Sandy Vickrey's Winters, CA Blog

Well, it has been about 3 weeks now since the Bank of America sent and appraiser out to look at the property and we haven’t heard a word since.  I actually called them last week to be sure they got it and didn’t lose the appraisal.    Strange things have happened like that in the past.    So here we sit and wait.  In the mean time the two halfs of the duplex are both vacant and my owner has no income there.  Should we fill them or leave them vacant for the new owner?  That is s tough one.  Just dont’ understand why it is taking so long for the bank to get back to us.  Shouldn’t be that hard to look at an appraisal and see whether or not you approve it.  I’ll keep you posted.

Dave in my office has a great new listing on Main Street.   This house is located in the core area of town and has single siding like a Bungalow.  It has 2 bedrooms and one bath and a small basement.  It has been remodeled and updated over the past few years but the current owner and the previous owner.  If you are looking for  a cutie in the old downtown area this could be the home for you.  Let me know if you want to take a look? 

PS Are you freezing?  I sure am.

According to the Federal Guidelines you need to be “in contract” by Friday April 30 in order to get the $8000. tax credit for first time home buyers.  Since there has hardly been any inventory in the past 5 months not enough people are going to be able to take advantage of this in my opinion.  There is a wonderful new listing on Dorset CT for $208,000 if anyone wants to make a run for it in the next two days.    The California tax credit is in effect until it runs out of money.    My accountant told me many of the young people in his office took advantage of the Federal Tax Credit this year.  Good Luck!

Last week we had not one, but two new listings come on the market.  The first one is at 1006 Suffolk Pl and is a little over 1200 square feet.  It is a 3/2 which needs some work.  Unfortunately, is smells of cat pee.  The really cool thing is that it backs up to Dry Creek so it  has no rear neighbor and has a great view of the foothills.  The other new listing popped up Saturday morning.  It is located at 304 Edwards St.  It has three bedrooms downstairs and two bedrooms upstairs.   It is a quaint older house that has been added on to and has 2 HVAC systems.  Let me know if you are interested in taking a look at either one of them.  Have a great week, Youth Day is next Saturday, don’t miss the parade and fun at the park.

Below is a quote from an article in the San Francisco Chronicle about the new home buyers tax credit.  It seems that the verdict is still out as to whether or not this applies to current escrows are only those who go into contract May 1, 2010 or later.  I tried several times yesterday to call the California Association of Realtors attorneys for clarification on this and the lines were always busy.  Then I resolved myself to call our local Assocation of Realtors and was just referred to another website with no answer.  As you can see from the link below it looks like everyone is waiting word from the Franchise Tax Board.  Wouldn’t you think they could write a bill  specifically states this such and the current federal rule states.  Too bad there is so much confusion.  Looks like we are “still waiting”.  I need to know so I can advise my clients as some of them might be better off closing in May instead of April.   

“First come-first served eligible taxpayers must close escrow between May 1, 2010 and Dec. 31, 2010, or after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010.

Watch for clarifications from the states Franchise Tax Board“

The following is an article that came to me via First American Title.  Always want to give credit where credit is due.  The one question everyone has is ” does this apply only to those people who go into contract after the Federal Tax Credit goes away on April 30, 2010?  In other words, non “double dipping”.  I need to call the CAR attorneys on this one as a lot of people are confused.  Anyway you look at it, it  is a good thing but the time constraint here is “when the money runs out”, not the dates.  Very important to remember, ie act quickly. 

Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians. The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m. The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period. According to the governor’s office, the initial $100m tax credit approved in February 2009 lasted just four months

A lot of REO (foreclosure) agents told me that we would see a “flood” of new listings come on the market the first part of this year.   Well, we are almost done with the first quarter and April 30, 2010 is fast approaching and there arent’ any listings.  Why is that date important?  Well, in order to get the first time home buyer tax credit of $8000 you have to be in contract by April 30 and then close by June 30, 2010.  If there aren’t any listings then people can’t buy and therefore, can’t get the tax credit.    Since Bank of America and Wells Fargo Bank control/own the majority of the  foreclosed homes you gotta wonder why they aren’t putting them on the market.    Is there some conspiracy going on here?  No listings, no sales, no tax credit, saves the government a lot of money?  I wish I knew but food for thought for sure.  So the next BIG question is, will the government extend the credit once again?  I sure hope so.

Well, we finally have a new listing to show our clients!  There a new listing at 313 Creekside that has a granny flat over the garage.  The City ordinance states that the owner has to live in one or the other, so an investor can’t buy a “duplex”.    The home is listed at $259,900 and 3 bedrooms and 2 baths.  This is a popular neighborhood due to the fact that there is access to the trail that runs along Putah Creek and is close to the downtown area.  Come and take a look.

Well, let’s start with the knee.  We have just completed week one.  John still hurts and can’t understand why he has to do his exercises.  Told him if he  doesn’t, he won’t get his mobility back.  Bitch. 

On the real estate front, Dave and I finally sold 309 Edwards Street!  We put this puppy pending last August.   Think this is my longest career escrow!  Sure hope so.  The property was a 3/2 manufactured home.  The key word here is "manufactured".  That kind of home has its own set of lending rules.  We all learned more that we ever want to know about manufactured home on this one.  I am so happy for both the Buyer and the Sellers to finally get this done.  I want to thank them both for hanging in there on this one!  Did I mention the sales price was $114k?  Simply amazing as Huell Houser would say.

Finally, we have a new listing in the office!  Yeah!  It is a nice 4/2 single story in the new subdivision across from St. Anthony’s center.  I can hardly wait to show it.  I really like this floor plan.  List price is $274+-.  Shouldn’t last long.  

I have a wonderful new listing out in the country.  Positas Road is on the West side of town just past Pleasants Valley Road.    It is up on a hill and has wonderful views of the foothills.  The house has 3 bedrooms and 2 baths with a large two car garage.  This home has lots possibilities.  Call me  today and make an appointment to see it before it is gone.