Our friend Jay Vorhees at JVM Lending came up with another relatable blog recently: Tax Transcripts and 4506-T forms. It generally explains how those forms work, and reminded me of an experience of my own. First, a summary of Jay’s blog:
Every time a lender gets a loan from a borrower, they also have to get the last two years of tax returns. This is why borrowers sign IRS Form 4506-T as part of their disclosures. It formally authorizes lenders to request tax transcripts, which then show the filer’s status and income information.
Lenders are required to request transcripts from the IRS before a borrower can (borrowers can only request them directly if the IRS reject’s a lender’s request). If there is a minor error between the 4506-T and the tax return, this rejection may occur, so it happens pretty often.
That covers the basics of how the 4506-T form works and the role it plays in a real estate transaction. It’s a more subtle part of the process, but can cause huge headaches when done incorrectly. Take, for example, my experience with a property at Madeira in Pleasant Hill last year.
I represented the seller, and the buyer had their lender in Oakland, with a Bank out of L.A. Unbeknownst to us, the bank was being bought out and the new bank was called Bank of Hope – yes, really. But it turned out to be the Bank of Hopelessness.
Processes changed, the lender in Oakland was let go and nobody knew what they were doing. Communication was terrible. One of the balls that got dropped was getting the tax returns. We closed almost two weeks late and the only way this ended up closing at all is by the processor who I had been speaking with regarding other issues. They actually went down to the IRS office and got the tax returns. She went beyond what is required (and probably got tired of our phone calls), but my seller is an attorney and also made multiple phone calls as they had already purchased a new home that was about to close.
This is one of the best reasons to get fully underwritten before you start to write offers. If all the documentation is in upfront, there won’t be any surprises or delays once you get into contract. Selecting the right lender can be the difference between smooth sailing and dark nightmares.
If you’re looking for a good activity to get out of the house this evening, I have good news for you. The Broadway Plaza summer concert series is back in downtown Walnut Creek!
Tonight, from 6:30-8:30 p.m., marks the first in a series of shows played at Event Plaza. If you like what you hear and see, you can go again on any Thursday in August.
First up tonight is SuperHuey, followed by The Purple Ones on August 10th, and Fleetwood Mask (that’s “Mask,” before you get too excited…) on August 17th. Festivities include the music, vendors, shopping, and more.
It’s a perfect family outing for people of all ages. Bring a blanket or chair and a few dollars for a glass of wine, and enjoy the summer air with your fellow East Bay music lovers!’s
Note: with the new development, the events plaza is in front of Macy’s and I find the area not that welcoming to large crowds. it gets really tight with limited seating, so many people are just standing around. If you are there to shop, you will find yourself in tight quarters and a swarm of people. Personally I miss the old parking lot space.
Hah, get it? It’s officially summer in the Bay Area (if you couldn’t tell by the triple-digit heat…), which means it’s time for you to plan some fun camping trips!
Luckily, we live in one of the most serene, nature-filled parts of the country and dozens of great campgrounds are just a short drive away. That brings me to this list of local campgrounds provided by Placer Title Company.
Some you’ve probably heard of, some you haven’t, but either way you can’t beat the Northern California summer. Some of my favorite areas are Tahoe (of course) and the Redwoods.
On this list, I can’t recommend the Tahoe State Recreation Area, Big Basin or Tuolumne Meadows (Yosemite, so get reservations like…yesterday!) enough. I’ve also found that Desolation Wilderness near Tahoe is an amazing, remote spot for hike-in camping.
If you have kids, Angel Island is a simple ferry ride (also fun for the kiddos!) and close enough to home that you can do an easy one-nighter. Obviously, if you want to be extremely close to home in the East Bay, hit up Mt. Diablo. They have pretty great campgrounds and almost every single one has a great view of the entire East Bay.
I love camping, whether it be in a car or a tent, in the warm NorCal summers. Check out that list, pack your car, and take a weekend off to enjoy the beautiful outdoors. Our natural surroundings are some of the best parts about living in California, so take advantage of it soon!
Tired of renting? Looking for a place to store all your toys? Welcome home to 4040 Siino Avenue in Concord!
This 2-bedroom, 1-bathroom, 1,102-square foot home on a nearly quarter-acre (.23 acres) lot, has refinished hardwood floors, an updated bathroom and gorgeous, cozy bedrooms.
Relax on the covered patio, take in a beautiful view of Mt. Diablo and enjoy a perfect getaway that you get to call home. It’s situated on a quiet street, has a large detached garage with three bays and an extra spot for a boat or RV, and even a separate area for a kennel and dog run.
Everything you could ever want, all in the heart of the East Bay. And it’s offered at just $470,000 right now! We’ll have this awesome home available for viewing at our Open House on Sunday, June 25th from 1-4 p.m. Come stop by!
At 55 Crest Ave. in Alamo, you might see a “best of both worlds” type home. It’s a 0.84 acre lot, the land is appealing, and because of that, they’re listing at $795,000.
But if you’re waiting to move into the 21st century, this may not be the place for you. Believe it or not, this run-down old place had almost 50 disclosure packages requested because of its location and potential.
I personally know a few people who are interested in the renovation project, with the knowledge that a remodeled home in that area may sell for much more later on.
Of course not all buyers who request a disclosure package will write, but I suspect they got at least 15 offers, the opportunity is too great even if the property sells for one million, it is surrounded by $1,500,000-$2,000,000+ homes.
There was a combination of speculators looking to flip it and disgruntled buyers who have lost out on homes and think it might be worth building their dream home. It just goes to show that the Bay Area real estate market is crazy red hot right now – it is a seller’s market.
If you are thinking of buying in or around Walnut Creek, give me a call! I’d love to help you.
A past client just put his home at 304 Grapevine Place in Pleasant Hill on the market. It went pending in 7 days and received four offers all over the asking price.
He only bought 15 months ago, but a career with the Coast Guard has him moving to Seattle and he will still walk away with some money in his pocket, although he is telling me Seattle is as pricey as the East Bay if not more so.
I love helping our military sellers and VA buyers. I specialize in knowing about the VA loan, have worked on a military base in Nuremberg, Germany and have a son who is currently in the Navy (on a nuclear sub, NuPoc graduate). If you know somebody who is eligible for the VA benefits and would like to know more about the home buying process, I would be honored to help them.
You can take a tour of their beautiful home here. If you’d like to know what it takes to get your home sold in 7 days or be next on my list of satisfied customers, please give me a call or visit my website at www.kristinlanham.com.
Want to know about one of the East Bay’s best-kept secrets? When it rains like it has for the past few weeks, the little trickles on the Clayton side of Mt. Diablo turn into magnificent waterfalls!
And there’s a 6-7 mile hike loop that takes you past all of them. If you live in the Bay Area, there’s a good chance you enjoy outdoor activities like me. Hiking in the Open Space or up on Mt. Diablo is one of my favorite pastimes, and we are lucky to live in such a beautiful region full of options.
One of my Walnut Creek Lifestyle team members went on the hike last weekend on a sunny day and was blown away by the amount of water that transformed the waterfalls into full-blown spectacles. It’s a can’t-miss this season!
To get to that entrance, get into Clayton on Marsh Creek Rd. or Clayton Rd. and take a right on a residential street called Regency Dr. (just past the middle school). Take that street to the end, and you’ll be at the Regency Gate, which opens up to a few trailheads. The map there will tell you which one is the loop for the falls!
At the top of the biggest, baddest waterfall they’ve got (not pictured, but now the surprise isn’t ruined!), there’s a pretty cozy little spot off the trail to stop, sit and take in the view. Pack a small picnic and enjoy the beauty Mt. Diablo offers and the spectacle the rainy season has brought. You’ll thank me later! Happy Trails
According to Travel + Leisure, only 71.82% of flights in and out of SFO are on-time. That’s the worst rate in the entire country. Yikes!
I try to travel to and from Oakland as much as possible, which is more convenient from the East Bay anyway, but they also experience fewer delays. The BART ride from Walnut Creek to Oakland isn’t bad, especially now that they have the little connection from the Coliseum station straight to the airport. And it’s definitely quicker than going to SFO on BART! I also have a great driver that is more reasonable than Uber who is on time and a pleasure to drive with. E-mail or call me if you want his name and number.
Another great trick was getting my Known Travelers ID, which gives me TSA Pre-Check so I don’t have to take off my shoes in security and I can cut to a shorter line for my screening. It’s well worth the effort and $85 to get if you can!
Obviously, the big holiday season is over, and you might not be traveling as much now, but this is still good to know. As nice an airport as SFO might be, flying in and out of it can cause all sorts of headaches.
This New Year’s Eve, there seems to be a ton of fun events at local establishments for you to ring in 2017 with.
For me, New Year’s is a time to reflect on the year that has just passed and to focus forward with new resolutions – what can be improved, how to get into shape and what can I do better. I tend to struggle with the idea that one has to have a special celebration for this event, as I always find the hype does not live up to the expectation, and I am left with disappointment.
My best New Year’s celebrations have always been the unexpected. My favorite was a last-minute ski trip to Sugar Bowl where we scored a small room due to a cancellation. Our kids had the run of the lodge because the only way in was by gondola, and we could walk out the door to the lift. To our surprise, they had night skiing, champagne and sparkling cider at the hut atop the hill. Then, at 11:30, those who wanted to participate did the torch run, and when all were safely down, the fireworks exploded! So as the clock hits midnight, we all turn the page and start looking forward to new adventures in 2017.
If you feel that you have to do something and have made no plans, but don’t want to venture all the way to San Francisco, take a look at a couple of local events taking place on New Year’s Eve:
- The Groove Doctors at San Ramon Marriott (8:30 p.m. for $77/ticket)
- Phantom of the Opera Masquerade at Nica Lounge in Concord (8:30 p.m. for $15-50/ticket)
- New Year’s Eve at Jack’s in Pleasant Hill (9:00 p.m. for $40/ticket)
Of course, you could always do something unexpected and maybe have the best New Year’s ever! No matter what you choose, I wish you a delightful evening and a prosperous 2017!