Lodi / Stockton CA Homes For Sale & Real Estate Information

What is happening with all the applications for loan modifications in Lodi and Stockton, CA these days you ask?

According to THIS ARTICLE on www.msnbc.com by the Associated Press, I would have to say that there’s not much more happening here than there is in the rest of the country.

In the entire nation, only approximately 1,700 homeowners had completed the process for a loan modification out of the approx 650,000 applications for the program.  Those numbers are staggering!

As for the real estate market here in the local Lodi and Stockton CA areas; it is what it is.  Homes for sale is a common search on Google, Bing, and Yahoo.

There are some great deals on REO’s (Foreclosures) and also with Short Sales, which some banks are starting to work a little harder on to get into the escrow process than others.  One of the good ones to work with is Wachovia, but I shouldn’t mention the not-so-good ones though.  (*Cough* B of A *Cough*)  Sorry, I couldn’t pass that up.

To read the entire news article about the pace of loan mods…CLICK HERE

I’ve seen many people having to pack up and leave their homes and their memories behind due to the rising mortgage payments on homes that have dramatically fallen in market value.  I too have felt the crunch of what is happening in our economy, and fortunately, so far, I have been able to maintain and stay in the home that me and my significant other purchased 5 years ago in the height of the Lodi real estate market.

The Lodi and Stockton area real estate markets have been hit hard in the recent years, and I have seen a lot of nice homes and neighborhoods become empty and turn into what appear to be ghost towns.

My heart goes out to the people that have had to suffer from lost jobs/wages, unexpected medical bills, etc., that has not allowed them to stay in their homes.

Well, I have found news that may shed some light on these issues for some in an article by Amy Hoak on www.RISmedia.com and I believe it may give hope to some of those that would like to find a way to stay in their current home even if they do still find themselves having to experience foreclosure.

CLICK HERE to read this article about how Fannie Mae could be renting foreclosed homes back to their owners so that they can at least maintain their current job locations, children’s schools, friendly neighbors, etc.

Make it a better day!

Well, we should be finding out anytime now about whether or not Congress has officially agreed to extend the tax credit.  It was passed by the Senate unanimously, so that may be a good sign.

With the flood of foreclosures an short sales still in the system, I feel it would be a good thing for the tax credit to have one more go-around to see if we can keep the flow of homebuyers coming in.

Working mostly in the Lodi, CA and Stockton, CA real estate markets, I still see a lot of great opportunities for both the first-time homebuyers, the move-ups, and the real estate investors alike.

Here is a link to a good description of what’s on the table for the tax credit extension…CLICK HERE.

Make it a great day!

I am often asked about the differences between letting a house go into foreclosure, having a Short Sale, or filing bankruptcy, and what each would mean to a person’s credit score.

Well, there is no good news with either situation.  You’re going to be hit hard on your FICO score no matter which route you take.  The question might be, “where would my credit suffer the least?”

It might be obvious to say that filing for bankruptcy will have the greatest negative impact on a persons credit score. So, the more difficult decision might be whether to ‘walk away’ from your commitment to pay your mortgage or to provide some restitution to your lender(s) and Short Sale your home with the help of a good Realtor® that understands how Short Sales work.

As you will see in THIS ARTICLE, there are many important issues to consider, and certain rules, guidelines and procedures to follow, especially in a Short Sale situation.

I hope THIS ARTICLE helps to answer some of your questions.  I know it did for me.

To read the article CLICK HERE.

Make it a great day!

I actually would think that since we’re nearing the deadline of the First-time Homebuyers Tax Credit of $8,000 that we’d be seeing a sharp rise in mortgage applications.  Perhaps that’ll happen over the next few weeks as we get closer.

But instead, with the mortgage rates rising I’m thinking this might be causing people to think a little longer about whether they should buy a home now, or not buy one at all.

There’s also lots of news of the number of foreclosures rising and that’ll create not only more choices, but lower prices on homes.

Here is an article I read recently that talks a little more about the topic of rates and mortgage apps… http://bit.ly/6QLI6

What are your thoughts about the tax credit?  Do you think it should be extended?

Make it a great day!

What to know when you’re buying a REO property…

Most people, especially those that are in the market for buying a home, are familiar with the term “REO”.  This stands for Real Estate Owned.  That is, owned by the bank.  A foreclosure.

It seems that if you’re out there trying to find your Dream Home that you’re basically trying to find your Dream Foreclosure.  Depending on what city you live in, and even what neighborhood you’re searching in, sometimes the only choices you may have are to buy a REO.  Such is the case in Stockton, CA.

Homes for sale that are occupied by the owner are either priced too high, because the owner owes too much on the mortgage and thinks they might be able to find that Home Buyer looking just for their home, or once they realize they can’t sell it for the higher price and need to sell at market value, they’ll have what is known as a Short Sale.

Short Sales are when a homeowner is selling their home for less than what they owe on it.  They are “short” on their mortgage balance, thus the name Short Sale.

There are plenty of Short Sales out there too, and even more coming onto the market, but if your Realtor® doesn’t have any experience in working with Short Sales, then it could be a long and grueling process for everyone involved. There are a lot of buyers and agents that stay away from Short Sales altogether for this reason alone.

At least with a Short Sale over a REO, you have a seller that can disclose to you the necessary important facts about the property where the bank wouldn’t be able to do so with a REO since the bank has no personal knowledge about the home.  Frankly, they’ve never lived in it.

There are many caveats to purchasing real estate and specifically bank-owned real estate, so the main thing to remember is to ALWAYS get a professional home inspection.  Do this for any type of home purchase, but most definitely a REO.  You don’t know what you’re buying, and the bank is exempt from filling out most disclosures that would protect you, the home-buyer.

With all of that said, there are a lot of really good deals to be found right now with purchasing real estate.  Whether it be a REO, Short Sale, or even good ol’ fashioned traditional sale, just due your due diligence and pull in helpful resources of a Realtor®, a good mortgage lender, and the services of a professional home inspector.  The less headaches and stress you experience by doing everything on your own will be appreciated when all the dust settles.