We made a few phone calls to help her out.  We spoke with the representative of the agent representing the investor.  Upon speaking with him, she purchased a home within 48 hours by simply following our instructions and using our "Buyer Advantage System". 

We would be happy to meet with you and explain our simple strategy for free with no obligations.  In our meeting, we will discuss the real estate market in all areas such as, Tracy, Manteca, Lathrop and Stockton. 

Bill Barringer

(209) 833-7777

We got there Thursday morning and checked in to the Marriott Hotel right on the wharf. And to my astonishment Bill and Pat had ordered champagne and strawberries to my room, as well as Brian’s and Sally’s, with a special card for me as well as a happy birthday card for my mom. They truly are spectacular people! 

What a beautiful day!  On the drive up, the hills were so fresh and green with the little yellow weeds scattered about everywhere making for a very spring picture.  The sky was as blue as could be with beautiful puff clouds strewn about.  It was about 65 degrees with a slit breeze.  We couldn’t ask for a more perfect day to be in Monterey.   

After the hotel check, we headed to Cannery Row.  One of my favorite places.  It’s 5 blocks of cafes, galleries, shopping and fun!  It was made popular in the mid 1800s for canning purposes obviously, but later in 1945 John Steinbeck wrote about the many treasures Cannery Row has to offer.  It sits right on the water, so a day like we had last Thursday was perfect for strolling along “the row”.  We had lunch at a little bistro right across the street from the Monterey Bay Aquarium.  As we sat and had lunch we watched all the little children scatter around coming and going from the Aquarium on their fields trips. 

Once lunch was finished and our stomachs were happy, we headed to our favorite spots to shop, one of them being Silver, Sand and Stone.  We can never walk away with out getting one little treasure.  This time it was special though as it was my mother’s, Karla, birthday.  So the gentleman in the store gave us a special deal.  He said to pick the most expensive thing in the store and he would give her 70% OFF of the total purchase price! What a nice guy!!  My mom picked what she wanted and we went on our way.  We walked up and down Cannery Row taking pictures of the beautiful scenery.  I couldn’t get over how beautiful it was that day so I kind of went over board with picture taking. 

It was time for us to leave to go back to our room and start getting ready for our wonderful dinner at the Marriott.  I started getting ready immediately because I knew something would happen and I wouldn’t have enough time if I didn’t start right away.  Low and behold that’s just what happened.  My mother decided to take a quick nap and she found herself rushing at the last minute because we had to meet Bill and Pat in their room for a “pre” cocktail party.  Luckily she doesn’t take as long as I do to get ready so we were only a few minutes behind.   

Around 6 o’clock Bill, Pat, Brian, Sarah, Andrew, my mom and I headed down to the Mezzanine floor where we were embraced by hundreds of Century 21 employees.  It was great fun!  Cocktails were flowing and people were having a grand time.  Once it hit the 7 o’clock hour we entered into the San Carlos Ballroom where we sat and awaited our delicious dinner.   We started out with a wedge salad wrapped in a strip of bacon with blue cheese crumbles splattered on the plate with Cesar dressing.  Our second course consisted of beef, seafood or vegetarian.  I chose to be a vegan and had the vegetarian dish.  It was puff pastry stuffed with spinach, corn, carrots and an array of vegetables.  It was superb!  It came with two strands of asparagus, mashed potatoes and couscous.  Bill, being the gentleman he is, bought the ladies at the table 2 bottle's of chardonnay.  It was absolutely amazing.  Then came dessert, my favorite part, it was tiramisu, I believe, but whatever it was I finished it of course.   

After all the eating was done the award ceremony started.  That seemed to take quite awhile but I was entertained by the guests at our table.  The comedians of the night were Juana and Grace.  They kept us entertained the duration of the evening.  Around 10 o’clock the awards had ended and we headed up to our rooms to rest up for our next day in Monterey.

I woke up and went on a spectacular run along the wharf.  You could see the clouds coming in along the water because there was a storm headed our way.  Once I got back Bill and Pat wanted everyone to meet downstairs to have breakfast.  So we did just that and after breakfast my mom and I headed to our utmost favorite place to visit, Carmel.  It was not as clear as the day before in Monterey, but it was just as beautiful.  We drove down to Carmel State Beach and got out.  Let me just say I have never seen it so empty down there, but I could understand why once I stepped foot out into the elements.  The winds were blowing probably at 20 mph and the sand was hitting you like little pellets.  It didn’t daunt me because I love Carmel so much!  We only stayed on the water for about a minute and then we were back in the car trying to find a place to park so we can continue our shopping.  We went to our favorite bakery once we were settled and I grabbed a quick coffee and my mom had a shortbread cookie.  We didn’t get to stay long because of the weather, but the time we did have there was amazing.

Bill and Pat are the most gracious people ever!  I can’t thank them enough.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 423 (381)

# of REO (foreclosures): 57 (49)

# of Short Sales: 284 (260)

Average # of days on market: 82 (89)

The median price of all homes for sale in Tracy: $254,900 ($255,000)

The average price of all homes for sale in Tracy: $353,929 ($364,219)

Lowest priced home: 1bd/637 sq. ft. /$49,500

Highest priced home: 6bd/5,937 sq. ft. /$2,650,000

PENDING Status

Number of properties currently under agreement: 281 (276)

# of REO: 83 (77)

# of Short Sales: 138 (147)

Average pending price: $220,879 ($219,614)

 Average pending home is 4 bedrooms, 1,975 square feet at a price of $220,879 that stays 38 days on the market.

SOLD Status

Residential property sold over previous 30 days: 97 homes or $22,192,250 in sales (91 homes or $22,220,740 in sales)

REO’s sold in the last month: 41 (31)

Short sales sold in the last month: 27 (29)

Average sale price: $228,786 ($244,184)

Median sale price: $225,000 ($245,000)

High: 439K (6bd/4,098 sq. ft. home)

Low: 85K (1bd/814 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 85 (82)

# of REO (foreclosures): 5 (5)

# of Short Sales: 68 (65)

Average # of days on market: 19 (36)

The median price of all homes for sale in Mountain House: $325,000 ($299,900)

The average price of all homes for sale in Mountain House: $322,712 ($322,941)

Lowest priced home: 2bd/1,262 sq. ft. /$184,900

Highest priced home: 5bd/3,858 sq. ft. /$429,000

PENDING Status

Number of properties currently under agreement: 90 (91)

# of REO: 19 (20)

# of Short Sales: 42 (54)

Average pending price: $299,805 ($292,281)

Average pending home is 4 bedrooms, 2,592 square feet at a price of $299,805 that stays 38 days on the market.

SOLD Status

Residential property sold over previous 30 days: 25 homes or $7,747,200 in sales (24 homes or $7,064,900 in sales)

REO’s sold in the last month: 13 (10)

Short sales sold in the last month: 11 (10)

Average sale price: $309,888 ($294,371)

Median sale price: $301,000 ($307,500)

High: 399.9K (6bd/4,082 sq. ft. home)

Low: 223K (3bd/1,753 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 121 (95)

# of REO (foreclosures): 26 (13)

# of Short Sales: 78 (71)

Average # of days on market: 38 (41)

The median price of all homes for sale in Lathrop: $198,800 ($198,500)

The average price of all homes for sale in Lathrop: $243,237 ($212,921)

Lowest priced home: 2bd/728 sq. ft. /$57,500

Highest priced home: 5bd/3,840 sq. ft. /$2,500,000

PENDING Status

Number of properties currently under agreement: 74 (88)

# of REO: 37 (41)

# of Short Sales: 28 (31)

Average pending price: $186,520 ($186,829)

Average pending home is 4 bedrooms, 2,261 square feet at a price of $186,520 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 31 homes or $6,098,000 in sales (29 homes or $5,255,700 in sales)

REO’s sold in the last month: 16 (17)

Short sales sold in the last month: 2 (6)

Average sale price: $196,710 ($181,231)

Median sale price: $204,000 ($190,000)

High: 310K (5bd/3,969 sq. ft. home)

Low: 68K (3bd/988 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 105 (113)

# of REO (foreclosures): 19 (21)

# of Short Sales: 78 (69)

Average # of days on market: 38 (33)

The median price of all homes for sale in Weston Ranch: $164,900 ($169,900)

The average price of all homes for sale in Weston Ranch: $164,991 ($173,217)

Lowest priced home: 3bd/1,348 sq. ft./$110,000

Highest priced home: 5bd/3,000 sq. ft./$229,000

PENDING Status

Number of properties currently under agreement: 106 (84)

# of REO: 42 (33)

# of Short Sales: 35 (36)

Average pending price: $150,011 ($145,185)

Average pending home is 4 bedrooms, 1,984 square feet at a price of $150,011 that stays 35 days on the market.

SOLD Status

Residential property sold over previous 30 days: 31 homes or $4,937,100 in sales (35 homes or $5,864,800 in sales)

Short sales sold in the last month: 10 (4)

REO’s sold in the last month: 14 (22)

Average sale price: $159,261 ($167,566)

Median sale price: $158,000 ($159,000)

High: 225K (6bd/3,376 sq. ft. home)

($225,150 (6bd/3,376 sq. ft. home))

Low: 90K (3bd/1,547 sq. ft. home)

($117,500 (3bd/1,547 sq. ft. home))

When is it a good time to invest in residential Real Estate?  This is a question that I am asked very often.  My standard answer these days is "NOW"!  Several years back when residential home prices were at their peak and mortgage interest rates were higher than they are today, we saw investors standing in line and entering into bidding wars to purchase investment homes.  At that time these investors had no chance of purchasing a property that cash flowed, yet they were eager to buy.  Today we have unbelievably low home prices.  In some case 30% lower that during the heated market.  In combination with the low home prices we also are experiencing historically low mortgage interest rates.  Additionally, we are seeing rental rates remain steady at at about the same rates as during the hot market several years ago.  With this combination investors should be rushing to buy.

Over the past year we have helped many veteran Real Estate investors and many new investors make some great purchases that not only cash flow today, but will have a great return on their initial investment down the road as the market picks up and home prices go on the rise again.  Clearly if you purchase at the bottom of the market your investment is going to do much better than buying at the peak.  Today, I am seeing so many opportunities out there that it would be easy to find great investments for many.  We are also helping investors take their retirement funds and invest them through self directed IRA's which is a great way to purchase investment property.  

If you are thinking about investing, don't wait.  The combination of being at or very near the bottom of the market and the current low mortgage rates will not last forever.  In fact the governments announcement that they will soon discontinue the purchase of mortgage backed securities is a sure sign that interest rates are soon going on the rise.  If you would like to explore the purchase of investment Real Estate, please contact me for a no obligation consultation.

Have An Awesome Week!

The Agent You Choose To Represent You Is Almost Everything.  I know you are thinking, "Why is that so important?!"  The answer is simple, you need an agent with many years of experience and one that is well known in the community of other agents.  Most of all the business done by 20% of the agents in Tracy do 80% of the business.  What this means for you, the buyer, is when you are represented by the Barringer Team; the other agent knows they are going to get to the closing table because they most likely have worked with us before.

Fewest Contingencies Win.  We do all of our homework up front.  The lender you choose also really plays a BIG role.  We want to come in with the strongest offer possible.  This means quick close, quick inspection time frames and high dollar deposits.

Lender.  We primarily use Alex Alvarez with Wells Fargo.  The advantages are great!  First, we have been partners for over 15 years.  This means he is accountable to us and you will get a good deal as well as good service. If the home is a bank owned home by Wells Fargo, then it will be looked at more favorably than other offers not using Wells Fargo as their financing.  That's because you are using Wells as YOUR financing. 

Being Fast.  How fast and professional an offer and pre-approval letter is submitted means everything!  The Barringer Team uses a system called Doc-U-Sign.  The contract is signed and dated over the Internet and it is recognized by most banks as a legal contract even though it has no "wet signatures" on it.

Being First To Know.  In the Tracy area many times we are made aware of listings before they hit the open market.  Our sources are the banks themselves, bank listing agents and investors.  All of whom we have working relationships with.

It's not until the home sits on the market for long periods that sellers realize something has to change.  Sometimes it's the marketing, sometimes it's the price, and sometimes it's the fact that the home that's being shown isn't clean enough.  Yes, a clean home shows better and there are five ways to make yours sparkle from roof to baseboards.

Hard to Reach Windows/Skylights.  These often get overlooked either because they're difficult to access to clean or because they aren't at eye level. Whichever the case, cleaning windows in high ceilings or skylights provides a brighter light to shine in your home.  Sometimes just getting out the cloud of dust and dirt that accumulates can make a difference between a murky-looking room and one that is eye-catching.  And here's a tip from Buzzle.com, "Clean the windows on a cloudy day, but not a rainy one.  If you clean the windows in the direct light of the sun, traces can appear on the window, as the cleaning solution gets dry before cleaned."

Baseboards and Walls.  I have written about giving your home a fresh coat of paint prior to putting it on the market.  But maybe you can get away with a good wipe-down instead.  Using a wet, mildly soapy cloth you can scrub the baseboards and walls to make them look like they've had a fresh coat of paint, if the paint isn't chipped or too worn.  However, a product called Mr. Clean's Magic Erasers will save you the mess and ease the elbow grease.  These rectangular-shaped cleaning pads help take the grime off nearly everything.  You don't have to spray anything on the surface you're going to clean; just wet the eraser and wipe off the marks.  I've done whole walls with these pads and made it look as though the wall had been freshly painted.  be sure to get the baseboards and get down to kids' level and wipe off the marks where they place their fingers while walking down the hall or up the stairs.  When buyers see homes that are scoffed and worn like that, they may think it's an indication that the home might not have gotten the care it needed for the bigger things too- such as furnace, disposal, plumbing, electrical wiring, etc.  It gives a general feeling of un-cleanliness and can leave a negative lasting impression.

Toilets.  It may seem like this goes without saying but I'm sure any real estate agent you ask will have a horror story about toilets.  Whether they're leaking, continuously running, stained, or simply stinky, they pose a major deterrent.  If you've got an older toilet, give it a good inspection and be sure to check under the lid.  Buyers sometimes use your toilet when they're looking at your home and nothing is worse than seeing rust stains and other unsightly marks.  A good product is Zep Toilet Bowl Cleaner.

Tile.  When you're showing your house, hopefully, you'll get lots of foot traffic.  This, however, can lead to very dirty flooring and grout.  Yes, you can supply those footies and the sign placed by the door asking buyers to remove their shoes or put the footies on before entering your home, but, the truth is, not all will comply.  Still, the tile and the condition of the grout will matter to buyers should they decide to make an offer.  There are certainly many products to get the dirt out of those tiny grout lines; one that I've had success with is called Heavy Duty Acidic Cleaner for tile.  Use a brush to really scrub those dirty lines; doing so will make the tile standout and not look like it needs-re-grouting.

Closets, Cabinets, Computer areas.  "Buyers love to snoop and will open closet and cabinet doors."  That's according to About.com Guide, Elizabeth Weintraub.  She writes about the need to de-clutter closets, hang shirts all facing the same way, and even alphabetize the spice cabinet. Wow! Love it! I realize you may feel you don't have time for all of that.  Still, the point is, don't have junk stuffed inside closets and cabinets so that when potential buyers open them to have a peek, everything comes crashing down on them- and gives the impression that the closets are too small.  Computer areas are becoming more popular in homes and behind most of those computers is a tangled web of wires collecting tons of dust.

Organize the wires using Velcro zip-ties and dust them off!  Or, better yet, if you don't have to use the computer daily, arrange the area like you were filming a movie or shooting an advertisement- you never see wires. Remove all of the computer and accessory electronic cords.  You can leave the monitor display on the desk but taking away the wires and storing them will give the area a more spacious, clean, and professionally staged look.  A little cleaning and preparation before you market your home will help show buyers that you've cared for the house and that could be just the signal a buyer needs to make an offer. 

Chongchua, Phoebe. "Clean Homes Show Better- Five Areas To Scrub to Make Yours Sparkle." Realty Times. 19 Feb. 2010. Web. 22 Feb. 2010. <http://realtytimes.com/rtpages/20100219_cleanhomes.htm>.

"Despite the mixed performance at the start of the year, the outlook for growth in housing activity remains positive," Commerce Under Secretary Rebecca Blank said.  "Americans continue to recognize that this is a good time to buy a home.  Mortgage rates are low and the Administration's decision to extend the tax credit through April provides attractive oppurtunities for buyers in the coming months."

Yes, mortgage rates are low, but so is demand for loans.  Builder sentiment dropped last month despite the starts and just last month, the NAHB said that "the current financial situation has led to sharply decreased construction of communities that serve the market.  Without a chance in the availability of capital for development and construction, there could well be a shortage of such housing when it is most needed."

Tracy, CA 

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 381 (387)

# of REO (foreclosures): 49 (52)

# of Short Sales: 260 (255)

Average # of days on market: 89 (80)

The median price of all homes for sale in Tracy: $255,000 ($250,500)

The average price of all homes for sale in Tracy: $364,219 ($356,954)

Lowest priced home: 1bd/637 sq. ft./$41,900

Highest priced home: 6bd/5,937 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 276 (234)

# of REO: 77 (90)

# of Short Sales: 147 (129)

Average pending price: $219,614 ($217,287)

Average pending home is 4 bedrooms, 1,969 square feet at a price of $219,614 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 91 homes or $22,220,740 in sales (127 homes or $31,140,301 in sales)

REO’s sold in the last month: 31 (54)

Short sales sold in the last month: 29 (38)

Average sale price: $244,184 ($245,199)

Median sale price: $245,000 ($245,000)

High: 540K (7bd/4,051 sq. ft. home)

Low: 61K (1bd/800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 82 (82)

# of REO (foreclosures): 5 (10)

# of Short Sales: 65 (62)

Average # of days on market: 36 (36)

The median price of all homes for sale in Mountain House: $299,900 ($287,894)

The average price of all homes for sale in Mountain House: $322,941 ($297,567)

Lowest priced home: 3bd/1,671 sq. ft. /$244,900

Highest priced home: 5bd/4,082sq. ft. /$430,000

PENDING Status

Number of properties currently under agreement: 91 (86)

# of REO: 20 (26)

# of Short Sales: 54 (48)

Average pending price: $292,281 ($291,893)

Average pending home is 4 bedrooms, 2,584 square feet at a price of $292,281 that stays 57 days on the market.

SOLD Status

Residential property sold over previous 30 days: 24 homes or $7,064,900 in sales (29 homes or $8,630,236 in sales)

REO’s sold in the last month: 10 (13)

Short sales sold in the last month: 10 (4)

Average sale price: $294,371 ($297,594)

Median sale price: $307,500 ($300,000)

High: 480K (5bd/4,023 sq. ft. home)

Low: 142K (2bd/1,262 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 95 (90)

# of REO (foreclosures): 13 (16)

# of Short Sales: 71 (67)

Average # of days on market: 41 (64)

The median price of all homes for sale in Lathrop: $198,500 ($199,900)

The average price of all homes for sale in Lathrop: $212,921 ($223,102)

Lowest priced home: 2bd/1,120 sq. ft. /$119,900

Highest priced home: 5bd/4,165 sq. ft. /$349,650

PENDING Status

Number of properties currently under agreement: 88 (88)

# of REO: 41 (42)

# of Short Sales: 31 (30)

Average pending price: $186,829 ($185,279)

Average pending home is 4 bedrooms, 2,256 square feet at a price of $186,829 that stays 37 days on the market.

 SOLD Status

Residential property sold over previous 30 days: 29 homes or $5,255,700 in sales (33 homes or $5,888,060 in sales)

REO’s sold in the last month: 17 (14)

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

Average sale price: $181,231 ($178,426)

Median sale price: $190,000 ($169,000)

High: 255K (6bd/2,921 sq. ft. home)

Low: 70K (2bd/913 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 113 (111)

# of REO (foreclosures): 21 (19)

# of Short Sales: 69 (74)

Average # of days on market: 33 (31)

The median price of all homes for sale in Weston Ranch: $169,900 ($175,000)

The average price of all homes for sale in Weston Ranch: $173,217 ($175,662)

Lowest priced home: 3bd/1,348 sq. ft./$110,000

Highest priced home: 6bd/3,000 sq. ft./$229,000

PENDING Status

Number of properties currently under agreement: 84 (86)

# of REO: 33 (41)

# of Short Sales: 36 (32)

Average pending price: $145,185 ($147,819)

Average pending home is 4 bedrooms, 1,942 square feet at a price of $145,185 that stays 37 days on the market.

SOLD Status

Residential property sold over previous 30 days: 35 homes or $5,864,800 in sales (44 homes or $6,569,880 in sales)

Short sales sold in the last month: 4 (9)

REO’s sold in the last month: 22 (26)

Average sale price: $167,566 ($149,315)

Median sale price: $159,000 ($147,500)

High: $225,150 (6bd/3,376 sq. ft. home)

(238K (6bd/3,153 sq. ft. home))

Low: $117,500 (3bd/1,547 sq. ft. home)

(82K (2bd/1,070 sq. ft. home))

http://www.tracyrealestateexpert.com/property/904-Sanddollar-Cir-Stockton-California

Bill

Friends...

With all the recent news regarding fallen trees from wind and rain, here is some information for all of you to consider if you or someone you know has a tree fall in their yard.

Last year the insurance industry paid out $4.5 billion in tree related claims.  In response, insurance companies are creating formal tree-removal programs and demanding that only "qualified" professional tree companies perform the removals for their clients.  They do this when someone tries to cut a tree up or remove it from where it fell.  Many times, the person doing the tree removal causes further damage than that caused by the tree falling.  A qualified tree removal service has the appropriate training, equipment, licensing, and insurance to remove fallen trees.

Each state and many local municipalities have licensing requirements for contractors and may impose fines or penalties against the contractor and or property owner for unauthorized work.  Many states require that a certified arborist be on the staff of any company performing tree removal.

Many municipalities also require permits for tree removal...including damaged or dying trees.  Failure to obtain a permit may result in fines to the contractor and or property owner.

Most contractors are not properly insured to perform tree removals to cover the costs of damage that may result from damages that occur as a result of removing a fallen tree.

If you or someone you know has had a tree fall on their property, be sure to think twice before pulling out the chainsaw and hacking it up into future firewood.  It is best to contact your insurance agent first and let them take care of hiring the appropriate professional.  If you are determined to remove the tree yourself or hire someone yourself, please be sure you ask them for proof of insurance and check with the city you live in to see if there is a permit requirement for removing a tree from your yard.  Remember, just because a tree is located on your property doesn't mean you are exempt from obtaining permits for proper removal and replacement.

If a tree is planted in your front yard, it may be a City Owned tree and removal and replacement is not only the resposibility of the city, but a requirement.

Be sure to check before removing any fallen trees so you don't get strapped for fines or legal fees.

Measure to help bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

http://www.tracyrealestateexpert.com/property/1803-Rochester-St-Tracy-California

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 387 (375)

# of REO (foreclosures): 52 (42)

# of Short Sales: 255 (262)

Average # of days on market: 80 (91)

The median price of all homes for sale in Tracy: $250,500 ($279,900)

The average price of all homes for sale in Tracy: $356,954 ($394,949)

Lowest priced home: 1bd/637 sq. ft./$49,500

Highest priced home: 5bd/5,667 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 234 (319)

# of REO: 90 (95)

# of Short Sales: 129 (167)

Average pending price: $217,287 ($224,088)

Average pending home is 4 bedrooms, 1,973 square feet at a price of $217,287 that stays 40 days on the market.

 SOLD Status

Residential property sold over previous 30 days: 127 homes or $31,140,301 in sales (102 homes or $23,869,404 in sales)

REO’s sold in the last month: 54 (43)

Short sales sold in the last month: 38 (24)

Average sale price: $245,199 ($234,014)

Median sale price: $245,000 ($223,000)

High: 475K (6bd/3,882 sq. ft. home)

Low: 85K (2bd/961 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 82 (83)

# of REO (foreclosures): 10 (8)

# of Short Sales: 62 (70)

Average # of days on market: 36 (32)

The median price of all homes for sale in Mountain House: $287,894 ($285,900)

The average price of all homes for sale in Mountain House: $297,567 ($284,430)

Lowest priced home: 2bd/1,262 sq. ft. /$164,900

Highest priced home: 5bd/4,082sq. ft. /$449,900

PENDING Status

Number of properties currently under agreement: 86 (99)

# of REO: 26 (32)
# of Short Sales: 48 (48)

Average pending price: $291,893 ($287,586)

Average pending home is 4 bedrooms, 2,562 square feet at a price of $291,893 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 29 homes or $8,630,236 in sales (28 homes or $8,754,900 in sales)

REO’s sold in the last month: 13 (12)

Short sales sold in the last month: 4 (7)

Average sale price: $297,594 ($312,675)

Median sale price: $300,000 ($328,000)

High: $441,750 (6bd/3,496 sq. ft. home)

Low: 138K (2bd/1,275 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 90 (93)

# of REO (foreclosures): 16 (13)

# of Short Sales: 67 (69)

Average # of days on market: 64 (24)

The median price of all homes for sale in Lathrop: $199,900 ($203,950)

The average price of all homes for sale in Lathrop: $223,102 ($227,442)

Lowest priced home: 2bd/1,092 sq. ft. /$105,000

Highest priced home: 5bd/4,165 sq. ft. /$699,000

PENDING Status

Number of properties currently under agreement: 88 (100)

# of REO: 42 (30)

# of Short Sales: 30 (34)

Average pending price: $185,279 ($176,778)

Average pending home is 4 bedrooms, 2,219 square feet at a price of $185,279 that stays 33 days on the market.

SOLD Status

Residential property sold over previous 30 days: 33 homes or $5,888,060 in sales (32 homes or $5,799,250 in sales)

REO’s sold in the last month: 14 (17)

Short sales sold in the last month: 4 (2)

Average sale price: $178,426 ($181,227)

Median sale price: $169,000 ($180,500)

High: 290K (5bd/3,714 sq. ft. home)

Low: 70K (3bd/1,040 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 111 (114)

# of REO (foreclosures): 19 (19)

# of Short Sales: 74 (71)

Average # of days on market: 31 (28)

The median price of all homes for sale in Weston Ranch: $175,000 ($189,900)

The average price of all homes for sale in Weston Ranch: $175,662 ($171,610)

Lowest priced home: 3bd/1,090 sq. ft./$104,900

Highest priced home: 6bd/2,905 sq. ft./$235,000

PENDING Status

Number of properties currently under agreement: 86 (103)

# of REO: 41 (47)

# of Short Sales: 32 (40)

Average pending price: $147,819 ($148,124)

Average pending home is 4 bedrooms, 1,965 square feet at a price of $147,819 that stays 34 days on the market.

SOLD Status

Residential property sold over previous 30 days: 44 homes or $6,569,880 in sales (37 homes or $5,511,200 in sales)

Short sales sold in the last month: 9 (11)

REO’s sold in the last month: 26 (21)

Average sale price: $149,315 ($148,951)

Median sale price: $147,500 ($150,000)

High: 238K (6bd/3,153 sq. ft. home)

(210K (5bd/2,915 sq. ft. home))

Low: 82K (2bd/1,070 sq. ft. home)

(97K (3bd/1,070 sq. ft. home))

The Treasury department said it is now committed to support Fannie Mae and Freddie Mac with as many billions of dollars as is necessary to get them through the next three years.  There'll be no limit whatsoever anymore.

Previously the Treasury had limited its support to $200 billion apiece for the two formerly-private, now government-controlled, mortgage finance giants.

From here on, the Treasury said in its policy announcement, there will be no "uncertainty about the (government's) commitment to support the firms as they continue to play a vital role in the housing market during the current crisis."

Though some critics howled that the Obama administration is writing a blank check, the significance of the move for real estate is potentially huge, for several reasons.

Number one:  Fannie and Freddie provide funding for well over half the U.S. mortgage market-- making home sales and purchases possible for hundreds of thousands of consumers.

Number two:  The fact that two companies have an explicit, full faith and credit backstop from the U.S. Treasury means that Fannie and Freddie can borrow in the capital markets at more favorable rates.  Those lower costs of capital can then be passed along- at least in part- to home loan borrowers in the form of lower interest rates.

Finally, a key reason for the policy change- which also included permissions for the firms to retain larger mortgage-asset portfolios- is to help Fannie and Freddie provide deeper loan modification assistance to greater numbers of seriously troubled borrowers.

Both companies are now expected to reach out and offer loan principal forgiveness to delinquent and underwater home owners- something that the current Obama loan modification program does not permit.

Partly as a result, Obama's "Home Affordable Modification Program," or "HAMP," has been only minimally successful in attracting the participation of borrowers in the deepest trouble- especially those so far behind and underwater that they are walking away from their houses, sending back the keys to their lenders- and ultimately losses to Fannie and Freddie.

If the revised policy helps keep larger numbers of home owners out of foreclosure and out of walkaway mode, the impact on local real estate markets and home values could be significant over the coming couple of years.

Realty Times. Washington Report: Treasury Policy Change. Realty Times. Kenneth R Harney, 4 Jan. 2010. Web. 5 Jan. 2010. http://realtytimes.com/rtpages/20100104_washingtonreport.htm.

This isn’t all about us of course, this is the story of the value to the consumer of working with an experienced agents. It’s become sort of common in the last few years for buyers to ask me if I’m willing to kick back commission the way rebating online real estate companies or other discount brokers do. These brokers have created a fantasy world where they’re selling the notion that a real estate agent’s job is a commodity. That we’re simply interchangeable parts, order takers and secretaries who merely know how to fill out forms and present them. Sometimes it works out and it’s true too! Lot’s of the rest of the time it’s not true. I think most of the time it’s not true.

There’s probably 100 reasons why experience is beneficial to a buyer or seller, yet I know that the Internet allows people to study and gain knowledge that wasn’t available to them just a few years ago. There’s certainly one way that the Internet or the rebaters can never touch and that’s in the area mentioned above…relationships. I can’t tell you how many times a client of ours has landed on a home in a multiple offer environment because of the relationship we’ve had with a listing agent. It’s also been enormously important for us as a listing agent to be able to identify an experienced agent that my seller can trust to close escrow on time. Relationships are also important in connection to lenders, title people, and inspectors as well.

Lots of this is simple human nature. You spend over 20 years in one community and you get to know your coworkers and other agents. Naturally, you’re going to feel comfortable working with them. Working with somebody like this sure beats having an offer faxed by an “agent” who wasn’t in real estate just a year ago.

The Results Are In

According to a Wells Fargo Home Mortgage survey, the tax credit has palyed an important role in the decision-making process for the first-time homebuyers.  Awareness of the tax credit is extremely high- at 94% for first-time homebuyers and 72% for renters who intend to purchase.  Survey results shoe the tax credit also has impacted:

First-time homebuyer's' decision to purchase a home

• 56% cited the tax credit as a key factor in their decision
• 74% said low home prices were the reason
• 66% attributed their decision to low interest rates

Renters who intend to purchase their first home within six months

• 72% cited the tax credit as a key deciding factor
• 84% said low home prices were the reason
• 74% attributed their decision to low interest rates

The tax credit also influenced the price of the homes purchased for 50% of first-time homebuyers and 57% of those renters who intend to buy.  It gave them the ability to increase their price range.

Survey findings also indicate the majority of first-time homebuyers plan to put their tax refund money back into their homes- with 56% using it for home improvements and 47% using it for home-related purchases.

Fargo, Wells. "First-time Homebuyer Tax Credit Positively Influences Home Purchases." Connect for Success 2: 2. Print.

The first, Freddie Mac approved the short sale after close to 90 days.We then went to the 2nd note holder with the 1st note holders approval. Then the 2nd demanded 10% of what was owed Wells Fargo had the 2nd.

The buyer then said they would pay the difference." A Cash Transaction" No appraisal contingency" So then the First Note holder comes back and says our Guidelines say the 2nd note holder is only allowed to receive 3,000 Dollars from the 1st and if they receive more From the buyer or seller then we too want the same amount being given to the 2nd note holder So Who do you think is wrong?

Answer: Both Freddie Mac and Wells Fargo.

They Both simply just caused another Foreclosure to happen by following there guide lines and Wells Fargo by not accepting the fact that being the 2nd note holder they accepted 2nd position so therefore accepted more Risk and should accept the 3,000 Dollars that was being offered instead of blowing up the whole transaction and getting nothing just creating another hit to the system. What are your Thoughts?

Have you read this article yet? It was featured in Business Week.  My first thought, wow! what a blunt and harsh statement! But the writer, Mark Roth, uses this head turning title to get your attention to make excellent points for those who are on the fence.  Namely that interest rates are at an all time low, in fact, the lowest in 40 years. He noted that in the late 70s, rates hit a high of 18%! Can you even imagine buying a house at 18%? In the 80s, when rates dropped from 12% to 9%, my parents practically danced their way to the 1^st refinance of their home.  Generation X'ers probably would never dream of purchasing a home above 7% given all we have ever known are super low rates hovering between 5-6%. Mr. Roth points out the history of previous interest rates as well as the impact of rates on one's purchasing power. I happen to agree with his prediction that as the economy becomes more stable, interest rates WILL rise to hedge inflation.  My prediction has been that by this time next year, rates will have risen 1-2% at a minimum.

In most states, home sellers must disclose any defect they know about that could affect how desireable--and marketable-- their home is before they sign a purchase contract.  Even in the six states that lack a "mandatory seller's property condition disclosure" (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state's licensing agency may require real estate agents to tell buyers what they know.  In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.

But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made.  you should always make your purchase contract contingent on a professional home inspection ($300 to $350).  Home inspectors could miss hidden problems, however, such as a basement floods during a downpour.

The list of red flags, recommended by Kathleen Kuhn, president of HouseMaster, a nationally franchised home-inspection company, and Bill Richardson, president of the American Society of Home Inspectors, can help you identify potentially pricey problems.  You can use your observations to winnow your choices or to factor in condition when you negotiate price with the seller.

Poor water pressure.  Aside from issues of comfort and convenience, low water flow may indicate plumbing problems, such as corroded pipes that will need to be replaced down the road.  Tearing out old plumbing and replacing it with copper pipes can run $2,000 to $15,000 or more in a typical 1,500-square-foot home.  A less costly alternative is cross-linked polyethylene (PEX) piping, which unlike rigid copper piping, is flexible and easier to install (apporved for potable use in all U.S. model plumbing and mechanical codes, but may not be approved in local building codes).

Among tests you can do: Run water in a bathroom sink and check for weak flow.  Flush the toilet while the water is running.  Does the faucet flow drop off during the flush?  In the bathroom located farthest from the water heater, turn on the hot water.  Is there an unduly long delay before the water turns hot?

Ceiling stains.  Something's leaking.  If the stain appears beneath a bathroom, odds are the shower is leaking.  It may merely need recaulking or regrouting, but it could also require ripping out tile and replacing the shower pan, a much more costly process (about $1,500).  Most roof leaks result from neglected flashing that seals "valleys" in the roof or around a chimney or vents (cost to repair: $200 to $500).  But roof leaks may also mean it's time to replace shingles -- at $100 to $350 per 100 square feet for asphalt shingles and $210 to $1,000 for wood shingles.

Troublesome doors.  Are the doors hard to close?  Do they swing open by themselves or fail to open fully?  If you have one bad door, it may simply have been installed incorrectly.  But more than one may indicate a serious structual issue, such as a foundation that has settled or framing that is deteriorating.  Fixing this problem can require structual and geotechnical engineering reports and thousands of dollars in repairs.

Overloaded electrical outlets or lots of extension cords.  Today's electrical demands may exceed the capacity of homes built as little as a decade ago, says Kuhn.  You'll spend $75 to $250 to have an electician add a 120-volt outlet to an existing circuit.  Or, if the electrical system is very outdated, it may require a new electric panel.  A new, 100-amp panel will cost $1,500 to $2,500.

Exterior features that slope towards the home.  A porch, patio, driveway or grading that slopes toward the home all but gurantees water in the basement.  And that may lead to structual decay, mold and insect infestation.  In the basement, a musty smell may indicate previous flooding or ongoing moisture problems.  Check the walls for stains, dark or light, which are tell-tale signs that water has penetrated the walls.

Solving the problem may be as simple and cheap as adding gutter extensions or regrading soil away from the home, or it could require thousands of dollars to excavate and build drains.  Some homes may require exterior drains (one at the bottom of a sloped driveway, for example) as well as buried drains.

Odors.  Cigarette smoke and pet odors can be hard to get rid of.  And if a home smells too clean-- heavy with the scent of cleaning products (especially bleach) or plug-in deodorizers-- the seller may be trying to cover up an odor, such as mold or urine.  If so, you need to inquire further, says Richardson, of the American Society of Home Inspectors.

Synthetic stucco siding.  This must be installed precisely or else moisture will be trapped behind it, resulting in mold and decay.  In the worst case, the siding will have to be replaced.  For a medium-sized house (1,250 square feet or exterior surface area), replacing vinyl siding can cost $2,500 to $8,750. while wood or fiber cement siding can cost $5,600 to $10,000 or more.  Especially in humid climates, you may want to pay for a special inspection.  HouseMaster charges $600 and up, depending on how much of the material has been used and the size of the house. 

If you find out before you close your purcahse that the seller deliberately misrepresented or failed to fully disclose the home's condition, you may have the right to rescind the contract under state law.  If it's a done deal, you'll probably have to sue the seller to recoup your damages.  In some states you can also seek repayment of your legal costs.  Consult with a lawyer who specializes in real estate fraud.  If you have reason to believe that the seller's agent was negligent, you can take it up with the local Board of Realtors (www.nar.com, click on "local and state associations") and the state's licensing agency (to find yours, visit the web site of the Association of Real Estate License Law Officials).

Metz, Pat. "7 Red Flags for Home Buyers." Yahoo! Real Estate. Yahoo! Real Estate. Kiplinger's Personal Finance, 7 Dec. 2009. Web. 8 Dec. 2009. <http://realesate.yahoo.com>.