Thanks to all the home renovation and home flipping shows on the air these days, many people view real estate as nothing more than a commodity to be bought and sold. But prior to five years ago, the main reason people bought a home was for a lifestyle consideration. Maybe they wanted to be in a better school district, or they wanted a bigger backyard, or they wanted to live closer to family. Whatever the reason, it was all about lifestyle.

Today, too many people are looking at real estate as something they can buy and sell like a stock. As such, they sacrifice location or home size or features they want. But don’t sacrifice an increase in lifestyle because you’re worried about overspending by a couple thousand dollars or you’re worried that the great location you want won’t be so desirable to others. Whenever you don’t go with your dreams, you pay a price. For example, suppose you received a promotion at work and now needed a larger home so you could host regular dinner parties for clients. If you found the ideal larger home but decided to wait on buying it because of the price or some other consideration (i.e.: you thought it was too far out in the country and you wouldn’t be able to quickly sell it in the future), what would that decision cost you in terms of job performance or client satisfaction? That’s the type of thinking buyers need to re-adopt.

Remember, purchasing a house is first and foremost a lifestyle decision. Yes, the financial aspect is there, as is the resale consideration, but those shouldn’t be the only factors. So as you look at homes, think of your kids, your job, your family, and your personal likes more than anything else. That’s the only way you’ll truly be happy with your decision.

5. Say hello to a good buy

Buying a home, whether it’s your first house or one of many, is always an exciting time. These days, however, it’s more exciting than ever due to the current buyers’ market. So take advantage of what today offers. Get the house you want at the price you want and enjoy the long-term gains. Remember, there’s no place like home…and that includes your home.

The Shastri Team at Remax Accord can help you identify the area's 5 best deals. Call Sonali or Chris today at 925.699.9099. Also, visit www.FineValleyHomes.com

Renters - Stop sending your Landlord to Hawaii

2007-10-24T04:24:00Z

It is one of the best times to buy! Are you going to take advantage of this buyer's market or will you keep sending your landlord to Hawaii?

For a quick Rent Vs Buy calculation, call the Shastri Team at Remax Accord. Sonali & her team have helped a lot of renters become homeowners, and they can help you too. They know the market, the area, and where the "true deals" are.

Fun, Upbeat, and Friendly, their style will make your home purchase a pleasure!

Call today for information about our FREE $4000 Home Buyer’s Gift card. Any Buyer, Any home, Any Price!

Call today - 925.699.9099. You can also visit www.FineValleyHomes.com

Looking for quick ways to upgrade your home?

2007-10-24T03:38:00Z

10 Quick and Cheap Ways to Upgrade Your Home Looking to make a big splash in improving the looks of your home, but don't have much cash. Here's 10 suggestions you might try.

5 Steps to a Mortgage

2007-10-23T19:42:00Z

PALM BEACH GARDENS, Fla. (MarketWatch) -- You still may qualify for a mortgage, regardless of a shaky credit market. But you need to know the ropes because many lenders have tightened standards. So what should you do if you're buying a home today or you need to refinance?

Understand that some types of lenders are more apt to loan you money in today's markets than others. Plus, certain types of mortgages may be easier to get than others.

Above all, don't be discouraged. Even if your credit is too far gone, or your home appraisal falls short of what you owe, government efforts are under way to make money available to bail out cash-strapped borrowers.

The best way to qualify for a mortgage with decent terms may be to shop savings institutions, smaller commercial banks and credit unions. The key is to find a "portfolio lender." Portfolio lenders both originate and hold onto the loan. They don't sell to investors.

By contrast, mortgage brokers generally offer mortgages from a variety of lenders. Mortgage brokers typically don't finance a loan with their own money. They're intermediaries: The more people involved in a deal, the more chances that the chain could break or something could fall through the cracks. Also, be sure to consider a mortgage broker's fee, which could take the form of a higher rate or points. One point equals one percent of the loan amount.

Mortgage bankers, on the other hand, front their own money for your mortgage, but often sell loans to investors. It's investors who are demanding higher interest rates due to their higher perceived risk.

Historically, "portfolio lenders" largely have been savings institutions. But more recently, lines between these businesses have blurred. Some lenders may shift from one line of business to another as needs change.

Credit unions

Right now, for example, "credit unions have $170 billion of first mortgage loans on their books," says Bill Hampel, chief economist for Credit Union National Association. "Lately, they've been selling about one-third of their production, which means they hold onto two-thirds. So they're primarily portfolio lenders."

Yes, Hampel says, you can get a jumbo loan, which is mortgage of more than $417,000, from a credit union. Can't get what you want from a large credit union? You could stand a better chance with a smaller one, he suggests.

Large savings institutions

Large savings institutions making mortgages include IndyMac Bank, Pasadena, Calif., and Astoria Savings, New York.

But IndyMac officials acknowledge that the days of no-down payments may be over -- at least for now. Also, except for loans it can sell to government-sponsored secondary market players, IndyMac no longer offers subprime loans, or those for less creditworthy borrowers. It has eliminated second mortgages except for some home-equity lines of credit.

High-quality borrowers, however, still may qualify for mortgage loans with a 10% down payment.

Hampel suggests that if you can't get attractive terms on a 30-year fixed-rate mortgage, you might find a 5/1 or 7/1 adjustable-rate mortgage. With those mortgages, the interest rate is fixed for five years or seven years. Then, the rate becomes subject to change annually. Borrowers usually only stay in a home for seven years anyway.

Five steps to a mortgage

Before applying for a home loan, consider taking these steps:

1. Pay down credit balances. That will make you look less risky and might help your credit score, suggests Tom Quinn, vice president of scoring for Fair Isaac Corp., Minneapolis. If you have good credit, it may be possible to raise your credit score by asking existing creditors to raise your credit limits. But ask the lender not to pull your credit report to do it. Credit-report inquiries or deteriorating credit can lower credit scores.

2. Get a copy of your credit report from each of the three major credit bureaus. Fix errors and get as much adverse information removed as possible. You're entitled to one free credit report annually from each credit bureau at www.annualcreditreport.com.

3. Check licenses of lenders you're considering. This may not be easy because state licensing requirements vary by state and lender. Banks and thrifts can be checked out at www.fdic.gov by clicking on "Institution Directory."

4. Shop several lenders. Don't assume if you get one quote of an unusually high interest rate, all will be high. Negotiate lower rates and seek removal of unnecessary fees.

5. Consider that interest rates and terms may change daily. Also, a low interest rate could mean more upfront points or added fees. Get all pricing information in writing before obtaining a written commitment for your loan. Get a commitment letter directly from the lender who's financing the mortgage, which may be different from the loan originator.

Take advantage of a Buyer’s Market

2007-10-21T19:46:00Z

Been wondering how you can take advantage of this sluggish Real Estate Market?

Well, let’s talk!

I have never seen more homes or better prices available in San Ramon, Pleasanton, Danville, Dublin or Livermore.

· Lots of simply great homes to choose from.

· Thousands of undervalued homes and condos are available right now.

· Short Sales, Bank Foreclosures and soon to be Foreclosures.

· Tons of outstanding deals from Builders.

· Nothing down or very little down is needed.

· Most credit situations can still work and First Time Buyers OK.

There will never again be a better chance to own a great house at these Incredible Prices.

Call the Sonali Shastri Team who do daily research to identify the Area’s Best Deals. We know which builder is the most motivated, which seller HAS to sell, and which resale home is priced way below market.

Sonali Shastri can be reached at 925.699.9099. You can also visit www.FineValleyHomes.com

Short Sale and your Options

2007-10-20T23:59:00Z

What is a short sale?

A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan

In a declining housing market, the value of a home sometimes falls below what is owed on it. When you can no longer pay the amount owed, you have several options.

1. You can try to hand over your deed to your first mortgage holder. They might not accept it, since they'd still be on the hook for legal fees, taxes as well as your second mortgage.

2. You may just let the house fall into foreclosure. But that should only be a last resort because it hurts your credit rating. And it may not solve your financial problems since you may be held liable for any difference between what you owe and what the house brings at auction.

3. Another alternative is a short sale -- that is, a sale in which the proceeds fall short of what you owe. It can be a win-win situation for you, the lenders and the buyer of your house. But since you're asking lenders to accept less money than you promised to pay them, there's no guarantee that they'll go along with such a sale. And preparing for it will take considerable work on your part.

First, you must prove that you really can't pay your loans -- and that the reason is new, not something that you concealed from your lenders when you originally applied for the loan.

You or your agent also must figure out all the costs of selling the property. That includes the balance of both loans, accrued interest up until the day of closing, closing costs and fees, and unpaid property taxes.

You then must present the facts to your first mortgage holder, which has the top lien position and gets paid first. If your plan will bring them more money than they'd get if the house were sold at auction, they'll most likely go along with it -- and sometimes pick up some of your costs as well, like real-estate commissions and associated closing costs. However, it may be difficult to get your second mortgage holder to sign off on the deal because if they do, they might not be repaid what they’re owed. But they may be willing to go along with a short sale if the first mortgage holder offers to pay them some money, especially if the amount you owe on your second mortgage is small.

As you can see, setting up a short sale is complicated. It would be worthwhile to consult local professionals with experience in the process, including an attorney, a tax advisor and a real-estate agent.

Sonali Shastri at Remax Accord can help with questions regarding Real Estate. Sonali can be reached at 925.699.9099.

Buy a Brand New Home and Get Landscaping Credit

2007-10-20T22:06:00Z

Buy a Brand New Windemere Home in San Ramon and get a $7,500.00 landscaping credit, compliments of the Sonali Shastri Team!

That’s right! Purchase your new home in the beautiful community of Windemere in San Ramon through the Sonali Shastri team at Remax and in addition to the great pricing offered by the builders, you will get an additional $7,500.00* credit towards the landscaping of your new house, courtesy of the Sonali Shastri Team! But don’t wait, as this promotion is for a limited time only! Call today – 925.699.9099.

*Credit given in escrow, from commissions earned. Not combined with any other offers.

About Windemere & its Schools:

Windemere is a master planned community offering a broad selection of home sizes and styles. Along with the new neighborhoods, are state-of-the-art schools, 18 parks, miles of trails, a new community center and library and acres of dedicated open space. In fact 55% of the land is dedicated to permanent open space. Windemere BLC is a partnership of Brookfield Homes, Centex Homes and Lennar Homes.

Schools – Windemere schools rank in the Top 2% Statewide.

Schools in the district have won the National Blue Ribbon Award or State Distinguished School designations 28 times over the past decade.

Elementary Schools:

Hidden Hills Elementary

Hidden Hills Elementary received a score of 959 out of a possible 1000 on the 2007 Academic Performance Index. Also offers complete on-campus before and after school programs.

Live Oak Elementary School

This state-of-the-art campus is located next to the 15-acre San Ramon Sports Park and Tiffany Roberts Field. Before and after school programs are also provided.

Middle School:

Windemere Ranch Middle School
Windemere Ranch Middle School received a score of 928 out of a possible 1000 on the 2007 Academic Performance Index. The new campus includes a language lab, computer lab and more.

High School

Dougherty Valley High School
The first new high school in the valley in 32 years, this 54-acre campus offers great academics and comprehensive athletic facilities—an aquatic center, gym, football field, track and more. Everything is state-of-the-art.

College

Diablo Valley College, San Ramon Valley Campus
This 65,000 square foot state-of-the-art campus serves students of all ages and interests with classes ranging from culinary arts to computer science.

Call the Sonali Shastri Team today at 925.699.9099 to select your new home in Windemere!