Serena Russell ~ Bay Area Real Estate Specialist

If you have to sell your home as a short sale, did you know there are options other than the foreclosure route?  Are you sitting in bed on a weeknight watching TV and searching for answers because they aren’t sure if they can make their mortgage payments….

Many   homeowners are trying to find out what they should do and are feeling overwhelmed.

For example did you know Read the rest of this entry »

Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price.  While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges typically associated with each.

There are three basic stages of foreclosure in California: Pre-foreclosure, trustee’s sale, and repossession, often called an REO or real estate owned by the bank.

Read the rest of this entry »

When a lender makes a decision about a mortgage application, they consider two basic factors: your ability and willingness to repay the loan.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income. Lenders prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years. Your proposed monthly payment will be compared to your monthly gross income and your monthly credit payments to see how much you can afford. Read the rest of this entry »

Please join us!

HOME BUYERS WORKSHOPS starting in June.

FREE SEMINAR WORKSHOP

ARE YOU PAYING RENT IN 2010?

Get all your questions answered by experienced Loan agents and Real estate agents. Find out how to buy, and where to buy. Receive free materials to assist with your home purchase.

COME TO A FREE SEMINAR.

NOW IS THE TIME TO BUY.

WORKSHOP DATE : Saturdays starting in June.

After the workshop join a car caravan to look at available properties!

Call to sign up and reserve your space.

Call Serena to sign up today.

Phone: 510-303-2549
REALTY WORLD VIKING, office

2698 MOWRY AVENUE

FREMONT, CA 94538

We offer seminars to assist home buyers and sellers.  Seminars are offered on a regular basis.  One on one appointments also available.

An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise.

The appraiser does not create value, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. An appraiser may spend only a short time inspecting the property, however, this is only the beginning.

Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value.

Due to the many types of value, such as Fair Market Value, Insurance Value, Tax Value and Value In Use, the need to precisely define the purpose of the appraisal is essential.

This is certainly true when it comes to REAL ESTATE.

I was showing a property to a first time homebuyer.  I also showed the same bank owned property to another buyer who was investing for his son’s future.

The   property (REO) was listed at a very attractive price. Both buyers were ready to buy. and both were qualified and approved for home loans with reputable lenders.  Here is where the story becomes interesting.

BUYER 1:  FIRST TIME BUYER.  During the walk  commented on the condition of the home, the   smell, the stained carpets, the patches and nail holes in the walls and such.  This buyer also noted the peeling paint and that the linoleum was ripped in places. Read the rest of this entry »

As a seller you might want to know how to prepare your home for sale.  Here are a few tips, which do not take a lot of time and effort, but will go a long way in helping you get the best possible price.  You don’t need to remodel or put expensive gadgets in your home.   A few simple changes will make your home appear more appealing without having to spend a lot of money, in some cases no money at all.

Firstly, keep in mind the kind of market it is.  In a buyer’s market chances are there will be lots of first time buyers looking at your home.  Most first time buyers expect a move-in ready home for the lowest possible price they can afford.  It might appear that these FTBs (first time buyers) have a somewhat unrealistic view, and this is to be expected. After all they are starting out without much previous experience to rely on.

Here is how you can wow buyers with some easy fixes:

Improve your landscaping. Curb appeal is crucial to a good first impression, so make sure your home’s lawn is immaculate. Mow the lawn, prune the bushes, and weed the garden and plant flowers.

Give your front door a fresh coat of paint to make it inviting.

Replace house numbers with new ones that are larger and can be seen from the street.

Clutter:  Can’t say enough about this.  You are going to move eventually, so why not pack up all the items that are on shelves and counters, except the very essential items you need daily.  Get some boxes from the local pet store, and pack away all the items on counters.  Label and put these boxes in the garage in a neat stack.

Buyers tend to get distracted by knickknacks, photos, extra furniture and other personal items, and miss out on the best features of the home.

Give the house a thorough cleaning to make it shine.

Make the mirrors sparkle, and clean the window glass, so the view is not streaky.

The outside should be clean.  You can pressure wash the home’s siding and this will give it a fresh look and get rid of cobwebs and dirt.  Mow the lawn.

Fix major defects like broken window glass, holes in walls or floors and peeling paint.

Fix leaky roofs or old stains on ceilings.  A wet spot or large stain on the ceiling in any room could discourage buyers.  Don’t forget to clean the fan blades.

You can also clean the rugs and draperies to give the home a fresh smell and feel.   Wipe down the blind slats and window ledges.

Finally, if you have pets, now is the time to hide the litter box and spray air neutralizer throughout your home. Open up the windows for a time and let fresh air into the home, especially if it’s been sealed up for the winter.

When showing the home, fill it with inviting smells by putting out fresh flowers and baking a batch of cookies.

Now go ahead get started!  You can change your home from ‘HOME FOR SALE” TO ‘SOLD’ .
For more tips on how to prepare your home for market contact Serena for a free consultation.

When you miss your mortgage payments, foreclosure may occur. This is the legal means that your mortgage company can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your mortgage company or HUD could seek a deficiency judgment. If that happens, you not only lose your home, you also would owe your mortgage company or HUD an additional debt. Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future. So you should avoid it if all possible!

DO NOT IGNORE THE LETTERS FROM YOUR MORTGAGE COMPANY. If you are having problems making your payments, contact your mortgage company immediately. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help. Stay in your home for now. You may not qualify for assistance if you abandon your property. Read the rest of this entry »

This year’s week-long San Jose Cycling Classic comes to the streets of San Jose, beginning on Saturday, May 15 with events and activities to appeal to riders and cycling enthusiasts of every age and capability.

The San Jose Cycling Classic will bring together more than 1,500 cycling athletes, 20,000 spectators and 40 cycling-related exhibitors. Join us and see why San Jose is a one of the best places in the world to cycle!

You can  join us for all of the action! From 9:30 to 11 a.m., Wed., May 19, at Park Ave. and Almaden Blvd., San Jose will be a host city for the Amgen Tour of California (ATOC) for the fifth year in a row—one of the few cities in California to be able to stake this claim.

And, San Jose will, for the second time, serve as a start city to one of the most challenging legs of the race. Festivities include a healthy lifestyle festival and “autograph alley,” a designated area where cycling fans will have the opportunity to meet their favorite riders, including Lance Armstrong, who is taking part in the Amgen Tour of California as a member of the Radio Shack Cycling Team, and who is considered to be one of the greatest cyclists of all time.

Click here for more details.

Have you had a dream of owning your very own Vacation-Home  but it was never the right time before.  Now that prices have fallen many second home buyers are considering the purchase of a vacation home property.

Recently,NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9% to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9% to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1% to 4.04 million in 2009 from 3.77 million in 2008.

Now is the time to make that   lifestyle choice you’ve wanted. Most vacation homeowners say they  intend to use the property for vacations or as a family retreat.

Your investment buyers can also generate some   rental income, but you have the option of selecting who you want to rent to.  One  in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26% of vacation-home buyers and 8% of investment buyers intend to use the property as a primary residence in the future NAR says.

Make sure you select a real estate agent experienced in second home purchases.  They do not have to be from the area in which you plan to buy, but they should have some prior experience with vacation home purchase & ental management.