Kathy Wall

Short Sale vs. Foreclosure – Ethical Considerations
January 28, 2010 · · 5 Comments

I have recently begun thinking a lot about the ethical considerations of short sales and foreclosures.    Please believe me when I say that I am completely empathetic with those people who are losing their homes because they were  tricked into going for one of those terrible loans or because they have lost their job.   That being said, I question the ethical decision making process in a lot of  other cases.   Just a couple of examples:

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.   Read more

Kathy Wall

Brisbane’s Festival of the Stars!
December 5, 2009 · · 2 Comments
Courtesy of Lee Panza

Photo courtesy of Lee Panza

On Sunday, December 6th @ 5:30 p.m. there will be a wonderful event happening in the adorable little town of Brisbane, CA.   It is called “Festival of the Stars”,  and is called that because Brisbane is famous for the lit up stars that most citizens have on their homes.    Although many people start lighting them at the very beginning of December, this evening is the official night when everyone turns them on.   It is quite a sight and can be seen all the way from Highway 101.   The stars, both  large and small, are provided free to anyone who lives in town…all they need to do is add the lights. Read more

Kathy Wall

To Send or Not to Send?
November 30, 2009 · · 10 Comments

I did a floor shift in the afternoon on the Wednesday before  Thanksgiving.    At some point during the shift I received a call from a woman who was very anxious to see a condo in South San Francisco.   I told her “no problem!” I’ll meet you at 3:30.     I still had a lot to do to get ready for the 14 guests coming to my house the next day, but sales are critical now, so I changed all of my plans and met her and her family at the condo.  

This particular condo wasn’t going to work for them, so I told them that I would send them information on other nicer complexes that I thought they might like.   On Friday, I did just that.   In response, I received the following email:

Dear Kathy,

Thank you for showing us the Mission Road place on Wednesday.   I need to let you know that since we spoke, I spoke with my Mother in law who is a realtor, and she is going to represent my parents.  

I really appreciate the time you took on our behalf and I apologize for any inconvenience we may have caused you.

Peace and Grace to you.

Sincerely,

(I’ll leave her name out)

Needless to say,  I’m really irritated.  I am contemplating sending her the following letter and want my reader’s opinions as to whether it is a waste of time.      Read more

Kathy Wall

The First Time Home Buyer Tax Credit is Extended!
November 11, 2009 · · 2 Comments

The $8,000 first time home buyer tax credit that was scheduled to be canceled as of November 30th has been extended, which is absolutely wonderful news for all of those potential home buyers who weren’t able to find their new homes before the deadline.   The new credit will be in effect until April 30, 2010.    Please note that home buyers will need to be in contract by that date, but will have up until July 1, 2010 to close the escrow (that’s when you actually own the home).    And, the new credit is even better than the previous one for the following reasons:

…The income limits have been raised so that now more people will qualify for the credit.   Previously, if you were a single person, you could only earn up to $75,000 and, as a married couple you could only earn $150,000.    Now, single people will still qualify if they make up to $125,000 and married couples will be able to receive it if they make up to $225,000.     And, those earning over these amounts may still qualify a credit, but for a lesser amount.          Read more

Kathy Wall

Bank or Mortgage Broker? Who to Use?
October 5, 2009 · · 4 Comments

Where is the best place to get your home loan….a bank or a mortgage broker?   Over the course of my many years in real estate, I have waffled back and forth over this question.    Many times my decision on whom to refer would be based on the credit of my buyers.   If they were self employed, had a small down payment or not-so-good credit, I would usually suggest that they talk to a mortgage broker.    If they had excellent credit scores and a good down payment, I would usually suggest that they might be better off going directly to one of the major banks.

Now, after an incredibly negative experience with one of the largest banks operating here in California, I am leaning much more towards referring all clients to mortgage brokers, because I know that they will do the job and, most importantly, will actually care about my clients.  Read more

Kathy Wall

Real Estate Jargon…What Do All of These Terms Mean?
April 6, 2009 · · 11 Comments

We Realtors often bandy about tons of real estate jargon.  We talk to our clients and friends about short sales, REO’s, contingency periods, etc.     I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use.   Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary!  Here goes:

Contingency Periods:    We, generally, refer to these when doing our contracts.   As an example, we tell you that you will have a 10 day period to “remove  your property condition contingency” or 20 days to remove loan and appraisal contingencies.   What this really boils down to, is that these are the time frames during which you will have  the right to get your deposit back if  you cancel the contract.   Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud.  Read more

Kathy Wall

Where in the World is Brisbane?
November 30, 2008 · · 6 Comments

Known as the “City of the Stars”, Brisbane is one of the Bay Area’s best kept secrets.  It is a small, close knit community with a population of just under 4,000 people.    It offers not only the tranquility of country living, but also offers lots of sunshine and moderate temperatures throughout the year.   And, best of all, you can be in the heart of downtown San Francisco within 10 minutes and it’s only about 8 minutes to the airport.   There is a free shuttle to Bart as well as a Park & Ride lot for those who want to take the bus or train. 

To my mind, Brisbane offers the best of urban living in a country setting.  Nestled on the side of San Bruno Mountain, it is surrounded by trees.   There are many hiking trails and even hidden staircases throughout the town leading through the canyons up to the mountain.    It is a walking town where most daily activities can be accomplished on foot.  Read more