Certified Move In Ready
First Time Buyers, Land and Homes
April 17th, 2010
In order to get our designation “Certified Move In Ready” the sellers on this home agreed to conduct the home and pest inspections and make any needed repairs prior to putting the home on the market. In doing so we hope to remove some of the anxiety buyers often feel when purchasing a new existing home.
The sellers of this home are the original owners and have cared for the home so well that it was an ideal candidate for the Certified Move In Ready designation. With so many homes on the market being sold “As-Is” it is refreshing to offer a home that is in true turn key condition.
At 1900 square feet of living space with 3 bedrooms, 2 1/2 baths with a split floorplan, large master suite and formal living room the home has an appealing comfortable feel. The very private back patio area looks over a greenbelt and the yards are the envy of the neighborhood.
Why risk getting in escrow on a money pit? With just days left before the homebuyer tax credit is set to expire a Certified Move In Ready home makes perfect sense.
Sphere: Related ContentThis is No Fish Story! Home on 160 Acres Under $150k
Land and Homes
March 27th, 2010
Fish Story – “An exaggerated or boastful story; a tall tale” , you might think this listing must fit that description. After all, who would think it possible that you could own a home on over 160 acres of game filled land with a year around trout stream on the property for under $150,000. Add in the proximity to a sizable lake for fishing, boating or skiing as well as being close to all services on a maintained paved road just 30 minutes west of Redding and it’s almost too much to believe, but it’s true. As if that’s not enough this property is comprised of two legal parcels with the home on 89.5 acres and included in the sale is a separate legal parcel of 77.9 Acres. Both pieces have a property line that extends to the center of Clear Creek in the French Gulch area and can be accessed from Trinity Mountain Road.
Based on the number of phone calls and emails I am getting on this property I don’t anticipate it being for sale long. It’s my most popular 160 Acre fishing property since the one located west of Red Bluff outside of Platina that I sold for $250,000 in just 5 minutes (I know what you’re thinking- Fish Story!, but again, true) Here is a look at that property.
Far Northern California is perhaps the only remaining parts of our great state that large tracts of land can still be purchased at prices that will have your friends thinking “Fish Story!’
Guide Services Available, call for an appointment.
Sphere: Related ContentLimited Time – Over $650 off House Payments
First Time Buyers
March 11th, 2010
Imagine getting a discount of over $650 a month off your house payment for a full year. Thats over half the house payment on a typical FHA purchase of a $175,000 home!
You’re probably asking “where do I sign up?”. Well, right here. First time buyers who put a home in escrow by April 30, 2010 and close escrow by June 30, 2010 are eligible for this great program. As you may have guessed by now, I’m talking about the $8,000 tax credit being offered to first time buyers. Do the math, $8,000 divided by 12 works out to just about $667. That’s $667 that you can use for an entire year towards your house payments.
There are plenty of reasons that now is the time to buy. This is the reason that RIGHT now is the time to buy. In order to help you keep track of days left to take advantage I put a countdown calendar on the right side of this page. You’re on the clock, call me to get started.
Sphere: Related ContentCensus Tract Search
Buying REO Homes, First Time Buyers
March 10th, 2010
I just added a link labeled Census Search to my online real estate guide. It’s a great tool for determining the census tract of REO homes for sale as is required by the C4HAP (NSP) guidelines. The search also shows school districts, Congressional and State Legislative districts and has a handy mapping feature.
The link is located on the left sidebar just below slide show of homes. Use it with the REO Homes search for C4HAP or just to get more information on any home for sale.
Sphere: Related ContentNorCal – John Frank Memorial Run
Random Thoughts, Run-Bike-Hike
February 28th, 2010
Next weekend the NorCal – John Frank Memorial Run is taking place in Redding. Runners from all over the region will be taking part in the 1, 3 and 10 mile races on March 6th starting from the pavillion area of Lake Redding Park at the Diestelhorst Bridge. From the 1 mile Grade School Challenge, 3 mile fun run to the 10 mile PA/USATF Road Championship there is something for every level of runner to enjoy.
The event is hosted by SWEAT, a great group of local running enthusiasts who go to great lengths to share their love of running with the Redding community. SWEAT hosts open to anyone fun runs throughout the year including the Frosty Fun Runs and Sunset Run Through the Trees where you can meet up with a fun bunch of locals and get some exercise. You don’t need to be a competitive runner to have a good time at these events either. From runners to jog/walkers everyone gets to share in a positive experience in a supportive and communal environment.
If you’re interested in participating in the NorCal – John Frank Memorial Run you can register at Fleet Feet on Hilltop through the 5th and on race day at the event from 7 to 9:30 am.
Sphere: Related ContentDetails and Mapping for Redding Neighborhood Stabilazation Program (aka C4-HAP)
Buying REO Homes, First Time Buyers
February 15th, 2010
The City of Redding is referring to the C4-HAP program as the Neighborhood Stabilization Program (NSP). Here is a link to online mapping service to determine if an REO property is located in an approved census tract. City of Redding tracts are; 101-1, 101-2, 103-1, 103-2, 106-1, 106-2, 106-3, 107.01-1, 107.01-2, 107.01-3, 108.01-1, 108.01-2, 108.01-3, 108.02-1, 108-02-2, 108.02-3, 110-1, 110-2, 110-3, 110-5, 110-6, 113-1, 113-2, 113-3, 113-4, 114-1,118.01-1, 118.01-2, 118.01-3 and 118-1.
A few more details;
- Home must be bank owned
- Maximum C4-HAP loan-up to 40% of purchase price, max $65k
- C4-HAP Loan – 30 year, 0% interest, forgiven over 5 years.
- Occupancy – Must be used as primary residence.
- Max Purchase Price – $190,000
- Anti-Displacement – Home must be vacant at time offer made.
- Appraised Value – Purchase price must be 1% below appraised value based on an appraisal through Shasta County (No cost to applicant)
- Eligible Homebuyer – Applicant can’t be on title to any real property as of the date of eligibility determination.
- Primary Loan – Must be a 30 year fixed rate, impound account mortgage.
- Credit History – All collections and judgements must be paid prior to close of escrow.
- Homebuyer Class – 8 hour homebuyer class mandatory prior to close of escrow.
- Housing Expense Ratio - Total mortgage payment must be at least 26% of applicants monthly gross income.
- Long-term Debt Ratio – Total mortgage payment combined with all other long term debt payments cannot exceed 49% of applicants monthly gross income.
- Condition of Home – Must be inspected by Housing Program staff, must meet HQS standards and applicable building codes, all repairs must be completed prior to close of escrow, section 1 pest clearance required, some lead based paint requirements on pre- 1978 homes.
Update on C4-HAP Process
Buying REO Homes, First Time Buyers
February 11th, 2010
In my last post regarding C4-Hap I expressed my concern that requiring a valuation by County appraiser prior to submitting purchase offer would cause an unacceptable delay resulting in lost opportunities for buyers. Sounds like the powers that be ultimately came to the same conclusion. Here is an email I received that updates process;
Here is the process:
1) C4HAP applicant receives an eligibility letter
2) They find a house
3) The realtor makes an offer with language that the purchase price shall be contingent on the appraised value of the property. Per the regulations, the purchase price must be 1% below the appraised value. The County has an appraiser that will be doing the appraisals on a 48-hour turn around. The County is paying for this appraisal and is used for the purpose of determine the purchase price. It does not replace the appraisal you will do for their primary mortgage. The lender will obtain their own appraisal just like normal.
Sphere: Related ContentThe Word on DAP and C4-HAP
Buying REO Homes, First Time Buyers
January 28th, 2010
If your following local housing news you might be hearing allot about the C4-HAP program. The C4-HAP program is designed to assist qualified buyers purchase bank owned properties in specific census tracts. Tracts include Anderson Heights and Ravenwood in Anderson, all of Shasta Lake City and the following census tracts in the City of Redding 101-1,101-2,103-1,103-2,107.01-1,107.01-2,107.01-3,113-1,113-2,113-3,113-4,114-1.
If your wondering if your target neighborhood is inside one of these tracts you can check out the online mapping from the U.S. Census Bureau or just give me a call and I will give you a hand.
This is a pretty limited program and hard to tell if there is still time to take advantage of this opportunity but it can’t hurt to get on the list for an application. According to the City of Redding housing division the first 20 applications have already been sent out. As not everyone will qualify or complete the process they will keep moving down the list until funds are depleted.
There are some quirks that will have to be dealt with for buyers using C4-HAP funds. As with DAP (or Homebuyer Program as they now call it) the house must pass the Home Quality Standards ( HQS ) inspection to qualify for funding. In order to pass the home has to be pretty move in ready or the bank must be willing to repair. I have closed a few DAP / REO properties so I know it can be done but not every bank owned home will work out.
The really unusual twist to C4-HAP is the pre-offer appraisel process they are requiring. Unless this is modified to be a post offer value assesment it has the potential to make it very difficult to use C4-HAP. What I am being told right now is that a County Appraiser must assign a value to the property before offer is submitted to seller and the offer must be for at least 1% less than this value. This process could take a minimum of 24 to 48 hours once property is identified. This could pose a problem as move in ready REO homes are in such high demand these days we are seeing multiple offers the day they hit the market. I have posed this question to the various housing authorities involved with the C4-HAP and sounds like this could be modified but no answer on that yet. As for lender requirements I recieved this from one local lender.
- 3% down payment can be from gift
- Debt ratio’s requirement 26 – 49% (this will determine amount of C4-HAP contribution)
- Applicant must not own any other real estate
- Normal credit standards apply (use of Alternate Credit for thin profile is acceptable)
- Subject Property must be valued by County Appraiser prior to offer being submitted (offer submitted must be for 1% less than appraised value)
- Subject Property must meet HQS (Home Quality Standards)
As C4-HAP is only targeted for REO properties it can’t be used on a conventional seller owned home for sale. For the purchase of a non-REO home buyers should check with the City of Redding DAP or Shasta Lake City DAP to see if they qualify for their DAP programs (no longer called DAP but basically the same thing). Both now have funds for qualified applicants. Shasta County DAP should have funds as early as June 2010.
As always, feel free to call me for more info or to get started with the buying process.
Sphere: Related ContentLast decade getting a bad rap?
First Time Buyers
January 3rd, 2010
If you caught any of the year in review shows on TV or radio or read the paper you couldn’t help but notice the overwhelming focus on a decade lost to a financial meltdown. Could it be the 00’s are getting a bad rap? I came across an article in the Union Tribune that took a decade view of the San Diego real estate market and decided to apply it to Redding.
If you purchased a home in Redding in 2000 you would have paid on average about $150,000. By the end of 2009 the average sales price of a home in Shasta County was $215,000, a 43.3% increase over the decade. Because so much of our market is price range specific I took a look at a few area neighborhoods to see how they fared over the last 10 years.
Ravenwood had a whopping 73.8% increase from $123,076 in 2000 to $213,993 at the end of 2009.
Starview Estates homes were selling for $82,760 in 2000 and $135,720 by the end of the decade. A 63.9% increase.
Western Ranches had a 40.9% increase from $178,867 to $252,182 over this time.
Sunset Terrace was the worst performer I found at 12.4% ($250,227 to $281,413)
How long will it take for home prices to regain 2006 levels is impossible to predict but 2018 is the estimate quoted in the union-tribune article. If that were to occur here the average home purchased in 2010 for $215,000 would be worth $323,835 in 2018 (50.6% gain).
My take away from this? Real Estate remains a very solid long term investment. I believe that Real Estate is unique in that those with patience and discipline are able to leverage a relatively small initial investment combined with a monthly housing expense (mortgage instead of rent) and realize significant gains over time. It is my opinion that we are in a market most likely to produce very good returns for buyers.
Interested in taking advantage of this opportunity? Contact me at 530.515.9097 or reddinghomes@gmail.com to get started.
Sphere: Related ContentPG&E Offers Free Weatherization, Appliances
Random Thoughts, Tips for Homeowners
December 15th, 2009
Perhaps we can’t all go to Copenhagen to work on climate change issues but there is something we can do here at home and it’s free. If you know anyone with a low/mid income or who receives assistance such as SSI or Medi-Cal and lives in a home with PG&E gas or electric service let them know about the Energy Partner Program. Available to both renters or owners the Energy Partner Program helps those who meet income guidelines obtain energy saving assistance free of charge.
Tell your friends who rent, first time home buyers, seniors on fixed incomes, landlords who have qualifying tenants or anyone else who can take advantage of this great program.
Details at http://www.pge.com/energypartners/
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