1. Mr. or Mrs. Seller will only show their home strictly by appointment- Okay, I get it, people are busy, and don’t want prospective buyers trampling through your house at all times of the day, but if you want your house exposed to as many people as possible, which leads to a, you guessed it, quicker sale, your home needs to be available for people to see, especially in the first 2-3 weeks of it being on the market. Buyers are anxious, the minute a house that may interest them hits the market, chances are, they’re jumping in their car to drive by it. So do yourself a favor, make your house easy for people to see, and you won’t have to deal with the showings for that much longer.

2. Seller Follows Potential Buyer Around House- Ideally, as a seller, you would do yourself a favor to not be home when a prospective buyer walks through the door. Buyers want to open cabinets and closets, get a feel for the space, imagine themselves in it. Doing that becomes a challenge when Mr. or Mrs. Seller is yapping their ear off about how many times they’ve hosted Thanksgiving dinner in their dining room. If you must be home, let the buyers in, be courteous, then stay out of the way. Trust me, buyers feel uncomfortable walking through a house when the owner is there, and 90% of the time, will rush through the house because they don’t want to disturb the seller or take up too much of their time.

3. Mr. or Mrs. Seller have overly improved their home, and are unrealistic about their return on investment. While a spa and cabana in your back yard are nice amenities, they don’t necessarily mean that you will recapture the money you spent on it. Common mistakes I see: remodel is too taste specific (ultra modern finishes or bright colors). Sure, paint can easily be changed out, but that red granite in the bathroom may not appeal to all buyers. Some good improvements to make: Replacing the roof, it needed, dual pane windows, remodeling kitchens and baths in neutral colors that can be customized with accessories and paint to suit your taste.

4. Mr. or Mrs. Seller think their home is worth $1,000,000, when most other comparable homes have sold for much less. This has to be the worst, yet very common mistake, that many sellers make. Over pricing your home is probably the number one mistake that sellers often make. You get the most showings and interest when your home first comes on the market. Drastically overpricing your home from the beginning means that most likely, you will be chasing the market, and ultimately, sell your home for less than what you could have had you priced it at market value from the get go. My advice? Look at the comps, be objective, and look at your home through the eyes of a buyer. Things that you have learned to live with and don’t bother you can be glaring to a buyer.

There are a number of things that you can do to get your home ready for sale, and the best part of it, some if it costs little to nothing. Remember, be objective, and listen to your agent. A listing agent should be able to give you honest advice about changes to be made, pricing, and negotiating offers. If you don’t trust your agents advice, chances are, you’re not working with the agent that’s right for you.

Related posts:

1. Short Sales-A Very Long Process In the past 2 months, I have been asked over...
2. Why Conduct Property Inspections Before Putting Your House on the Market. We have been asked time and time again by our...
3. More Belmont Homeowners are Facing Foreclosure Over the past month, I have met with a number...

Last week, I attended a Spring Social for the Early Learning Center at Notre Dame, which was held at Ralston Hall, in Belmont. Now I have driven by Ralston hall on a number of occasions, but this was the first time I had actually been inside.

Ralston Hall is a true Belmont treasure, offering a setting of beauty, luxury, and history. The hall is decked with crystal chandeliers, intricate furniture, wood inlay flooring, and some serious antique pieces of furniture. Today the hall houses the administration offices for Notre Dame de Namur University, but was originally built by William Chapman Ralston. The hall took 3 years to build, and a lot of the architecture and design mirrors that of Versailles just out of Paris, France. Some believe the hall is haunted and stories of lights turning on and off, creaking floor boards, and eerie sounds have all been reported. While I’m not going to go investigate the validity of these claims myself, one thing is certain, Ralston Hall is a beautiful piece of real estate that only adds to the unique character of Belmont.

Related posts:

1. Ralston Middle School This section is for parents and students of Ralston Middle...
2. About Us We are a mother-daughter team that combine tried and true...

While it’s a tough situation to be in, I was somewhat relieved that the people I met with are at least being pro-active about their situation and weighing their options. Some of them had contacted their lenders to see about modifying the terms of their loans, and are still waiting months later with no relief or even an answer as to weather their lender/s are willing to modify their loans. The fact is, the odds of getting a loan modification are slim to none.

I decided to do a little digging to see just how many Belmont homeowners are at some stage of the foreclosure process, and the numbers were somewhat astounding. As of today, there are 73 single family homes that are either in the beginning of the foreclosure process, have been foreclosed on, or have an auction date set.

The worst thing to do if you’re not able to keep up with your payments is simply not doing anything. It’s important to look at your options to see what you can do. Some options other than foreclosure is to market your home as a short sale in efforts to settle with your lender for a short payoff, which usually affects your credit less negatively than a foreclosure. Another option is to give you house back to the bank before they foreclose on you, also known as a deed in lieu of foreclosure. It is best to consult your tax adviser to determine which option is best for you.

So what does this mean for Belmont Sellers and Buyers? We are probably going to see an increase in short sales over the next year, so for sellers, it means competing with short sales if you’re trying to sell your home, and the value of your home can be affected by a sold short sale if it’s in your direct neighborhood. The opportunities for buyers increase as the homes sold as short sales can be more affordable than standard sales, but be prepared to wait, since the only thing short about short sales is the name. In actuality, they can take months. Overall, we are off to a good start for 2010, but the key to getting your home sold fast is making it shine above the competition, and pricing it right the day it goes on the market.

Related posts:

1. Short Sales-A Very Long Process In the past 2 months, I have been asked over...
2. What Not To Do When Selling Your Belmont Home Selling a home entails many different facets. First there’s getting...
3. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...

1010 Misty Lane, Belmont. Listed by Mary Yeargan of Remax Today. This is a beautiful home on a quiet street where not many homes come up for sale often. Very contemporary floor plan, but can use a face lift. I don’t think this one will sit on the market long.

3210 Longfellow, Belmont, listed by Vicki Ferrando of Intero Real Estate. It’s quite a climb to get up there, but no worries, there is an elevator! Not very often you see an elevator in a home in Belmont. This home is updated, has a nice floor plan and great entertaining space.

2019 Arbor Ave., Belmont listed by Christine Beard of Remax Today. This home has a lot of space, is completely updated, and an open floor plan.

604 Southview Ct. Belmontlisted by Janet Pepe Davis of Carlmont Associates. This home has very spacious bedrooms, nice views, and a good floor plan with a secluded master suite. This home also has a pool.

528 Davey Glen Belmont, Listed by Bryce Cook of Remax Today. This home has a lot of space and great outdoor space for the money. Probably one of the best deals in Belmont right now. This home was on the market previously, but at the new price, it should sell rather quickly.

1424 Sixth Ave. Belmont, listed by Weng Chia of City Life Real Estate. This home has charm and a lot of character and a bonus room.

332 Malcolm Ave. Belmont, listed with Robin Wrigley of Intero Real Estate. This home has a level yard, good floor plan, and is priced just under $800K. For the price and location, I wouldn’t be surprised if this home went with multiple offers. Yes, we are seeing some!

519 Cambridge Belmont, listed with Gregory Cohen of Coldwell Banker, this home is completely updated and has a living room and family room, an open floor plan, a nicely landscaped yard and a spa. Move in ready, and priced right.

520 Chesterton Ave. listed by Justine Ford of Remax Today. This home has an updated kitchen and and a good floor plan, but is also competing with other homes in the neighborhood that came on recently. There has been a sudden increase of inventory on the east side of Belmont this week.

506 Middlesex Rd. Belmont. Listed with Glenn Sennet of Coldwell Banker, this home has a lot of space for the price and will probably go with multiple offers per my conversation with the listing agent.

1105 North Rd. Belmont. Listed with Maria Schuster of Prudential Realty. While not technically a new listing, there has been a major price reduction from $689,000 to $599,000. While not the best location, the price correction should attract attention, however it is a short sale, so any potential buyer will most likely need some patience.

501 Middlesex Belmont. Listed with Tara Jaramillo of Coldwell Banker. This home is about 5 years old, and is completely remodeled from the foundation up! It boasts modern finishes and an open floor plan, plus a lot of space. Shouldn’t last long!

If you would like more information about any of these homes, don’t hesitate to contact us!

Related posts:

1. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...
2. New Listings for the week of April 22, 2008 As of Tuesday, April 22, 2008, there are 50 active...
3. New Belmont Listings for the Week of May 19, 2009 820 Anita Ave Listed by Edward Py-Jen Yuan of Imperial...

2406 Casa Bona Ave. Belmont, CA. Listed by Janet Pepe Davis of Carlmont Associates.

501 Middlesex Rd. Belmont, CA. Listed by Tara Jaramillo of Coldwell Banker, Woodside.

533 Seagate Way Belmont, Ca. Listed by Kendra Wall of Vanguard Properties. This is a Bank Owned Property (REO).

808 Ruth Ave. Belmont, CA Listed by Loren Holden of Alain Pinel Realtors.

1500 Sixth Ave. Belmont, CA. Listed by Dominic Nicoli of Intero Real Estate. This is also a bank owned property.

While Belmont is generally not an area heavily saturated with bank owned properties and/or short sales, it seems as though we are seeing an increase.

Related posts:

1. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...
2. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
3. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...

1592 Harbor Ave. Listed by Janet Pepe Davis of Carlmont Associates.

1737 Terrace Dr. is actually the Khoury-Kaileh Teams listing! Great house with a wonderful flow and outdoor space.

3633 Hillcrest Dr. listed by Dave Blewett of Inter Real Estate.

1200 Lane St. listed by Laura Bertolacci of Remax Today.

17 Oxford Ct. listed by Joshua Motto of J. Motto & Co. This is a bank owned property.

2002 Forest
Ave. listed by David “Tap” Tapper of Cashin Company.

1789 Belburn listed by Mary Molinari of Coldwell Banker.

323 Chesterton listed by Jaime Gonzalez of Remax Mid-Peninsula.

Related posts:

1. New Listings for the Week of May 26, 2009 2227 Coronet Blvd. Belmont, CA. Listed by Rick Barrelier of...
2. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
3. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...

A short sale is the step before foreclosure.   In most circumstances, the homeowner is unable to continue paying their mortgage (not to mention HOA fees, if any, and property taxes), and the value of the home is worth less than what the owners owe on it.  For example, if you purchased a $1,000,000 home in June of 2005, today the home may be worth $900,000.  In order to sell the house, the bank has to approve any offer recieved on it, in other words, the bank comes up “short” when they get their payoff.

Short sales require a lot of patience, as most banks have multiple short sale cases on their books, and are not adequately staffed to handle them.  They alsotake a long time to  approve or disapprove the offer.  Although the seller is still on title, it’s the bank that ultimately decides exactly how much of a loss they are willing to take.  Often times, the buyers end up backing out of the transaction for various reasons, but often times, they get fed up with waiting or locate another property that works for them.

As a seller, the benefits of doing a short sale is that it’s better than having a foreclosure on your credit, and in the meantime, you can still live in the property.  For a buyer, you can sometimes make out with a pretty sweet deal, but it requires a lot of patience.  The downside is that you don’t know what interest rates are going to do, and by the time the bank makes a decision, you may no longer qualify for the loan you originally qualified for.

So what do you do?  You’ve located a property that suits your needs, is in your price range, but it’s a short sale.  I’d say put in an offer, but don’t stop looking or pass up another house that may suit your needs.  A good agent will structure your offer so that you can back out at anytime and not risk losing your deposit.  Now, of course, this is just a brief summary and my experience with short sales.  I’d love to know what you think or hear about your experiences.

Related posts:

1. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
2. More Belmont Homeowners are Facing Foreclosure Over the past month, I have met with a number...
3. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...

2408 Palmer Ave.- Listed by Sandi Paoli of Remax Today.  This home was listed for $749,950, and sold in 8 days for $719,000.  This home also needed upsating. 

2827 San Juan Blvd-Listed by Maureen Conner of Equity Capital.  This home was listed for $479,900 and sold for $400,000.  This home was a bank owned property and was red-flagged by the City of Belmont.  Great lot, great potential, but a huge project.  Good luck to the new owner!

Condominium/Townhouse Sales

There were no  condo/towhhouse sales for the month of January.

Related posts:

1. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...
2. Belmont Real Estate Market Ending March 31, 2008 As of March 31st there are 39 single family homes...
3. Short Sales-A Very Long Process In the past 2 months, I have been asked over...

 1.  The city of Belmont has a tree board or department.

 2.  The city of Belmont has a tree care ordinance.

 3.  Belmont has a comprehensive community forestry program.

 4.  Belmont also has an Arbor Day observance and proclomation. 

While I have talked to a number of people that are at times frustrated with all the restrictions the city has regarding trees, they do keep our community beautiful, improve our air quality, and help keep property values stable.

Related posts:

1. About Us We are a mother-daughter team that combine tried and true...

• 2406 Coronet Blvd.  Listed with Sheila Johnston and Kathy Banks of Coldwell Banker for $2,500,000.  This home is still being built.
• 1665 Sunnyslope Ave. listted with Dzovig Derounian and Sandy Camaroto of Coldwell Banker for $1,995,000.
• 1500 El Verano Way listed with Chuck Gillooley of Remax Today for $1,325,000.
• 2319 Coronet Blvd. listed with Mary Duvall of Coldwell Banker for $1,175,000.  This home was already on the market originally listed for $1,225,000.
• 2524 Dekoven Ave. listed with Jon Celliti of Jon Dolores Celliti, Broker, listed for $1,139,000.
• 140 Virginia Ave. listed with Deborah Wilhelm of Coldwell Banker for $1,139,000.  This home was recently on the market for $1,188,000.
• 721 Alameda de las Pulgas, listed with Alex Palen of Alain Pinel Realtors, for $1,081,000.  This home is a fixer upper. 
• 116 Clipper Dr. listed with Anne Pearson of Equus Realty, listed for $879,000.
• 328 Chesterton listed with Arena P. Cho of Prudential California Realty. listed for $718,000.

Pending Sales for the week of 4/29/08

• There are no new homes that went pending this week.

Sold Homes for the week of 4/29/08.

• No homes have closed escrow within the past week.

Related posts:

1. New Listings for the week of April 22, 2008 As of Tuesday, April 22, 2008, there are 50 active...
2. New Belmont Listings for the Week of June 2, 2009. Well, a lot has come on the market in Belmont...
3. Belmont Real Estate Market Ending March 31, 2008 As of March 31st there are 39 single family homes...