Bob & Sandee

REALTOR - CONSULTANTS

Consistently ranked in the top 10% in Shasta County Real Estate sales Bob & Sandee Sparks are Full Time, Full Service Realtors who have built a successful Real Estate business by providing clients with the highest level of service-PREMIER SERVICE. "We feel truly fortunate to serve an ever more diverse community of intelligent and caring clients and look forward to the opportunity to be of service to you."

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How To: A Short Sale Guide

Short Sales, The Art of Selling
July 3rd, 2009

redding-first-time-buyer-loans

Short Sales are on the rise in our real estate market for a variety of reasons. Many home owners purchased homes with adjustable rate mortgages and with the downturn in the economy have been unable to continue making payments and are unable to work out loan modifications with the mortgage holder. In addition to rising house payments many home owners have been impacted by unplanned for events such as job loss or transfer, divorce or illness resulting in the inability of the borrower to continue making house payments.
Not only is the prospect of losing a home financially troubling it can be an emotionally difficult period as well. No one purchases a home with the thought that a few years later they will lose their home and investment. When events transpire that cause the homeowner to be unable to continue to make payments on their mortgage it is not uncommon for them to feel some sense of remorse or failure. Because this event is personal in nature some find it difficult to discuss the situation with others and are reluctant to seek assistance. Because the short sale process can be very complicated some home owners just walk away from the home or simply wait for the foreclosure process to occur. More pro-active homeowners may decide that a short sale is the right decision for their situation but may be unsure on how to proceed. If you find yourself in this situation there are a couple things to keep in mind.
 
  • Your neighbors need not know that your home for sale is a short sale. The home is marketed much the same as any other home for sale and all references to it being a short sale are in the private remarks section of the listing and only shared with real estate professionals and buyers interested in purchasing your home.
  • There is no cost to the home owner to use the professional services of a Realtor to assist with the short sale process.
  • A successful short sale will avoid the neighborhood trauma of foreclosure and blight and be a much healthier solution for your neighbors quality of life and property values.
  • Not all Realtors have the experience or knowledge to successfully assist you through the short sale process.
  • Your Realtor should be able to assist you with all the forms and documents required for a short sale, handle bank negotiations, understand how to complete an accurate BPO showing true market value and develop a pricing strategy that results not just in generating a buyer purchase offer but in a purchase offer that is acceptable to the mortgage holder (lender). 
If you are ready to get started on the short sale process you should be prepared to spend some time putting together the short sale package (we can e-mail you all forms). Here is the basic list from start to finish.
 

1. Authorization to Release Information to Agent. This will allow your Agent to talk with the lender on your behalf.

2. Handwritten hardship letter showing compelling need to sell.

3. Short Sale Listing Agreement.

4. BPO of comparable sales from Listing Agent.

5. Last 2 years W2 Forms all borrowers.

6. Last two years tax returns all borrowers.

7. Last two months bank statements all borrowers.

8. Last two pay stubs all borrowers.

9. Borrowers financial statement. Be sure to accurately list all expenses, as unaccounted discretionary income can be an issue with lender.

10.Detailed estimate for any repairs needed.

11.Fully ratified Purchase Agreement.

11.HUD 1 statement or NET Sheet showing the lender what their NET figure will be and any other expenses owed on the property.

Feel free to contact us for additional information or to get started on the process of selling your home. Our short sale team has a proven track record of success and we look forward to being of service.    
 

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Shasta MLS-Create Your Custom Search

First Time Buyers
June 26th, 2009

shasta-mls-searchIt should come as no surprise to anyone reading this that the Internet has become the indispensable source for real estate listings and information. Most Homebuyers and Real Estate Professionals go online to research available real estate for sale. All MLS systems (Multiple Listing Service) including our local Shasta MLS system (FlexMLS) are web based systems that allow for real time searches of real estate for sale in their area. ( Shasta County as well as parts of Tehama, Siskiyou and Trinity County in our case). All agents belonging to the Shasta MLS are able to provide access to all homes for sale on the Shasta MLS via their personal websites. You might think that which Shasta MLS agent site you choose to access the Shasta County Multiple Listing Service will offer you the same features and listing search tools. Listings? Yes. You will see the same listings on any agents public Shasta MLS viewer. Search and Save Features are a different story. On most agents MLS viewers you can browse listings but you have to keep a notepad handy to make lists of the homes that interest you. Going back and finding the same listings later can be a real hassle and requires re-entering all the information. Because of this FlexMLS offers an optional upgraded MLS search that allows you to create your personal password protected Shasta MLS search with save to listing cart and multiple search features. This is very handy when you are looking at listings on a daily basis and want to keep track of your favorites. The opening image of the search includes all listings on the Shasta MLS. Use the search refining options on the page to narrow search to your personal preferences. In this way you can stay on top of all homes for sale that might work for you. You can give it a try here. If you need assistance please don’t hesitate to ask. Happy House Hunting!

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Marketfest 2009 Kicks Off Tonight

About Redding
June 25th, 2009

kidnnic1

June 25 kicks off the 2009 Marketfest season in Redding. Held every Thursday evening in Library Park behind the Lorenz Hotel at Placer and California Street just two blocks east of our office located at Court and Placer. Marketfest events have become one of the big Redding social events and feature live music, food and beverage vendors and a farmers market all located under giant mister fans to keep things cool. Tonights music is Kid-N-Nic, a jump-swing band. They opened for Big Bad Voodoo Daddy at  the Cascade a couple of years ago and put on a good show. Each week an eclectic mix of performers are featured and its always a good time.
Those in the know also look forward  to the  “afterfest” events to be found at local westside venues like Vintage and The Post Office who bring in live music to attract the post Marketfest crowds.   

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Time now an issue on $8,000 tax credit for First Time Homebuyers.

First Time Buyers
June 22nd, 2009

time-running-outWith Summer just getting underway it may be hard to imagine that we are getting close to the deadline for taking advantage of the $8,000 federal First Time Homebuyer tax credit. Sounds crazy but lets break it down. Lets start at the finish. Our deadline for tax credit is Dec. 1,2009. As the lender underwriting is moving very slow these days we better count on 60 days for escrow process from start to finish. That means we will need to to find a home that works for you and get it in escrow no later than Sept 30th. With that in mind the only “shopping” time to find your next home is what little time we have left of June, July, August and September. As more and more first time homebuyers realize this the competition for the best houses will undoubtedly increase. My recommendation? Don’t wait too long and be forced to choose between home shopping under pressure or potentially missing out on the $8,000 tax credit.

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REO REPORT

Buying REO Homes, First Time Buyers
June 19th, 2009

redding-foreclosure-listings  REO REPORT - Over 100 foreclosure listings on the Shasta MLS. First Time Home Buyers may qualify for a $2,500 grant at close of escrow. Thats in addition to the $8,000 First Time Homebuyer Tax Credit. You can view details, photos, maps, satellite imagery and other details using this listing cart. You can also save your favorite listings and create your personal password protected MLS portal so you can login to the Shasta MLS from your computer. This link will be good until 7/31/2009. Contact Us for an updated list.

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USDA 100% Financing - Property Map and Income Guidelines

First Time Buyers
June 18th, 2009

First Time Homebuyers who qualify as low income under USDA income guidelines are eligible for 100% financing using USDA Rural Development loan program. You can use the Search Property Eligibility page to find  homes for sale in Shasta County that are located in USDA approved areas.

 Quite a bit of Real Estate in Shasta County is located in USDA approved areas and some great values can be found in today’s market. Combine 100% financing with current low real estate prices and the $8,000 First Time Homebuyer Tax Credit and make the affordable move to home ownership. Call or e-mail to get started.

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City of Redding Homebuyer Program-New DAP Details, REO Incentive

First Time Buyers
June 17th, 2009

The City of Redding DAP or Down Payment Assistance Program for First Time Home Buyers has had some recent changes with a couple of really exciting options being rolled out. For one thing, it’s no longer called DAP. The new name for the First Time Home Buyer program is “The City of Redding Homebuyer Program”. Income and loan guidelines have been modified from previous DAP program but still very similar. 

We are really excited about the new Homebuyer Incentive Program (HIP) that targets Bank Owned REO properties being purchased by First Time Home Buyers. The HIP program starts July 1st and consists of a $2,500 grant to be used in conjunction with the Homebuyer Program loan. As so many of the First Time Buyers we work with are purchasing REO properties we see this as a huge benefit!

Combine the City of Redding Homebuyer Program with the Homebuyer Incentive Program grant and the $8,000 First Time Buyer federal tax credit and you have a win-win-win situation for First Time Buyers. 

View COR HOMEBUYER PROGRAM DETAILS  

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IRS Form 5405-The 8k First-Time Buyer Tax Credit

First Time Buyers
June 10th, 2009

For your convenience we have placed a link to IRS tax form 5405  “First-Time Homebuyer Credit” in the links section at the left margin of www.FirstShasta.com. First Time Buyers can use this form to claim the $8,000 First-Time Homebuyer tax Credit. There is still time to take advantage of this unprecedented opportunity but you must close escrow prior to Dec. 1, 2009 so no time to mess around. Now you can use the $8,000 First-Time Homebuyer Credit towards down payment and unlike last years incentive there is no repay to the IRS required.
Interest rates are still low but there is some upward pressure so our recommendation is start shopping now. It’s taking lenders quite a bit longer to close escrows and many are closing late. Wouldn’t it be terrible to close on Dec 2 and lose 8 grand? Don’t let it happen to you. Call us today and we will be happy to help you get started on your way towards home ownership.  

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First Time Buyers can use 8k tax credit for down payment

First Time Buyers, Random Thoughts
June 2nd, 2009

Great news for First Time Home Buyers. You can now use the $8,000 tax credit towards your home purchase!   ”Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Read entire HUD news release

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HUD taking steps to make $8,000 tax credit available for down payments

First Time Buyers
May 13th, 2009

HUD taking steps to make $8,000 tax credit available for down payments.
 
HUD Secretary Shaun Donovan announced Obama Administration plans to further housing recovery by offering bridge loans so that the $8,000 first time buyer tax credit can be used for down payment.  
 
And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the “monetization” of the first-time homebuyer tax credit will soon be published. I know that you’ve been waiting anxiously to hear FHA’s position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to “monetize” the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly. ”  Read Complete Text

Ready to get started? Search the MLS for available homes. Create your custom home search.    
 
 
 

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PREMIER SERVICE® is the focus of Real Estate Professionals/GMAC. We are located in Redding, CA (at the North end of the Sacramento River Valley) in the midst of river, lake, ranch and mountain terrain.

Our Customer Satisfaction Rating, based on an independent survey, exceeds 97%. This is reflected in our 2008 "QUIE" Award recognizing the TOP 10 REAL ESTATE COMPANIES in NORTH AMERICA! REP/GMAC in #2.

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