This is one spectacular property, but with TWO homes located on it.  If you’ve wanted to live like a King, but didn’t want the responsibility that goes along with being one, then this is YOUR castle!

Reminds me of Mayberry

I’m showing the home to a local attorney tomorrow and I know she’s going to fall in love with the main home itself.  But once she sees the grounds she’s gonna go Lady Gaga over it.      (I just made that up on the fly)  Ha!

CLICK HERE to see the video and enjoy the view.  (Get it?)

Enjoy your own lake-like pond!

Forget the vacation and enjoy your STAYcation!

For more information about this wonderful Lodi, CA property with two homes on site…CLICK HERE.

There are many unique properties in the Lodi real estate market, but none are as ready to give you that country-like living and still be as close to town as this one.

Life is good!

]]> http://randyelliotthomes.com/2010/07/27/lakefront-living-in-your-own-backyard/feed/ 0 http://randyelliotthomes.com/2010/07/26/beautifully-unique-and-ready-for-viewing/ http://randyelliotthomes.com/2010/07/26/beautifully-unique-and-ready-for-viewing/#comments Mon, 26 Jul 2010 12:13:52 +0000 Randy Elliott http://relliott.blogs.rwnetwork.com/?p=448 Get ready to fall in love with this wonderful 4.3 acre property with two homes on site.  The custom-built main home is incredible, and the rear of the property is breath-taking.  This is one of the newest homes listed in the Lodi, CA real estate market that offers a unique opportunity for rural living, but still close enough to town to not feel too isolated.

For a quick panoramic view of the front of the property, CLICK HERE.  Stay tuned for ongoing posts with more videos and photos.  Wait until you see the tour of the beautiful large pond.

You don't love me anymore?

This sectional, baby’s playpen, and MANY other items were just left behind at this home and I feel like holding a yard sale and donating all the proceeds to charity.  The thing is that it all still belongs to the current homeowner even though they seemingly have abandoned the home and all it’s contents.

Another thing they didn’t take with them was the awful odor that is lingering on throughout the home.  Especially in the garage where I believe they housed a cat or two.  :-/

It’s difficult sometimes to get clients to look beyond a home in such disarray to picture what it would look like in its cleaned up state.

I really feel for the homeowners that are being forced to make such drastic changes in their lives due to the current situation in the Stockton real estate market.  The number of Short Sales in Stockton seem to be increasing, but leaving behind so much furniture, exercise equipment, personal appliances, clothing, toys, etc., when a Short Sale is the option, is still a mystery to me.

When the banks have ‘bad debt’, they write it off.  When a business or corporation has a ‘bad debt’, write it off.  BUT when a homeowner has a ‘bad debt’, just writing it off ain’t gonna happen.

A lot of people who can afford to stay in their homes are just saying good-bye to them  and their mortgages by exercising their freedom of choice and just walking away from their financial responsibilities.  This is commonly referred to as Strategic Foreclosure or Strategic Default.

So, what’s a honest homeowner to do when they’re home is now worth much less than they paid for it only a few short years ago?  Well, before you just get up and walk away you should definitely consult with a real estate attorney, a good Realtor, and also a CPA to find out what options and legal consequences you’ll have depending on your choices and situation.

You could let the bank foreclose, or you could Short Sale your home.  REOs and Short Sales in Stockton and surrounding areas are the bulk of what’s on the market these days.  Just look around and I’m sure you’ll see For Sale signs up and down many streets in your own neighborhood.

Walking away from your home that’s “under water” (worth less than you owe) instead of trying to work with your bank(s) or having a Realtor short sale it for you, could actually leave you in deep water.

Here is some more specific information about this…CLICK HERE.

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Father’s Day is celebrated to honor fathers and acknowledge the love and care that they showed all these years raising their children in the best possible way.

Fathers, like mothers, are not born. Men grow into fathers and fathering is very important stage in a person’s life. Some Famous Father’s Day quotes are:

“I cannot think of any need in childhood as strong as the need for a father’s protection.”
~ Sigmund Freud

“Blessed indeed is the man who hears many gentle voices calling him Father!”
~ Lydia M. Child

“If the new American father feels bewildered and even defeated, let him take comfort from the fact that whatever he does in any fathering situation has a fifty percent chance of being right.”
~ Bill Cosby

From all of us at Realty World, we hope you have a very Happy Father’s Day!

If you’ve made an Offer to Purchase a home recently, especially a Short Sale in Stockton, Lodi, Modesto, CA or anywhere for that matter, then you know what I’m talking about.

To receive the home-buyer’s tax credit you had to have been “under contract” (meaning, accepted by the seller) by April 30th and have your deal “close escrow” by June 30th.  But since some banks are extremely slow to approve short sales, a lot of these deals haven’t closed escrow yet, and may not be able to by June 30.

It was put to a vote, and the Senate said YES to an extension until Sept 30th to get these deals closed.  Now it’s up before the House to approve this extension as well.

Here’s a quick read on this story… http://bit.ly/9fr0ru

Good luck Brandon!  I’m bettin’ on the House for you!

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The first-time homebuyer tax credit had two deadlines.  One was to be “under contract” by April 3o, and the other is to have closed escrow by June 3o, which is just around the corner.

So, if you’re dealing with a Short Sale, like a lot of people are, and you haven’t received your approval from the lender yet, or you have and you just haven’t closed escrow yet, then this is making for some nail-biting times right now.

This extension is up before the Senate for approval.  Here is an article explaining more info…READ HERE.

At Realty World – Davis Homes & Properties, we help a lot of people with Short Sales in Stockton and the Lodi areas.  Whether looking to buy or sell a Short Sale it can sometimes be a very confusing and time-consuming task.  It helps to have someone in your corner helping you along the way.

Let’s all focus our thoughts and energy on getting this extension to pass.

What is the Federal Housing Administration?

The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

What is FHA Mortgage Insurance?

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner’s default. Loans must meet certain requirements established by FHA to qualify for insurance.

Why does FHA Mortgage Insurance exist?

Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan. There is more flexibility in calculating household income and payment ratios. The cost of the mortgage insurance is passed along to the homeowner and typically is included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78 percent of the value of the property -whichever is longer.

How is FHA funded?

FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.

The History of FHA

Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development’s (HUD) Office of Housing in 1965.

When the FHA was created, the housing industry was flat on its back:

• Two million construction workers had lost their jobs.

• Terms were difficult to meet for homebuyers seeking mortgages.

• Mortgage loan terms were limited to 50 percent of the property’s market value, with a repayment schedule spread over three to five years and ending with a balloon payment.

• America was primarily a nation of renters. Only four in 10 households owned homes.
  

During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.

In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA’s emergency financing kept cash-strapped properties afloat.

The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s.

By 2001, the nation’s homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.

The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.

In the more than 60 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.

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Again – we are looking at one hand not knowing what the other hand is doing. We are making progress and I am hopeful that we will get a decision from Chase this month to accept the great offer that we have on the property.

Stay tuned – and I will update you more tomorrow.