In my opinion, nothing will prevent them from walking away if the market crashes again with such low down payment requirements.

I also got hit hard by the crash. 

Many experts feel that California and many other markets in the country are so much higher than where they were before the last crash, that there may only be a year or two of growth before a market correction. 

You have to look forward or you'll crash.  

Of course something unforeseeable could happen to cause a crash, but assuming that doesn't happen, I don't know why you wouldn't wait to sell until next year.

What I'm considering:Adding Last Market Sale Date prior to 2009 (both)Reducing Tax Assessed Value from $200k max down to $150k max (both)Adding 7 more zip codes (only absentee list)I will still hit 1000 lettersReasoning behind including last market sale date because is that a lot of my calls have been from landlords who bought after the crash, rehabbed, rented and are now looking to see what they can get for the work put in.

We have already surpassed the prices before the crash in '06/'07.

That's what a lot of people were doing to "flip" houses back before the last crash.  

What happens if either one of you dies in a car crash, does the other person get the entire property? 

Bakersfield was hit hard when the market crashed, it's probably still awhile before new construction on any scale is going to make sense, but, like I said, I don't know your market.