Redding Real Estate » Real Estate Q & A

Redding Distress Property Stats

Clint & Mindy — Thu, 09 Dec 2010 16:30:14 +0000

Click Here for the most recent statistics breaking down the part that distress sales (REO’s/REPO’s and Short Sales) are playing in our local real estate market. Based on the numbers from the Shasta MLS Database and its historical sales, distress sales make up 50.8% of the sold market so far this year which is up from 45.2% at the end of 2009. Of those sold so far this year, 803 of them were REO’s/REPO’s and another 163 were short sales. Of homes currently “pending” or in escrow distress sales total 62.6%, with 143 homes being REO’s/REPO’s and another 121 being short sales.

If you are thinking of buying or selling a distress property we’d love to assist you! Or, for more information on the local Redding real estate market call Clint or Mindy Cronic at Next Generation Real Estate Services (530) 227-0345 or visit us online at www.sellingredding.com. DRE License #s 01314114/01458166.

CLICK HERE to search the entire MLS database for properties!

Distressed Homeowner Video #2

Clint & Mindy — Tue, 25 May 2010 22:45:15 +0000

The Redding real estate market has seen its share of distressed properties. We’re continuing our effort to share some great helpful videos provided by makehomeaffordable.gov that provide help for distressed homeowners. This is the second video in our series. This video pertains to Avoiding Foreclosure Scams where a party claims that they will work on your behalf to either modify an existing loan or help sell your home for a fee. These are fraudulent companies and all of these services are provided FREE of charge from government-affiliated agencies.

VIEW VIDEO #1: Your Graceful Exit, Knowing When To Sell

If you have any questions or need assistance talking with your bank we are here to help! We know what to ask the bank to determine if you qualify for other programs and can assist you with a short sale as we have help others in the past.

Clint and Mindy Cronic

Next Generation Real Estate Services

Redding Foreclosure Website

Our Real Estate Website

Phone: 530.227.0345

Email: contactus@sellingredding.com

DRE License #01314114/01458166

Distressed Homeowner Video #1

Clint & Mindy — Mon, 24 May 2010 22:45:13 +0000

The Redding real estate market has seen its share of distressed properties. The “Making Home Affordable” program that the US government launched in 2009 is a great resource for homeowners that are experiencing hardships due to current economic conditions. We’ve seen this a lot in the Redding and surrounding areas and are working to use this information to help educate homeowners that there are other options besides foreclosure. Often times lenders are willing to work with homeowners as the foreclosure process is expensive for the bank as well as the homeowner. They may be willing to do a loan modification or even participate in a short sale (sell the home for less money than what is owed on your current loan) or do a “deed in lieu of foreclosure”.

Video #1 in a series:

Clint and Mindy Cronic

Next Generation Real Estate Services

Redding Foreclosure Website

Our Real Estate Website

Phone: 530.227.0345

Email: contactus@sellingredding.com

DRE License #01314114/01458166

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Distress Sale Debt Forgiveness?

Clint & Mindy — Wed, 14 Apr 2010 17:45:14 +0000

On Monday, the California Legislature passed SB 401 (Wolk), a measure providing tax relief on mortgage debt forgiven in a short sale. Governor Schwarzenegger is expected to sign the measure once it reaches his desk. Previously, California homeowners were exempt from owing federal taxes on the forgiven mortgage debt, but still were required to pay California taxes on the so-called “phantom income.” This bill now aligns the state’s tax code with that of the federal government, and, if the governor signs it, will become law in time for people to take advantage of it by the April 15 deadline for filing tax returns.

We’ll keep you posted as we learn more about the passing of this exemption!

Clint and Mindy Cronic, Next Generation Real Estate Services, DRE License #01314114 & 01458166

Phone: 530.227.0345 Email: contactus@sellingredding.com

Web: www.ReddingBlogs.com and www.SellingRedding.com

To Home Warranty or Not???

Clint & Mindy — Sun, 14 Mar 2010 06:45:31 +0000

TO HOME WARRANTY OR NOT?

In today’s strained economy homebuyers are looking for ways to save money when it comes to their real estate transaction. While it may seem as if purchasing a Home Warranty may be a “luxury” for your real estate purchase, it is more like insurance against many costly repairs that could be needed upon you moving into that new home. Some great things to know about a home warranty:

While not everything in your home can be covered, A home warranty is essentially a service contact that covers the repair or replacement of the most frequently occurring breakdowns of home system components and appliances. When a covered item breaks down (ie appliance, plumbing, etc.), you will call an 800 number (available 24 hours per day, 7 days per week) to initiate a service request. The company will then contact one of their local approved and insured contractors to schedule a time for that specialist to diagnose the problem. There is generally a small service call fee that you give to the contractor when they arrive to diagnose the problem (usually under $50). The contractor will then repair or replace the part and you will not have to pay for any further services related to the call unless the part is not covered by the warranty. Be sure to discuss the possible uncovered components of the broken part with the warranty company before you initiate the repair so you won’t be surprised if a component is not covered.

So…how much does a home warranty cost and who pays for it? A one-year warranty usually costs between $350.00 and $550.00 depending upon the additional coverage you may need (ie septic, well, pool, etc.) and can be renewed annually for slightly more. Should you get a home warranty? That really depends upon you. If purchasing a home that hasn’t been lived in for a while or is in need of repair, as a Realtor I say it is essential. You never know what unexpected suprises you will get upon moving in. If buying an REO or probate it is also essential as the sellers are exempt from disclosing many material facts about the property that a typical owner might know since they haven’t actually lived on the property and don’t know what works or doesn’t. What I would ask you to weigh out is whether one of the biggest purchases of your life is worth spending under $550.00 to protect it during the first year…

Redding Real Estate Market 6/21/09

Clint & Mindy — Sun, 14 Mar 2010 06:45:31 +0000

Residential Listings: There are currently 1,538 (down from 1,547 last week and 1,555 two weeks ago) and another 497 (up from 490 last week and 469 one month ago). So far this year there have been 801 sold listings in the MLS database and in June so far there have been 100 sold listings recorded. Home sales trends for the last couple of months inclue 198 homes sold in May and 142 homes sold in April

Historical Data for Closed (Sold) MLS Listings in Shasta County:

Overall statistic for the year 2007: there were 2,140 listings that sold (closed escrow) and were recorded in the MLS database.

Overall statistic for the year 2008: there were 1,942 listings that sold (closed escrow) and were recorded in the MLS database.

Visit http://www.sellingredding.com/idx.htm to search the entire Shasta MLS Database

Contact Clint and Mindy Cronic at Real Estate Professionals, GMAC today at 530.227.0345 for more information on how our aggressive marketing strategy can SELL your home or visit our website, www.sellingredding.com to search the entire MLS database for your next new home!

If you are buying a home we’d love to help you find the home of your dreams. Whether you are buying in 2 days or 2 years we can help you from relocation information, school data or neighborhood demographics to loan prequalification, previewing homes or sending virtual tours!

Is a Garage Sale in Your Future?

Clint & Mindy — Sun, 14 Mar 2010 06:45:31 +0000

Well its that time of year again…driving around this weekend it appeared that there was a garage sale on every corner. If you are thinking of hosting one soon, click here to see a video on how to make sure that YOUR garage sale is the first one people will want to go to! You’ll learn about everything from advertising to “Staging” your sale and items for maximum return! Oh, and don’t forget to post it on www.craigslist.org as that is a great free place to advertise your sale!

First Impressions DO COUNT in Real Estate!

Clint & Mindy — Sun, 14 Mar 2010 06:45:30 +0000

The latest craze in real estate as most know is to complete DIY projects, saving time and money for the homeowner. This is true in many instances but follow a couple rules: take your time and don’t cut corners and decorate for the masses if you are planning to sell anytime soon. What I mean by “decorate for the masses” is to create an environment with paint colors and materials that almost anyone could bring their existing furniture into and live.

What we are seeing now with many homes on the market in our area is a need for buyers to get the best “perceived value”. They may look at 20 homes and find one home over the rest that has been staged to sell (doesn’t have to be by a professional “stager”) but appears as if the current owners have meticulously maintained the home. Walking into a home with a clean front porch, clean eaves, mowed lawn and a couple live potted plants feels inviting to potential buyers whereas overgrown grass, broken-down cars and dead plants can be a warning sign of an improperly maintained home. Here is a quick sample of what I mean…

Unstaged/cluttered homes might detract buyers

Clean and fresh homes attract buyers to see more!

What exactly is a Short Sale?

Clint & Mindy — Sun, 14 Mar 2010 06:45:16 +0000

I just wanted to take a moment to discuss a SHORT SALE as many people that we encounter in the Redding area have no clue what it actually means.

A “short sale” is when someone who owns a home (financed by a bank) is allowed to sell the home for less than the current amount owed on the property. The bank needs to approve the amount of payoff that is “short” of the amount that is owed to them and this is where the name “short sale” comes from.

The misconception is that ANYONE can do a short sale just because the home is worth less than they paid for it. This is very untrue and Realtors should be discussing this with potential homeowners looking to do a short sale on their home. Banks now are reviewing possible short sale homes to determine if the seller actually qualifies to sell the home short.

So how can a home and the seller “qualify” for a short sale? Each bank varies. This being said, the general rule is that the seller needs to show a “hardship” through a letter in which they disclose their situation that has led them to HAVE to sell the home now instead of waiting out the market. Some hardships include loss of job or medical problems and the seller should present actual proof of the hardship with the Short Sale package. In addition to a hardship, some banks are reviewing the original loan package from when the buyer purchased the home to ensure they didn’t exaggerate their income/decrease expenses when they originally purchased (which is actually lender fraud and some areas considered “grand theft”). You should also be prepared to provide past tax documents and statements of current income/expenses to support your need to sell now.

For more information on Short Sales contact Clint and Mindy Cronic – The Cronic Group of Real Estate Professionals GMAC at 530.227.0345 or via email at contactus@sellingredding.com or on the web at www.sellingredding.com or www.reddingblogs.com/reddingrealestate

5 Things To Do Before Marketing Your Home

Clint & Mindy — Sun, 14 Mar 2010 06:45:16 +0000

5 Things to do Before Putting Your Home on the Market

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?