Buzz About Redding

Need Help From Foreclosure Prevention Company?

Brad Garbutt — Fri, 27 Aug 2010 13:38:26 +0000

Fannie Mae launched a website this month to assist underwater borrowersincluding those in Redding/Shasta County. The site offers advice on steps to take to avoid foreclosure as well as directing borrowers to legitimate companies that provide foreclosure-prevention services. This is in response to a proliferation of companies claiming to offer foreclosure prevention services. In many cases, these companies take your money and do little or nothing to help the distressed borrower. The web address is www.knowyouroptions.com. Here is a summary of what the site contains:

All information is available in English and Spanish
Video explanations detailing what each site tab might accomplish
Contact information for mortgage companies and loan counselors
Calculators to help determine if a borrower is eligible for assistance
Information on foreclosure alternatives such as short sales or Deed in Lieu of Foreclosure

The news release from the California Association of Realtors also recommends another helpful site www.homeloanport.com for consumers and loan counselors to submit financial documents to mortgage companies. This site also tracks the consumers efforts to avoid foreclosure which could be helpful when considering the various foreclosure alternatives.

Please feel free to contact me with specific questions. I’m here to help!!

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL REAL ESTATE SALES EXPERIENCE

Need To Refinance An Underwater Loan?

Brad Garbutt — Fri, 13 Aug 2010 12:10:50 +0000

FHA just announced a new loan program for homeowners that owe more than the current market value for their home. In less than a month, the FHA Short Refinance program will enable some borrowers who owe more than the current market value of their home to qualify for a new FHA insued mortgage. Here are some important points:

The loan to be refinanced can not be an FHA loan
The homeowner must be current on their mortgage payments
Must have a credit score of 500 or higher
Must be the borrowers primary residence
Existing lender must agree to write off at least 10% of the loan balance bringing the total loan-to-value ratio to no greater than 115% of fair market value

The first step for borrowers wishing to take advantage of this program would be to contact their existing lender(s) and see if they are willing to write off at least 10% of the unpaid principal balance. If so, contact a local FHA lender for more information.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL SALES EXPERIENCE

Redding Home Prices Slip Again?

Brad Garbutt — Mon, 09 Aug 2010 11:00:11 +0000

After 3 quarters of relative stability, Redding home prices lost about $8/sq ft in July. Blame an onslaughtof bank-owned properties (REO’s) for the decline. The second quarter of 2010 saw a slight increase to $126.54/sq ft from $125.34 in the first quarter 2010. The last quarter of 2009 pegged the average cost per square foot at $128.08. Forty home sales for July in Redding only averaged out at $118.21/square foot.

The number of active homes for sale on the Shasta MLS for all areas of Shasta County sits at 1635 today, up from 1526 a year ago. There are 443 homes in escrow compared to 500 last August at this time. Of those pending sales, 140 are bank-owned and 119 are short sales. That works out to 58% of the pending sales being distressed properties-REO’s or short sales. Last year, 40% were distress sales.

The number of REO’s listed for sale has risen steadily from 160 the first of this year to 229 today. 1200 homes have closed year-to-date, slightly more than a year ago at this time. The Federal and State tax credits pumped up sales in the spring but have expired now leaving the market to find its own way during these difficult economic times. Record low interest rates have not motivated buyers timing their entry into the marketplace. Home equity loss due to declining values has prevented many homeowners wishing to take advantage of these rates from refinancing.

Markets elsewhere in California, specifically the coastal areas, have stabilized or experienced year-over-year double-digit appreciation noted in some areas such as San Jose. Redding is suffering under higher than average unemployment and loss of equity refugee buyers from nearby metro areas. One positive note for July is the sale and closing of 5 riverfront properties from Redding to Anderson between $405,000- $537,500!

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL REAL ESTATE SALES EXPERIENCE

Two Unique Properties – 2 Great Price Reductions

Bob Sparks — Fri, 30 Jul 2010 16:38:13 +0000

A quick heads up on two different unique property price reductions. First one is a 4,000 sq. ft. 5 Bedroom-4 Bath home located on 30+ private acres in Whitmore. Was $360,000 now $339,000

The other property is a beautiful streamside home with 1,000 ft of year around trout stream in a private forested setting. Was $369,500 now $359,500

Feel free to call, text or email for more info or to schedule a private tour.

Bank Owned-2001 Home, 24 Acres, Year Around Creeks

Bob Sparks — Wed, 28 Jul 2010 15:31:56 +0000

UNBELIEVABLE OPPORTUNITY-Private 24 Acres,over 3,000 sq. ft 4 Bdrm-2.5 Bth home with in-ground pool on the banks of Clear Creek and East Fork in historic French Gulch.
Very cool custom home built in 2001 but now in need of major TLC. No appliances or fixtures. Will require person of vision with necessary construction skills to transform and complete.

Here is a quick tour;

15 year fixed now at 3.75%…no kidding

Bob Sparks — Tue, 27 Jul 2010 15:48:40 +0000

Quick note on rates: At this mornings office meeting our in-house mortgage broker gave us todays interest rates. 4.125% on a 30 year fixed and 3.75% on a 15 year. I have to admit I had not checked rates for several days and was taken by surprise at this news. I have to assume that most folks are not aware rates have dropped this low and more importantly what it means to them.
If you are a buyer this is obviously great news. Lower rates, lower payments, higher qualifying price. Your timing could not be better.
If you’re already a homeowner and have some equity it might be the perfect time to refinance into a 15 year loan. The payment could be very close to what you are now paying on a higher rate 30 year.
Here is a link to a Google Ad chart-calculator that looks like a handy tool for checking rates and payments. Keep in mind that local banks and mortgage professionals may very well be able to offer terms just as attractive as any you see online.

Short Sales: How They Affect Sellers; Part 2

Lauri Gibson — Sun, 11 Jul 2010 15:38:40 +0000

Are you in good hands?

The reason that most home owners attempt to do a short sale on their property is to avoid the stigma of a foreclosure. Home owners want to salvage their credit and they think that a short sale is the answer. There is a lot of different advice and opinions floating around about the best thing to do if you are facing foreclosure. Just Google foreclosure or short sale and see what you get! Before you decide if a short sale is for you or not, you need to look at the good, the bad, and the ugly.

No one can tell how a short sale will affect the sellers credit, tax liability, or future financial responsibility until the very end of the transaction when the lender gives their approval on the short sale. In the approval or demand letter the lender issues spells out how they are going to report the payment of the borrowers debt, if they are going to make the seller sign a promissory note for the deficiency, or reserve their right to come after the homeowner for a Deficiency Judgement.

Every state has different foreclosure laws and regulations that affect short sales. If you are a homeowner in California make sure that you educate yourself on the California foreclosure laws. Before you make a decision on whether a short sale is right for you PLEASE educate yourself, seek the advice of your attorney and accountant, and find a Realtor who has been trained in Short Sale Negotiations.

In California there is a big difference between original purchase loan, refinanced loan, second loan-original purchase, and a line credit or second-not original purchase and their affect on the short sale process. Some loans are non-recourse, like the original purchase loan, and some are recourse, like a refi. The best thing for a seller to do before deciding to do a short sale is talk to an attorney and an accountant. Everyone’s situation is different depending on what type of loan they have. Again I can’t stress enough how important it is to educate yourself about the foreclosure process in California.

I am always available to help with a short sale or any other real estate need in Redding & Shasta County. I promise to always give you my educated opinion and never just tell you what you want to hear.

Thanks for stopping by my blog…

Spectacular Views w/ BLM Access to Pit River

Bob Sparks — Sat, 10 Jul 2010 12:07:02 +0000

I was just out at this private 35 acres bordered by BLM land on Pit River and…Wow! We walked maybe a couple hundred yards from the cute little 1800’s cabin to the canyon rim and the views were incredible. Because the BLM land can’t be accessed by public road it has remained very private.
The land for sale looks like it came straight from the pages of a western. Wide open big views with pine and cedar trees in all directions. Great location for a home. The feeling of privacy is such that you would never know that just over the horizon are many nice homes, the Fall River Golf Course and town.
In addition to the Pit River this property sits very near Hat Creek, Fall River Reservoir, Burney Falls, Lake Britton, Big Lake and several other bodies of water. A fisherman’s paradise!

Do You Know Your Redding Home’s Walkability Score?

Brad Garbutt — Fri, 09 Jul 2010 10:27:22 +0000

Location, location, location is taking on a new meaning in the 21st century as home buyers switch from focusing on schools and neighborhoods to proximity to stores and public transportation. Urban planners cite concerns over future oil prices as the main reason for the shift. They say baby boomers with empty nests and their children buying their first home both are shying away from large lots in remote areas prefering neighborhoods near big box stores, public transportation and entertainment venues.

According to an article published recently in THE WALL STREET JOURNAL,many websites have sprung up to assist home buyers rate a property’s walkability. One such site, www.WalkScore.com allows users to enter a property address and receive a score from 0-100 pegging the walkability of the neighborhood. The scale goes from “car dependant” to “walkers paradise”.

Redding is slowly catching up to this trend with recent zoning changes that allow mixed uses for downtown area parcels. The new Kobe’s Steakhouse location is one example of allowing restaurant,offices and residential units under one roof. Unfortunately, Redding planners for decades preferred island subdivisions away from retail and commercial areas. Most Redding residents must hop in their car to go grocery shopping, take in a movie or eat out. Urban sprawl has been the norm as Redding sought to expand the city limits to gain additional land for development. In recent times, our city officials have experienced the financial pain of extending utilities, maintaining streets and providing police and fire protection to those furthest from the city’s core.

There is mounting evidence that housing prices are higher for properties within walking distance of amenities.One such study was published by the non-profit group CEOs for Cities. For each one point increase in a Walk Score values increased by as much as $3,000!

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL REAL ESTATE SALES EXPERIENCE

Majority Of Californians Willing To Pay More Taxes?

Brad Garbutt — Tue, 06 Jul 2010 12:33:59 +0000

Apparently so according to the California Taxpayers Association(Cal Tax) reporting on recent election victories for bonds, hotel, parcel, sales and utility taxes. 44 of 64 local tax measures passed on the June 8 ballot with three more remaining too close to call. Based on these results, expect more cities up and down the state to place tax initiatives on the November ballot.

Cal Tax cited the following new tax proposals as proof local officials are cooking up new revenue schemes:

San Fransisco Supervisors are considering a tax on commercial rents, a parking tax and an increase in the property transfer tax
Santa Rosa is pondering an extension of the utility user’s tax to cell phones and asking area hoteliers to add 3% to the bed tax
Los Angeles is considering a parcel tax to help fund the libraries, despite the failure just days ago of a tax measure to help schools

Redding has kicked around the idea of placing a sales tax hike on the ballot in recent times. I suspect Northstate residents would vote down any new tax regardless of the intended usage of those revenues.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL REAL ESTATE SALES EXPERIENCE