Hi there, I’m Lisa Doyle with J. Rockcliff Realtors, and this information is to update you on short sale changes. You know of course we’re always seeing the market changing as far as short sales are concerned. And of course, if you’re viewing this, you may have questions about your specific home or the one that you’re currently working through and I wanted to give the buyers and the sellers actually for that matter a little update. There are guidelines available for borrowers. If they’ve done a short sale, and they have never been delinquent, meaning they had paid all of their payments on time, and they completed a short sale, that they were available are eligible to purchase a house immediately using an FHA loan.

And at that time we weren’t told that were any requirements to that, other than you had to be current and your short sale had to be accepted and you were good to go and you’d buy it with a clarification of an FHA loan, which means certain price ranges and all of that information. And if your credit was good and clean other than the short sale it even gave you a better, you know, your standing would be even better.
But what I recently learned was, there are also some additional requirements and so I wanted to give everyone that little bit of extra information. The banks will also require that you have, in order to sell your current home, you had to experience some sort of significant hardship, if you are going to stay which is of course it is little different hardship then the bench requires to accept the short sale. Meaning if you had a short sale and you’ve come upon some change in your life or your circumstances have changed, you know, you’re no longer able to keep your home, your current lender would likely accept your short sale.
But what the banks says when you’re gonna buy a home is, that you have to have even a hardship almost that’s staying in your current property. So when we talk I can explain to you what that means even more. But there’s even one more requirement that I learned that I think is even more important. When a buyer is thinking about using this new guideline is, what the lenders told me recently, we were helping the family pursuing the home, they had to prove that they weren’t trying to take advantage of the market.
Which, when I first heard that, I wasn’t sure what exactly does that mean? Meaning taking advantage of the fact that the prices have come down? And what I decided and what we discovered is, that there’s not really an exact answer to what that means. But what I would tell you is, in my opinion the sure guarantee that you’re not taking advantage of the market is, let’s say you’ re transferred to another city outside of the area where you currently live.
You were forced to sell your home, the current value had dropped, you had to do a short sale, but you were – to me that’s one example of not taking advantage of the market. You’re forced to move and you don’t have any choice. You can’t afford to keep your home as a rental, you know the value’s too low whatever the circumstances are.

I think that person would automatically be eligible for the new FHA guideline. But someone who’s staying local, that’s a little more tricky. So again, I wanted to share with you that little change in the explanation of the FHA new guidelines. And if you have specific questions, we dug into this process, while currently helping a family in the midst of buying.
And I have a little bit more information that I can share. So call me anytime. My name again is Lisa Doyle my number is 925-890-7443 and I’ll talk with you soon.

Lisa Doyle,, Greg Doyle, San Ramon Homes, Danville Homes, Bay Area Homes, Bay Area Short Sales, Bay Area Foreclosure, Short Sale in San Ramon, East Bay Real Estate Market, Hardship


Hi there, I’m Lisa Doyle, with J. Rockcliff Realtors and welcome to our how is the market segment and of course that’s the question I get about ten times a day. What’s going on, how’s the market changing. How much has the market risen? You know, just what’s happening with our market? A couple of things I wanted to share first and then I’ll give you the numbers as far as the East Bay.

Right now, I got confirmation this morning that one of my clients, he’s just locked in a thirty year loan at 3.5 % which is just insanity compared to a ten year or fifteen or twenty year average. You know, really amazing and unheard of. So of course that’s helping our market stay stronger, allowing people actually you know so much more affordable at three and half percentage, certainly a wonderful time to either refinance or if you have plans of moving into a larger home, obviously that’s a great opportunity.

Or even buying your first home. So I just wanted to share that first. The market is continuing to stay very active in the East Bay. Our inventory down still at extremely low, you know, lowest numbers that we’ve seen since 2005, so this last week we had new active homes 156 and pending, which is under contract in new sales in our easy bay, 183. So we are still going in the opposite direction. As far as active and pending ratios. You know the old supply and demand causing our prices to stay firm, and you know in most price brackets, we’re seeing an increase in our prices right now. Great news for those who plan their moves and sign their homes.
And as far as total inventory in our record, active listings, which if you remember, again, almost exactly one year ago there were 2400 active listings in our East Bay. And now we’re about one third of where we were one year again, which again that’s what’s causing the market to change.

Total pending right now in our market nineteen hundred and twenty eight. So a little less pending than what we had a few months ago. At one point we had about 2250 pended properties. So the pended properties have come down. I think homes are closing a little faster. You know, short sales are closing a little faster so it’s causing the pended market to be less.
So it’s good news. A couple other trends I wanted to share with you. If you remember watching our updates a few months ago, at that point there were 22 percent of the homes that had gone pending. We’re either at the asking price or above, and this was almost exactly six months ago and I’ve been tracking it very closely for the last couple years.

But twenty eighty percent were either at the asking or above. Right now eighty two percent of the homes that have gone pending are sold. Has sold at either the asking price or above, what that’s telling us is still again more pressure on the home market causing prices to be firmer. So buyers keep that in mind when you’re negotiating you need to understand that supply and demand affects everything.
It affects your strategy for purchase. It affects the seller’s bottom line. If you want to buy a home you are just going to be prepared, make sure that you get the right advice as first and strategy on an impress for certain property and then there are two more things I wanted to share that are very interesting.

Our short sales, we’ve had in a market a pretty good number of short sales but this week it’s interesting, they’ve come down. The actual short sales add up the properties that have gone pending which 183 pending only fifteen of those in our greater market were of the short sale types.

So again we are seeing a little bit less distress in the market, although we believe that more short sale, more REO will likely be coming on the market in the coming months due to a few tax benefits that are changing in the short sale environment, so keep that in mind. But if you have any questions about your specific home of course phone me any time, my name again is Lisa Doyle my number is 925 890-7443 and I’ll talk to you soon.

Lisa Doyle,, Greg Doyle, San Ramon Homes, Danville Homes, Bay Area Homes, Bay Area Short Sales, Bay Area Foreclosure, Short Sale in San Ramon, East Bay Real Estate Market, Hardship