Members of the public attended a number of free sessions offered as a community outreach project by the Silicon Valley Association of REALTORS® on Sept. 25, at the Sunnyvale Senior Center. They learned about improving their credit score, how to obtain a loan, selling strategies and myths and misconceptions about distressed properties.
The "How to be a Smart Buyer/Seller" Multicultural Homeownership Seminar was made possible with a Diversity Initiative Grant from the National Association of REALTORS® . Presenters included Hazel Valera of Clear Credit Exchange, who spoke on "How to Improve/Fix Your Credit Score"; Jimmy Kang of Wells Fargo Home Mortgage, on "How to Qualify for a Loan" and "Moving Up in This Market"; Moise Nahouraii, broker and owner of Referral Realty, on "Selling Strategies"; and Tim Alston of Keller Williams Realty, on short sales from both buyers' and sellers' perspectives.
Asked in a survey what information benefited them most, many attendees mentioned information on how to repair credit and fix a FICO score, benefits of triple payments to credit cards, how to pay off a loan sooner, how to achieve a successful sale in the shortest time and the highest price, and how long it takes to complete a short sale.
"I wanted to make sure the audience walked away feeling empowered about their situation, no matter where they were in there credit situation," said Valera. "I also wanted them to know that recovery from a tragedy is possible and, if they access the resources available, they can get back on track more intelligently."
Alston said he wanted homeowners to understand they should seek help immediately if they are unable to make their house payments, or if they anticipate they will soon be in such a situation. He advised buyers looking at short sales to "seek a professional to help you through the transaction and know that it takes time."
Sponsors of the event included Wells Fargo Home Mortgage, Innovae Designs Home Staging, Referral Realty, Keller Williams Realty, Proficio Mortgage Ventures, The Home Works Construction, Alain Pinel Realtors – Saratoga (Pearl Bell) and Bank of America (Niki Hosseinzadeh). The City of Sunnyvale, neighboring cities of Cupertino and San Jose and the Housing Trust of Santa Clara County provided information on assistance programs for home buyers and sellers.
Dan Lachman, homeownership program manager for The Housing Trust, said the nonprofit organization provides financial assistance to home buyers. The Housing Trust recently secured $25 million in stimulus funds through the U.S. Department of Housing and Urban Development to help 100 families receive deferred second loans of up to $50,000 to purchase foreclosed homes, and to rehabilitate 100 bank-owned homes, so they can be resold to low and moderate-income buyers.
"As REALTORS® engaged in the real estate business in Silicon Valley, it's our goal to help everyone obtain the dream of homeownership, regardless of race, creed or color," said Tess Crescini, chair of the local trade association's Equal Opportunity Committee. "It'sa tough and complicated market out there, but the market is slowly stabilizing. We hope the information we provided today will benefit families and prepare them to be homeowners someday."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.