Tax returns and your loan approval!

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.

Abode, Advertising, Banking, Building, Buy, Buyer

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.

It’s not too late to jump on the Walnut Creek summer bike challenge!

Are you an avid biker? Is that your summertime physical activity of choice? Even if that’s not the case, you might want to give this cool bike challenge in Walnut Creek a try!

It’s a great way to force yourself outside to enjoy the beautiful Bay Area summer weather, get a little exercise, and be environmentally-friendly all at once. Basically, there is a Walnut Creek Summer Bike Challenge that asks you to download a challenge card and complete it before the summer is over.

Destinations include Cream in downtown Walnut Creek (what better motivation for going on a ride is there than having ice cream at the finish line?), Heather Farm and Civic Park.

If the exercise, enjoyment and gas savings aren’t enough incentive, there are also prizes! Some squares on the challenge card offer instant prizes or free stuff upon completion, and the program’s grand prize is an iPad.

Other Bay Area cities hosting a challenge like this are Brentwood, Martinez, Oakley and Pleasant Hill. Give it a shot and explore our wonderful little town in a whole new way. It’s a heck of a lot cheaper than a SoulCycle subscription!

Pending: 304 Grapevine Pl. (Pleasant Hill)

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.

East Bay New Year’s Eve events

This New Year’s Eve, there seems to be a ton of fun events at local establishments for you to ring in 2017 with.

nye-2017

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:

  1. The Groove Doctors at San Ramon Marriott (8:30 p.m. for $77/ticket)
  2. Phantom of the Opera Masquerade at Nica Lounge in Concord (8:30 p.m. for $15-50/ticket)
  3. 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!

Where to See Fireworks in Contra Costa County this Weekend

4th of julyFor the 24 years I have lived in Walnut Creek, there have been no public 4th of July fireworks displays. According to the Contra Costa County Fire Protection District, fireworks are illegal in the county, so good luck trying to put on your own show!

However, you can buy fireworks in Alameda County – Dublin is not that far away – but with the drought, the law is probably a good thing to abide by.

Luckily, some cities close by are shooting off fireworks, so grab a spot on a hill, go to the location itself, or maybe a friend has a bird’s eye view from their house:

  • Antioch – Contra Costa Fairgrounds (Dusk)
  • Benicia – Benicia City Park (9:00 p.m.)
  • Berkeley – Berkeley Marina (9:30 p.m.)
  • Concord – Mt. Diablo High School & Todos Santos Plaza (9:00 p.m.)
  • Livermore – Downtown (Dusk)
  • Martinez – Waterfront (9:30 p.m.)
  • Moraga – Moraga Country Club (Dusk)
  • Pittsburg – Pittsburg Marina (Dusk)
  • Pleasant Hill – College Park High School & Pleasant Hill Country Club (9:10 p.m.)
  • Pleasanton – Alameda County Fairgrounds (9:30 p.m.)
  • Richmond – Marina Bay Park (9:15 p.m.)
  • San Ramon – Central Park (9:30 p.m.)

Have a safe, happy 4th of July!

Broker Tour Today! Open House This Weekend!

madeira 3Join us for a broker tour today from 10:30 a.m .to 1:00 p.m. at both 2899 Madeira Way in Pleasant Hill and 1655 Endriss Dr. in Martinez. We’ll have some goodies to share at these beautiful properties!

Also, at the home on Madeira Way, we’ll have an Open House both Saturday and Sunday (June 25th and 26th) from 1:00-4:00 p.m. The updated 4-bedroom homemadeira 2 has new hardwood floors, plantation shutters in every bedroom and a large backyard with a patio perfect for entertaining.

The master bedroom is downstairs, just off the living room and dining room, which buttresses a nice kitchen with granite countertops. Upstairs, there are three bedrooms with one currently being utilized as a spacious personal office.

Come wander through this lovely home in a great neighborhood with us this weekend. Hope to see you there!

You can see a virtual tour of 2899 Madeira Way right here.

 

6864 Waverly Rd. Open House

6864 blogDon’t miss this gem! Storybook charm in the desirable Virginia Hills neighborhood with all the bells and whistles! This property is move-in ready with a recently updated kitchen and added deck off the living room. On a corner lot, near Pleasant Hill Schools, with separate family and living rooms.

Plus, there’s a large yard – perfect for entertaining! Conveniently located within walking distance to local parks and shops.

Stop by this beautiful home at its great location on the border of Pleasant Hill and Lafayette, and see for yourself! We’ll have an Open House both Saturday and Sunday this weekend (2/20 & 2/21) from 1-4 p.m.

You can see a virtual tour of 6864 Waverly Rd. right here.