So if banks want to do short sales, why does it seem so long and difficult to get an approval?  That’s a subject for another blog…

Jean Joh
Short Sales & Foreclosure Resource (SFR) Certified – National Association of Realtors
www.jeanjoh.com

Some Bank Websites re: Short Sales
Bank of America:  http://tinyurl.com/ssbofa
Wells Fargo:  http://tinyurl.com/sswellsfargo
Citibank: http://tinyurl.com/ssciti
Chase:  http://tinyurl.com/sschase

Personally, at a time when the economy is doing poorly and I’ve been hearing of more incidents of burglary and theft, this seems like the wrong time to cut back on safety and security resources.  Both as a homeowner and as a real estate agent in Millbrae, I know one of the big attractions is the “small-town” feel where people can feel relatively safe, and parents don’t have to feel nervous about letting their children go trick-or-treating, and I’d hate to see that go away.   

I know there are a lot of issues involved, due to city-wide budget restrictions, and I don’t know enough about the different options yet to come out strongly one way or another.  But I think it’s an important issue that Millbrae residents should attend the meetings, be informed and voice their opinions.

Millbrae Town Hall Meetings

Tuesday, November 1, 2011  7:00 p.m. – 9:00 p.m.

Saturday, November 5, 2011  9:00 a.m. – 11:00 a.m.

Location:  Chetcutti Community Room, 450 Poplar Avenue

City of Millbrae announcement:  http://www.ci.millbrae.ca.us/index.aspx?recordid=191&page=24
Great Millbrae Patch Article:  http://millbrae.patch.com/articles/millbrae-police-department-to-be-or-not-to-be

Jean Joh
Millbrae Resident & Real Estate Specialist
www.jeanjoh.com

As I went out to preview homes in the area each week, I kept them (as well as other clients) in mind to scope out possible options for them.  When I stepped into this particular one, even though it was not an exact match for their needs, it just “felt right” so I contacted them to see if they might be willing to consider it.  I still remember the first time we walked in the door, and the husband said to his wife, “Don’t look.”  I was a little alarmed at first that something might be wrong, but it turns out that he knew she would like it too much.

Long story short, they decided to move forward with the purchase, which was successfully completed a couple weeks ago.  Since the time of my first contact with them, they have already had their first child and are now expecting their second in the coming month.  It’s been a real privilege to see their family grow and now able to start settling into their first home together.  It’s just another reminder that sometimes, it just takes a little bit of patience and time before clients find the right home in the right time for them.  And they’re not the only ones like this among my clients.

So, for all of my fellow agents out there (especially the “newbies”), hang in there when things seems to take a little longer than we’d like.  And the same to those who are looking to buy a home – it may take some time, but with some persistence, it IS possible to find a home that is right for you.  And who knows?  You might gain a friend in the process.

Jean Joh
www.jeanjoh.com

Since I’m a real estate agent and not a licensed contractor or certified inspector, I don’t have the qualifications to determine which report my clients should believe.  Added to that, it’s interesting to note that general home inspectors aren’t allowed to give bids on the work that needs to be done (due to possible conflict of interest), termite inspectors are not subject to the same restriction and almost always include bids in their reports.  So, is there a slight possibility of some conflict of interest?    

The best solution I’ve come to thus far is to inform my clients of any past experience I’ve had with the particular inspector and also encourage them to research the company for years of experience in the business.  After that, it’s their decision in terms of how much work they want to have done, considering all the potential risks involved.

To fumigate or not to fumigate?  Unfortunately, that can sometimes be a question not so easily answered.  If any termite inspectors or contractors out there have some additional input, that would be much appreciated.

Jean Joh:  Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.

A couple problems I have with this:

-         It’s possible that my client’s offer already is the highest and best among all of the offers.  There is usually no indication given of whether this is the case, so it basically feels as if the seller is just fishing to try to squeeze as much as they can out of the buyers.

-         If I know that we’re entering into a potential multiple offer situation, I will usually advise my clients to put in their “highest and best” to begin with.  But knowing that they might be countered anyway, should I have them actually hold back in the beginning at the risk of just losing out completely?

Okay, so I know that banks have already lost money in the foreclosure process and are just trying to recoup as much money as they can.  Still, there’s something intuitively wrong with this process, as far as I’m concerned.  Maybe it just bothers me that such lofty words – “highest and best” – should be distorted to try to get a few more dollars from my buyer clients.  Of course, when I’m representing sellers, I definitely want to get the “highest and best” price for them, but would prefer to attain this with fair and savvy negotiation skills instead.  Am I the only one who feels this way?

Jean Joh:  Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.

photo credit: Patrick Hoesly

photo credit: Patrick Hoesly

Just a couple examples of what you’ll find on the Patch for Millbrae, where I live:

-         A list of events in the area to celebrate the Lunar New Year throughout the month of February:  http://millbrae.patch.com/articles/chinese-new-year-events

-         A list of the ten best restaurants opened in 2010: http://millbrae.patch.com/articles/10-best-millbrae-restaurants-opened-in-2010

Or how about in San Bruno, where my office is located?

-         Mastick Avenue Residents Vow to Keep Neighborhood Safe After Shooting:  http://sanbruno.patch.com/articles/mastick-avenue-residents-vow-to-keep-neighborhood-safe-after-shooting

-         San Bruno Real Estate Enjoys Growth for Third Month in a Row:  http://sanbruno.patch.com/articles/san-bruno-real-estate-enjoys-growth-for-third-month-in-a-row

There’s a patch.com site for almost every city in the Peninsula: South San Francisco, Burlingame, Pacifica, Belmont, Foster City, San Carlos.  What a great way to keep on top of what’s happening in your area or if you’re thinking about moving, to get another taste of the city you’re considering.

Jean Joh:  Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.

1)      Even though sellers are still required to fill out disclosure forms, the information will often be limited b/c the sellers have never lived in the property.  In this sense, it’s almost like purchasing a bank-owned property.

2)      The repairs and improvements done by the sellers are often cosmetic and may possibly be covering up underlying issues.  Of course, major issues should be disclosed by the seller if known, but there is always a chance that something was missed and it’s difficult to prove that someone knew something.

3)      There is no guarantee that the work has been done by licensed contractors or with the benefit of permit.  In some cases, the sellers will disclose that the work was done without a permit, so it’s that much more important to get a home inspection.

4)      Some lenders may have additional concerns if a property is a “flip” and will possibly require a second appraisal.  In this case, it helps to know when the property was purchased, at what price, and what improvements were made.

These are just a few things to consider when buying a flipped property.  Just as with any home purchase, it’s important to have inspections done and not just be won over by how nice the place looks when you walk in the door.  As long as you’re aware and informed, the benefit of having a “turn-key” home (all you need to do is turn the key) could be well worth the extra attention.

Jean Joh:  Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.

I’ve been pondering for awhile what to write in this blog, as putting anything into words would be inadequate and just sound cliché.  Still, I can’t blog about anything else until I get this out of the way, and it seems right to at least mention a few thoughts on such a momentous event.    Such events help to put everything into perspective when you consider how things can change so suddenly and how frail life is.  They cause one to pause and remember that a kink in an escrow process or a loan that’s not going as smoothly as one would wish are far from tragedies.

These times bring home the point that a house and a neighborhood are so much more than market activity and resale value, but are places where people build families and communities.  Families like the Bullis family, who touched so many people with their lives.  And communities like San Bruno where the outpouring of support was so great that the collection centers had to turn people away and ask them to return “tomorrow” to donate their donations of items, blood and time.  Or schools like Mills High, where staff and students wore red ribbons to remember their fallen friend and were provided bus transportation to the memorial.

There’s so much more to say on this but I’ll end here.  There are still many questions that remain about the cause and what could or should have been done to prevent this, and how this will affect the real estate market in our area.  But for now, my thoughts and prayers go out to all the families who’ve been impacted directly by the San Bruno explosion and who are continuing the struggle to rebuild their homes and their lives as best as they can.

Jean Joh
www.jeanjoh.com

Bullis Family Memorial:  http://www.mercurynews.com/news/ci_16165869

Greig Family Memorial:  http://sfappeal.com/news/2010/09/more-than-one-thousand-mourn-mother-and-daughter-who-died-in-explosion.php

Guest Book for San Bruno Explosion Victims: http://www.legacy.com/guestbook/mercurynews/guestbook.aspx?n=san-bruno-explosion-victims&pid=145219247&cid=full