Buzz About Redding

How To: A Short Sale Guide

Bob & Sandee — Fri, 03 Jul 2009 08:23:34 +0000

Short Sales are on the rise in our real estate market for a variety of reasons. Many home owners purchased homes with adjustable rate mortgages and with the downturn in the economy have been unable to continue making payments and are unable to work out loan modifications with the mortgage holder. In addition to rising house payments many home owners have been impacted by unplanned for events such as job loss or transfer, divorce or illness resulting in the inability of the borrower to continue making house payments.

Not only is the prospect of losing a home financially troubling it can be an emotionally difficult period as well. No one purchases a home with the thought that a few years later they will lose their home and investment. When events transpire that cause the homeowner to be unable to continue to make payments on their mortgage it is not uncommon for them to feel some sense of remorse or failure. Because this event is personal in nature some find it difficult to discuss the situation with others and are reluctant to seek assistance. Because the short sale process can be very complicated some home owners just walk away from the home or simply wait for the foreclosure process to occur. More pro-active homeowners may decide that a short sale is the right decision for their situation but may be unsure on how to proceed. If you find yourself in this situation there are a couple things to keep in mind.

Your neighbors need not know that your home for sale is a short sale. The home is marketed much the same as any other home for sale and all references to it being a short sale are in the private remarks section of the listing and only shared with real estate professionals and buyers interested in purchasing your home.
There is no cost to the home owner to use the professional services of a Realtor to assist with the short sale process.
A successful short sale will avoid the neighborhood trauma of foreclosure and blight and be a much healthier solution for your neighbors quality of life and property values.
Not all Realtors have the experience or knowledge to successfully assist you through the short sale process.
Your Realtor should be able to assist you with all the forms and documents required for a short sale, handle bank negotiations, understand how to complete an accurate BPO showing true market value and develop a pricing strategy that results not just in generating a buyer purchase offer but in a purchase offer that is acceptable to the mortgage holder (lender).

If you are ready to get started on the short sale process you should be prepared to spend some time putting together the short sale package (we can e-mail you all forms). Here is the basic list from start to finish.

1. Authorization to Release Information to Agent. This will allow your Agent to talk with the lender on your behalf.

2. Handwritten hardship letter showing compelling need to sell.

3. Short Sale Listing Agreement.

4. BPO of comparable sales from Listing Agent.

5. Last 2 years W2 Forms all borrowers.

6. Last two years tax returns all borrowers.

7. Last two months bank statements all borrowers.

8. Last two pay stubs all borrowers.

9. Borrowers financial statement. Be sure to accurately list all expenses, as unaccounted discretionary income can be an issue with lender.

10.Detailed estimate for any repairs needed.

11.Fully ratified Purchase Agreement.

11.HUD 1 statement or NET Sheet showing the lender what their NET figure will be and any other expenses owed on the property.

Feel free to contact us for additional information or to get started on the process of selling your home. Our short sale team has a proven track record of success and we look forward to being of service.

MORTGAGE NEWS

jerrymartin — Thu, 02 Jul 2009 19:53:56 +0000

C.A.R. Mortgage Update

This week’s C.A.R. Mortgage Update contains information about finding a home loan, reverse mortgages, FHA loans, and current mortgage rates.

Best way to find a home loan
During the height of the real estate market, most borrowers who applied for a mortgage received one. However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.

Borrowers should be cautious about sites that request a Social Security number and address upfront. The site may pull the consumer’s credit report, which could have a negative impact on their FICO score should they not apply for the mortgage.

It’s also important that consumers ensure that all fees are clearly disclosed on a site’s rate quote. Otherwise they may be surprised when receiving the paperwork from the lender.

Borrowers who are unsure of which type of mortgage is best for them and their situation should contact a mortgage broker. Those in the market for a jumbo loan or financing an investment property may best be served by working with an experienced broker.

To read the full story, please click here:

To view additional articles, which also may be of interest to clients in the market for a new home loan or loan modification, please visit the following:

Reverse mortgages for home purchases

To read the full story, please click here

F.H.A. loans help sales
To read the full story, please click here

U.S. mortgage rates drop to 5.32%, Freddie Mac says
To read the full story, please click here

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Waterfront Recreational Properties and Vacation Rentals

Lisa Collins — Tue, 30 Jun 2009 10:35:55 +0000

The ROCKHOUSE on Famous Hat Creek

Hat Creek

I just came across an announcement about a unique home on Hat Creek that is available for short term vacation rentals. It is called the ROCKHOUSE, and sits on 1/2 mile of Hat Creek. Here is a link to the listing on the internet: ROCKHOUSE ON FAMOUS HAT CREEK. A vacation rental in this or other recreational areas would be a terrific way to get to know an area in which you may be considering a purchase of a vacation home. An excellent resource to find such properties is Vacation Rental by Owner, or VRBO. These are individually owned properties that are available for short term vacation rentals. I have utilized this service several times, and have had only good experiences. The homes usually have little guest-comment books in them which offer great tips about what to see and do, and it gives you a local perspective and contacts that a hotel in town will never be able to match. Check it out and let me know if you find any good places to recommend to others!

Lisa Collins
Is a Realtor in Northern California
Specializing in Riverfront Property

Lisa@ReddingRiverQueen.com
530-953-8542
www.ReddingRiverQueen.com

Fabulous Vacation Home on the River!

Lisa Collins — Mon, 29 Jun 2009 11:03:35 +0000

1995 Custom Home

Here’s another riverfront home that’s not on the MLS. Well priced and move-in ready, ideal for a vacation home or year ’round!

Built in 1995

Approximately 1,852 Square Feet

3 Bedrooms

2 Bathrooms

Vaulted Ceiling

Two car garage with workshop area

Sacramento River Frontage

RV Parking

Fabulous river views from Master, Dining Room, Living Room and Kitchen.

Lot Size: 83 x 175

2 x 6 Construction

Lisa Collins
Is a Realtor in Northern California
Specializing in Riverfront Property

Lisa@ReddingRiverQueen.com
530-953-8542
www.ReddingRiverQueen.com

Shasta MLS-Create Your Custom Search

Bob & Sandee — Fri, 26 Jun 2009 08:33:27 +0000

It should come as no surprise to anyone reading this that the Internet has become the indispensable source for real estate listings and information. Most Homebuyers and Real Estate Professionals go online to research available real estate for sale. All MLS systems (Multiple Listing Service) including our local Shasta MLS system (FlexMLS) are web based systems that allow for real time searches of real estate for sale in their area. ( Shasta County as well as parts of Tehama, Siskiyou and Trinity County in our case). All agents belonging to the Shasta MLS are able to provide access to all homes for sale on the Shasta MLS via their personal websites. You might think that which Shasta MLS agent site you choose to access the Shasta County Multiple Listing Service will offer you the same features and listing search tools. Listings? Yes. You will see the same listings on any agents public Shasta MLS viewer. Search and Save Features are a different story. On most agents MLS viewers you can browse listings but you have to keep a notepad handy to make lists of the homes that interest you. Going back and finding the same listings later can be a real hassle and requires re-entering all the information. Because of this FlexMLS offers an optional upgraded MLS search that allows you to create your personal password protected Shasta MLS search with save to listing cart and multiple search features. This is very handy when you are looking at listings on a daily basis and want to keep track of your favorites. The opening image of the search includes all listings on the Shasta MLS. Use the search refining options on the page to narrow search to your personal preferences. In this way you can stay on top of all homes for sale that might work for you. You can give it a try here. If you need assistance please don’t hesitate to ask. Happy House Hunting!

Implementation of California Septic Regulations May Be Delayed

Brad Garbutt — Thu, 25 Jun 2009 13:37:47 +0000

Public outcry across California is likely to cause the postponement of statewide septic regulations currently scheduled to go into effect in 2010. Scoping sessions held by the State Water Quality Resource Board in various towns and cities across California saw huge turnouts of angry citizens prompting state officials to consider scrapping the regulations and starting over.

The revised regulations may include a matrix table that would adjust the requirements for septic tank inspections and well testing based on parcel size, soil type and whether the property is served by a private well or public water supply. This matrix was proposed early on in the process of formulating the regulations but was later dropped in favor of the current regulations that require septic pumping and well testing every 5 years for all properties.

In the event the regulations are not revised in accordance with the public input, a bill is in the wings that, if passed, would allow local enviornmental health officers to grant local exceptions to the regulations. Currently, local health departments have the authority to approve installation and repairs of septic systems on a case-by-case basis. The new regulations would strip county health authorities of their powers to grant local exceptions.

Major revisions to the EIR would trigger another round of public input sessions that will delay the implementation of regulations for a year or more. A bill proposed earlier this year that would have eliminated the regulations failed due to political reasons.

For more information regarding the proposed regulations, search my website for previous posts that contain more details concerning these new regulations.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

Marketfest 2009 Kicks Off Tonight

Bob & Sandee — Thu, 25 Jun 2009 12:46:53 +0000

June 25 kicks off the 2009 Marketfest season in Redding. Held every Thursday evening in Library Park behind the Lorenz Hotel at Placer and California Street just two blocks east of our office located at Court and Placer. Marketfest events have become one of the big Redding social events and feature live music, food and beverage vendors and a farmers market all located under giant mister fans to keep things cool. Tonights music is Kid-N-Nic, a jump-swing band. They opened for Big Bad Voodoo Daddy at the Cascade a couple of years ago and put on a good show. Each week an eclectic mix of performers are featured and its always a good time.

Those in the know also look forward to the “afterfest” events to be found at local westside venues like Vintage and The Post Office who bring in live music to attract the post Marketfest crowds.

Housing Affordability Fund Mortgage Protection Program

Lauri Gibson — Wed, 24 Jun 2009 15:44:06 +0000

The California Association of Realtors is offering a mortgage protection program for qualified first time home buyers. First time buyers who loose their job because of layoffs may be eligible to receive up to $1500 a month for 6 months to help make their mortgage payments. This might help first time buyers deal with the “what ifs” that cause them to have doubts about entering the housing market at this time. Read about the program at C.A.R.s web site by clicking here.

As always I am here to answer any questions you may have about the real estate market in Redding, Shasta County, or just in general.

Lauri Gibson

California Foreclosure Moratorium Begins

Brad Garbutt — Wed, 24 Jun 2009 10:40:07 +0000

As of June 15, a 90-day moratorium on foreclosures in California took effect allowing some homeowners more time to ask their lender for a loan modification. Lenders that already have a comprehensive loan modification program in place, as defined by the California Foreclosure Prevention Act, are exempt from the time extension.

The law applies to owner-occupied residential properties encumbered with a first deed of trust recorded between January 1, 2003 and January 1, 2008. In essence, the existing 90-day period, during which a borrower can reinstate the loan by making up back payments and penalties, has been extended another 90 days. The goal is to allow more time for the borrower to negotiate a loan modification.

Thus far, loan modifications offered by lenders have failed miserably. Two key elements have been largely missing in past efforts:

Principal reduction-regardless of other tweaks made to loan terms such as lower interest rates or lengthening loan repayment periods, borrowers are reluctant to agree to a loan modification unless the loan balance is reduced to reflect current market value. It is a rare occasion when a lender agrees to forgive a portion of the loan principal balance.
Lenders are not taking the time necessary to fully and correctly analyze a borrowers ability to make future monthly mortgage payments if a loan is modified.

This effort to slow the foreclosure process is likely to extend the recovery period for the housing sector of the California economy. If lenders were required to write down the loan balance, this delay could have a positive impact allowing some homeowners to keep their homes. Furthermore, the California marketplace thus far has an insatiable demand for bank repo’s in the lower price brackets. Delaying the foreclosure process may reduce the supply of affordable homes for first-time buyers and investors alike. This problem will be compounded if current ultra-low mortgage interest rates head upward in the months ahead. Mounting federal deficits are expected to cause a significant interest rate spike in coming years, according to some housing economists.

The moratorium will stay in effect until January 1, 2011 unless extended or deleted by statute.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

Whiskeytown Lake Trashed By Thoughtless Boaters

Brad Garbutt — Tue, 23 Jun 2009 11:10:43 +0000

Sadly, some boaters at Whiskeytown think it’s OK to trash the beach after taking a break on shore from their favorite water activities. My wife and I have noticed more and more trash on beaches around Whiskeytown that can only be accessed by boat. The reasons people do this escape me, but I have a couple theories.

Years ago, before Whiskeytown charged visitors daily use fees, it was common to see trash cans placed at popular coves, islands and beach spots around the lake. Apparently, budget cuts have eliminated this service since I have not seen trash cans at these spots for several years. Perhaps park users see this as their opportunity to leave behind whatever trash would have been deposited in these missing receptacles.

Stricter laws regarding drinking and possession of alcohol may also be another factor. Underage drinkers can use the law as an excuse not to pack out their trash. Apparently, the penalties for getting caught with an open container outweigh the environmental impact of littering. However, it does not explain why drinkers of legal age leave their bottles and cans behind to greet the next visitor.

I would like to see some of the money collected for park usage applied to cleaning up the park and reinstating the placement of trash cans at popular beach spots. Not only does this trash spoil this pristine man-made lake, it sends a message to the next generation that trashing our planet is acceptable behavior. A sad commentary, in my opinion, on our stewardship of our small planet.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE