Real Estate Information

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
 

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!

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.

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: 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.

The Dog's Diary:

8:00 AM - Dog food! My favorite thing!
9:30 AM - A car ride! My favorite thing!
9:40 AM - A walk in the park! My favorite thing!
10:30 AM - Got rubbed and petted! My favorite thing!
12:00 PM - Milk bones! My favorite thing!
1:00 PM - Played in the yard! My favorite thing!
3:00 PM - Wagged my tail! My favorite thing!
5:00 PM - Dinner! My favorite thing!
7:00 PM - Got to play ball! My favorite thing!
8:00 PM - Wow! Watched TV with the people! My favorite thing!
11:00 PM - Sleeping on the bed! My favorite thing!


The Cat's Diary:

Day 983 of my captivity.

My captors continue to taunt me with bizarre little dangling objects.

They dine lavishly on fresh meat, while the other inmates and I are fed
hash or some sort of dry nuggets. Although I make my contempt for the
rations perfectly clear, I nevertheless must eat something in order to
keep up my strength.

The only thing that keeps me going is my dream of escape. In an Attempt
to disgust them, I once again vomit on the carpet. Today I decapitated a
mouse and dropped its headless body at their feet. I had hoped this
would strike fear into their hearts, since it clearly demonstrates my
capabilities. However, they merely made condescending comments about
what a "good little hunter" I am. Bastards!

There was some sort of assembly of their accomplices tonight. I was
placed in solitary confinement for the duration of the event. However, I
could hear the noises and smell the food. I overheard that my
confinement was due to the power of "allergies." I must learn what this
means, and how to use it to my advantage.

Today I was almost successful in an attempt to assassinate one of my
tormentors by weaving around his feet as he was walking. I must try this
again tomorrow, but at the top of the stairs.

I am convinced that the other prisoners here are flunkies and Snitches.
The dog receives special privileges. He is regularly released, and seems
to be more than willing to return. He is obviously Retarded.

The bird must be an informant. I observe him communicate with the Guards
regularly. I am certain that he reports my every move. My captors have
arranged protective custody for him in an Elevated Cell, so he is safe.

For now.

Check out our November Podacast.  With the hopeful extension of the homebuyer's tax credit our market has been pretty steady.  Now is the time to buy! 

Click the link to hear the reasons why... http://www.talkrealty.com/billbarringer.

The following information is from the local MLS database, as of November 2, 2009 and is compared to (October 1, 2009).  If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Tracy, CA 

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 378 (351)

# of REO (foreclosures): 42 (38)

# of Short Sales: 267 (256)

Average # of days on market: 79 (91)

The median price of all homes for sale in Tracy: $279,950 ($309,900)

The average price of all homes for sale in Tracy: $379,041 ($431,491)

Lowest priced home: 1bd/612 sq. ft./$61,900

Highest priced home: 5bd/5,667 sq. ft./$1,680,000 

PENDING Status

Number of properties currently under agreement: 310 (341)

# of REO: 98 (120)

# of Short Sales: 151 (160)

Average pending price: $224,662 ($228,593)

Average pending home is 4 bedrooms, 2,059 square feet at a price of $224,662 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 119 homes or $28,839,515 in sales (129 homes or $29,140,445 in sales)

REO’s sold in the last month: 62 (80)

Short sales sold in the last month: 30 (25)

Average sale price: $242,408 ($225,895)

Median sale price: $233,750 ($220,000)

High: 699K (5bd/5,289 sq. ft. home)

Low: 33K (1bd/660 sq. ft. home)

Mountain House, CA 

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 88 (89)

# of REO (foreclosures): 13 (12)

# of Short Sales: 64 (67)

Average # of days on market: 20 (33)

The median price of all homes for sale in Mountain House: $264,900 ($299,500)

The average price of all homes for sale in Mountain House: $274,017 ($297,082)

Lowest priced home: 2bd/1,262 sq. ft. /$112,755

Highest priced home: 5bd/4,023 sq. ft. /$538,000

PENDING Status

Number of properties currently under agreement: 100 (89)

# of REO: 30 (25)
# of Short Sales: 49 (41)

Average pending price: $299,668 ($296,490)

 Average pending home is 4 bedrooms, 2,612 square feet at a price of $299,668 that stays 51 days on the market.

 SOLD Status

Residential property sold over previous 30 days: 23 homes or $7,228,505 in sales (34 homes or $11,451,353 in sales)

REO’s sold in the last month: 10 (14)

Short sales sold in the last month: 5 (6)

Average sale price: $314,283 ($336,805)

Median sale price: $323,000 ($330,000)

High: $423,855 (5bd/3,183 sq. ft. home)

Low: 185K (2bd/1,262 sq. ft. home)

Lathrop, CA 

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 101 (89)

# of REO (foreclosures): 14 (12)

# of Short Sales: 67 (61)

Average # of days on market: 50 (64)

The median price of all homes for sale in Lathrop: $187,450 ($193,455)

The average price of all homes for sale in Lathrop: $205,225 ($219,970)

Lowest priced home: 3bd/1,144 sq. ft. /$70,000

Highest priced home: 5bd/3,868 sq. ft. /$699,000

PENDING Status

Number of properties currently under agreement: 95 (111)

# of REO: 40 (52)

# of Short Sales: 32 (30)

Average pending price: $175,342 ($182,775)

 Average pending home is 4 bedrooms, 2,133 square feet at a price of $175,342 that stays 31 days on the market. 

 SOLD Status

Residential property sold over previous 30 days: 42 homes or $8,288,099 in sales (60 homes or $10,837,635 in sales)

REO’s sold in the last month: 26 (35)

Short sales sold in the last month: 3 (11)

Average sale price: $197,336 ($180,627)

Median sale price: $197,950 ($180,000)

High: 330K (5bd/3,969 sq. ft. home)

Low: 67K (3bd/988 sq. ft. home)

Weston Ranch, CA 

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 105 (96)

# of REO (foreclosures): 22 (17)

# of Short Sales: 64 (71)

Average # of days on market: 23 (17)

The median price of all homes for sale in Weston Ranch: $175,000 ($154,000)

The average price of all homes for sale in Weston Ranch: $172,750 ($151,372)

Lowest priced home: 1bd/1,070 sq. ft./$59,950

Highest priced home: 6bd/3,376 sq. ft./$239,900

PENDING Status

Number of properties currently under agreement: 106 (101)

# of REO: 44 (48)

# of Short Sales: 47 (35)

Average pending price: $141,300 ($134,900)

 Average pending home is 4 bedrooms, 1,931 square feet at a price of $141,300 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 37 homes or $5,440,600 in sales (47 homes or $6,876,990 in sales)

Short sales sold in the last month: 6 (4)

REO’s sold in the last month: 23 (40)

Average sale price: $147,043 ($146,319)

Median sale price: $138,000 ($145,000)

High: 225K (5bd/2,915 sq. ft. home)

(225K (5bd/3,000 sq. ft. home))

Low: 95K (3bd/1,214 sq. ft. home)

(84K (2bd/1,070 sq. ft. home))