What Happens When You Walk Away From Your Home?

Posted on February 22, 2012 by Chris Soukoulis

walking away1 What Happens When You Walk Away From Your Home?
It was just last summer that Charlotte Perkins made the hardest decision of her life as she and her husband Jim were caught in the vise of the housing bust.

Wanting to downsize their lives as they headed toward retirement, they bought a new house in Mesa, Arizona, before they sold the old one, also in Mesa. Their previous home had been appraised at nearly $400,000 at the height of the market, but as the housing crisis ravaged Arizona, they were told they’d be lucky to get $200,000 for it.

They were carrying a loan of $260,000 on their original home alone, meaning they were well ‘underwater,’ owing much more than it was worth. Combined with the mortgage on the new house, their housing payments had become an “anchor around our necks,” she says, threatening to gobble up all their retirement savings and leave them with nothing.

The couple made a difficult call: They would do a ‘strategic default,’ and simply stop paying the old mortgage. “We really had to wrestle with it,” said Perkins, 60. “We had worked all of our lives to build good strong credit, and we’re proud people. But it came down to, ‘Can we keep doing this?’ We had to say ‘No.’”

As the housing bust drags on, many homeowners are thinking like Perkins. Almost 11 million homes are now underwater, says financial information provider CoreLogic. Around 3.5 million homeowners are behind in their payments and another 1.5 million homes are already in the foreclosure process, according to online marketplace RealtyTrac.

As banks start to work through their backlog of distressed properties, the New York Federal Reserve estimates that 3.6 million foreclosures will take place during the next couple of years.

So, the question is: Does it make sense to keep paying a massive mortgage, knowing that it might be decades before a home regains its prior value? Or is that akin to – as columnist James Surowiecki recently wrote in the New Yorker – “setting a pile of money on fire every month”?

“I constantly get the saddest e-mails from people saying, ‘I’ve exhausted all my life savings, my retirement is gone, and now I have to default,’” said Jon Maddux, CEO of YouWalkAway.com,

a foreclosure agency that helps clients with strategic default (and charges a fee for it). “But if they had seen the writing on the wall a couple of years earlier, stopped paying the mortgage and stayed in the home throughout the whole process, they would be in a much better financial position.”

Moral Quandary

There’s a moral component to that decision, of course. People naturally feel embarrassed about breaking a contract and not paying their bills; no one wants to be branded a deadbeat. But remember that companies default on their obligations when it makes financial sense for them to do so, via the bankruptcy process. Even the Mortgage Bankers Association itself, in a flourish of irony, arranged for a short sale of its Washington headquarters.

It’s not personal; it’s business. So think of strategic default as a business decision, and do a cold-eyed cost-benefit analysis of whether it makes sense for you, advises Carl Archer, an attorney with Maselli Warren in Princeton, New Jersey.

[Also see: Small Money Missteps That Can Cost You Big]

“People think it reflects on their integrity, and say ‘I wasn’t raised this way,’” said Archer. “But the more businesslike attitude is to say that there’s a contract, there are penalties for violating that contract, and sometimes it just makes financial sense to break it.”

The penalties largely revolve around your credit record, which admittedly gets blown up in the near-term. For a few years you can likely forget about qualifying for a mortgage or a car loan. When lenders are ready to take a chance on you again, you’ll have to pay for the privilege, with stiff interest rates due to your default history.

What Happens to Scores

Charlotte Perkins watched her credit score go from a pristine 800 to 685, dropping every time she missed a payment. Credit-scoring firm FICO estimates that someone with a 680 score would see that number sink between 85-100 points after a strategic default, and someone with 780 could crater 140-160 points.

Not desirable, of course, but not the end of the world either. For Perkins, for instance, she already had a loan on her Ford Escape, and the mortgage on her new house, before she even started the default process. She hasn’t seen any changes on her credit cards since, in terms of limits or interest rates.

Now that the previous home was auctioned off in December, she can start slowly rebuilding her credit, a process that should take about seven years.

Strategic default isn’t a decision to be taken lightly, of course. If everyone did it, the housing market — and the banks — would be in much worse shape than they already are.

The following are some of the issues to keep in mind:

1. Look to it as a last resort, not a first option. Your financial troubles could be alleviated with a simple refinancing, especially since 30-year mortgage rates are near record lows of below 4 percent. If the banks are hesitant to rework your loan, look into the number of government programs designed to keep you in your home, which can be researched at MakingHomeAffordable.gov.

2. Location, location, location. Each state has its own rules and regulations regarding foreclosures, which affect both the length of the process and what you could be liable for in the end. In so-called ‘non-recourse’ states like Arizona, California and Texas, a lender cannot come after you for any deficiency (for instance, if your mortgage was $300,000 and they’re only able to sell the property for $200,000). In other states they can pursue the difference, in theory – which is why some homeowners opt to file for bankruptcy, to free themselves from those potential obligations as well.

3. Use the interim to save like a demon. If you’re in a state like New York or Florida, which require a judicial review of every foreclosure, it might be a couple of years before you actually have to pack up. In the meantime, be extremely disciplined about stockpiling cash. That will help you with a down payment for a rental, to pay for a car in cash if you need to, or to clear up other debts you might have. “Save money as if you were still paying the mortgage,” says Archer. “If you don’t, then you’ll run out of both time and money, and then you’ll be in a real tough spot.”

4. Know the tax implications. Historically, if you have a debt that’s forgiven, the canceled amount is considered taxable by the IRS. In the wake of the housing bust, though, the Mortgage Forgiveness Debt Relief Act was drafted to spare you those taxes. That legislation expires at the end of 2012, though – so if it’s not extended, you could potentially face a tax bill for the difference.

5. Talk to a professional. A bankruptcy or real-estate attorney can help you through a very tricky process. The National Association of Consumer Bankruptcy Attorneys, for instance, has a searchable database of lawyers at www.nacba.org.

“Strategic default is not an easy decision, and there’s a cost either way,” said Gerri Detweiler, director of consumer education for Credit.com. “Would you rather be $200,000 underwater, or would you rather have seven years of damage to your credit report? It depends whether you’re finally at the point where enough is enough.

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A Summary of Your Rights under the Fair Credit Reporting Act

Posted on February 15, 2012 by Chris Soukoulis

images1 A Summary of Your Rights under the Fair Credit Reporting Act
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.ftc.gov/credit or write to: Consumer Response Center, Room 130-A, Federal Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.

You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment or to take any adverse action against you must tell you, and must give you the name, address, and phone number of the agency that provided the information.

You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free. You are entitled to a free file disclosure if: a person has taken adverse action against you because of information in your credit report; you are the victim of identify theft and place a fraud alert in your file; your file contains inaccurate information as a result of fraud; you are on public assistance; you are unemployed but expect to apply for employment within 60 days.

All consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.ftc.gov/credit for additional information. You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.

You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. See www.ftc.gov/credit for an explanation of dispute procedures. Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate. Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old. Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.

You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to www.ftc.gov/credit.

You may limit “prescreened” offers of credit and insurance you get based on information in your credit report. Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1 888 5OPTOUT (1 888 567 8688).

You may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court. Identity theft victims and active duty military personnel have additional rights. For more information, visit www.ftc.gov/credit. States may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, you may have more rights under state law. For more information, contact your state or local consumer protection agency or your state Attorney General.

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Real Estate Watch: Fight property tax bill with these tips

Posted on February 8, 2012 by Chris Soukoulis

images Real Estate Watch: Fight property tax bill with these tips
Declining house values create great opportunities for homeowners to contest their property tax bills and potentially save big money.

Each jurisdiction has its own rules, procedures and deadlines to appeal property taxes. The bottom line is that a little research, communication and patience can pay off when you fight a property tax bill.

Here are the stories of three homeowners who’ve fought their property tax assessments:

– Michael Garard, a real estate broker at Garard and Associates in Highlands Ranch, Colo., has contested the tax assessment on his house three times in the last 10 years with mixed results. He recently scored a big win: a drop in the valuation from $535,000 to $480,000 that will cut his tax bill by about $300 a year for at least two years.

The exercise took about four or five hours, during which Garard researched comparable properties in the brokers’ multiple-listing service, drove out to see those properties and attended a hearing at the local Board of Equalization.

“The county gives you a 15-minute conference. You sit down across from the assessor’s representative. He presents his facts, you present your facts, and there is a mediator. We came to a meeting of the minds, and 20 days later, we got the notice that said the commissioners have agreed that the new assessed value will be what we agreed on,” he says.

He attributed his success to “accurate data,” showing the disparity in sale

prices between older and newer houses in his neighborhood. The assessor had based the tax valuation on newer houses. Garard argued those weren’t comparable.

Some homeowners might find the process tedious, but Gerard says he enjoys the challenge.

“It’s fun when you save money,” he says.

– Geoff Hauer, broker/owner of Cherry Point Properties in Denver, Colo., says presenting data was key to his successful property tax challenge. He used the purchase of his own house during the valuation period as a data point to support his case.

“They had valued the home at $530,000. We had purchased the home during that window for $470,000 and made some improvements. I thought the value should be $480,000, and that’s where it ended up,” he says.

The process started when Hauer received a four-page document from the assessor, outlining the valuation and comparable sales on which it was based. In a flurry of email messages, Hauer put forward his data, an assessor’s property inspection and, a few weeks later, a second notice with the lower valuation.

Hauer expects to save $500 to $800 a year; his locality hasn’t set the mill levy, or rate, used to calculate the tax. Even if the levy increases, he’ll still save compared with what his bill would have been, he says.

“What often happens is that when valuations go down, the mill levy will go up, so their receipts are consistent. If my home was overvalued, I’d get the double whammy of the higher mill levy on that overvaluation,” he says.

– Harvey Kaufman, a homeowner in Woodmere, N.Y., has been fighting his property tax assessment in court since 2008 and has won some battles, though not yet achieved a final victory.

“There is a back-and-forth, back-and-forth, and we won, they won,” he says.

At issue is the tax assessor’s decision to increase the value of Kaufman’s home during a major remodeling project. At the time of the reassessment, Kaufman says, the house had no garage door, windows or bathrooms. He and his family were living with his mother-in-law.

The difference in the valuation amounts to “several hundred thousand dollars,” Kaufman says.

A judge’s order will allow his case to be heard in court, but Kaufman remains bitter about his tax bill.

“We’ve paid it. They have my money.” he says. “When I heard that we won, I thought, when can I pick up my shopping bag? … They were very good to take my money, but will I ever see it again?”

Mortgage rates bounced up from last week’s record lows, as investors became more confident about the U.S. economy.

The 30-year fixed-rate mortgage rose 7 basis points to 4.25 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage rose 6 basis points to 3.45 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 4 basis points to 4.62 percent.

The 5/1 ARM rose 3 basis points to 3.09 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

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Optimism builds in the housing market

Posted on February 1, 2012 by Chris Soukoulis

housing Optimism builds in the housing market
Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.

Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.

Here are a few of the signs that are showing the market moving in a more positive direction:

Home sales: Existing home sales are expected to increase 12 percent this year, following a 2 percent jump last year, Moody’s Analytics predicts. The signs are already showing: In November, pending home sales — a gauge for future home buying — reached its highest level in 19 months, the National Association of REALTORS® reported.

New-home market: Coming off of what could be considered the worst year for new-home building ever recorded, the sector is expected to bounce back this year. New-home sales and starts were already showing a rebound in the last few months of 2011. Moody’s is predicting that single-family housing starts will increase 37 percent this year, and new-home sales will soar 74 percent.

Housing stocks: Investors are starting to get optimistic about the possibility of a rebound too, and are turning to home builder stocks. These equities have recently outperformed the broader stock market and the S&P 1500 homebuilding index has increased 38 percent since mid-October, USA Today reports.

Consumer confidence: With mortgage rates at record lows and housing affordability high, about 71 percent of Americans say now is a good time to purchase a home. Also, more Americans are optimistic that home prices will rise over the next year — about 26 percent say prices will rise in 2012, an increase of 4 percent over the last survey, according to Fannie Mae’s December National Housing Survey

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4 Ways to ID Borrower-Assistance Scammers

Posted on January 25, 2012 by Chris Soukoulis

scam 4 Ways to ID Borrower Assistance Scammers

Scammers have targeted delinquent borrowers during the past few years, hoping to take advantage of their desperation and financial inexperience. Their approach typically involves posing as a representative of a nonprofit or government agency who can help with a loan modification or some other form of assistance.

Sheri Stuart, education manager at Springboard Nonprofit Consumer Counseling, says she frequently encounters consumers at courses offered by her organization who have been victimized by these scams. Stuart says she recently met a couple from Southern California at one of these events who’d paid $3,000 to a fraudulent company in an attempt to keep their home out of foreclosure.

“It’s disconcerting,” she says. “It has a ripple effect. It not only affects the home owners, it affects the communities as well.”

To keep more consumers from being taken in by these scams, Stuart offers the following four red flags to help determine whether borrowers’ knight in shining armor is actually a swindler on the make:

1. They ask for money up front. “That’s usually an indication that someone has an ulterior motive,” Stuart says.

2. “Phantom help” appears out of nowhere. If a consumer hasn’t proactively contacted anyone about missed mortgage payments, but suddenly gets calls and mail about getting help for missed mortgage payments, it’s probably a scammer.

3. They present phony credentials. Many companies that claim to offer assistance will have official-looking seals from credentialing institutions on paperwork, promotional materials, and Web sites. Research those organizations to make sure they actually exist.

4. They make promises they can’t deliver. If they make ambitious guarantees about being able to modify loans or halt foreclosures, that should set off alarm bells. “Nobody can promise you a loan mod,” Stuart says.

If your clients suspect they have been or are being targeted, point them to Loanscamalert.org to get more information and report the scammers.

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A Good Rental History Can Help Borrowers

Posted on January 18, 2012 by Chris Soukoulis

untitled1 A Good Rental History Can Help Borrowers
IF you’re planning to buy a home for the first time later this year, your chances of qualifying for a mortgage might be better if you’ve had a history of paying the rent on time.

Last year Experian, one of the three leading credit-reporting companies, added a section to millions of credit reports showing on-time rent payments, and raised the credit scores of many people. The company said that this year it would add in negative marks, including mentions of bounced checks or of tenants’ leaving before a lease was up.

Now two other companies, CoreLogic and FICO, are planning a new credit report and score that incorporates payment histories from landlords, as well as payday and other nontraditional loans, child support and, later on perhaps, utility and mobile phone bills.

“Evidence of positive rental payments could be a plus for consumers,” said Joanne Gaskin, FICO’s director of product management global scoring. Rental history data could show up on one in five of the new CoreScore credit reports, she estimated.

Around 35 percent of households nationwide were renters in 2010, according to the most recent census data, while in parts of New York City, three-quarters or more rent.

Incorporating rental payments into credit scores could affect millions of people who have not established credit histories through credit cards, student loan repayments and other credit sources. That includes recent college graduates, students and some divorced people. “The biggest impact is on individuals who were not previously scoreable,” said Brannan Johnston, the managing director of Experian’s rent bureau.

Almost half of those higher-risk consumers experienced an increase of 100 points or more after their positive rental history was added, Mr. Johnston said. (Those with average or higher scores did not experience major movement.)

CoreLogic said it was too early to show the effects of its new credit report, which began in December. The changes are “intended to allow lenders and consumers to have greater transparency,” said Tim Grace, a senior vice president of CoreLogic, and that could lead to increased lending.

People who have lost their homes to foreclosure and are now leasing may be able to rebuild their credit histories by being “very responsible renters,” Mr. Grace added.

But consumer groups and advocates are skeptical, noting that reports are sometimes riddled with mistakes and some landlord-tenant disputes may be difficult to capture in a credit report. Rent may not have been paid, for example, because the furnace was left unrepaired for months.

Consumers can dispute any information they believe is inaccurate. “We check and recheck all the information,” Mr. Grace said, adding that consumers could order a copy of their new CoreLogic credit reports online.

CoreLogic’s Core Score will cover about 100 million people. The three other major credit reporting companies, which also include Equifax and TransUnion, have reports on 200 million; their reports are available free once every 12 months at annualcreditreport.com. TransUnion collects rental payment information and shares it with landlords, but Experian is the only one of the three so far to add rental history to credit reports.

Experian has mostly major property managers and apartment companies reporting rent histories, via their accounting software. Most small landlords are not, though Experian is considering a system that could allow more independents to report on-time and problem renters.

If your landlord is participating, your rental contract may show up as debts owed on your credit report for up to 12 months, said Maxine Sweet, Experian’s vice president for public education. If your landlord is not yet reporting to Experian or CoreLogic, she added, you can build your own rental history by documenting on-time payments

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State park project moves ahead

Posted on January 11, 2012 by Chris Soukoulis

untitled State park project moves ahead
The next hurdle in the ongoing quest to secure 3,600 acres near Marsh Creek Road in Brentwood as a state historic park is nearly complete. But for some proponents of the John Marsh Historic Trust, it’s a bittersweet milestone.

The California State Park and Recreation Commission is expected to approve the general plan and environmental impact report (EIR) for the property currently known as Cowell Ranch/John Marsh at its Jan. 27 meeting. The general plan provides for acreage in the area north of Round Valley Regional Preserve and Los Vaqueros Watershed.

Once the general plan and EIR are approved, the commission is expected – during the same meeting – to rename the property Los Meganos State Park.

“It is our staff’s recommendation that this is the best name because we believe it offers a flow of the state’s history, not just a snapshot,” said Steve Musillami, planning division chief for California State Parks. The Los Meganos name (which means sandy hills) was actually part of John Marsh’s original acquisition – he actually used the name “Ranchos de Los Meganos.”

“This particular site is unique because when we got into the general plan we learned a lot more about the archeological resources in the area,” added Musillami. “It’s one of the most unique sites in California.”

But Gene Metz, president of the John Marsh Historic Trust, believes the property – which will include the revitalized John Marsh House as its focal point – should be named John Marsh Historic State Park.

“We believe that if appropriately used, the name John Marsh Historic State Park can convey the positive interaction between the whites and the Indians,” said Metz. “We think with the Marsh name, people will be eager and interested in learning and celebrating that time in the state’s history.”

This latest effort to stave off the Los Meganos moniker is the third go-around for the Marsh Trust board, which has lobbied heavily for the name it feels is a better representation of the area and the state’s history.

“The commission attempted to rename the property last year and we asked that it not be done at that time,” said Metz. “Now it has come up again and we will again make our feelings known. But how much weight we can carry, I don’t know.”

Plans for the state park include the revitalized Marsh house, walking and hiking trails, picnic areas, equestrian facilities and camping in Round Valley and the eastern part of the park. Money for the project has been difficult to find, but approval of the general plan and EIR paves the way for additional grant opportunities and funding resources.

“This will be a very big step in the process,” said Roy Stearns, communications director for California State Parks. “Because once the name is officially put onto the maps, we can move ahead with the project.”

Metz agrees that the most important thing is to get the park up and running – regardless of the site’s name. “Of course we are absolutely delighted that the project is moving ahead,” said Metz. “What’s important is getting the park open and available to the public to enjoy, discover and learn about the history of early California.”

The commission will take part in a briefing on the general plan and naming proposal for the Cowell/Marsh property on Thursday, Jan. 26 at 1:30 p.m. at the John Marsh house, 21999 Marsh Creek Road. The entrance to the property is approximately 700 feet south of the intersection of Vineyard Parkway and Marsh Creek Road.

The commission will meet again on Friday, Jan. 27 at 9 a.m. in the Community Room of the City of Brentwood Community Center, 35 Oak St., to vote on the general plan and EIR and consider the renaming of the site. Both meetings are open to the public

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3 tips for staging your home to sell

Posted on January 5, 2012 by Chris Soukoulis

images1 3 tips for staging your home to sell

Today’s buyers are looking for turnkey homes. That is, they want to move right in without having to do a lot of work. Buyers with busy lifestyles pay a premium for listings that are in prime condition. Staging can make the difference between a listing selling or not, the time it takes to sell, and the ultimate sale price.

Sellers who are financially strapped often have a hard time accepting that they’ll need to invest in preparing a house for sale even though they may sell for less than they paid. Fix-up costs can mount up; your agent can help you prioritize so that you don’t waste money. It’s important to keep your goal in mind, which is to sell your house in a difficult market.

Recently, a home in Piedmont, Calif., an affluent city neighboring Oakland, came on the market in “as is” condition. It had been lived in for decades without much upgrading. Although located in a desirable area, the listing was vacant, dark and showed poorly. The sellers refused to do any work to improve its appeal.

After months on the market with no significant interest, the sellers pulled the house off the market and made improvements. The wall-to-wall carpet was pulled up to reveal hardwood floors that were then refinished. Painters lightened the interior and a professional stager was hired to bring in furniture, artwork, house plants and accessories. The listing was put back on the market with a fresh look and sold right away.
HOUSE HUNTING TIP: Although listings staged by a good decorator show well and often sell quickly, you don’t need to spend a lot to put your home into shape for marketing. Most homeowners have too many personal possessions in their home from a sale standpoint. Decluttering is something most sellers need to do.

This can generate uncomfortable emotional responses. One seller, who was cleaning out the family home of 50 years, found a packet of love letters his father sent to his mother. Of course, he had to read all of them, which delayed his fix-up schedule.

Consider hiring someone to help you sort, pack, donate and recycle items that you no longer want. You may be able to take a tax deduction for things you donate. Make sure to get a receipt. Your real estate agent should be able to recommend someone who can help you clear your house of clutter if you are overwhelmed by the project.

Your agent, or stager, may ask you to put away collections of art, personal photos, etc. This can be difficult for most sellers because, for them, it’s part of the emotional appeal of their home. Your house won’t look like your home after you’ve removed personal possessions and moved what’s left around to display the house to its best advantage.

That’s the point of the preparation process. You don’t want prospective buyers focusing in on your personal property; you want them to focus on the house. Keep in mind that how you live in your home and how it should look when it goes on the market are not the same.

Some sellers complain that their house looks too stark without all their possessions. Even so, it helps you to detach yourself emotionally from the property. Also, less personal property usually gives homes a more spacious feel. When buyers are looking for the most for their money, bigger is usually better.

To close the deal, a listing should be spotless and inviting. Bring in new house plants to put in strategic locations, like orchids in the bathrooms. In dark spots that need a dash of warmth and color, use bromeliads.

THE CLOSING: If you can’t pull this together yourself, or with the help or your agent, hire a good stager for a consultation or a proposal for full or partial staging.

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Vasco Road improvements moving along

Posted on December 28, 2011 by Chris Soukoulis

DTWD RP vasco update 300x224 Vasco Road improvements moving along

The first phase of improvements to one of East County’s most vital commuter routes has been completed, as local politicians recently celebrated the new safer drive on Vasco Road.

Workers in November completed the installation of a concrete median barrier on a one-mile stretch of Vasco north of the Contra Costa County line. Work was also finished on the widened of southbound Vasco to provide a truck-climbing lane, eliminating the gap in existing truck climbing lanes along the road.

Local officials feel that these improvements – one of three proposed stages of improvements on Vasco Road – will make for a safer commute between Brentwood and Livermore. According to a press release from the office of Contra Costa County Supervisor Mary Piepho, roughly 20,000 cars utilize Vasco Road every day.

“Anything we can do to improve quality of life in a safety environment for East County is quite a tribute,” said Brentwood Mayor and Contra Costa Transportation Authority commissioner Bob Taylor. “That is such an important artery to many East County residents.”

Taylor was one of many dignitaries on hand for a recent grand-opening ceremony. Also in attendance were Piepho, Pittsburg Mayor Ben Johnson and representatives from the offices of Congressman Jerry McNerney, Sen. Mark DeSaulnier, Assemblymember Joan Buchanan and Supervisor Federal Glover.

“The installation of the concrete median barrier, in the section of road where the worst accidents have occurred, was a much needed addition to the roadway and I am thrilled it is finished,” Piepho wrote in a press release. “It is great that drivers are more aware of the need to drive defensively and pay attention on Vasco Road.”

Augmenting the work completed on the road proper were retaining walls, storm drains, wildlife crossings and a bridge widening.

The recently completed phase, which broke ground in May of 2010, cost $11.8 million, paid for by a cornucopia of sources including federal stimulus money, state Proposition 1B cash, Measure J funds and other local dollars.

Officials now turn their attention to the second phase, in which a concrete median barrier will be erected along a roughly 1.5-mile stretch of Vasco Road north of the recently completed work. Some of the planned projects for phase two include roadway widening to make room for the barrier, bridge widening over Brushy Creek and construction of retaining walls and storm drains.

The second phase of the Vasco Road Safety Improvement Project has been touted as shovel-ready and comes with a price tag of $14 million. The Contra Costa County Public Works Department is still looking for money to complete the funding for phase two. So far, the project has drawn federal stimulus cash plus funding from Proposition 1B and other local sources

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Trash changes rolling out

Posted on December 21, 2011 by Chris Soukoulis

trash Trash changes rolling out

If ever there were a time to get excited about trash and recycling, that time is now.

Beginning in January, county residents in Brentwood, Discovery Bay, Knightsen and Bethel Island will begin receiving not one but three brand-new wheeled garbage containers for all their trash, recycling and green waste needs – courtesy of Discovery Bay Disposal Service.

“This is going to be a great program for everyone,” said Dave Adler, regional manager of Discovery Bay Disposal. “We think it will eventually help everyone recycle more and lower their garbage bills. We’re excited about the move.”

For most residents, the wheeled containers are nothing new, but out in the unincorporated areas of the county, where homeowners have been dealing with one large trash can, two small recycling crates and the responsibility of providing their own green waste cans for years, the new curbside program – recently approved by the board of supervisors – is exciting.

“I think it’s going to be a win-win for the community and should help keep everyone’s overall costs down,” said Discovery Bay General Manager Rick Howard.

Here’s how it works.

Beginning with the rollout in January, all residents will receive a 96-gallon blue container for recycling and a 96-gallon green container for green waste.

In addition, residents can choose a brown container for garbage.

The brown containers are available in 20-, 32-, 64- or 96-gallon varieties. Those who already have the 96-gallon green containers, which are supplied from Discovery Bay Disposal, will keep them and use them for green waste. Those who don’t have them will receive them with their other containers.

Although the initial program will cost customers about $10 more per billing cycle (due to the rising cost of labor, said Adler), if they stick with their current 96-gallon cans, many will find they’re no longer filling up the larger cans once they begin recycling.

The result: they might be able to use a smaller trash can at a lower cost.

Garbage cans will be available in the following sizes, and the monthly price includes all three containers: 20 gallon ($25.71), 32 gallon ($32.08), 64 gallon ($37.22) and 96 gallon ($44.26).

“Typically, residents, if they recycle, fall somewhere between the 32-gallon and 64-gallon cans,” said Adler. “And they increase their recycling by about 30 percent. So it’s a good thing no matter what.”

Survey cards have already gone out in the mail to residents explaining the new program and asking them to check the size of garbage can they prefer. According to Adler, if residents don’t return the survey card – or call in to register their preference – a 64-gallon can will automatically be provided.

“However, we’re more than willing to work with people and will be happy to switch out containers if they find the sizes they have aren’t working,” said Adler. “We want to make this as easy for people as possible.”

For additional information, or to order a can-size preference, call 925-634-1123. More information can also be found online at www.discoverybaydisposal.com

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House Prices Are Finally Nearing A Bottom – But Don’t Look For A Rapid Recovery

Posted on December 12, 2011 by Chris Soukoulis

down House Prices Are Finally Nearing A Bottom – But Don’t Look For A Rapid Recovery
Since the beginning of the house-price crash in 2007, analyst after analyst has predicted that “the bottom” in house prices is just around the corner – only to be wrong every time.

But now, finally, it looks as though house prices may actually be nearing a bottom.

Why?

Because, after falling nearly 35% from their 2007 peak, nationwide house prices are finally approaching “normal” levels on two key valuation measures: The “price-to-rent ratio,” which measures house prices relative to what the houses might rent for, and the “price-to-income ratio,” which measures house prices relative to average incomes.

Using the first ratio, economists at Goldman Sachs have concluded that national house prices will decline another 2.5% in 2012 and then bottom over the course of the following year.

House prices differ markedly depending on where you live, of course, and Goldman’s analysts have considerably different predictions for different markets. Prices in New York, Portland and Atlanta, Goldman predicts, will still see significant declines. While prices in Detroit, Miami and Cleveland should rise.

Importantly, after a price bubble similar to the one the U.S. just experienced, prices often don’t stop at “average” levels on the way down. On the contrary, they often plunge straight through “fair value” and spend years below average levels. And that certainly could happen to house prices this time around.

But Goldman’s economists believe house prices will level out in a year or two. And unlike other analysts who have made similar predictions in prior years, Goldman’s economists actually have data on their side: The price-to-rent ratio really has fallen to normal levels.

Of course, even if house prices do bottom in 2013, that doesn’t mean that they’ll quickly shoot up again – or that housing will once again be the “great investment” that everyone thought it was back in the boom years.

One of the reasons house prices are expected to bottom soon is that houses are currently more affordable than they have been in the past. But housing “affordability” is judged, in large part, on mortgage rates, and mortgage rates are currently near an all-time low. If and when the economy begins to recover in earnest, mortgage rates will likely rise, and, as they do, houses will become less affordable.

So it is likely that, even after they bottom, U.S. house prices will face headwinds for a long time.

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Have breakfast with Santa in Brentwood

Posted on December 9, 2011 by Chris Soukoulis

images Have breakfast with Santa in Brentwood
Have Breakfast with Santa on December 10, 2011 at the Brentwood Senior Center at 193 Griffith Lane. There will be four seatings – at 8 a.m. to 9 a.m., 9 a.m. to 10 a.m., 10 a.m. to 11 a.m. and 11 a.m. to 12 noon. The general admission is $8.00 while children under 3 years old is free! Admission includes a full pancake breakfast, visit with Santa, candy cane, coloring activities and live entertainment by the Heritage High School Jazz Band. Proceeds from this event will benefit the Heritage High school Performing Arts Boosters. You can purchase tickets by visiting their generous 2011 sponsor, Tummies to Tots at 3860 Balfour Road, Brentwood or call Cindy Vogler at 925-516-0832.

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Gifts that won’t be re-gifted

Posted on December 7, 2011 by Chris Soukoulis

imagesCATF5UKZ Gifts that won’t be re gifted

“One thing about a gift from here is you won’t see it in your relative’s garage sale next year,” says one of the signs at Gursky Ranch Country Store. Located on a walnut orchard now surrounded by subdivisions, the store offers a glimpse of Brentwood heritage as well as tasty, local food products for wholesome, personalized holiday gifts.

“We’re the country store in the neighborhood,” said owner Lynn Gursky. She and her husband Roy bought their property when they moved to Brentwood with their two sons in 1979. The ranch included 11 acres of walnut trees, and so the family began selling the nuts out of their garage. As customers requested other products, they expanded their offerings.

Roy passed away from cancer in 2009, but his presence is still felt in the décor, including the humorous signs around the shop and fond memories of him she and her customers share.

Lynn said she likes the idea of helping agriculture remain part of Brentwood, both as an outlet for local farmers – “We buy as locally as we can,” she said – and provider of high-quality food gifts for her customers.

“People like to give food gifts because they know it’s something that people will use,” she said. The store offers pre-made gift baskets ranging from $35 to $75, but also allows customers to assemble their own custom-made baskets from items in the store. Smaller gifts, such as decorated cookies or individual boxes of nuts, sell for $5 to $10. Shoppers can also find gift trays of dried fruits and nuts, candies, sauces, jams, jellies and gourmet food items. The store proudly offers local honey and three varieties of local olive oil. Nut enthusiasts will find

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5 Holiday hosting disasters and how to avoid them

Posted on December 5, 2011 by Chris Soukoulis

hosting 5 Holiday hosting disasters and how to avoid them

Imagine you’re preparing to host your annual holiday party, and you’re past the point of no return. The veggies and meats have been bought. Guests are already braving busy airports and crowded highways to get to your home—and then your oven won’t turn on. Your home-cooked meal has quickly turned into a microwave dinner.

That’s just one of many hosting nightmares that can end your holiday party before it even begins. Thankfully, some of the most damaging mishaps easily can be avoided. We collected five of the most prevalent issues and give you preventative tips to keep your holiday party on track.

Problem: The oven doesn’t heat

For any holiday occasion, the oven is the most important appliance in your house. If it fails to work, the centerpiece of your meal could go from roasted beef, ham, duck, or Tofurky to Peking Duck from the local Chinese takeout joint.

How to avoid:

There are any number of reasons a stove can break, but one common cause of disaster is easy to prevent. Don’t self-clean your oven until AFTER the holidays. You risk blowing a fuse or a thermostat, and tracking down an oven technician around the holidays can be tough.
Problem: The kitchen sink clogs

The day after Thanksgiving is the busiest of the year for plumbers. The prime cause of this clog-a-thon is the mistreatment of drains when cooking holiday feasts. We hope your Thanksgiving went well, and that you avoid clog-a-thons for the rest of the holidays.

How to avoid:

Fats and cooking oils can solidify in your pipes, so never dispose of them in your kitchen sink.
If you have a garbage disposal, make sure it’s running before anything goes in it, and never feed it any stringy, fibrous, or starchy foods like poultry skins or potato peels.
To fix, don’t rely on chemical drain-clearing products that can harm your pipes. Use a snake instead, available for $15 at your local hardware store. Best to keep one on hand.
Problem: The heat goes out

As the party’s host, you’re supposed to hang guests’ coats—not apologize to them for having to keep them on. A lack of heat can stop a holiday party dead in its tracks.

How to avoid:

The key to avoiding freezing your party to a standstill is regular maintenance of your HVAC. Every 90 days, a new one-inch pleated furnace filter should be installed. If you haven’t done it in a while, now’s a good time to replace it.
Also inspect insulation on refrigerant lines that are leading into your house. Replace them if they’re missing or damaged.
Problem: The toilet stops up

Toilets have a way of clogging up at the worst times, such as during parties and when you have overnight guests. This is especially true if you have a low-flow toilet from the early 1990s.

How to avoid:

Don’t flush anything other than sewage and toilet paper down the toilet. And there’s nothing wrong with putting up a polite note to remind your guests to do the same.
Problem: The fridge doesn’t cool

Without a properly functioning refrigerator, your meat could get contaminated, your dairy-based treats could go sour, and you may not be able to save your yummy leftovers. To avoid discovering a warm fridge after it’s too late, take these simple precautions.

How to avoid:

Get a thermometer for your refrigerator to make sure each shelf stays below 40 degrees and you can be aware of any temperature changes.
Also make sure the condenser coils located on the back of the unit or beneath it are free to breathe. Coils blocked from circulating air by cereal boxes atop the fridge, or dirtied by dust or pet hair can prevent a fridge from keeping cool.

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Parading in Discovery Bay

Posted on December 2, 2011 by Chris Soukoulis

parade Parading in Discovery Bay

Discovery Bay’s popular holiday parade comes to town Saturday, Dec. 3. This year’s theme is A Holiday Movie.

Celebrating its ninth season, the land-based event draws thousands of spectators each year to the community parade. Led this year by Grand Marshall and current Citizen of the Year Mike Guzzardo, the Parade of Lights leaves from the Discovery Bay Marina at 6 p.m., makes a right on Marina Road, turns left on Willow Lake Road and then right on Riverlake Road.

From there the parade turns left on Sandpoint Road and left again on Discovery Bay Boulevard where it ends in the Discovery Bay Shopping Center, where the Discovery Bay Lions tree lighting takes place and Santa is available for photos. The parade awards ceremony follows the tree lighting.

Visitors are encouraged to bring an unwrapped new toy to the Sheriff’s Annex in the Discovery Bay Shopping Center for the Sheriff’s Cops for Kids holiday program.

Parade organizers encourage attendees to avoid parking difficulties by arriving early.

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Discovery Bay plots out plan for wastewater system upgrades

Posted on November 28, 2011 by Chris Soukoulis

watertreatment2 Discovery Bay plots out plan for wastewater system upgrades
Discovery Bay leaders are charting out plans to provide wastewater treatment to the community for the next decade.

A recently crafted master plan lays out improvements and regulations that the unincorporated East Contra Costa community must account for. Community Service District directors, who decide which projects to fund, must consider the town’s potential growth along with the need for additional capacity to hold water while existing equipment is inspected.

“We’re trying to be diligent in planning out and prioritizing where our dollars should be spent,” board Vice President Chris Steele said.

The master plan maps out about $38 million in possible improvements; of that about $12.5 million are classified as immediate or critical needs.

Having a plan in place makes sure ratepayer money is spent responsibly instead of for fines or repairs, adds board President Kevin Graves. The town has incurred hundreds of thousands of dollars worth of fines in the past few years for sewage spills and discharge of contaminants into Old River.

The item that concerned most directors during a recent study session was the need for a third oxidation ditch and clarifier system, which collects the water and sorts out sludge.

Having a third system, which would cost $6.05 million, allows the district to check its existing two ditches to see if repairs are needed. The district has enough storage space to hold the water while an existing ditch is

“There would be barely enough time to drain and clean it,” director Brian Dawson said.

Director Mark Simon supports the oxidation ditch, but cautioned about making improvements solely for future growth when the community still has a lot of needs at its current size.

“We only have one fire station and very little police presence. I just can’t see the logic of doing that,” Simon said.

Another issue that surfaced at a recent meeting was the salinity of the town’s wastewater. Part of the reason for the increase in recent years is likely water softeners that use salt rocks in their processes, said Virgil Koehne, the town’s water manager.

To address the issue, the town is working with some residents to run some nonscientific tests to see if not using water softeners in an area reduces salinity.

“We’ve got to find a way to shave that down,” Steele said.

Final drafts of the wastewater and water master plans will be considered by the board early next year. Both plans can be viewed at the town’s website, www.townofdiscoverybay.org.

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Ironhouse to accept leftover turkey grease

Posted on November 24, 2011 by Chris Soukoulis

turkey grease Ironhouse to accept leftover turkey grease
EAST COUNTY

Dump that grease, just not down the drain

Ironhouse Sanitary District is asking customers to go easy on their drains this season by dropping off grease from the holiday bird, ham and other fatty dishes.

The agency will be accepting leftover grease from 10 a.m. to 1 p.m. Friday at its offices at 450 Walnut Meadows Drive, Oakley.

Customers should pour oils and fats into rigid plastic containers with a screw-top lid, coffee cans or glass jars and freeze them before coming.

Ironhouse Sanitary District will use the grease to make biodiesel fuel for school buses.

Pouring these substances down the drain can harm the environment by blocking sewer lines and causing them to overflow, resulting in property damage, foul odors and public health risks.

This is the first time Ironhouse Sanitary has offered the service, which might become a regular part of its activities in the near future.

For more information, go to www.ironhousesanitarydistrict.com or call 925-625-2279.

– Rowena Coetsee, Staff

Brentwood

Tree lighting ceremony set to take place Dec. 2

Brentwood’s annual Christmas Tree Lighting Ceremony will take place at 6 p.m. Dec. 2 at the Brentwood Senior Activity Center, 193 Griffith Lane.

Hosted by

the Brentwood Advisory Neighborhood Committee, the free community holiday gathering will include vocal music performances, hot drinks and refreshments and Santa visits. The lighting of the 24-foot Christmas tree will happen at 7 p.m.

– Paula King, Correspondent

Brentwood

Santa to have photo-op with special-needs kids

St. Nick will be landing at a local farm just long enough for special-needs children to have their picture taken with the big guy.

The photo op will be 9 to 11 a.m. Dec. 10 at Smith Family Farms, 4430 Sellers Road, Brentwood.

Special Kids Foundation and Smith Family Farms are organizing this fifth annual event, where children can enjoy an exclusive visit with Santa in the barn until the facility opens to the general public at 11 a.m.

Foundation volunteers will take a 4-by-6 photo of youngsters at no cost.

Call 925-516-9690 for more information or go to www.spkids.org.

– Rowena Coetsee, Staff

Brentwood

Sand bags available to help prepare for rains

Residents are encouraged to prepare for winter rains by picking up sand bags that are available on a first-come, first-served basis.

There is a 10-per-household limit on sand bags this year. Sand bags can be obtained from the city’s corporation yard, 2201 Elkins Way.

The city’s Public Works staff completed some extra maintenance this season by clearing vegetation from Windsor Pond along Windsor Way and at upper Deer Creek at Summerset and Apple Hill. For more information, contact the city at 925-516-6000.

– Paula King, Correspondent

Discovery Bay

Meeting to discuss off-leash dog park

Residents here will have a chance to vet plans for a possible off-leash dog park.

The town’s Community Service District is hosting a community meeting 6:30 p.m. Dec. 8 at the gymnasium of Timber Point Elementary, 40 Newberry Lane.

“We’ve received resident support and requests for a local dog park and understand there’s a need,” district board President Kevin Graves said in a news release.

Sites under consideration include a turf area located on the eastern border of Slifer Park and a landscaped area north of the Park & Ride lot on Bixler Road.

Bruce Jett Associates, the project’s design consultant, will present conceptual designs for the two locations. Long-term maintenance requirements, early budgets and timelines will also be discussed.

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Home Sales Trending Up

Posted on November 23, 2011 by Chris Soukoulis

images3 Home Sales Trending UpBy Gino Blefari
President & CEO
Intero Real Estate Services, Inc.

The housing market flashed some more good news this week as we learned existing home sales were up from the previous year’s levels for the fourth straight month in October. As we dig into the details here, I want to look at what it means and how it may impact buyers and sellers.

The latest report from the National Association of REALTORS® shows existing home sales up 13.5% to a seasonally adjusted annual rate of 4.97 million homes in October. Although national sales numbers are harder to get excited about (because real estate is local and our local markets can be vastly different from the national trend), this is generally good news because it shows a positive upward trend compared to the same fourth-month period a year ago.

In simpler terms: we’re looking at a pretty strong case here that the bottom of the market has been reached, and we’re well on our way to recovering. That doesn’t mean we’re on our way to the next boom, of course, but it’s good nonetheless.

Perhaps more interesting than the sales numbers, though, is the data about who’s buying:
• 29% of sales in October were from all-cash buyers
• 18% of sales were from investors
• 34% were from first-time buyers
• 28% were distressed sales
The data about who’s not buying is also interesting. The NAR says that the number of sales contracts that fell through in October jumped to 33% from 18% in September, and 8% a year ago. The group says contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems like home inspections and job loss.

What does this mean for buyers and sellers? The fact that contract failures almost doubled in a month’s time is a huge red flag that buyers need to have their finances and paperwork buttoned up tightly in order to get a mortgage. Buyers and sellers also need a good understanding of current appraised values before pricing homes and making offers.

I think patience is also in order when attempting a transaction in today’s market. Even though we’re seeing positive signs, there are still a lot of potential problems that can come up in the loan process. Expect that things will take longer than you think. Buyers may need to go to several lenders before you find the right loan. Sellers may end up going through several purchase contracts before the cards align and the buyer gets the loan, the appraisal comes in at the right value, and all is clear to move through escrow.

Is the worst over? No one really knows. One report out this week was commenting on the fact that the birth rate is the lowest in the country since 1999, saying that this lower rate of population growth is a bad sign for housing. However, the life expectancy in 1925 when my dad was born was 54 years old and today it is 79 years old, which means people are living in their homes longer.

We still have a lot of unsold inventory on the market, but it was down 2.2% in October – another good sign. We may not be walking on air, but the latest numbers show we do have something to be thankful for.

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Street Feast marshals thankful army

Posted on November 18, 2011 by Chris Soukoulis

images2 Street Feast marshals thankful army

After the success of the inaugural Street Feast last year, Ryan Richardson is counting his blessings that so many are supporting this year’s celebration.

“Last year, we had this idea to have a big community Thanksgiving here in Brentwood and people really embraced it,” said Richardson, owner of Willy’s Bagels and Blends. “I didn’t have to go around asking for help this year. People have been coming up to me asking how they can help out. Especially the families who attended last year – they are so excited to share that community spirit with others in need.”

But Street Feast is more than a free Thanksgiving meal for those in need. It’s a community celebration, a chance to gather with neighbors and give thanks. As the event is open to all, Richardson stresses that anyone looking for a place to go on Thanksgiving is welcome. If you burn the turkey, no problem. Come to Street Feast. If your flight to visit family is cancelled and you didn’t have a backup plan, no problem. Come to Street Feast. If you don’t have any friends in the area, no problem. Come to Street Feast.

New this year is a pickup program to bring East County residents out to Towne Center, the Safeway shopping center on Second Street, if they have no other way of getting there.

“We don’t want to exclude anyone,” Richardson said. “We’re going to have several pickup locations, and we’ll drive you out to the celebration. Especially for our senior citizens who are alone this season and don’t have their own transportation, we want to make sure they have the opportunity to share the holiday.”

Street Feast, which is sponsored by Willy’s Bagels and Blends in partnership with Cornerstone Fellowship and a multitude of other local businesses, charities and community groups, drew a crowd of more than 400 in its first year, and Richardson has set this year’s goal at 1,000 guests. The more the merrier. Since Richardson hopes to bring in 120 turkeys for the event, there will be plenty of food to go around. He’s currently accepting donations at Willy’s and is tracking the donations with Turkey Count 2011. It’s only a tally maintained on a chalkboard behind the counter of the Second Street Willy’s location, but customers come in regularly to see how the effort is going. Every $8 donation purchases a turkey. As of press time, Richardson reported the Turkey Count at 81 – only 39 gobblers to go.

In addition to the food, Street Feast offers activities and jump houses for the kids, TVs for catching the big football games, live music, a food pantry and a community closet for those in need of food and warm clothes for the upcoming winter season. Donations are being accepted at both Willy’s locations: on Second Street and West Country Club Drive.

Volunteers are also needed for the event. While Richardson has already assembled an army of helping hands, there’s always room for one more. Monetary donations and grocery gift cards are also being accepted to ensure there’s plenty of food.

Richardson hopes Street Feast will become a Brentwood tradition, and based on the support he has received, it seems likely that it will have staying power. “My family has decided that this is how we’re going to celebrate Thanksgiving from now on,” Richardson said.

“We want to host an event for the community because they are the ones that have kept us in business all these years and we want to say thank you. We also know that a lot of people in the community have big hearts and want to help, and they don’t necessarily know the best way to do that. With Street Feast, they have a way to directly give back to the people in their community. It’s a win-win for everyone.”

Street Feast will be held at Brentwood Towne Center, 1185 Second St., from noon to 4 p.m. To make a donation or volunteer, inquire at Willy’s, 390 West Country Club Drive and 1155 Second St. For more information, call 925-634-2245 or 925-308-7534.

For information about Street Feast transportation, call Erin York at 209-914-3729

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Buying a Home in Earthquake Country

Posted on November 16, 2011 by Chris Soukoulis

images1 Buying a Home in Earthquake Country

By Gino Blefari
President & CEO
Intero Real Estate Services, Inc.

Over the last few weeks, we’ve experienced several moderate earthquakes in the Bay Area. No major damage, no deaths and no injuries. So no big deal, right? We must be used to this by now.

In reality, though, earthquakes are a major factor for home buyers. They can be a great source of fear and anxiety. Let’s explore how buyers can consider these natural occurrences in the smartest way before closing a deal.

Basic construction
Unless you’re buying a new home, chances are that the one you’re considering buying has been through dozens of small to moderate earthquakes. To get a sense for how the house has held up, be sure to closely inspect the foundation for major cracks. This is routine in home inspections under any circumstances, but especially significant if you’re buying in this area. Pay attention to the small details during your home inspection, and seek advice from your agent if you’re not sure of the impact.

When was the home constructed?
If it’s an older home, has it undergone any seismic upgrades or retrofitting in the last 10-20 years? While these upgrades are no guarantee that a home will outlast “the big one,” in many cases they will ease your mind and help prevent small problems from growing much worse over time through several small or moderate quakes.

Proximity to a major fault line
We’ve all seen and heard stories about homes on the Hayward fault that have walls and floors that are separating more and more each year. Just because your home is close to the fault line doesn’t mean this will be you in 10 years. But if it’s really close, you should consider having an engineer check whether there’s any current shifting going on with the house. (And you really should know how close your home is to the fault line to begin with.)

When to call a geo-technical engineer
Not all home purchases in the Bay Area will require a visit from a geo-technical engineer. However, a big red flag would be that the house is built on the side of a hill that is very close to a major fault line. Houses in these circumstances may actually be sliding down the hill by an inch – or fraction of an inch – each year. Again, this might be fine, but better to know before you buy the house. No surprises!

Do you need earthquake insurance?
Earthquake damage is usually not covered by typical homeowner policies, so don’t assume you don’t need it if you’ve already got property insurance. A good way to think about it is to consider how much of your investment in your home you are willing to put at risk. If an earthquake caused major damage to your home and its contents tomorrow, how quickly could you get back on your feet with your own savings? You’ll want to think about the amount of equity you have in your home and the approximate value of your belongings when considering how much earthquake insurance to buy.

In the Bay Area, earthquakes are to be expected and many of us aren’t surprised when the building starts to shake without warning. But when buying a home, these are the basics all buyers in earthquake-prone areas should think seriously about. These may seem routine, but it’s surprising how many buyers will overlook these things – especially when they’ve already fallen in love with a property.

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