Tri-Valley Real Estate Blog

Foreclosures In The Bay Area

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Are you a homeowner or real estate investor in the Bay Area? Either way, if you pay attention to the real estate market, then you have heard about the spike in foreclosures in the Bay Area. There is a lot of speculation as to why this happening, but more importantly, you want to know what happens when there is a foreclosure. If it is you dealing with a foreclosure or a friend or family member, understanding what happens will help you throughout the process or potentially avoid foreclosure altogether.Foreclosures In The Bay Area

So, what is a foreclosure, and what happens?

What is a Payment Default?

A payment default is the beginning of a foreclosure process. This is when a borrower misses at least one mortgage payment. If you miss a payment then the lender will receive a letter or phone call. A typical mortgage payment is due on the first of each month and many lenders will offer a grace period that gives you until the 15th of each month.

Lenders can charge a late payment and send a notice notifying you of the missed payment. After two months of missed payments a lender will follow up and at this point, they may still work with you to make arrangements for catching up due to your financial situation. Usually, they will want at least one payment so you don’t fall even further behind. Once a borrower is 3 months late making their payments, then a lender will send a demand letter stating your delinquency and that you have 30 days to make your mortgage current. In this case, you can return to good standing, be modified into a repayment plan, or your property is repossessed and sold through a foreclosure or voluntary surrender by the borrower.

What is a Notice of Default?

A notice of default is a letter sent after the fourth month of missed payments which means you are 90 days past due. This gives the borrower 30 days to remedy all past-due payments before the lender starts the foreclosure process. A majority of lenders will not send this notice unless you are 90 days past due. This means that often a lender can fall behind a month or two and remedy the situation before receiving a notice of default. A lender cannot start a foreclosure process until the borrower is more than 120 days past due.

What is a Notice of Trustee’s Sale?

The foreclosure process is initiated differently from state to state. Some states are nonjudicial foreclosures and they only require filing paperwork. This process can move quickly. Other states have judicial foreclosures and these require court approval for each step. These can take longer. Once the property is recorded with a notice of trustee sale, the lender will have to advertise the property before the auction takes place.

What is a Trustee’s Sale?

A trustee sale is when a property is placed for public auction and is awarded to the highest bidder who meets all of the requirements. The opening bid is typically calculated based on the value of the outstanding loan with any leins or unpaid taxes associated with the sale. When a foreclosed home is purchased it is up to the new buyer whether or not the new owners can stay in the previous home and for how long. The new owner is entitled to immediate occupancy.

What does it mean when the property is Real Estate Owned (REO)?

Real estate-owned property is when a lender sets a minimum bid by taking into account the appraised value of the property, the remaining mortgage amount, and any other liens or attorney fees. If the property doesn’t sell during the auction then the lender will become the owner and then work to sell the property through a broker with an REO manager. These are the properties referred to as “bank-owned”.

What is an Eviction?

When an auction ends then the new owner of the property is named or the bank becomes the owner. This means that the borrowers are issued an eviction notice if they are still living in the property. They will be given demands to vacate the property immediately. They may be given several days for sufficient time to leave and remove belongings.

What is happening with foreclosures in the Bay Area?

Foreclosures in the Bay Area have jumped up drastically. However, the fillings of foreclosures are still below pre-pandemic levels and the national average. Many real estate experts say that the spike is due to a return to a normal housing market rather than an oncoming housing crash. This opinion is dependent on who you are talking to, but one thing for certain is foreclosures are likely to continue in the coming months.

In Conclusion

Purchasing a home is an exciting process and a big decision. The goal in the process is to find a home that fits your budget and criteria to avoid a potential foreclosure. Whatever your circumstance is, we are here to help with all of your real estate needs. Contact us for all of your investing in buying and selling real estate in the Bay Area.

Best Homebuilders in the Bay Area

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The Bay area is full of all kinds of art. One of these art forms is architecture. The Bay area is known for its Victorian and modern architecture. Whether you like these design styles or not, you want to work with a trusted homebuilder that can bring your architectural ideas to life. Building a home is a large and timely task, but it can be full of so many rewards if you are ready for the challenge. Take your time when deciding on a builder and make sure you are working with someone who knows your vision. If this is something you want to do, then take a look at some of the best home builders in the Bay Area below.

Top 5 Homebuilders in the Bay AreaBest Homebuilders in the Bay Area

McGowan Builders

The McGowan Builders have a history in the construction industry that spans multiple generations. They are known for more traditional builds that have a touch of modern elements. They have an impressive portfolio to check out along with excellent construction services.

Sagemodern

Sagemodern is a builder that focuses on luxury prefab homes. These are sustainable and fashionable. This builder has been around since 2008 and works in San Francisco and the surrounding areas. They are known for being very detailed throughout their whole process and focusing on renewable energy.

Norwood Construction Inc.

The Norwood construction company is known for its high-end custom homes. They have more than 25 years of experience. This company has built many unique homes that stand out with their amazing colors and designs.

Aya Homes

Aya Homes was established in 2001 and focuses on first-time clients because of its attention to detail. They have a wide variety of build styles including, Mediterranean, modern, contemporary, traditional, ranch, and even French Tudor. Their diverse portfolio makes them desirable to many different home buyers.

Phase2 Builders

This builder is focused on sustainable materials to create sustainable homes. Their projects are typically very open in the flooring concepts. They serve in the San Francisco, San Mateo, Marin, and Alameda Counties.

More: Home Styles In The Bay Area

Trush Construction Company, Inc

Trush Construction is known for being modern. This is one of the best-known builders to work with. This company was established in 1987 and crafts luxury homes with all of the current technology. You can’t go wrong when working with the top-notch builder that is Trush Construction Company.

In Conclusion

Building a home is a large task and can be stressful. You want an agent who can come alongside you to walk you through the building process. For more information on real estate in the Bay Area, contact us. We are here to help you with all of your buying and selling needs.

If you need assistance in your home search, we would be happy to help! Contact us here!

2023 Bay Area Market Predictions

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2023 Bay Area Market Predictions

2023 Bay Area Market Predictions – Like many cities experienced, the Bay area market has been hot over the past couple of years. There have been record low inventory levels and record high home prices all at the same time. Looking at the past couple of years makes you wonder what the 2023 market may look like for the bay area, so let’s take a look.

2023 Bay Area Market Predictions

Less Buyer Competition

Home buyers should experience less competition this next year. The market should be moving at a slower pace, which means prices should rise less rapidly and even may dip. While this happens and the inventory starts to even out, buyers may be able to find a more suitable property to fit their needs as opposed to this last year. This is helpful because there is a large number of residents in the Bay Area that have been priced out over the past couple of years. 2023 should be a good year for buyers who are ready and pre-qualified. Buyers will have more bargaining power as the market cools in this direction.

Home Prices

The median home value has been higher than ever and increased over the past two years. However, we are currently seeing a slowdown. Likely, things will slow down and level off regarding home prices. That doesn’t mean a buyer’s market, it just means home sale prices may not be as high as they have been. This can help reduce affordability issues.

Inventory

Supply in the Bay Area is still tough. There is still more demand than supply, but as with everything else, the gap is improving. 2023 should bring about more available properties for buyers to choose from than those who purchased the past couple of years. Patience will be a buyer’s best friend as they navigate the shift and may take longer to look for their home.

In Conclusion

As you take a look you can see that all of these factors are closely related and affect each other as well as the overall market condition. The Bay Area market is cooling off and getting back to “normal”. This just means that things should be less extreme and less competitive for buyers.

The real estate market can change a lot, so it is important to stay up to date if you have your hand in the market or are planning for the future of your family. Whatever your Bay Area real estate needs are, we are here to provide you with our expertise. If you are looking to buy or sell real estate in the Bay Area, contact us.

 

Home Styles In The Bay Area

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The ever-popular bay area is booming with incredible architectural styles. They are all unique and represent different periods in history. The Bay area in particular has a rich structural history.

Mid-century Modern Homes

Mid-century Modern Homes

Many architects played a role in the Mid-Century Modern homes. These types of homes are typically found in Virginia and Maryland.

Mid-century modern homes are known to be extremely beautiful. They have indoor and outdoor living space ideas. You will commonly see glass walls, clean lines, sharp points, and low-pitched roofs. These homes have an open floor plan. Mid-century modern homes encompass ranch-style, split-level, contemporary, and shed-style homes.

Eichler Homes

This is a very common and widely known architectural style in the Bay Area. The Eichler Network founded by Joseph Eichler is who fabricated about 11,000 single-family homes in California from 1900 to 1974. These homes are seen all across the east bay area. They include open floor plans with post and beam construction. These homes are known for their quality architecture at an affordable price range.

Italianate

Italian architectural styles are known to be picturesque. Modeling large weighty sections and ornamented windows. Typically you will see large entryways and an influence of renaissance architecture too.

This style was a big part of the 19th century. When you see this style in the bay, you will notice it is a wood base structure as opposed to the many stone structures.

Stick Houses

Stick Houses feature wooden beams along the house. These homes are inspired by European Gothic trends. These homes were widely popular in the bay area in the late 1800s.

Craftsman

A craftsman’s architectural style became popular during the same time as manufactured homes. Craftsman homes are more affordable. These homes have low-pitched peak rooftops, and high-quality stone or carpentry.

Marina

The marina-style home was specifically designed in the Marina district in San Francisco. This style of home has mission revival and deco influences.  This style of home is a single-family with flat roofs. You see this mostly along the Richmond and Sunset Districts.

In Conclusion

As you search for your bay area home keep in mind that you will see a wide variety of architectural styles and try to decipher what you like so you can narrow down your search. With all of these options, you are sure to find the home of your dreams.

If you need assistance in your home search, we would be happy to help! Contact us here!

Holiday Happenings In The Bay Area

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Holiday Happenings In The Bay Area

Everyone everywhere is feeling the holiday spirit. This is the time of year that families love to jump into fun activities and celebrate. Whether you live in the Bay area or you are visiting, there are a lot of fun holiday happenings. You can experience family activities, celebrations, performances, and much more!

The Nutcracker

The San Francisco Ballet puts on The Nutcracker every year. The San Francisco Ballet is the oldest ballet company in the US and they have been putting on The Nutcracker since Christmas Eve 1944.

A Christmas Carol

The American Conservatory Theater puts on A Christmas Carol every year. This is a favorite during the Holiday season. If you are unfamiliar with the play, check out the synopsis before purchasing tickets because some parts of the play can be scary for little ones.

Union Square Ice Rink

This is the Safeway holiday ice rink that is presented by Kaiser Permanente. It is open all season long and it is best to purchase tickets ahead of time for your time slot. It is $20 for general admission and children 8 and under are $15. This includes your skate rental.

West End Nursery

The West End Nursery puts on a Christmas house with gorgeous holiday decor that is a delight to walk through and the perfect picture opportunity.

Holiday Sugar Castle

The incredible design of a Holiday Sugar Castle is unveiled on November 23rd at 11 am at the Westin St. Francis.

The Great Christmas Fair

This fair is a Victorian Holiday party that takes place at Cow Palace. This event has a multitude of things to enjoy. There are shops, music to enjoy, theater, pubs, and dancing for all of your festivity needs. This is a Bay area favorite and has been happening annualy since 1970.

Oakland Zoo Glowfari

The Oakland Zoo puts on an annual “Glorfari“ event that features large animal lanterns that light the night through the season. This event also features visits from Santa.

Holiday Tea

Enjoy a holiday tea at the Fairmont Hotel. Here you will experience a traditional holiday tea. Make sure to dress for the occasion.

Pier 39 Holiday Tree Lighting

Pier 39 has a gorgeous tree that they light every evening. The tree lighting happens from 5-10 pm every night and features a light show that is set to music. The tree is always a live tree and this year is 60 feet tall! You don’t want to miss this!

In Conclusion

You could be new to the Bay area or familiar but there is bound to be a holiday event that is a new experience for you and your family to enjoy this year.

While you are enjoying all of the fun, you might just fall in love with the Bay a little more. If you find that you are interested in the Bay area and would like to buy or sell a home, contact us, we would love to help you with all of your real estate needs.

What to Know About Inspecting a Well

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What to Know About Inspecting a Well

Having a well on your property and using it as your primary water source has a lot of benefits. The main one is that you have no more water bills. The water should be very clean, minerally rich, and refreshing. Before you can reap these benefits it will be important to have the well water tested and the well inspected. This is especially important when you are entering into a contract to purchase a home that has a private well.

What is a good inspection?

If you are purchasing a property that has a well, you will need to get a good inspection. A good inspection will be done by a professional or company that will test the quality and quantity of the water. This inspection will determine if the water is safe to use and if the well is holding enough water for the home. They will check to see if all of the state regulations are met.

When do you need a good inspection?

Typically well inspections are only necessary for rural areas where homes are not connected to public water services. If anything goes wrong with your well, you will not have help from the city, so keep this in mind. Requesting a good inspection is something the buyer needs to do in most cases, so make sure your agent asks for this on your behalf. You must have this inspection before purchasing a home so that you are aware of any potential repairs and can negotiate this within the contract. This should not be a one-time inspection, after you purchase a home, you want to have this done regularly to ensure the water you are consuming is safe.

What does a good inspection include?

The two focus points of a good inspection are the water purity and water quantity.

Water Purity

An inspector will take a water sample from the tap in your home and send it off to a lab. This water will be tested and you will receive a report detailing the findings. The test will look at PH levels, alkalinity, and turbidity. Turbidity is cloudiness in the water. The test will also look at the mineral levels of iron, calcium, manganese, copper, fluoride, and chloride.

Water Quantity

In addition to the purity test, your inspector will also look at the quantity. This is to make sure you aren’t left with no water while taking a shower. You need to know your well can provide what is needed for your household. The average household needs 100-120 gallons of water per person per day. An inspector will check this by measuring the dimensions and depth along with a flow rate test. The flow rate test indicates how much water is coming from your well by the number of gallons per minute. Lastly, they will check for any potential leaks, rusting, or mechanical defects that could result in low water pressure or contamination.

In Conclusion,

When you are looking to buy property in a rural area, you may be overwhelmed by what to look for. The best way to ease your mind is to work with an experienced agent that can give you the background information on any potential water issues and set up a good inspection for you.

Contact Dale Corpus for all San Ramon real estate and all homes in the Tri-Valley area.

Different Types of Fireplaces

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When you walk into a grand living room and the center focal point is a gorgeous fireplace burning an ambiance into the room you just can’t help but feel cozy. Fireplaces were once used to create warmth in a home and although that is still their main function, they are popular for many other reasons too. What once was a simple open space to burn wood for heat, has grown into an industry with many options. There is a wide variety of fireplaces using many different fuel types, structures, and visual effects.Different Types of Fireplaces

Fireplaces have been the focal point of most households throughout human history, providing light, heat, hot food, and a central place to rest or entertain guests. In recent years, the options for homeowners have expanded dramatically to include a wide array of fuel types, structures, visual effects, and other options.

If you are looking at fireplace options you have to consider what your fuel source will be and then you can decide upon the safety, convenience, efficiency, and of course the cost.

So, what are some of the most popular fireplace options out there?

Wood Burning

If you grew up with a wood-burning fireplace then it is likely you won’t entertain any other option. Wood-burning fireplaces create an aroma in the home, unlike any other fireplace option. There are several types of wood-burning fireplaces. There are open hearths, wood-burning stoves, and wood-burning inserts. This is truly still a favorite to those who love a real fire.

Gas Burning

Currently, gas-burning fireplaces are the most popular and efficient. They eliminate the cost and need for firewood and they can generate a great amount of heat that can usually be adjusted. The only downfall is if you experience a power outage, you will not have the ability to use this fireplace. If you choose to have a gas-burning fireplace you will have to decide what venting system you want. Gas fireplaces do not draw air from the inside of your house and this makes them extremely efficient and safe while keeping our indoor air quality.

Electric

Electric fireplaces are the most cost-effective fireplace options. They are so easy to install and add to your home. These simply plug into the wall. Similar to gas fireplaces, you will not have the use of these if there is a power outage. However, there is greater flexibility with electric fireplaces. These can be moved around your home. You can decide on the light strength of the “fire” and you may even have options of color choice or appearance based on the lighting features in the electric fireplace you chose.

Having a fireplace in your home makes all the difference in your cozy, family-friendly living room. It is a holiday season favorite and a winter necessity. If you are looking to put a fireplace in your home or change the existing one, consult with a professional company. Fireplaces are a very specific part of the construction of your home and they can add value to your home.

Dale Corpus offers information on the Tri-Valley California real estate market including homes in San Ramon, Pleasantville real estate, Livermore, Danville and surrounding areas. 

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Should I Sell, Rent, Then Buy When the Market’s Better

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A home is a place of memories, a comfort zone, a paradise, and a big investment. So a home seller in a booming estate market will make massive rewards. Home prices in America increased by 25% in January compared to their prices last year. For instance, if you had a house worth $400,000 in the last two years, you could sell it for $500,000 this year.Should I Sell, Rent, Then Buy When the Market's Better

The profit makes it easy for many homeowners to sell their homes and rent for a while before buying a home when the prices are right. In this article, we’ll discuss some reasons to sell your home, rent an apartment and buy when the market is crumbling.

  1. Renting makes sense for your timeline

If you don’t have a stable plan or have no idea where to move, renting could make you more profit than owning a home. A home appraisal sometimes costs more than a home in a booming market. But homes appreciate over time, encouraging homeowners to keep paying the mortgage while the home value increases before selling it for a higher profit.

If you plan on moving in a year or two, it is best not to buy a home because homes are always high and will soon decrease. However, individuals with such intentions should be aware of their long-term goals and understand the market normalities and the flotation in the market. If you have a three-year plan, it is best to sell, rent, and buy back when it is cheaper.

  1. Closing costs are difficult on short-term plans

Before considering selling your home to buy a new one, remember new homes attract inspection costs, insurance costs, appraisal costs, deed recording costs, and more, amounting to 5 to 7 % of the full price. For selling, you have to pay realtor commissions. But taxes are attached to selling and buying. Closing cost is an integral part of selling a home.

But if you plan on moving in after some years, you can decide to rent a house to help you maintain a significant part of your equity. The method is referred to as the Five-year rule in real estate. The strategy is that new homeowners should live in the property for at least five years before putting it on sale to increase the home value. The increase will become profit at the time of sales and closing fees.

  1. You’re a cash buyer

Cash buyers have the upper hand if the market is timed right. These buyers are not affected by the rising mortgage. If you plan on using cash to buy a home, you can rent for several years and still not be affected by a mortgage increase. After these years, and when the estate market is right, you can purchase your home with cash and still make a profit. Paying with cash will help you leverage your money better. Remember that as the rate increases, buying power reduces.

Want to learn more about investing in real estate in San Ramon California? We can help! Give us a call any time.

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Moving from a Condo to a Single Family Home

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Moving from a Condo to a Single Family Home

If you are planning a move from a condo to a single-family home, congratulations! This transition comes with a learning curve, and also with a list of exciting new advantages. Keep reading for some things to keep in mind to be fully prepared for your new home.

Outdoor Maintenance

One of the main differences between living in a condo and a single-family home is the outdoor maintenance you will be responsible for. In a condo, private outdoor space is usually limited, and the outdoor space you enjoy is often taken care of by the community association. In your new house, you will need to be prepared to handle landscaping, pressure washing of sidewalks, gutter cleaning, and other outdoor maintenance tasks yourself. This may simply mean hiring a team of professionals to handle it for you, but don’t forget to budget either the time or the funds to take great care of the exterior of your new home.

Entertaining and Hospitality

Entertaining in a single family home can be much easier than in a condo. Even if you have the same square footage inside, it is likely that your home in the Tri-Valley real estate area will feature some outdoor entertaining space or a lanai that can be used as extra living space during a party.

Parking for your guests is also much easier in a single family home neighborhood, where your home likely features a driveway or some street parking right out front. Enjoy the opportunity to host a party or impromptu gathering in your new single family home!

Changes in Amenities

Many condo communities offer amenities like pools, fitness centers, and sports courts, while not every single family home neighborhood offers the same. You may be losing access to a community pool or the gym you use on a regular basis, so take note of whether you might want to budget for an alternative when you move to the new house.

Identify the Operating Systems

When you move into your new house, take a moment to locate and identify essential features of different operating systems that you may not have had to deal with as a condo owner. These include the main water shut off, the sewer clean out, the fuse or breaker box, and the HVAC filter. It also makes sense to build up a simple supply of the necessary tools you might need to handle basic maintenance and repairs on any of these systems.

Maintain an Emergency Fund

While it is wise for any homeowner, of a condo or a house, to keep a good emergency fund on hand, this can become even more significant when you own a single family home. There are more repairs that you will be solely responsible for that you may not have had to take care of in your condo, like cracks in the driveway, damage to the roof, or tree removal. Be prepared for unforeseen circumstances by maintaining a solid emergency fund for that inevitable rainy day. Good homeowner’s insurance will help to cover many of the issues that arise, but a fund to cover the deductible or costs that are not covered will provide the gift of peace of mind.

Want to learn more about investing in real estate in San Ramon California? We can help! Give us a call any time.

10 Uncommon Home Inspections Before Selling

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Selling your home can be a frightening idea even if your market is booming. In particular, the home inspection can keep you up at night with fear. However, a savvy seller knows to get ahead of the game. From pest inspections to foundation assessments and mold testing, there are plenty of specialized precautions you can take to prep your home for sale. Here are 10 uncommon presale home inspections you should consider before listing your property.

1. Termites and other pests10 Uncommon Home Inspections Before Selling

Mice are the pests you see; termites are the ones you don’t. A proper pest inspector will get into your home’s crawl space and turn up any evidence of critters in your beams. They can also spot dry rot, which is caused by fungi and can lead to wood disintegration.

2. Asbestos

If your home was built before 1975, there’s good chance asbestos is present in one or more of its building materials. Scary but true. It’s most commonly seen as thermal insulation in basements, but pre-1970s, asbestos could be found in anything from window caulk to attic insulation. Asbestos is hazardous only when it begins to crumble. Bring in an inspector to assess the condition of any known asbestos; if they recommend removal, tackle that before listing.

3. Foundation

If you live in an older home, the threat of foundation settling looms large. A bit of settling is expected. Have a foundation engineer look for signs such as a cracked wall, twisted window frames, or horizontal cracks in the foundation itself, and then offer a timetable for repair.

4. Electrical

Homes go through many stages: a home business here, and a couple of rental apartments there. That also means a lot of electrical rewiring, which can lead to code violations. Bring in an electrician you trust who’s also familiar with the neighborhood architecture and history so they know what problems to look for.

5. Chimney

While that wood-burning fireplace is a major draw to buyers, prepare yourself for questions about its condition. A chimney inspector can make sure the flue liners and inside bricks are in good shape and that smoke is exiting the house properly. If you have a nonworking fireplace with the potential to be reopened (another buyer draw), you might want to send someone to your roof to inspect the chimney exterior.

6. Lead

Just because lead paint was banned in 1978 doesn’t mean it isn’t still lurking in your home. If you have any concerns, especially if your home will attract buyers with young children, bring in a certified lead abatement contractor. At the least, you’re doing the neighborhood a public health service.

7. Roof

Roof repair is one expense that makes buyers wish they had never entered the real estate market in the first place. Hire someone who specializes in your roof material (rubber, slate, etc.) to confirm whether damage exists, and get a firm estimate on the repairs or replacement so a buyer doesn’t overstate those costs later during negotiations.

8. Soil

If you live on a hill, you run the risk that soil could crumble in ferocious weather. Before you sell, a soil inspector can affirm your land’s stability. If you have a large plot that would captivate potential gardeners, an inspector can also test for soil contamination.

9. Trees

You’ve loved that old chestnut in the backyard but have always wondered why its leaves grow so sparsely. Before pitching the idea of a treehouse to the next owners, bring in an arborist to test the tree’s long-term viability. Tree care and removal are surprisingly costly, so buyers may be wary if those gorgeous and towering trees are unstable or otherwise unhealthy.

10. Mold

It’s not just for hypochondriacs anymore. The health dangers of mold are well-documented, and its threat is on the minds of real estate shoppers. A good mold inspector will ask you about the history of the home, including past water damage, and then do a visual tour of your place before testing for various spores.

For more information on different inspections or the home buying process, contact us!

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