In California the Real Estate Broker is responsible for pre qualifying the buyers, finding a suitable house/property that will fit the needs and budget of the buyer, negotiate the best price and terms, write the contract which is the purchase agreement, coordinate with the lender to get the best loan, inspect and check the property with professional inspectors, follow up and make sure all needed work be completed as per the contract, pay attention to every detail and educate the buyers through the process, walk through the check the property before releasing the down payment funds, check the closing statement and follow up with the home warranty and advice for many years to come. For Sellers, the Broker has to help decide on a marketable price, help prepare the house like a bride for her wedding day, do all property inspections, help the seller fill up all the disclosures, market the house and advertise in all possible ways, hold open house every weekend until the house sells, show it whenever needed, help maintain the house clean and tidy, choose the best suitable buyer, negotiate the best price and terms, check the lender and follow-up with every step of the sale process, and the contract and help deliver the house clean and ready to the next owners.

There are many other roles a broker has that are not written, like staging, moving furniture around, decorate with fresh flower arrangements, and be a real friend.

With the new situation of the mortgage companies and banks that are going under, like Indibank this week and who knows who is next on the list, there is a feeling of uncertainty. Buyers are afraid to remove loan contingency because their lender might change terms at the last moment or even go under, leaving the buyers with no loan, risking their deposit check of 3% of the sale price, which is a considerable amount of money in our area. Until about 1985 the contract enabled the buyer to have loan contingency up to the final approval of the loan or the funding day. It is still the case in other states like Texas and Louisiana but not in the bay area. Here, the seller gets mad and asks the buyer what rights he has to expect the seller to hold his property off the market while he waits for his loan to get approved without jeopardizing his deposit check. Maybe it’s time to change this condition and give the anxious buyer some peace of mind.

The Real estate market is more balanced these days. There are more negotiations and less bidding wars. Some extraordinary homes still sell with multiple bids but most homes are being sold after a few weeks on the market and tight negotiations. Sellers still insist on their prices and buyers are more cautious. Many buyers wait to see what will happen with the banking industry, but others still buy homes especially in the preferred areas with the good schools.

It feels somewhat against intuition. Is it real?!?

Hi, yes this was an article in the Mercury News. Many homes in the Stockton area, the Sacramento area, and San Jose area are being sold as Foreclosures and REO (Real Estate Owned by the bank that was not sold to the public in foreclosure). They are priced low; therefore many investors and opportunists are jumping on these properties with anticipation for appreciation. There is still abundance of wealth in California. My friend represented a buyer in San Jose last week for an REO sale and there were 20 bids on that property. The banks do not want to get stuck with so many homes, they are listing them cheap and selling them to the highest bidder. The article was talking about a rise in the volume of sales; however the prices are lower, if you compare them to last year. It’s good that there is activity. BTW REO is not easy to buy; you need an experienced agent for that. There are strict rules and regulations and penalties if the buyer does not close on time. The Banks are getting softer again; you can see loan products that you have not seen for the last 2 years with 3% & 5% down payment and even ‘stated income’ (meaning you state that your income is a certain amount and you do not have to prove it). Still for the best loan and terms you need to supply paystubs, bank statements, good credit history, and verification of employment, proof of insurance on the property and proof of sufficient funds to pay your mortgage.

If you read my personal reports you would see that the prices in the desired areas, namely, Los Altos, Palo Alto, Mountain View, Sunnyvale and Cupertino with the good schools didn’t go down. Some homes are priced too high and have to adjust their expectations but if they are priced right they’ll still get sold with a few offers and great terms.

I listed on Wednesday a small house in Sunnyvale, Cupertino school district, with Stocklmeir elementary. We already had 50 agents and many interested buyers check the house. We are planning to hold it open this weekend on Saturday and Sunday and take offers on Tuesday.

You are invited to see it. It’s very clean and upgraded 3 bedrooms 2.5 bathrooms, situated closed to Sunnyvale Community center on 1225 Manet Drive.

Finally, a glimmer of good news for Silicon Valley home sellers: Home sales were up 30 percent last month compared with March.

Good news for Silicon Valley home sellers: Home sales were up 30 percent last month compared with March.

That was the steepest March-to-April increase in almost two decades for the county.

A total of 1,440 homes changed hands in Santa Clara County in April, up from 1,105 in March.

Investors appear to be returning to the market, as non-owner occupied buying is increasing.

to see the whole article, Please click here: Sue McAllister at smcallister@mercurynews.com

It will be hard to change our cell phone habits. In our multi tasking environment, we feel that if we drive and not do anything else we are wasting our time.

Well, we are distracted by the conversation, the thoughts about the conversation, dialing and listening to messages.

Here are the new California cell phone laws:

http://www.dmv.ca.gov/cellularphonelaws/index.htm

Two new laws dealing with the use of wireless telephones while driving go into effect July 1, 2008. Below is a list of Frequently Asked Questions concerning these new laws.

Q: When do the new wireless telephone laws take effect?
A: The new laws take effect July 1, 2008.

Q: What is the difference between the two laws?
A: The first prohibits all drivers from using a handheld wireless telephone while operating a motor vehicle, (Vehicle Code (VC) §23123). Motorists 18 and over may use a “hands-free device.” Drivers under the age of 18 may NOT use a wireless telephone or hands-free device while operating a motor vehicle (VC §23124).

Q: What if I need to use my telephone during an emergency and I do not have a “hands-free” device?
A: The law allows a driver to use a wireless telephone to make emergency calls to a law enforcement agency, a medical provider, the fire department, or other emergency services agency.

Q: What are the fines(s) if I’m convicted?
A: The base fine for the FIRST offense is $20 and $50 for subsequent convictions. With the addition of penalty assessments, the fines can be more than triple the base fine amount.

Q: Will I receive a point on my driver license if I’m convicted for a violation of the wireless telephone law?
A: No. The violation is a reportable offense, however, DMV will not assign a violation point.

Q: Will the conviction appear on my driving record?
A: Yes, but the violation point will not be added.

Q: Will there be a grace period when motorists will only get a warning?
A: No. The law becomes effective July 1, 2008. Whether a citation is issued is always at the discretion of the officer based upon his or her determination of the most appropriate remedy for the situation.

Q: Are passengers affected by this law?
A: No. This law only applies to the person driving a motor vehicle.

Q: Do these laws apply to out-of-state drivers whose home states do not have such laws?
A: Yes.

Q: Can I be pulled over by a law enforcement officer for using my handheld wireless telephone?
A: Yes. A law enforcement officer can pull you over just for this infraction.

Q: What if my phone has a push-to-talk feature, can I use that?
A: No. The law does provide an exception for those operating a commercial motor truck or truck tractor (excluding pickups), implements of husbandry, farm vehicle or tow truck, to use a two-way radio operated by a “push-to-talk” feature. However, a push-to-talk feature attached to a hands-free ear piece or other hands-free device is acceptable.

Q: What other exceptions are there?
A: Operators of an authorized emergency vehicle during the course of employment are exempt, as are those motorists operating a vehicle on private property.

DRIVERS 18 AND OVER

Drivers 18 and over will be allowed to use a “hands-free” device to talk on their wireless telephone while driving. The following FAQs apply to those motorists 18 and over.

Q: Does the new “hands-free” law prohibit you from dialing a wireless telephone while driving or just talking on it?
A: The new law does not prohibit dialing, but drivers are strongly urged not to dial while driving.

Q: Will it be legal to use a Bluetooth or other earpiece?
A: Yes, however you cannot have BOTH ears covered.

Q: Does the new “hands-free” law allow you to use the speaker phone function of your wireless telephone while driving?
A: Yes.

Q: Does the new “hands-free” law allow drivers 18 and over to text message while driving?
A: The law does not specifically prohibit that, but an officer can pull over and issue a citation to a driver of any age if, in the officer’s opinion, the driver was distracted and not operating the vehicle safely. Sending text messages while driving is unsafe at any speed and is strongly discouraged.

DRIVERS UNDER 18

Q: Am I allowed to use my wireless telephone “hands-free?”
A: No. Drivers under the age of 18 may not use a wireless telephone, pager, laptop or any other electronic communication or mobile services device to speak or text while driving in any manner, even “hands-free.” EXCEPTION: Permitted in emergency situations to call police, fire or medical authorities (VC §23124).

Q: Why is the law stricter for provisional drivers?
A: Statistics show that teen drivers are more likely than older drivers to be involved in crashes because they lack driving experience and tend to take greater risks. Teen drivers are vulnerable to driving distractions such as talking with passengers, eating or drinking, and talking or texting on wireless devices, which increase the chance of getting involved in serious vehicle crashes.

Q: Can my parents give me permission to allow me to use my wireless telephone while driving?
A: No. The only exception is an emergency situation that requires you to call a law enforcement agency, a health care provider, the fire department or other emergency agency entity.

Q: Does the law apply to me if I’m an emancipated minor?
A: Yes. The restriction applies to all licensed drivers who are under the age of 18.

Q: If I have my parent(s) or someone age 25 years or older in the car with me, may I use my wireless telephone while driving?
A: No. You may only use your wireless telephone in an emergency situation.

Q: Will the restriction appear on my provisional license?
A: No.

Q: May I use the hands-free feature while driving if my car has the feature built in?
A: No. The law prohibits anyone under the age of 18 from using any type of wireless device while driving, except in an emergency situation.

Q: Can a law enforcement officer stop me for using my “hands-free” device while driving?
A: For drivers under the age of 18, this is considered a SECONDARY violation meaning that a law enforcement officer may cite you for using a “hands-free” wireless device if you were pulled over for another violation. However, the prohibition against using a handheld wireless device while driving is a PRIMARY violation for which a law enforcement officer can pull you over.

The two laws were the result of SB 1613 and SB 33, authored by Assemblyman Joe Simitian and signed into law by Gov. Arnold Schwarzenegger in September 2006.