Patty Manzi’s Tri-Valley Real Estate Blog

Alameda county just made a few changes to their tax assessment appeals process.  The first is that as of Thursday, July 1st, the application to file for the appeal will be accessible online.  The second is that for the 2010 tax period, there will be a $50 charge per application filed.  The complete article and details can be found in thePleasanton Weekly article published today entitled: Want to appeal your tax assessment?  Anyone seeking a reassessment in their taxes due to declining property values may want to consider this appeal.

If you need information on comparable property values in your neighborhood, I would be happy to assist you!

With the increased number of people losing their homes to foreclosure & short sale there is an increase in the number of people needing to rent.  A few things to be prepared for if you find yourself renting a home after many years of owning;   Landlords will require a rental application and most charge a screening fee to check your credit, criminal,  and rental (eviction) history.  You may also need to provide documents to verify employment and income.  Many landlords and property management companies have a minimum credit score that is acceptable to be considered a candidate for renting.  The more information you can provide to prove your credit worthiness, the better. 

Expect to come up with not only your first months rent, but up to 2 times the rent amount as a security deposit.  Additional security funds can be required if you have pets.   Signing a 12-month lease is customary, but some landlords are willing to provide shorter term leases with an increase in the rent amount. 

If you are in doubts or questions about practices by landlords or property management companies, you can contact Fair Housing for advice and information.  You can also enlist the help of your local real estate agent or property management company to help you find rental properties and represent you in the leasing process.

Copied from an email I received from the PUSD today, with permission to repost. 

Pleasanton elementary school needs your vote to win a grant

Valley View Elementary School is in the race to receive a $50,000 grant from the PEPSI Refresh Project to buy software for their school! Pepsi is giving away $1.3 million every month in an effort to support those who generate innovative and optimistic ideas to move communities forward. The ideas that receive the most votes will win grants from $5,000 up to $250,000.

Valley View needs votes from you and everyone you know. Every email address can vote once per day on every day during the voting period from June 1 through 30. This is a contest where winning is decided by votes (like American Idol or Dancing with the Stars), and there are 1000 proposals, so they really need your help.

Voting is easy!

1. Register at http://www.refresheverything.com/ so you’re ready to vote

on June 1. Do you have more than one email (you can create new ones!)?

Register all of them so that you can vote with each email address.

2. Starting June 1, visit www.refresheverything.com every day, sign in, click on the $50,000 button, and find Valley View’s project. It should be under Education and may show as: Purchase computer software for multi-language elementary school. You can search for the grant by using keywords such as Pleasanton, Valley View, computer, or software.

3. Vote every day!

4. Please spread the word. Forward this email, post it to your Facebook, Twitter, MySpace, LinkedIn, or any other social networking site you like to use.

Thank you for your support for our students!

If you would like Valley View to send you a daily reminder to vote, send your email address to Patti Ingram at  bryanpatti.ingram at comcast.net.

I was watching a TV show this evening, you know those shows where the TV real estate agent helps someone sell their home.  This young couple inherited a small home and subsequently took out an equity loan to remodel the whole house.  After a few years and children on the way they purchase a newer bigger home to accommodate their growing family.  They now had two mortgages and were faced with a major decision; rent out the house for more money than their mortgage payment, or sell the home for the same amount of money they owe on the mortgage. 

Seems like a no brainer to me, rent the house out and make a few bucks.  I was very surprised when they chose to sell the house, and I was even more surprised when the real estate agent agreed with them (well, not really that surprised at the latter, afterall it is a TV show about selling homes!).  Their major reason for not renting out the house was their perception that it was a “hassle to be a landlord”. 

The home was listed just above what they owed on their mortgage and after several weeks on the market the home wasn’t getting many showings.  In comes the TV Agent suggesting the reason the home isn’t selling is the decor so he brings in someone to stage the home – which the buyer pays for.  A few weeks later with still no offers the agent suggest a price reduction.   They get an offer but its a low offer and after a few counters back and forth, the buyer walks away over $5,000.  So the house sits a few more weeks, another price reduction….you get the idea.  After 3 months they’ve paid for a stager, reduced the price to below their mortgage balance, made 3 mortgage payments, paid for utilities and yard maintenance and are very, very. frustrated.  The next offer that comes in they accept immediately just to dump the home and move on with their life.  They end up  $35,000 out of pocket to walk away from this whole mess!

Their initial reason for not renting the home was they perceived it to be a ‘hassle’.  I’m not sure what they really meant by that.  Did they mean its a hassle finding a tenant, keeping a tenant, keeping it rented, collecting rent, performing maintenance and repairs, or what?  If they had had a ‘real’ agent maybe they would have been advised that they can advertise for free on many websites to find tenants, they can pre-screen their tenants by doing credit, criminal and eviction history checks, get employment verifications and proof of income, call previous landlords, and have their tenants sign a written, legally binding lease agreement.  By doing this a landlord can ensure they are protecting themselves and helping to ensure they are getting a good tenant who will pay their rent on time and follow through with their lease agreement.   Another option is to enlist the services of a property management company.  They typically charge a percentage of the monthly rent, or a flat fee to conduct all the services necessary to manage the property leaving the owner free from the day to day responsibilities.

The really sad thing is that it will take this poor couple years to make up that $35,000 deficit from the sale.  If they had rented out the home from the beginning, they would have had a positive cash flow instead of a negative and over time would be building equity.  Equity they could use in the future to send their kids to college, or use for their retirement, or both! 

If you are facing the same situation or thinking of purchasing rental properties, make sure you are being advised properly by an experienced real estate professional who has your best interests in mind.

The Alameda County fair will be June 23rd – July 11th this year.  You can purchase ‘pre-fair’tickets at a 33% discount starting May 15th at the following downtown Pleasanton locations:

• Berry Patch
• Clover Creek
• Murphy’s Paw
• Redcoats British Pub & Restaurant
• Sincerely Yours Cards & Gifts
• Towne Center Books

Tickets purchased at these locations are supporting the fundraising efforts of the Pleasanton Downtown Association (PDA).  Tickets, carnival wristbands, family packs, and coupon books are all available for purchase by cash or check. 

See you at the Fair!