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Selling a Home in Todays Market

by The Barringer Team

 

Selling a home can be challenging during our current Real Estate market.  The truth is that many homes are selling during this market and the ones that are selling have one thing in common.  They are priced correctly for this market.  Home sellers expectations for the price that their home is going to sell at can be quite different than the reality of what this current buyers market dictates.  The key element right now is to actually price the home at a level below what the comparable sales indicate.  The is especially true if the comparable sales are several months old.  Not only has the overall market declined in price over the last several months but it is declining now.  If the average time to sell a home right now is 120 days then we have to look at where we feel the market is going to be in 120 and price the home accordingly.  This strategy will get the home sold and believe it or not help the seller will get top market price for their home. 

One thing to remember is that if you are selling and buying another home in this area, you make be taking a perceived hit on your homes sales price but the home you purchase will be taking an equal or larger hit. It is an extremely good time to sell if you are a move up buyer! Please contact me if you would like to get an honest opinion on your homes current market value or log onto http://www.tracyhomevalue.com for a look at your homes market value sent to you by e-mail.

 

 

New Grandson!

by The Barringer Team

Master Andrew William Barringer Born on 11/23/09 To Brian and Sarah Barringer.

A day that will be in our Hearts Forever.

We love you more than words can say. We Thank everyone for there prayers and good wishes.

Baby Update

by The Barringer Team

 Sarah Brian's wife is now at Sutter Tracy Hospital.  She went in at 7:30 this a.m.  The Doctor will be giving her drugs to induce labor since she has not progresses at all and the baby is one week overdue. 

Baby could come within a couple of hours or as many as 12- 24 hours.  So we maybe will have a baby today or… maybe tomorrow.

The stork is taking his time.   Please pray for the safe delivery of our precious baby boy J

We will keep you posted.

Pat & Bill

Grammy & Papa

New Listing

by The Barringer Team

Here is a brand new listing and it is not on the open market yet so all of our clients have a chance to Beat out other Buyers. Once we put this on the M.L.S. we will have at least 10 offers. Only home in Tracy with a in-ground pool under 250,000. Click on link below.

http://www.tracyrealestateexpert.com/property/640-W-Mount-Diablo-Ave-Tracy-California

Some Banks are getting Better

by The Barringer Team

Some Banks are getting better working with Short Sales. If you are interested in getting information are just talking to us about how it works just give us a call at 209-833-7777 below is some useful information on Short Sales. You can also log into http://www.expertsinshortsales.com

 

 

Short sales, in a nutshell............

The changing mortgage industry and a slowing of appreciation are two factors in today's real estate market contribute to the high rate of foreclosures. But here is the secret, the bank is not in the business of owning and selling real estate. They loose thousands of dollars in the process and would be much happier to settle it before it reaches that point, not because they care about you or your credit but because they will save thousands on there bottom line!!!!!! That's where a short sale comes into play. LENDERS actually prefer you to do a SHORT SALE. Homeowners who cant make there monthly payments have the option to sell there home for less then what its worth. Lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. Bottom line, your lender wants to work with you.




Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to fully satisfy the loan.The best part, the existing lender pays virtually all sales costs, including commissions, escrow and title fees and repair costs. You get your home sold, the loan(s) paid off and you avoid foreclosure.


If I do a Short Sale, how much will I have to pay to sell my home?

Nothing, zero, zip. It’s true, in most cases you will pay literally no sales costs if your lender approves the Short Sale. All commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval. Remember, the lenders motivation to approve Short Sales and accept the resulting losses is to avoid bigger losses through foreclosure.


How do I get started on a Short Sale?

It’s easy. Email me today and we will get started. Sales@tracyhomes.com If you would prefer to discuss it on the phone, or set an appointment call 209-833-7777 or 1-800-894-7282. There is no charge to you to or fee to you ever. The bank pays us to sell your home.


Why would a mortgage company agree to accept a Short Sale?

1)Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.

2)Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. When a home is in foreclosure its a pure loss for them.

3)Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. The bank has to pay someone to make repairs, keep utilities on, and so on.....

4)Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. These funds cannot be put to work generating new loan fees until the bad loans are resolved.


Do lenders approve all Short Sales?

NO. That is why it is critical to work with someone that has extensive experience at getting Short Sales approved.From the presentation of the Short Sale package to the lender to working with the lenders Loss Mitigation Department, we know how to keep the file moving towards approval.


How does a Short Sale affect my credit?

The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter - worse than bankruptcy. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.


What sort of hardship would my lender consider legitimate?

Each Short Sale is subject to each different lenders requirements. In General , as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. This is something I specialize in. The hardship letter sets the tone for the entire file. Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders.


Types of hardship that apply:
Family illness or injury
Illness or injury in the extended family – particularly if it forces relocation
Job relocation when the property is equity deficient
Job loss or significant income loss
Divorce or split of domestic partners
Adjustment in mortgage payment or unforeseen increase in living expenses
 

Animal Lovers...

by The Barringer Team
As you know I've been actively recruiting the community of Tracy to help in a truly good cause over the past few months.  Jeannie Duckworth at decadent pets operates a non-profit organization called Lucky Paws.  Through Lucky Paws, she has set up a food bank at her animal grooming store here in Tracy to take in dog and cat food to help feed the animals who's owners are down on their luck with employment or out on the street because of tough economic times.
 
The thing that I find most rewarding about this project is that it is keeping dogs and cats out of our already overcrowded animal shelter...and is keeping animals from being destroyed because of overcrowding.  People who can feed their pets don't turn them loose or drop them off at shelters.  And local statistics show that since this program has started, the # of strays and animals dropped off at the shelter has declined considerably!
 
Think of it in these terms.  If you lost your job or household income, you would likely use your savings, etc. to keep your family members fed and to keep your home.  Your pets would likely become "luxury" items that would have to be given away or taken care of by someone else in order for the family unit to survive.  This is what many people in Tracy are faced with, unfortunately many have turned to releasing their pets to fend for themselves where they get hit by cars or injured by larger animals.  Or, they take the animals to the shelter where their life expectancy is likely to be cut short through euthanasia if the animal cannot be adopted out.  Imagine your best friend who has always been at your side and always greeted you with their tail wagging when you walked in the door from work every day being put-down before their time because you could not afford to take care of them.  I'm not trying to over dramatize this, I'm trying to get people to think about the reality of this problem in our current economic situation.
 
Helping support this food bank saves animals lives, and it helps keep them in their loving homes with their families.  I can't think of a more humanitarian cause than keeping families and their precious pets together.  I know if I had to give up my little dog, I would be devastated, and I know she would be too.
 
So, if you are a pet lover, or have a friend that is a pet lover, please forward this message to them and ask them if they would like to participate in this program by dropping off a bag of dog or cat food every week or two to the food bank program at Decadent Pets.  A large bag of dog food costs less than $25 and a bag of cat food is even less.  For my part, I've been donating $25 from each home inspection I do for pet food.  I know $25 / week is a lot for some to pay out.  Even if you can set aside $25 every two weeks or even $25 a month, every little bit helps.
 
Their store (Decadent Pets)  is located at the corner of Grantline Rd. & East St. in Tracy.
 
Anything you can do to help these people and their pets in our community is greatly appreciated. 
 
For those of you who have been contributing, and for those of you who who would like to help out in the future, god bless you for your kindness and caring for others in our community!
Larry Hite
Tracy Home Inspections

The Baby's Room

by The Barringer Team

Here are some pictures of our future grandson's, Andrew, room.  My wife, Pat, has painted the tree and the baby's room is finally complete.  On the tree she put the baby's name, Andrew (we think, the parent's are still in discussion).  On the trunk of the tree she put Brian + Sarah, my son and his wife's names.  We are excited for our first grandson to arrive this month!

 

Tax Credit Signed

by The Barringer Team

The President signed the new bill (HR3548) into law today.
If an individual is under contract but will not close until July 1, 2010, they would be eligible for the tax credit (assuming they meet all other qualifications).They must have entered into the contract by May 1, 2010 and close before 7/1/2010.

For repeat buyers, there is a special rule for long time residents of the same principal residence. If an individual or their spouse has owned or used the same residence as such individual principal residence for any 5 consecutive year period during the 8 year period ending on the date of the purchase of a subsequent residence then such individual shall be treated as a first time homebuyer for purposes of this section with respect to the purchase of such subsequent residence. The timing outlined above would apply in terms of contract timing and closing.

Here is one example for repeat buyers.
12/31/2009 - Customer purchases a new principal residence.
12/31/2001-12/31/2009 – Customer owned a primary residence from 11/6/2003-11/6/2008
Customer can be treated as a first time home buyer for the 12/31/2009 purchase and would be eligible for tax credit (assuming they meet all other qualifications) of $6500 (joint) or $3250 (individual). No credit allowed for purchase price over $800,000. There are also income limitations.

How the home buyer tax credit would work:
· Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time home buyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time home-buyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

· Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
· Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

· Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

· How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

WD-40...Who Knew??

by The Barringer Team

A man's neighbor had bought a new pickup.  The man got up early one Sunday morning and saw that someone had spray painted red all around the sides of this beige truck (for some unkown reason).  He went over, woke him up, and told him the bad news.  His neighbor was very upset and was trying to figure out what to do, probably nothing until Monday morning since nothing was open.  Another neighbor came out and told him to get his WD-40 and clean it off.  It removed the unwanted paint beautifully and did not harm his paint job that was on the truck!

WD-40: water displacement #40.  The product began from a search for a rust preventative solvent and de-greaser to protect missile parts.  WD-40 was created in 1953 by three technicians at the San Diego Rocket Chemical Company.  It's name comes from the project that was to find a "water displacement" compound.  They were successful with the fourtieth formulation, thus WD-40.  The Convair Company bought it in bulk to protect their atlas missile parts.

Ken West, one of the orginial founders, says there is nothing in WD-40 that would hurt you.  When you read the "shower door" part, try it!  It's the first thing that has ever cleaned that spotty shower door.  If yours is plastic, it works just as well as glass.  It's a miracle! Then try it on your stove top...Viola!  It's now shinier than it's ever been.  You'll be amazed.

Here are some other uses:

  • Protects silver from tarnishing
  • Removes road tar and grime from cars
  • Cleans and lubricates guitar strings
  • Gives floors that "just waxed" sheen without making them slippery
  • Keeps flies off cows
  • Restores and cleans chalkboards
  • Removes lipstick stains
  • Loosens stubborn zippers
  • Untangles jewelery chains
  • Removes stains from stainless steel sinks
  • Removes dirt and grime from the BBQ grill
  • Keeps ceramic/terra cotta pots from oxidizing
  • Removes tomato stains from clothing
  • Keeps glass shower doors free from water spots
  • Camoflauges scartches in ceramic and marble floors
  • Keeps scissors working smoothly
  • Lubricates noisy door hinges on vehicles and doors in homes
  • It removes black scuff marks on flooring.  It doesn't seem to harm the finish and you won't have to scrub nearly as hard to get them off.  Just remember to open some windows if you have a lot of marks.
  • Bug guts will eat away the finish on your car if not removed quickly!  Use WD-40
  • Gives children's playground gym slide a shine for a super fast slide.
  • Lubricates gear shift and mower deck lever for ease of handling on riding mowers
  • Rids kids rocking chairs and swings of squeaky noises
  • Lubricates tracks in sticky home windows and makes them easier to open
  • Spraying an umbrella stem makes it easier to open and close
  • Restores and cleans padded leather dashboards in vehicles, as well as vinyl bumpers
  • Restores and cleans roof racks on vehicles
  • Lubricates and stops squeaks in electric fans
  • Lubricates wheel sprockets on tricycles, wagons, and bicycles for easy handling
  • Lubricates fan belts on washers and dryers and keeps them running smoothly
  • Keeps rust from forming on saws and saw blades and other tools
  • Removes splattered grease on stove
  • Keeps bathroom mirror from fogging
  • Lubricates prosthetic limbs
  • Keeps pigeons off the balcony (they hate the smell)
  • Removes all traces of duct tape
  • Folks even spray it on their arms, hands, and knees to relieve arthritis pain
  • Florida's favorite use is: "cleans and removes love bugs from grills and bumpers"
  • The favorite use in the state of New York: "WD-40 protects the Statue of Liberty from the elements"
  • WD-40 attracts fish.  Spray a little on live bait or lures and you will be catching the big one in no time.  Also, it's a lot cheaper than the chemical attractants that are made for just that purpose.  Keep in mind though, using some chemical laced baits or lures for fishing are not allowed in some states
  • Use it for fire ants bites.  It takes the sting away immediately and stops the itch
  • WD-40 is great for removing crayon from walls.  Spray the mark and wipe with a clean rag.
  • Also, if you've discovered that your teenage daughter has washed and dried a tube of lipstick with a load of laundry, saturate the lipstick spots with WD-40 and re wash.  Presto!  The lipstick is gone!
  • If you sprayed WD-40 on the distributor cap, it would displace the moisture and allow the car to start.

P.S. The basic ingredient is FISH OIL!

Breaking News on Home Tax Credit

by The Barringer Team

Breaking News: Homebuyer Tax Credit Set to be Extended and Expanded!

 

 

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the home buyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!

 

 

Below is a summary of the new modifications in the extension and expansion of the tax credit:

 

1)  The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

 

2)  A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

 

3)  Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

 

4)  Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact us today.

 

Displaying blog entries 1-10 of 14

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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