Well 2011 wrapped up with a BIG BANG! I had 5 closings in the month of Dec and one of those was a short sale I have been working on since June! One of my agents had 4 short sales approved in 2 days starting Dec 19! Guess the banks finally want to get some of these off of their books. I still need an offer 210 Lenis before it goes to foreclosure. We had bank approval and then the buyer walked. We could make a great deal! From the things I have read, the predictions are that 2012 will be a great year for real estate. I have also read that investors will be a big part of this year’s market. I have seen some incredible deals, hope next year one of these can be yours!
After three months in escrow on this short sale the buyers have walked! Guess they couldn’t sell their home so decided to stay put. Anyway, that makes this an amazing opportunity for someone. It is hard to find a nice single story with over 1600 square feet. The home was built in 2003 and has new granite counters in the kitchen. Very neat and clean, call me to take a look. We just got approval on the first so should move relativley quickly. Let’s hope so anyway!
I can’t believe I am still writing about this transaction! The last post was in November and yes it is still in escrow. This month, June, marks the 12th month we have been working on it! Unbelievable. Bank of America got it approved back the end of March and then they sent it to HAFA. That has been an experience. They couldn’t find the appraisal that Bank of America had just done and OH NO they couldn’t ask Bank of America to resend it. Sooo, it took SIX weeks to get another appraiser out here and then over 3 weeks to get the appraisal. If I had not called them to keep them on top of this I have no idea what would have happened. Anyway, we finally got final approval last Monday and are now waiting for loan docs for the buyer. It should finally close at the end of the month. Amen!
The owner of this property is very motivated to get this house sold by the end of the year. Yes, I know it is a little messy looking on the outside. The tenants are in the process of moving out and it is taking some time. However, it is now easy to show and less crowded in there with most of their things are gone. This is a good time to buy a house so come and take a look at a cute, remodeled Bungalow in downtown Winters. Let’s make a deal!
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