Hey Dorothy, it doesn’t look like we’re in Kansas.
I’ve had the great fortune of being able to stay with my broker and his family at their 2nd home in Carlsbad, CA, while attending an international convention for the world leader in nutritional cleansing with Erica Davis. They live only 2 blocks from the ocean near Pinto Beach. Here’s a photo I took my 1st night here.
Life is a Beach!
I’m really looking forward to returning home to my own family, which I miss very much, but I do find myself wishing that it would be easier for them to all just move down here. The scenery is beautiful!
The local real estate market in Lodi and Stockton area is much different than what it is here in the Carlsbad and San Diego areas. Most of the homes for sale in the San Joaquin County are foreclosures and short sales. The median sales price for single family homes in San Joaquin County in the month of July 2010 was $175,000. Oddly enough that’s the same median sales price for the same time last year. The median sales price for San Diego County was $380,000 and $352,000 respectively, but here is Carlsbad the prices are even higher.
For assistance in finding good deals on homes for sale in the Lodi and Stockton areas be sure and contact Realty World – Davis Homes & Properties. And for the Carlsbad, CA area make sure and contact Steve and/or Carol Davis with Davis Coastal Properties.
Although we don’t have any oceans in Lodi, it is where my home and family are, so I am really looking forward to seeing them and getting back to taking great care of my real estate clients I’m currently working with and also the ones that I’ll soon be helping.
It’s a great life!
Randy
You can pick any magazine, newspaper or online news page, and see what the “experts” are foreseeing next for the real estate market.
I sure wish I had my Magic 8-Ball six years ago when I bought my new home, that’s for sure! Who knew that there would be such a crisis that would cause so many Short Sales in Stockton and so many other cities across the nation? Did the banks know? Did their investors know?
Will the market bounce back?
Well if you’re looking to move in the near future, here’s another article I found with a list of Top 10 Improved Housing Markets by the year 2014. This might be a good thing to know, or just another fortune teller looking to get their name in print.
CLICK HERE to view the Top 10.
Leave a comment telling us what you think the next 3-5 years holds for our local Stockton, Lodi real estate markets.
I was showing a home this morning in the Stockton real estate market to some wonderful clients of mine, and it always amazes me the things some people will leave behind when they move out of their homes.
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.
Could it be true? Could it be possible? C’mon House…Let it ride, baby! Let it ride!
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!
Oh my! Wouldn’t this be a great thing? Yes!
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.
I am sure it will be a surprise to Justin from Monday’s call from Chase – but the Broker Opinion of Value has been finished as of this morning! I want to thank Jan from Collins Realty in Stockton for doing the BPO.
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.
Friday – Day 9 – I called Chase for a less than 2 min call with a Steve. Since I was not an authorized caller, he told me he could not talk to me. Short but not helpful!
Monday - Day 12 – I received a call from Chase’s Justin ask me if we were doing a short sale on the property. Duh! He wanted to know if we had a buyer already. Duh. Then he proceeded to tell me all the paperwork that I would need to send in – the paperwork that I had sent in almost 2 weeks ago. He gave me the special short sale fax line – 866-220-4130. The one that I had already sent all the forms into 13 days ago.
Justin said that when I got all the forms into him he could order the BPO. This is different from what Elizabeth in New York had told me on Day 2. Elizabeth had said that they would order the BPO and it would take 7-10 days. We are on day 13 and Justin says they have not ordered it yet.
Prices in Lodi are still falling. The longer it takes to complete this short sale, the lower the value of the home. Banks like Chase (WaMu) started this real estate mess and they seem to be doing all they can to continue it.
Hopefully we will have some good news – and some quicker response soon. Don’t hold your breath.
Day 7 since Chase received the complete Short Sale package. I talked to Kelly in New York at 800-848-9380. I wanted to confirm what Elizabeth in New York had told me about the BPO that was to be ordered and returned within 7 to 10 days.
Kelly could not talk to me as the “legal department” of Chase had not cleared me to talk with the bank. My clients had signed the Chase short sale form “Authorization to Provide and Release Information”. Kelly confirmed that I was indeed listed on the form but the time frame for the “legal department” to review the form and give their blessing for me to talk to the bank is 7 to 14 days.
We have a fantastic offer for the bank – over the appraised value. Every day the bank delays the value of the house drops in the San Joaquin valley and the buyer becomes more frustrated at waiting for the bank to get off their duff and approve their great offer. Could the legal department of Chase hire a few more people to review that the form was filled out correctly and signed by the borrowers???
JP Morgan Chase’s profits for the first quarter of 2010 rose 57%. How about hiring people to handle the short sales with that profit. $3.3 Billion would hire many people! The bank loses money every day they do not close a short sale. AS usual – this does not make sense to me. Does it make sense to you??
These Blog entries are about a good cash offer on a property that I represent the seller. I am dealing with Chase – which was given WaMu loans by you and me – our government – at a very low price on the dollar. A long time bank employee told me that he thought Chase “purchased” WaMu loans for 30 cents on the dollar. 30% – a 70% discount. I have not found any documentation on the price Chase paid for WaMu – so if any of our readers know where that is in print – send it to us! Thank You.
Friday I called the number on the Short Sale package for Assistance – 800-848-9380. I talked with Elizabeth in New York. Elizabeth looked up the Chase loan by the number I gave her and told me that Chase had received both my FAXes – Thursday and Friday morning. I have heard horror stories from other Realtors on Short Sales where the bank claims to never have received the Short Sale package.
I ask Elizabeth if Chase was recording our phone and she said “yes”. I ask if it would be OK if I recorded the call also? She said “It is against company policy for anyone else to record the call”!
I ask Elizabeth the time frames for approval from Chase on a Short Sale. Elizabeth said that the Chase would order a BPO – a Broker Opinion of Value – within the next 7 to 10 days. Then someone in Chase would review the BPO and produce a Reconciled Market Value report with the next three to four weeks.
So now we are out 4 to 6 weeks. Next Elizabeth said that the bank would assign a Negotiator to the file. That person would contact me three to four weeks after they were assigned the file. Now we are talking 7 to 10 weeks before we might receive an answer from Chase.
Cash buyer. More than the value. Wait 7 to 10 weeks?
What are your stories about Chase Short Sales? Do you think Elizabeth is giving me the straight story on the time frames? Let us hear from you in the comment section at the top of this post.
Hi! This is Steve Davis – the Broker at Realty World – Davis Homes & Properties. Many people hear about how long a short sale is. I have just started on May 6 – Thursday – a short sale with Chase.
On this blog I will be updating you daily as to the response I receive from Chase. We will see if they really want to serve the citizens of the United States – which Chase as taken billions of dollars from – or is the bank so understaffed and unwilling to work with the public that it is a total mess.
So – here is my first installment! On Thursday May 6 I received the accepted offer back from my seller. The seller also gave me the completed Short Sale package from Chase. I did my part as the listing agent – provided three For Sale homes that we similar to the one we are selling. I also provided three Sold homes that are comparable.
I wrote a two page cover letter pointing out to Chase that the offer that another good agent in Lodi brought to me was more than the house was worth. That Chase would be fools not to accept this offer ASAP. But from all we hear Chase is fools anyway. I am giving them a chance to publicly show that they are serious about the housing crisis and willing to move quickly.
I FAXed the completed Short Sale package to the bank at 800-446-8939. The package was 60 pages long. I will update this post tomorrow with the results of submitting the complete Short Sale package to them.
Please comment about the pro’s and con’s of dealing with Chase on a Short Sale. Any tips you have for me will be appreciated. Thank You.
