Memorial Day- A Small Token of Appreciation

I want to take a moment to diverge from real estate talk for a bit to say a little about Memorial Day. I think we all know it is a day to commemorate our fallen soldiers so I am not going to bore you with definitions and history. What I do want to say though is this: As I get older and since I have become a mother I see and feel the importance of what our soldiers have done and continue to do for our country and I would like to encourage more people to do the same.

Last year on Memorial Day weekend my husband and I were in San Francisco celebrating our 10^th wedding anniversary. Although we have always frequented the city, neither of us had ever visited The Presidio, let alone were aware it is the home to one of our National Cemeteries. The cemetery sits on a hillside near the approach to the Golden Gate Bridge with sweeping views of Crissy Field below and Alcatraz in the distance. The hillside is covered in green grass dotted with bright white marble headstones aligned neatly in rows with a road leading to the hilltop. We arrived after a Memorial Day procession so the park was nearly empty, but what we found was one of the most breathtakingly beautiful sights I have ever seen. The entire cemetery- the entire hillside, was covered in American flags. Each grave site had a flag carefully placed in front of it to honor the soldier who was buried there and the road leading to the top of the hill was lined with larger flags.

I have been back since, and the cemetery is always a beautiful place, but nothing compares to the way it looked that day. The decorations are merely a small token of appreciation compared to the debt the soldiers paid to be buried there, so this Memorial Day we all need take a moment and think of the men and women who have sacrificed their lives for our freedom and be thankful we live in this great nation.

For more information and directions to the cemetery, please visit  San Francisco National Cemetery 

Don’t Sell Yourself Short- The Emotional Aspects of a Short Sale

I have been noticing lately a significant piece of the puzzle missing in the short sale debate- an overlooked, yet vital consideration when making the decision to short-sell or not. Sure, tax and credit consequences are important. There are many factors to consider in regards to those two issues. What I see missing however is the mental, emotional and social aspects of making that decision.

Many homeowners who are facing hardship such as divorce, unemployment or underemployment want to stay in their home but simply cannot keep making the payments. The stress of living this way has ripple effects throughout their lives. They may take a second job, work more overtime, sacrifice activities with the kids and other family all in the name of making the house payment. Financial stress can effect relationships with spouses causing undue tension in otherwise healthy relationships. Ultimately they are consumed with keeping the house and ’doing the right thing’ and paying the debt they agreed to pay.

What I have been seeing though is the stress and burden of living this way often clouds owner’s ability to see the light at the end of the tunnel. They are trying so hard to do the right thing but are doing it at the expense of their sanity, their marriage and their blood pressure.

Once the difficult decision is reached to do a short sale I have seen first hand the positive visible effects on sellers. The burden is lifted, the clouds of stress pass and they are able to focus on their family, their relationships and moving forward with a fresh start. If you are in this position, do not sell yourself short. Do what’s right for you and your family.

For questions and concerns regarding short sales, please do not hesitate to contact me.

UGH! My Landlord is in Foreclosure. Now What?

A question that I am asked frequently by frustrated renters is “my landlord is getting foreclosed on, do I still have to pay my rent?” The short answer is yes, as frustrating as that is. Paying your rent on time every month only to find out your landlord is not paying the mortgage on the house is undoubtedly a total drag. However, you still have to adhere to the contract that you signed with the landlord- as long as he or she still owns the house. Once the house goes back to the bank after trustee sale he or she no longer owns the home and does not have the right to collect rent from you. At this point a liaison from the bank will likely make contact with you. If you are ever in this scenario I strongly recommend doing some due diligence so you know your rights as a tenant because there are special rules that have been enacted to protect you.

Location, Location, Location!

The most important lesson I try to teach my first time buyers is that location is key. It is the one thing that you cannot change about a house- and if you are buying your first home with the intention of moving up in 10 or so years you will need to consider your ability to resell it.

Trying to buy your first home can be frustrating- especially in a market where there is lots of demand and not enough supply. What ends up happening is that buyers grow impatient and they end up compromising their needs in an effort to get into a home a little quicker.

I can always tell when a buyer is growing impatient and starting to think about compromising because the conversation usually goes something like this:

      Buyer: I really love this house! And it is so cheap!!

      Me: Yes, it is very nice and exactly what you want.

Then, before I can begin my next sentence we are interrupted by a blaring train horn and the ding-ding-ding of the crossing arms as the train blows by about 200 feet behind the house.

      Me: So what do you think about the train?

      Buyer: I think we could get used to it. I really love this house. And it is so cheap!!

Obviously everyone’s needs are different, and everyone’s ability to tolerate trains and other nuisances is different- but here are some things to consider before you let impatience get the best of you.

• You think the old phrase “location location location” is a joke? I’ll give you a clue- it’s not. The most crucial consideration when buying a home is by far the location.

The answer? Be very thoughtful about where you buy. Think about where the house is in relation to work and your commute. Do you want to add 20 minutes each way to work? Do you want to make your kids change schools? Are you familiar with the area and what surrounds it? If you are unfamiliar with the neighborhood, drive through at different times of day and different days of the week to get a feel for what your neighbors are like. A neighborhood can be vastly different from 11am on a Wednesday to 11am (or 11pm) on a Saturday.

• Once the newness of being a homeowner wears off, all the little things you knew you couldn’t change but thought you could ‘live with’ will become huge, annoying thorns in your side- and guess what? You can’t do a darn thing about it.

The answer? REALLY think about how the ‘little things’ that you notice before you buy will affect your day to day life after you buy. Think about living with that train day in and day out. Think about the neighbor’s barking dog or teenage garage band practicing every day after school when your 2 year old is napping.

• I found the perfect house and it is in a great location. Now what?

The answer? Think about how the house is situated. If your house is on a busy corner you can never change that. When you want to sell in 10 years it will still be a busy corner and your resale value will likely be affected. Don’t let a pretty interior or awesome pool blind you against obvious deterrents such as traffic noise, busy parks and schools, or fire stations.

If you are buying with the intent to resell or move up in the future- what appeals to you may not appeal to the masses. So if you pay attention to the basics when you buy you will have a leg up on the competition when you sell.

Stay tuned to my blog for more buyer tips!