From the weekly newsletter of Dean Rizzi

Visit my website at www.deanrizzi.com

 If a seller wants to sell and a buyer wants to buy then there is no reason a deal can’t be worked out.  This is predicated on the idea that both parties are going into this with a willingness to negotiate in good faith.  Writing under asking is not a bad idea, writing a reasonable offer below the asking says to the seller “I like your house and want to buy it, we just have a difference in opinion of value.”  A low ball offers sends a different message.      Like it or not, the seller may see your low offer as an insult based on the idea that you think they are an idiot who doesn’t recognize the value of their asset.  It says, “I’ll throw something out there and see if anything sticks.” It does not say, “I’m committed to getting this deal done from start to finish.” 

I witnessed buyers missing out first hand with a listing currently on the market.  The first buyer wrote an offer below asking, that the seller accepted as is.  It was below what she wanted, as well as the comparables, but the she liked the other terms.  Upon hearing the offer was accepted, the buyer backed out.  A week later the same buyer wrote another offer but even further below his original price.  He felt he had not negotiated well as the seller accepted the first offer.  At this point, she felt he was not negotiating in good faith and was trying to take advantage of her.  He refused to budge and the deal did not happen although he really wanted the house.  The seller just couldn’t take him seriously.

 In the second case, an offer came in even lower.  I was open with the agent about other interested parties and was going to let them know if they wanted in, they needed to write an offer immediately.  Another, much better offer arrived.  The seller decided to outright reject the first low offer.  She didn’t feel it was close to fair and not worth bothering with.  This was much to the dismay of the agent.  She kept repeating “I told you to counter!!”  My response, “Nothing says the seller has to!”  There are 3 answers on the table for the seller, an outright “yes”, they can counter, and again, they can just say “NO!”   

If finding a house with a distressed seller, that is willing to let the property go for a song, is what you are looking for, then by all means, go in low.  If however, you really want the house, you will have much better results if you go in with the attitude of co-operation and fairness.

Shokoofeh Nowbakht
www.shokoo.com

May 3-7

Get The Word Out!

Register now at http://www.samcar.org/userfiles/file/RSVP10_homeownerAPP.pdf

WHAT IS RSVP?
RSVP is an annual week-long community outreach program that takes place in May 3-7 during “Adopt-A-Senior” Week. Realtors of San Mateo County provides free assistance to seniors who cannot otherwise perform certain household tasks due to physical or financial constraints.
FREE HOME SERVICES FOR SENIORS & THE HOMEBOUND
Washing windows, changing furnace filters, turning over mattresses, vacuuming, changing light bulbs, replacing smoke detector batteries and other similar household tasks are just a few chores that Realtors will perform.
The program is one way Realtors and Affiliates can give back to their communities.
Who is eligible?  If you are a senior or homebound and live in San Bruno, South San Francisco, Daly City, Millbrae, San Mateo, Burlingame, Belmont, Foster City or  anywhere in San Mateo County.  
INTERESTED IN FREE HELP
Please call San Mateo County Association of Realtors at 650-696-8200 or
register now at http://www.samcar.org/userfiles/file/RSVP10_homeownerAPP.pdf

Lee@leesellsmore.com

Ok, so I love to help people buy and sell houses but still I need to eat! I LOVE to eat and I love to cook! I love to dine out and I love family and friend gatherings at home over a large home cooked meal. Since I live and work in San Bruno, I like to dine locally. Sometimes I go to San Francisco, my hometown, but most of the time, when we have the opportunity to dine out, we go local!

A few of my favorite places are Don Pico’s for Mexican fine dining, La Paloma Taqueria, Hon Lin for Chinese, Sushi House, Famous Johnny’s for pizza and beer, Amma’s Kitchen for Indian, and the West Coast Cafe for Italian. All of these places are walking distance from my house.

Living in San Bruno is really super convenient. From my house, I can walk to the Mexican market, the dry cleaners, the library, and the corner grocery store. Not to mention I can walk to my kids’ school, our friends’ houses on Friday nights for “family fun nights”, and my office, if I am so inclined. I always drive and it’s just 6 blocks away!

I love Don Pico’s a lot! I mean a lot lot! My favorite dish is the crab enchiladas with green sauce made with “real” crab! I could live on the chips and salsa. I love spicy salsa with good flavor! I also love the ambiance at Don Pico’s. It’s a warm, comfortable room with a lot of traditional Mexican decorations and some impressive ones, too! My favorite being a big framed picture of Frida Khalo! The booths are from Original Joe’s on Powell Street in San Francisco! The proprieter is Isaac Mejia. He’s great! He is welcoming, enthusiastic about his food, and keeps his menu delicious and interesting. He’s currently the president of the San Bruno Lion’s Club. His sisters help at the restaraunt, too. They are fantastic! On Friday and Saturday nights there is a live guitar player/singer. It’s just awesome!

Check out their website: www.DonPicosBistro.com

Do you have a favorite San Bruno restaraunt?

www.KarinCunningham.com

We hear stories all the time about people who bought second, third and fourth homes using those crazy interest only, “pay what you want, when you want to” loans.    They all thought that they were going to be land barons, making big bucks on the rentals or buying the property, fixing it up and flipping it for a huge profit. 

Now, the homes that they bought in Fresno, Sacramento, Lodi….heck, all over the country… are no longer worth what they paid for them and, because of the economy, they can no longer require the high rents they were getting in the beginning.    In many cases, the owners can still afford to make the payments, but now don’t want to because they feel the value is not there, so they simply walk away from the properties.      That seems wrong to me.  

Another example…a year or two ago, there was a construction project started for a new house in my town.   Although the owner runs a hugely successful business, when he had a problem with the building, he simply stopped making payments, so the bank took the property back.     Since he “walked away” the property has been boarded up and there is a big, muddy hole in front of it, making the entire street look horrible.    

What really troubles me about this case, is that I recently heard that this same man has just purchased a $900,000 home right up the street.   How is that even possible?    And, how can he sleep at night knowing that he left a big mess for the entire neighborhood to stare at, as well as destroying the property values of the homes on either side?

And, lastly, I heard of a case the other day where the owner has a great job and plenty of money.   She can easily afford to make her payments, but wants to leave the country to join family members elsewhere and, if she sells, won’t get the full amount back that she owes.   Even though she will only be short on the loan approx. $10,000, and even though she could easily write a check for that amount, she has decided to simply walk away and let the house be foreclosed upon. 

All of these stories leave me wondering….Whatever happened to the honorable Americans we used to be?    In the old days, if a person borrowed money, they would do whatever humanly possible they could to repay it.    In many cases, all it would take would be a handshake and they were commited.     Now, it is as though people no longer care about anyone but themselves…forget about the neighborhoods, forget about the country’s economy…I’m in this for me, appears to be the attitude. 

Yes, I know that the banks are big, uncaring institutions, but a debt is a debt.   I believe in that old saying “my word is my bond.”    Obviously, as I mentioned earlier in this article, there are many people who, unknowingly, got caught up in this mess.   I don’t blame them at all and completely understand their need to walk away from their homes.   But, I feel nothing but anger for those who took advantage of the system and are now a big part of destroying our economy.    

What kind of example are we setting for our children?

Thanks to Zillow for providing a detailed video of “A Guide to the Zestimate” to explain how the home values are generated. I hope you will find this video helpful!

Posted by Annie W. Chang | www.TalkofRealEstate.com

Nicole Machado- Prudential California Real Estate