What you need to know before you decide to enter a lease-to-own agreement. If youʼre a cash-challenged home buyer, a lease-to-own agreement may be a way to buy a home and accumulate a down payment. A lease-option also gives you a chance to check out the neighborhood and occupy the home before you decide whether you want to buy it. What is a lease-to-own or lease-option agreement? A lease-option agreement is both a lease that allows you to occupy the home and an option that allows you to purchase the home in the future at an agreed-upon price. A typical lease-option agreement requires you to pay a somewhat higher monthly rent for the home and obligates the owner to credit a portion of that rent toward your down payment. For example, if the ownerʼs expected market rent were $1,500 per month, he or she might increase that to $1,800 per month and apply $300 per month to your down payment. After one year, you would have a down payment credit of $3,600. A formal contract is a must A lease-option agreement should be formalized in a written contract that specifies the monthly rent, the amount of rent that will be credited to the down payment, the sales price and the expiration date of the option. Any contingencies (e.g., your right to obtain a home inspection) or other important terms of the agreement should be stated in the contract as well. A lease-option allows the owner to sell the home to you without paying a commission to a real estate broker. But keep in mind that the transaction is thus bereft of a brokerʼs advice, expertise and assistance. Payment of other closing costs such as title insurance and transfer fees is subject to negotiation and should be addressed in either the lease-option contract or a later addendum to that contract. Lease-option isnʼt an obligation to buy, A lease-option doesnʼt obligate you to purchase the home; rather, it is simply an opportunity to do so with the advantages of a known purchase price and a rent credit toward the down payment. If you elect not to exercise the option to purchase the home, your credited rent usually is forfeited to the owner. This money is a form of compensation to the owner for the option, which compromises his or her freedom to sell the property to someone else during that time. Reasons why you might decide not to exercise an option include lower property values in the area, an inability to obtain a mortgage, a job transfer or disenchantment with the neighborhood or the home, among others. Who pays taxes, insurance, repairs? The owner is responsible for property taxes, insurance, and repairs and maintenance of the property during the lease-option term since you have no ownership interest in the property. Likewise, the owner, not you, would suffer a loss if the property were damaged or destroyed by a natural disaster that occurred during your lease-option term. Nonetheless, you may want to purchase separate renterʼs insurance to cover your own personal belongings. Of course, once you purchase the property at the end of the lease-option term, youʼll be responsible for the taxes, insurance, and repairs related to the home.

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All of the Realtors in the five countis have been using ReInfolink Multiple Listing Service. There have been some major and new developments for the former RE InfoLink/CVMLS.  After the acquisition by NCREX in September, the board announced a new company name:  MLSListings Inc., in recognition of one of the company’s key assets, MLSListings.com. And today (November 14, 2007), you will note that REIL.com has been re-named to reflect this overall company branding:  MLSListings Professional Edition, or MLSListings Pro, for short.  The functionality of the former REIL.com remains exactly the same.  Only the logo and colors have changed.

The new MLSListingsPro covers the following counties:

• San Mateo

• Santa Cruz

• Santa Clara

• San Benito

• Monterey

• Merced

• Stanislaus

• San Joaquin

Very soon these other counties will be part of MLSListingsPro:

• San Francisco

• Marin

• Sonoma

• Napa

• Solano

• Contra Costa

• Alameda

• Calaveras

• Mendocino

Now as Realtors we can access the MLS information for more counties than before.

Working together for the good of the real estate professionals in Northern California, two key MLS’s–RE InfoLink and Central Valley MLS–have merged to form MLSListings, formerly the Northern California Real Estate Exchange (NCREX).   MLSListings is changing the face of the MLS industry.  With the cooperation of several Northern California MLS’s,  MLSListings has built a RETS-compliant data repository of aggregated listing information based on a single set of rules with a single data format. Although data sharing has proved beneficial to the marketplace over the years, database consolidation undoubtedly provides the greatest benefit to the marketplace.
 

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Popularity: 90% [?]

Mrs. Ann Timoney, a great Personal Finance Advisor and Mortgage Advisor gave me an interesting article this morning that I thought you might like to read.

I am going to include this paragraph about her before the article. Ms. Timoney has a 30 year history in the mortgage and financial services industry. Most recently, Ann worked for First Horizon Bank/Elliot Ames, Inc. During her tenure, she was a member of the prestigious Chairman’s Circle. Ann has a Bachelor’s Degree from North Carolina School of the Arts. She is a graduate of the two year Business Professional’s Course with the Aji Network. She is a Series 65 licensed Investment Advisor Representative and a Personal Finance Advisor with Opes. Ann works with her clients to help them achieve their objectives of residential property ownership, building wealth and enhancing their quality of life. Ann lives in San Jose. She can be reached at atimoney@opesadvisors.com · 408.458.3500.

Buy Against the Herd. The opportunity to move against the herd is in front of us right now. Common sense tells us to buy when rates are low. Sounds reasonable, right? But let’s take that thought further and see where it leads.

If we accept that common sense tells us to buy when rates are low, then:

• Common sense tells us to buy when there are the most competitors because common sense by definition means that most everyone will arrive at the same conclusion.
• Common sense tells us that if we are to get the house we want, then we must outbid every competitor who is bidding on that house.

Remembering the principles of supply and demand, we know that this will drive the price higher. This must sound familiar to those who have been in the Bay Area real estate market over the past few years and who have routinely witnessed 10 to 15 offers on homes for sale.

Now that rates are higher relative to the last five years, common sense is that maybe buying right now is not such a great idea. If common sense is telling you to not buy now because rates are higher, then:

• Common sense is telling you not to buy when there are fewer competitors and less pressure for a house price to be bid up.
• Common sense tells you to sit on the sidelines when it is a ‘buyer’s” market.

It seems that common sense leads one into taking actions that have them compete with the most bidders and to sit on the sidelines when there are fewer bidders. Might it be better to buy when rates are high and there are fewer competitors? We always hear that it is more effective to not follow the herd and we see an excellent example of this in today’s higher interest rate market. The borrower always has the option to refinance if rates drop. This gives buyers the opportunity to buy a house where there are fewer competitors and then to lower the costs later if rates decline. Some buyers cannot afford or qualify for loans at the higher rate. This is good news for those buyers who can afford and can qualify. This is what it means to have fewer competitors. Some will choose to not buy because of higher rates and others will be forced out of the opportunity by the market mechanisms at work.

Talk with your Realtor to get specific grounding about what is happening with properties in the area where you’d like to buy. Are the days on market increasing? Are there multiple offers or are properties selling to one offer? Come talk with us at Opes. We’ll work with your situation with our proprietary Future Value Tool which creates a personalized financial forecast for each of our clients. With the results, we can help you assess what you can responsibly afford that still enables you to fund your retirement, college expenses and lifestyle expenses. Perhaps going against common sense will enrich you in ways you never expected. If there was ever an opportunity to move against the herd, it is in front of us right now.  

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Popularity: 96% [?]

HLC Housing e-Agenda is a very useful newsletter from Housing Leadership Council of San Mateo County.
The Housing e-Agenda is the email newsletter from the Housing Leadership Council of San Mateo County (HLC). We send this on an occasional basis as a way to keep members and supporters informed about housing issues. Please add grichane@hlcsmc.org to your spam filter so you continue to receive these updates.

CONTENTS
Housing Leadership Day Wrap up
Upcoming Events
Volunteer

Housing Leadership Day 2007Building Great Communities for the 21st Century

Upcoming EventsVolunteer With HLC
HLC is engaged in an ongoing effort to gather and publish key information about housing-related policies, ordinances, and project sites. With this information, we’ll be able to create a comprehensive picture of how we’re doing on housing in San Mateo County, and find out where we need to improve. This effort is a critical step in resolving our local housing shortage, but we can’t make make it work without volunteer assistance. HLC needs volunteers to help us collect and organize this information, which will be published on our web site, www.hlcsmc.org. If you’d like to help collect information, please contact HLC Program Organizer Greg Richane for more details.

Join HLC and Support Housing at All Affordability LevelsHLC depends on the participation and support of its members to advance our housing agenda. We now have over 100 organizational and 70 individual members. If you’re a member and haven’t already done so, please renew your membership now. If you’re not a member yet, please consider becoming one in 2007. You can also give online through our web site if you’d like to invest in our mission to accelerate production of new homes at all affordability levels to create opportunities and a viable quality of life. Join HLC today!

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Housing Leadership Council of San Mateo County
T: 650-872-4444
F: 650-872-4411
http://www.hlcsmc.org
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A short sale of real estate happens when the owner of the home or property owes more on the property than what it sells for. This can happen when a home owner chooses to sell when property values have dropped drastically or when an owner has taken out equity loans on top of the mortgage loan and the loans equal more than the value of the home. A short sale can also occur when a homeowner is forced into foreclosure and the bank sells the house for less than the amount still owed. In any case, when all is said and done, the owner comes out owing money instead of earning a profi t after the sale of the property.

The credit implications for a short sale are very different for those voluntarily selling their property and those forced into foreclosure. If the property owner voluntarily selling the property can pay off the amount owed out of pocket by using assets already owned there should be no credit implications. If the property owner needs to take a new loan from a bank in order to make up the difference from the short sale, then the credit implications would be the same as the credit implications of taking out any loan. In fact, sometimes taking out a loan can improve a credit rating. Whether the new loan raises a credit score or lowers a credit score, most likely the new credit score will not be drastically different than the property owner’s credit score before the short sale.

However, if the short sale is due to foreclosure, the property owner’s credit could be negatively and severely affected. Here is why. Say the homeowner owes $100,000 on the foreclosed property, but the lender only gets $70,000 from the sale. The lender can then sue the homeowner for the $30,000 difference. But, the homeowner won’t have the $30,000. If he did, he most likely wouldn’t have gone into foreclosure in the fi rst place. If the lender chooses to sue, and the homeowner cannot pay, a deficiency judgment would appear on the homeowner’s credit report, negatively affecting the homeowner’s credit.

Often, the bank chooses not to sue, but to take the loss as a write-off. In this case, there would be no deficiency judgment on the homeowner’s credit report; however, there is another implication. The $30,000 that the homeowner did not have to pay would be considered by the IRS to be income. The lender will send a 1099 to the homeowner at the end of the year, and the homeowner will be required to pay taxes on that $30,000. Even when the bank chooses not to sue, the foreclosure can end up showing up in credit checks because it is a public record.

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CALENDAR OF EVENTS

Home & Family Disaster Preparedness
November 14, 2007
Where: Gardner Senior Program, 520 W. Virginia St., San Jose
The Office of Emergency Services is offering a FREE two-hour Home and Family Disaster Preparedness class to San Jose senior center participants.
For more information call: 408-277 - 4598 or email sjpprepared@sanjoseca.gov

Golden Guardian 2007
November 14, 2007
Where: San Jose Municipal Stadium, 588 E Alma Ave., San Jose, CA
Event starts at 8:30, and runs through 3:30 pm.
The Volunteer Center of Silicon Valley will simulate an emergency and/or disaster situation at a public venue. No experience is necessary. FREE BBQ lunch. Pre-registration is required.
For more information call: 408-247 - 1126, or visit:
www.vcsv.us

Martial Cottle Master Plan Community Workshop
What: Learn about the County Parks and Recreation Department’s plans for Martial Cottle Park and provide your input on how the park should be designed.
When: Nov. 15 from 6:30 to 8:30 p.m.
Where: Almaden Winery Community Center, 5730 Chambertin Dr., San Jose
More Information: Contack Jane Mark at 355-2237 or jane.mark@prk.sccgov.org.

Transportation 2035: Change in Motion Workshop
What: Join the Metropolitan Transportation Commission for a workshop to develop policies for the Transportation 2035 plan. The commission would like the public’s input on the climate protection, focused growth, expansion, and social justice needs of a future transportation system in the Bay Area.
When: Nov. 15 from 5 to 7 p.m.
Where: Dr. Martin Luther King Jr. Library, Rooms 225/229, 150 E. San Fernando St., San Jose
More Information: To RSVP, e-mail info@mtc.ca.gov or call (510) 817-5757. For more information on the Transportation 2035 plan, visit www.mtc.ca.gov/T2035.

Migration Mysteries
What: Children ages 5 to 10 are invited to join Friends of the Guadalupe River Park & Gardens for an afternoon of discovering the mysteries behind animal migration. Children become the detectives to learn why salmon return to the Guadalupe River every fall and why monarch butterflies spend their winters on the West Coast. Cost is $10 for members and $15 for non-members.
When: Nov. 16 from 3:30 to 5 p.m.
Where: Guadalupe River Park & Gardens Visitor & Education Center, 438 Coleman Ave., San Jose
More Information: To register, e-mail education@grpg.org or call 298-7657.

United Neighborhoods of Santa Clara County 2007 Conference
What: Join representatives of neighborhood groups from all over Santa Clara County for a day of workshops and discussions on topics ranging from land use to emergency preparedness. Cost is $15 per person.
When: Nov. 17 from 8 a.m. to 12:30 p.m.
Where: San Jose City College, 2100 Moorpark Ave., San Jose
More Information: E-mail unsccconf@yahoo.com or call Michael LaRocca at 564-2374.

Domino’s Festival of Giving
November 18, 2007
Where: Eastridge Mall, San Jose - 6pm to 9pm
Eastridge Mall is holding a shopping event called “Domino’s Festival of Giving.” The mall will be open after hours for a private evening of shopping for customers who have purchased a $5 ticket from a participating nonprofit organization or school. This year, the East Side Schools CHI Collaborative has been invited to be a beneficiary of this event. Special features of this shopping event include discounts to over 50 Eastridge retailers, a silent auction to benefit Habitat for Humanity Silicon Valley, door prizes to the first 200 guests, live music, and photos with Santa (to help kick-off the holiday shopping season).
Tickets are $5 for each individual (children up to the age of 5 are free). 

3rd Annual Applied Materials Silicon Valley Turkey Trot, What: Participate in a 5K walk/run or a 10K run to benefit the Second Harvest Food Bank, the Housing Trust of Santa Clara County, and the Children’s Health Initiative. November 22, 2007, check-in begins at 7:30 a.m. Where: Guadalupe River Park, between Autumn Street and Highway 87 in San Jose
When: 9 am Start for the 5K run or walk and 10K run.
5K run or walk, and 10K run,
Benefits the Second Harvest Food Bank, Santa Clara Family Health Foundation, and Housing Trust of Santa Clara County,
Registration through Nov. 19 is $30.
For more registration information please visit: www.svlg.net 

Sunday - December 2, 2007
5:00PM - Annual Carol of Lights Festival in Downtown Campbell
 One of the most popular Campbell traditions is back! Following tradition, the first Sunday of December will bring the Carol of Lights Festival to Downtown Campbell. This year, the event will feature Santa visits, bounce houses, pony rides, a petting zoo, and a snow zone with real snow for kids to play in. It’s a true family event with tons of community spirit not to be missed.The festivities will begin at 5pm, and the traditional parade down East Campbell Avenue will begin at 5:30pm - if you’d like to participate, please meet at Ainsley Park to line up for the procession (Ainsley Park is at East Campbell Avenue next to the railroad tracks). Time: 5:00pm - 8:00pm - Cost: free

Thursday - December 6, 2007 6:00PM - Campbell Community Toy Program Annual Charity Benefit. Don’t miss the Campbell Community Toy Program’s Annual Charity Benefit in Orchard City Hall at the Campbell Community Center! The $15 admission price includes hors d’oeuvres, desserts, prizes, and entertainment. The event will be emceed by Gary Scott Thomas of KRTY and Carl San Miguel, President of the Campbell Chamber of Commerce. Please be sure to bring an unwrapped toy and/or monetary donation for the fund. Gifts will be accepted at the door for all ages of children, infants through teens.Since 1984, the Campbell Community Toy Program has served economically disadvantaged families. The program, with the support of the citizens and businesses of Campbell, brings the joy and spirit of the holidays to low income children in Campbell and to all the children of the Eastfield Ming Quong Foundation.If you can not make it to the event, all Santa Clara County Fire Department stations will be accepting donations of new, unwrapped toys, books, educational, creative, and athletic gifts for kids ages infant through teens. For more information, please contact the Campbell Chamber of Commerce. Campbell Community Cente, Time: 6:00pm - 9:00pm - Cost: $15

Friday evenings & Saturday afternoons, Dec. 7-22: Christmas in Campbell, featuring music and festivities as well as extended shopping hours

Friday evenings, Dec 7-21: Santa will be at the corner of 1st and E. Campbell to visit with children. Local firefighters will bring a reserve fire engine for the kids to enjoy and will be collecting donations for the Toys for Tots Program.

Friday - December 14, 2007  7:00PM - Downtown Campbell Holiday Songfest  In the mood to sing Christmas carols? Gather your friends and family and head over to the 2nd Annual Downtown Campbell Holiday Songfest, where we’ll be singing Christmas carols together as a community! Everyone is welcome to join in, and no preparation is needed.  Dan Naylor, Music Director at Westmont High School, will be leading the singing in front of Trailsloggers Outdoor Discovery Gear. Sheet music will be provided.  This event is sponsored by the Downtown Campbell Business Association. Trailsloggers  220 East Campbell Ave, Campbell, Time: 7:00pm - 9:00pm - Cost: free

Fantasy of Lights
What: Celebrate the season with a visit to the Santa Clara County Parks and Recreation Department’s Ninth Annual Fantasy of Lights, where visitors will be greeted with spectacular light arrangements and animated displays. Cost is $12, but early birds who visit between Nov. 26 and Dec. 13 receive a $10 admission price and a gift bag with valuable coupons.
When: Open from 6 to 10 p.m. from Nov. 23 to Dec. 31.
Where: Vasona Lake County Park, off Blossom Hill Road in Los Gatos
More Information: Visit www.parkhere.org and click on the Fantasy of Lights logo. 

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Popularity: 88% [?]

The very popular Supervisor Ken Yeager has just emailed me his useful District 4 Newsletter that was published on November 13,2007. His newsletter is a great way to find out what is going on in the County of Santa Clara. I highly recommend subscribing to his newsletter.

In this issue there is a message from Supervisor Yeager, Local Leaders and Media Conquer Third Annual Stair Challenge, Public Health Department Offers Ways to Limit Staph Infections, a very useful Calendar of Events and Five tips on preparing for an earthquake.

You can contact John Myers at  john.myers@bos.sccgov.org to subscribe to this useful newsletter. Here is the full information for the Supervisor:

Supervisor Ken Yeager
County Govt. Center, E. Wing
70 W. Hedding St., 10th Floor
San Jose, Calif. 95110
Phone: 408-299-5040
Fax:     408-299-2038
Supervisor.Yeager@bos.sccgov.org
http://www.supervisoryeager.org

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Popularity: 93% [?]

Bank of America has a simple mortgage solution for complex or nontraditional incomes.  They can help borrowers with complex or non-traditional incomes.  Bank of America offers the Stated Income Program and the Stated Income/Stated Asset Program - both providing simplified steps to help borrows get the home of their dreams. These innovative mortgage solutions are ideal for those who are self-employed, own small businesses, are retired or have rapidly expanding incomes. Stated Income Program, Stated Income Stated Asset Program, with loan amounts up to $3 million, a future home owner may finance their first home, second home or investment property, choosing from a wide variety of fixed-rate, adjustable-rate, fixed rate interest-only, and adjustable rate interest-only mortgages. Contact me today to learn how our mortgage programs make it easier for you. Contact your Bank of America Mortgage Loan Officer for specific details  regarding property and occupancy type. After the initial fixed interest rate period or the initial interest-only period, rates may vary and payment may increase. Credit and collateral subject to approval. Terms and conditions apply. Some restrictions may apply. See Bank of America for details.  Programs, rates, terms and conditions are subject to change without notice.

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Popularity: 29% [?]

I was very sorry to hear that the Disaster Striked San Francisco Bay: 58,000 Gallon Oil Spill Rocks Our Environment As Ship Collides With Bay Bridge . I live in the South San Francisco Bay area myself so this disascter hits very close to home.

California Association of Realtors Calls on it’s members to support wildfire victims.

Fannie Mae profit down by more than half in first 9 months of year and MORTGAGE RATES NEAR SIX-MONTH LOW. Another player in the Mortgage problems is blamed as Appraisers take heat for role in housing crisis . Emerging Markets Still Look Strong, U.S. Housing Weak

In the fun news Hot property: Matthew McConaughey on the move  and there were very interesting homre reported in Top five transactions  San Jose Mercury News. Thie weeks Fantasy Home is a Chateau, vineyard in the countryside.

My favorite Inman Blog post today is “Who’s spinning whom?“.  “The real estate market, then and now” has some funny insights and hindsights.

In the Silicon Valley’s Real Estate market that last mouth’s market condition seems like a decade ago the Natinal Association of Realtor reports in their regular segment:  This month in real estate history: “Come On In, Fellows, The Water’s Fine”. This article has very interesting facts about how the organized real estate started in US.

Seeking Alpha tracks all the housing bubble news in: Housing Bubble and Real Estate Market Tracker American Public Media’s Marketplace has an article on Bernanke states: It’ll get worse, then better. This seems to hold true for a large part of Santa Clara County as well.  Still the neighborhoods with good schools and close to dontown areas are still very hot.My real favorite post of Seeking alpha is “Sorry Folks, the Housing ATM is Closed” where they refer the cashing out of equity by millions of home owners as a “Housing ATM”. I find it a very funny term.

Last but not least there is an interesting article that shows you how to save on winter heating bills.

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Popularity: 35% [?]

9 TIPS FOR A BETTER HOME INSPECTION REPORT
With a tighter Real Estate market, below are some cheap and fairly easy items to check and repair before a home inspector or pest inspector shows up to inspect your home.

These are typical items that show up on reports. By checking these items, you can have a cleaner inspection on your home. Most of these items you can do yourself.

1. Seismic Strap Water Heater

Kits can be bought at any hardware store for about $15.00. It is required by the seller to install the straps before the close of escrow. The straps are usually pretty easy to install but can require the water heater to be removed and then the straps installed. The kits come with directions for correct installation.

2. Smoke Detectors

Make sure all smoke detectors are working. Smoke detectors should be installed within 15 feet of all bedrooms and there should be at least one on all levels of the home. Newer construction requires smoke alarms in the sleeping areas also. To make sure this item doesn’t show up on an inspection, install smoke alarms outside and inside bedrooms and on all levels of the home no matter what the age of the home.

3. Loose Toilet

This is an item that shows up on most inspections. Stand in front of the toilet and put slight pressure on the front right side of the toilet and then the front left. If the toilet is loose you may be able to tighten the bolts. Don’t over tighten, as it can be easy to crack the toilet. It is also possible that the toilet will need to be pulled up and wax seal replaced. You may want to hire a Plumber or Handyman to repair this item.

4. Lower Soil from Wood Siding at Least 6 Inches

Soil should be lowered from the wood siding or stucco weep screed at least 6 inches. When untreated wood and earth are very close there is increased risk of wood damage from moisture and or wood boring insects. Remove the excess soil, but in such a fashion as to not cause water to stand against the foundation. Water should always drain away at least 3 feet from the home.

5. Cut Back Shrubbery or Remove Clinging Vines from the Side of the Home

Any plant growing on a home may eventually damage the siding and other parts of the home. Clinging vines can also create an environment for insects and other pests and may hold moisture against the home. Also the inspectors may not be able to inspect the entire exterior of the home due to limited access.

6. Clean Debris from the Roof and Gutters

Excessive debris on the roof and in the gutters can limit the Visual Inspection. Typically the home inspector will recommend further inspection of the roof. It is best to use a blower to clean the debris off of the roof. Brooms or rakes can damage the roof shingles or granules. Use extreme care when on the roof. Roofs can be slippery. If you are hesitant about walking on the roof, hire someone to do the work for you.

7. Remove Debris under the Home

Most houses have some scrap wood or debris under the home. This is always called out on a home inspection and termite report. We recommend that all debris be removed to a rake able size. While under the home, be sure to check for leaks on water and drain lines. Also check for separated heating ducts (if present) and or any other damage.

8. GFCI Ground Fault Circuit Interrupt

In the late 1990s GFCI type receptacles were required in all wet area. This includes within 72 inches from sinks and exterior outlets including in garages. Although these receptacles may not have been required when the home was built it will show up on the Home Inspection Report as a recommended upgrade. These receptacles generally cost about $20 each. You may want to hire an electrician or handyman to install the receptacles.

9. Excessive Storage

It is not uncommon to find a garage or room full of storage. Because the Inspectors cannot see all areas of the room or garage (walls floors etc.). Be sure locks are off all electrical panels or sub-area doors and that all sub-area and attic access doors are accessible. We will recommend a re-inspection if not. This can cost the seller of the home extra money to have the inspectors come back.

Clive Belvoir
Home Inspector
Country Home Inspection
831-338-6269 or 408-267-6269
clivebelvoir@yahoo.com

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Popularity: 29% [?]