Tips For Sellers Category
Home Price Declines Linked to Foreclosure Sales
September 24th, 2009
By Brad Garbutt
What seems obvious has been confirmed with market statistics published in an article in The Wall Street Journal. Those areas with the highest level of sales of REO’s also had the sharpest decline in home prices. Michigan, a state hard hit by the market downturn and the slumping auto industry, reported 64% of their home sales being [...]
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Credit Damage From Housing Bubble Burst Detailed
September 21st, 2009
By Brad Garbutt
A recent story in THE LOS ANGELES TIMES reported the impact of tough economic times on Americans’ credit ratings. Those that had trouble making their mortgage payments and sought a loan modification actually saw a modest improvement in their credit scores. Others that elected to unload their property by negotiating a short sale were not [...]
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Fix It, Then Disclose It
September 16th, 2009
By Brad Garbutt
Many home sellers get their home ready for sale by fixing, painting and replacing worn out items to get the best possible price. After all, many real estate professionals encourage their clients to do just that prior to placing a home on the market for sale. However, some sellers believe they do not need to [...]
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Some Landlords Confused By New Lease Termination Rules
September 9th, 2009
By Brad Garbutt
Owners of rental property must be familiar with notice requirements when terminating a lease. A new federal law, aimed at protecting tenants occupying properties that were foreclosed upon, requires 90-day notice prior to eviction. Only “bona fide” tenants on a month-to-month tenancy are protected by this law.
Otherwise, tenants on a month-to-month rental agreement living in a property not in foreclosure are [...]
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Practitioners Must Adjust To New Appraisal Rules
September 8th, 2009
By Brad Garbutt
Although not required by law, lenders hoping to sell mortgage loans to Fannie Mae or Freddie Mac must follow the recently implemented HVCC (Home Valuation Code of Conduct) rules. These rules are intended to “insulate the appraisal process from undue influences by placing tight controls and restrictions on the ordering of the appraiser, as well as [...]
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Redding Pending Sales Climb As Inventory Drops
September 1st, 2009
By Brad Garbutt
Redding home units eclipsed the 500 mark briefly before falling back to 497 today-levels not seen in more than three years! 2009 began with only 257 homes pending sale. Listing inventory of active homes dropped to 1484 today, down from July’s peak of 1564. My data is derived from the Shasta MLS.
July saw 193 homes close escrow in the Greater Redding [...]
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Realtors Outline Short Sale Concerns
July 20th, 2009
By Brad Garbutt
Short sales, defined as selling a property for less than what it would take to pay off loans and closing costs, are a significant part of real estate activity in Shasta County. Anyone involved with a short sale- buyers, sellers, escrow and title companies and real estate agents, have learned this is a difficult process that leads to failure [...]
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Redding Home Prices Slip Slightly
July 9th, 2009
By Brad Garbutt
During the first 4 months of 2009, home prices in Redding held steady at $136/square foot as reported by a local real estate appraiser. 2nd quarter numbers are in and the price per square foot overall has dropped a tad to $133.83. One could argue this change is not statistically significant, and I would not disagree.
Sales in June increased 28% [...]
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