Lodi / Stockton CA Homes For Sale & Real Estate Information

According to an article in the Boston Globe, here are four things sellers should understand about today’s market to make their homes as saleable as possible:

1. Real estate pricing is very local: “When you’re looking at comparables, you have to see what’s sold in the past three months. Look at your competition and what’s under agreement.

2. Get property pics online: Stage the property, then take pictures and video. Better yet, hire a professional photographer to do the job.

3. Disclosure is key: Tell potential buyers what’s wrong before they figure it out. That eliminates last-minute re-negotiations and cold feet.

4. Clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more.

So, whether you’re still living in your home that’s For Sale, or you’ve already moved out, but are trying for a Short Sale in Stockton or Lodi areas, it’s always a good thing to get the most money for your home.

Make it a great day!

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• 7 Ways to Avoid a Crummy Real Estate Agent  usnews.com)

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If you are a current real estate investor or looking into how to get started, then I recommend that you look into a new group in Stockton that is already making a name for itself in the “Where do I go to learn and network” circles.

Here is a link (CLICK HERE) that will take you to the site for the Real Estate Investor Community of Central Valley.  The 1st meeting was a great success!

Real estate investing is a hot topic right now, and especially in the Stockton and Modesto areas of the central valley in California.  These two cities were listed recently in a list of the Top 10 undervalued markets.

Be sure and check out the Investors link above and I’ll see you at the next event.

This will conclude my four part series on what you should know before buying a home in the Lodi, Stockton and surrounding CA areas.  I hope you were able to pick up a good tip or two and put them to go use.  Now for Tip Number 4…

4. Stop Calling Ads!

A word of caution – agents create ads solely to make the phone ring!  Many of the homes may have some drawbacks not mentioned in the ad, such as traffic noise, power lines or litigation in the community.  What’s not mentioned in the ad is usually more important than what is.

For this reason, be very careful when reading ads.  Remember, the person writing the ad is representing the seller, not you!   The most important thing you can do is have someone on your side looking out for your best interests.  Your own Buyer’s Agent will critique the property with an eye toward how well it meets your needs and will point out any drawbacks you should know about.

So, whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a Buyer’s Agent.  Then you become a client with all the rights, benefits and privileges created by this agency relationship, and you’re no longer just a shopper.  Did you know many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER?  These “great deals” go to those people who are committed to working with one agent.  When an agent hears of a great buy, who do you think they’re going to call?  Their client, for whom they have a legal obligation to work hard, or someone who just called and said “keep your eyes open for me”?  To get the best buy on a property, we always recommend you hire your own agent and stick with him or her.  As always, we do this at NO CHARGE to you, the client.

Well there you have it…my Most Important 4 Things Every Renter (Home Buyer) Should Know Before Purchasing Any Home.

Make it a GREAT DAY and HAPPY HOUSE HUNTING!

Randy

Well, so far we’ve touched on the importance of getting pre-approved as well as how to ’score’ the homes once you start house hunting in the Lodi, Stockton, and surround CA areas.  Let’s see what the tip is today…

3. Don’t Be Pushed Into Just Any House

Your agent should show you everything available that meets your requirements.  Don’t make a decision on a house until you feel you’ve seen enough to pick the best one.  Go to the Multiple Listing Web site with your agent to make sure you are getting a COMPLETE list of homes for sale and not just the home that the agent wants to show you.  YOU be the ultimate judge.

In the late 1980’s, and as recently as 4-5 years ago, homes were selling quickly, usually a few days after listing.  In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house.  That was good advice at the time.  Today, there usually isn’t this urgency unless a home is drastically under priced, and you’ll know if it is.  But keep in mind, if you wait too long, there is always a chance of the house selling before your offer is submitted to the seller.  If you really like a house, get an offer written and make sure your agent includes the appropriate clauses to get you out of the offer, should the need arise.

Don’t forget to check the SCHOOL DISTRICTS of the area you’re considering if this is important to you.  Information is available on every school: class sizes, % of students that go on to college, SAT scores, etc.  You can get this information from your agent or directly from the school.

Ok, three tips down and one to go.  Stay tuned for Tip Number 4.  This one might surprise you…

Yesterday’s topic was about getting pre-approved and not just pre-qualified to purchase a home in the Lodi, Stockton, and surrounding CA areas.  Today I’d like to mention what I feel would be helpful once you have been pre-approved and you start looking at homes with your own Buyer’s Realtor®.

2. Play the Game of Nines

Before house hunting, make a list of nine things you want in the new place.   Then make a list of the nine things you don’t want. I call this “NINE OF THIS AND NONE OF THAT”.  You can use this list as a scorecard to rate each property you see.  The one with the biggest score wins!  This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes.

When house hunting, keep in mind the difference between “SKIN AND BONES”.   The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district and floor plan.  The SKIN represents easily changed surface finishes like carpet, wallpaper, color and window coverings.  Buy the house with good BONES, because the SKIN can always be changed to match your tastes.  Consider each house on its underlying merits, not the seller’s decorating skills.  That is, if it’s occupied.

I hope you are finding this information helpful.  Stay tuned for Tip Number 3…

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.

I was recently asked about how difficult it was to get and close an FHA loan when purchasing a home, and why.

Here was my answer…

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FHA transactions are very simple to close actually.  You just need a good lender that knows what they’re doing and that you provide ALL documentation up front that is requested from the lender.  You have to show proof that you have the income, savings, credit, etc. instead of the way it ways a few short years ago where all you had to do was just ask for a loan, and some lenders said ok, without even verifying funds at times.  Those days are gone, thankfully.

There are specific conditions that will need to be met, but have patience and be up front with everything and you’re good to go.

So, a good lender to “fully” pre-approve you and a good Realtor to guide you through the offer process and staying on top of all the disclosures, inspections, and timelines once your offer is accepted, will see you through to a closing of escrow that’s as stressless as possible.

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Right now is a great time to buy a home and get a gov’t backed FHA loan and be sure and take advantage of the $8,000 tax credit before it expires next month.

Make it a great day!

Randy