Redding Ca Real Estate Blog by Richard Goates
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Fighting the bank with attorneys when you stopped making payments might not be a good use of your money!
Back at it after a great Thanksgiving dinner.
I spoke with a man that had lost his home the other day.It was very interesting talking with him. He said they spent over $12,000 in attorneys fees to fight the bank....I asked fight the bank?.... why did he do that? He said that they weren't going to just let the bank take their home!!
Now I can understand the stress and the aggravation that people are feeling out there right now...the banks don't respond or they transfer you to this dept and then that one and tell you to keep making those payments and everything will be fine....
Losing one's home is probably up there with death/divorce and speaking in public....a LOT of stress no doubt.
The part that I don't get is if they saved their $10k they would have money to move into something else now....instead of having ZERO....The bank WILL indeed take a persons home sooner or later if they Do Not make their payments or they don't qualify for a loan mod....it's pretty much GUARANTEED....so why spend money to fight a losing battle?
"There are many companies and individuals that claim they can help you fight the bank and help you keep your home because the bank doesn't even know what the own etc". Just remember that Attorneys get paid by the HOUR!!!
There have also been many that unfortunately have wasted money on paying a "Loan Modification"
company to try and get the payments reduced....There were many people that lost their homes after Paying money....anywhere from $1500-$3000 with no guarantee's.....
They have recently changed the law for companies and people that want to help consumers with Loan Mod's....now they get paid when and IF they get the job done....and not until! They way that Realtors have worked from day one.
Fighting the bank when you have not made payments for 6/9/12 months is probably not the best use of what little cash you have if you are having a hard time.Save that money and make plans to move....It wil save you some stress!
What is it that makes a man continue to fight a losing battle?
I asked him if he had ever considered doing a short sale? He said NO!
Short sales can help many people out of a tough situation...they are not for everyone and yes you will be selling your home in the end....and satisfying the bank....and helping your credit out....
Regards
Rick
Things to be thankful for this Thanksgiving....
The time of year is upon us again to remember what we are thankful for....I am thankful for my son...he is 6...and the best little boy in the World! I am thankful for my family and my friends....I am thankful for my clients and for living in a great place.
I am thankful for a roof over my head and my cupboards with food in them....I am thankful to be in Remission for 6.5 years now from cancer....
What are you thankful for?
Regards
Richard
Who has the highest overall buyer rating for real estate franchises? Answer is below....
JDPower has awarded Keller Williams Realty with the exclusive honor of taking care of the buyers out there like no one else!
In a Buyers market picking the Realtor that knows how to get the job done and find you the home of your dreams while make the transaction go smoothly is priceless...
We have all heard about the real estate experience from Hell and you seldom hear about that "great real estate experience" but it's nice to see that credit has been given where credit is due!
Oh course it is always the individual agent/Broker that actually matters as that is who is helping you not the entire company but the company is a representation of it's agents...and in this case, a great representation.
This is the second year in a row that Keller Williams Realty has been recognized!
Contact me today should you wish to have the experience of a real estate Broker at your side?
Regards,
Richard Goates
530-248-5627
Servicing the greater Redding/Palo Cedro/Bella Vista/Millville and outlying area's of Shasta County Ca.
2009 Home Buyer and Seller Study Award Recipient Keller Williams
New survey shows more investors are purchasing homes....
Foreclosures are still a hot topic in the real estate world. A recent survey shows that investors are getting back into the real estate market at a fast pace!
The survey showed that approx twice as many people are interested in investing in real estate VS. in March of this year.
On the buyers side of the equation approx 25% are after Foreclosures.
The largest age range that are interested in purchasing foreclosures is the 35-49 age range.
73% of these buyers expect their homes to appreciate at least 10% over the next 5 years.
28% of these buyers expect to have appreciation of at least 20% or more in the next 5 years!
Almost 25% think that prices are about as low as they are going to go with interest very reasonable.
Foreclosures and Short sales should make up a large part of the business for the next 1-2 years.
Regards,
Richard
How does your homeowners insurance company rate? Find out here now!
Picking the right auto/home/life insurance company to represent you is an important decision in life.As with Realtor's there are some that are better than others and some that just do a better job.
It's the same in every industry...some stand out as great and some have a "reputation"...
Here you can check out companies that sell Home Insurance and see how many problems they have had.
Chances are your company is on this list.
To making informed choices!
Regards,
Richard
Everything you and your clients ever wanted to know about the Home Buyers Tax Credits....
This is a great site if you or your clients have questions on the new tax credits offered and the extension of the former tax credit for first timers etc.
There is a ton of info and site out there with information on the tax credits but this site is the best one I have come across to get ALL the questions answered in one place.
The new bill will allow people that already own and want to trade up to take advantage of up to $6500 in tax credits if they purchase before the deadline date.
These credits will hopefully help spur the home buyers out there that have been sitting on the fence and waiting.
With interest rates at historic lows and inventory plentyful to choose from these factors should help to create one of the best buying times in recent history!
Regards,
Richard
Shasta County California MLS listings-See the homes now!
Borrowers having a hard time making their payments....a little lesson I learned from a client...
The making homes affordable plan is a good plan in theory....the problem is that the banks don't take you serious if you are having a hard time making your payments until you start missing your payments.
I have one client that has been having a hard time "like many others" making all his bills...he contacted Bank of America 4 months ago and only got somewhere today when they finally got him to the dept that can actually help him....
He has been told for the last 4 months "just keep making those payments and everything is fine"....to which he has responded for 4 months "the money is running out and that is why I am calling you early to let you know I have a problem"!
My question is this....Why would the bank not want to help someone that does the right thing and calls in ADVANCE to let them know that a big problem is coming soon? Why do they wait until you miss a couple payments to step up and realize that indeed the owner might be having a problem?
His frustration with Bank of America sounds like it is not the only situation out there where the bank is dragging their feet to actually help!
My opinion is, that sense he called early on and was given the run around and nothing has happened for 4 MONTHS to help him that he should go to the front of the line!!
Probably not though....it will be the people that have missed a couple payments...had their FICO's drop that will get the help first....Doesn't seem quite fair....but then what about this entire situation is?
Miss some payments....you will be taken seriously.....keep making your payments even though you have nothing in the bank and they won't help you....This I have learned from him....
Regards,
Richard
What will you buy with your tax credit money?
The senate voted to extend the first time home buyers tax credit and has offered up a move up tax credit to purchasers that have lived in their homes for 5 more years.
Here are the highlights to the new Bill-HR 3548
Trade up buyers that have owned for 5 or more years=up to $6500 credit.
First Timers or anyone that has not owned for 3 or more years=up to $8,000
Buyers MUST sign the purchase agreement by April 30th and close by June 30th 2010!
The credit is phased out for those with incomes above $125k single or $225k for joint filers.
This is a tax credit and not money back.
Looks like a GREAT time to trade up while interest is still low and inventory is high!
Regards
Richard
Search the local Redding Ca MLS
Owners that are in Foreclosure have an option for their animals that may need a home etc
When people are going into or are in foreclosure one of the things that is for sure is the fact that stress makes you think differently! A common problem that owners face when they are losing their homes is their pets!
If you have pets and don't know what to do with them try no paws left behind.
This website can help you with this one aspect of your life so you don't have to add to your already high stress!
Finding a good home for any pets that can't go with you is the best thing to do...
There are laws against dumping animals and this website wants to help you if you need help?
Regards
Richard
California Loan Modification agents kidnapped and Tortured....
California Loan Modifcation agents Kidnapped and Tortured-
If you are thinking of doing loan Mod's in California you better get results! This we learned from the recent kidnapping and torture of a couple loan mod agents that didn't get the job done!
I have heard of work related stress but come on here.....
There is the new law that took effect recently that says "no up front fee's"...you only get paid when it happens....this should hopefully help home owners across California.
Losing your home is a very stressful event....no doubt about it....there comes a time when you have to go left or right and if you loan mod is not getting anywhere and the Trustee's sale is coming up you might want to consider a Short Sale.....
To Loan Mod's that go through!
Regards,
Richard
What I learned from a 6 year old about real estate.....
The market is certainly different than it was 4-5 years ago so I have been doing things that I have never done before.I had a phone book on my kitchen table and struggled with picking it up and making some cold calls...I left the book on the table and had my 6 year old for the afternoon as I usually do on Tuedays and Thursdays.
He looked at the phone book and said "Daddy what is the phone book doing on the table?"...I responded that I was using it to call people to see if they needed my services. He replied "great let's open it up and call some people!"....I replied Ryan we can't just call people.....he replied " why not daddy?"....I replied well Ryan people probably won't want to talk to us about just anything....He replied "well you never know! What if they DID?
Wow...what if people Did want to talk with me on the phone and DID want to use me to help them!! What a refreshing way to approach it!!
The clarity and lack of fear that kids have!! Isn't it great!!
Thanks Ryan!!
Regards,
Richard
Search the local Redding ca MLS here now
Redding Ca Reo's and good deals....
Everyone is shopping for a deal...I am no different. The fact that the majority of the deals are in Short Sales and in REO's can not be overlooked.The banks unlike many sellers want to get their properties sold Quickly!
The banks for the most part reduce the price automatically every 30-45 days if they don't have an offer...Sellers can learn from this....Sellers can also as learn from the banks that price right in the beginning and get multiple offers!!
Here are some greater Redding area REO's to check out.
Where are the deals??? IN the REO's and Short Sales is the answer!
Regards
Richard
Redding Ca Real Estate owners that need help with a loan mod can now rejoice!
The Senate recently passed a bill that out laws the up front fees that many attorney's and real estate people and companies have charged.
Now similar to Realtor's the client pays ONLY if there is a successful result! This is the way it has always been for real estate agents and Realtor's...no sale....no pay....now it's the same for Loan Modification.
This is a good thing.It's good because too many people hired companies off the Internet to do their loan mods and they didn't get done!! They still had to pay and got nothing for their money!
I had some clients that paid upwards of $3,000 to have a loan mod done...I begged them to do a short sale and they refused....There comes a time in the process where as a homeowner that has stopped making payments you have to go left or right at that fork in the road....if you go left and spend time on a loan mod and it doesn't work then your home may indeed go back to the bank.
It's hard to decide no doubt because many people truly want to stay in their family homes...I can relate to this...but also if and when the time comes and you are not getting anywhere at least consider a short sale...yes you have to let the home go back but it is much better than a foreclosure on your record.
With a Fannie Mae loan backed product they say you can own again in TWO years if you do a short sale...VS. 7 years if you let it go to foreclosure....it's a big difference....even if you don' t think it is right now in this moment...you may in the future Wish you had done a short sale!
To getting the job done...to getting paid after the job is done!
Regards,
Richard
Search the Realtor's own MLS in Redding Ca here now.
If an Elephant can paint a picture like this YOU can get through this Current Real Estate Market we have!
While no great painter to talk about I am an Redding Ca Real Estate Expert-Call me if you need help? 530-248-5627 http://www.inforedding.com
Boy in home made Balloon real or a superbly crafted PR stunt? Time will tell....
It's a bizarre story. One that I hope has a great ending.Apparently a boy climbed onto and into a home made balloon that took off and went for miles.The family which includes an amateur scientist (the father) made this device which looks something out of a UFO movie in the backyard.
Let's hope the little guy is ok and didn't fall out!
When the family isn't chasing storms they are looking for ET....no really....
Superb stunt/PR or real life extra ordinary story? Time will tell....
Regards
Richard
Search the local Redding Ca MLS
Don't fall for the 809 area code scam going on right now!
It starts like this....you get a call that says call me back immediately I have news of a family etc.OR the common you have WON Call Immediatly to clain your prize!
The area code is in the Dominican Republic and when you call it to find out about that accident your family member was involved in or that 100 Mill you won you get charged! And Charged and Charged....it's not $2425 a minute like some emails claim but who even wants an additional $50 bucks on their next phone bill!!
It's amazing what these people do with their time!
There are 3 area codes to NOT call back to UNLESS you know the number.They are-284/876/809.
Regards
Richard
Redding Ca Mortgage Fraud News
It was bound to happen sooner or later.The market went too crazy for too long and some lenders took advantage and did some things that they should not have.The local news here in Redding Reports that a former local lender is behind bars and others may indeed be investigated in this latest rash of crimes.
In the Real Estate and Mortgage business reputation is Everything! Redding might only be 90k+ but word does indeed travel fast....especially of the bad or negative nature.
I am sure there will be others in the news in the near future that fell for the easy money...
It's a shame as it give the entire industry a black eye...there is such a thing as "Guilty by association".It is a fact that many will rush to judgment and will not thoroughly investigate before forming options.
Sooner or later it seems that Justice does indeed take place...or Karma or what ever you want to call it...what comes around...certainly does go around...sooner or later.
To keeping a good name and doing the right thing!
Best,
Richard
Redding Ca Mortgage Fraud News
It was bound to happen sooner or later.The market went too crazy for too long and some lenders took advantage and did some things that they should not have.The local news here in Redding Reports that a former local lender is behind bars and others may indeed be investigated in this latest rash of crimes.
In the Real Estate and Mortgage business reputation is Everything! Redding might only be 90k+ but word does indeed travel fast....especially of the bad or negative nature.
I am sure there will be others in the news in the near future that fell for the easy money...
It's a shame as it give the entire industry a black eye...there is such a thing as "Guilty by association".It is a fact that many will rush to judgment and will not thoroughly investigate before forming options.
Sooner or later it seems that Justice does indeed take place...or Karma or what ever you want to call it...what comes around...certainly does go around...sooner or later.
To keeping a good name and doing the right thing!
Best,
Richard
Cash for Clunkers program coming to an old appliance near you soon!
It worked for cars...so what the heck....if you have been thinking of getting rid of that old junker refer or freezer and want to save some $$ in the process on the utility bill check this out now.
The program varies by state but the premise is this....let's get those old appliances out of people's homes and get some new appliances into homes to save energy! I think I will be keeping my GE stock after all!!
If it works anything like the "Cash for Clunker" program that they Gov had for cars it will be great....
And if this is the case get ready to get your rebates in "QUICKLY"...as the money will run out soon on this program also!
To more efficient appliances! To GE stock going up again!!
Regards
Richard Goates
530-248-5627
Redding Ca Market update Sept 2009
The active available inventory has been hovering around 1450 now for some time.
We should continue to see more short sales as we progess and probably less REO's in the next year.
Many banks are figuring out that a short sale is the way to go instead of paying all the money in Foreclosure expenses.
There are still around 50 properties in and around the greater Redding area that are under $100k!
There are some Tremendous deals on the upper end estates! One in particular that came out today is approx 5200 sq.ft of custom quality at $995,000....That was a $2. something Million dollar home at the top!
The weather is cooling off and there are still some great buy out there...many even pencil out! Something that you couldn't find 3-5 years ago!
Regards,
Richard Goates
Search the Redding MLS here now.
Redding Ca Luxury homes-why now is a great time to pick one up!
There are some incredible deals in the high end in Redding California right now. One that comes to mind is on the "Westside", has 5700 sq.ft of top quality with VIEWS for only $1.15M. That was a $2M+ home 4 years ago!
They say that timing is everything and we have seen homes that were $1.5M 4 years ago go for $820k like the one in White Hawk on the Westside!
Not all the high end homes are half off but some are and there is another one coming up soon that appears to be close to the Half Off category! This one is up in Stanford Hills and was around $2.5 at the top when it was new....
It should be out soon and the best guess is that it will be around $1.2-$1.3M.
Once the Second and Third went away on this the 1st note holder stands to get most if not all their money back! Something to be said about being 1st!!
If you are looking for a high end home...a luxury home in Redding Ca contact us today.
Here to help.
Regards,
Richard Goates
Broker
Redding CA
530-248-5627
How to spot a poorly engineered Phishing email.....
If only these guys went to school....lol
Here is an example of a poorly written Phishing email that I received today...
Notice the mis spelling in the link.....
As the FBI says "So many idiots,so little time".....
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The Bogus email-
Dear Bank of America Customer, We are contacting you to remind you that on 23 September 2009 our Account Review Team identified some unusual activity in your account. In accordance with Bank of America User Agreement and to ensure that your account has not been compromised, access to your account was limited. To securely confirm your Bank of America credit card features, please follow these steps: 1. Contact Us at www.bankofamerica.com/SingOn/Verify-Your-Identity_Profile-Form-do.htm 2. Verify your identity. After you have submitted your message, check for a response within 48 hours. Just return to the Write to Customer Care section and select the Update/View Messages link.
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A couple things to notice....
#1 sing on....I guess you would be singing if you click that link...SINGING THE BLUES!!
#2- BOA Services (boaservicess@boa.com)
Big RED flag here....unless you are looking for BOA's....Snakes anyone??
Yep the only snakes in this email are the ones that sat in that Internet cafe at 2am concocting this rubbish!
Beware and don't click any links that are unfamiliar!!
Richard
Help end world hunger for free and get smarter while you do it.....
I came across this great website today that helps end world hunger by donating rice.Check it out...They donate rice for every correct answer that you make.Spend a little time getting smarter and help some kids have rice to eat where they might not have had anything that day!
The site Freerice was brought to my attention by Lissa Coffey...Thanks Lisa!
Take a quick couple minutes and test your knowledge on words and help out won't you...
Thanks
Regards
Richard Goates
Lux Real Estate Group
at Keller Williams Redding
530-248-5627
Does this sound right to you? Agent offers commission of X and then changes it to 1/2 that amount AFTER getting the offer!
I have a whole different view now on the MLS...in fact I think it is safe to say that I have lost some faith in the MLS as I know it....it used to be that when someone (another agent) put a commission in the MLS that you were guaranteed to get what they put in there....That's the way it used to be.....
Now apparently you can put what ever you want in and not have to pay it....or at least that was my experience recently......You see I just sold a home that had a X% commission listed in the MLS....so like most people I think expected the full%.....but that didn't happen....what happened was that the agent countered the commission down to 1/2 the% that was posted in the MLS.....and changed it in the MLS computer AFTER the offer was given to him.....he freely admits this....I have no problem with a simple mistake of putting X% in instead of Y%....I think I have actually done that many years ago and caught it....
The problem I have is where in the "Private"Remarks it saying "YES YOU READ IT RIGHT...X% TO THE SELLING OFFICE!!" That was the full commission....the carrot if you will......What's your opinion on that? Bait and switch? or Simple mistake?
SO...my question is this....does it seem fair to be offered X% only to get 1/2 half that even though the MLS clearly states the X?.....His side said I agreed to the reduced amount%...I didn't...why would I agree to 1/2 when the full amount is what was "Promised" in the MLS....What good is an MLS if you can't count on the amount offered as being true?
Arbitration doesn't seem quite fair when the MLS comments and commission amount offered are not considered....what was considered was one story again another...and not the facts.....
What would you do if you were offered X and then the agent cut it in half when they Countered your client? Does that seem right to cut the commission on the contract between a buyer and seller? Shouldn't the commission be a separate issue?
Do you think it is wrong to change the commission offered and reduce it 50% AFTER you get an offer??? Or is that ok??
We closed on the home of course, as it was in our clients best interest...and the commission has nothing to do with them....It just seems that in life you have to trust SOME things...I thought I could with our MLS....I found out the hard way that it doesn't matter What is put in the MLS....
So what has this taught me? Well it taught me that at least here locally you can put in the MLS Anything you want....because no one will up hold it.....heck might as well put in 10 or 15% commissions....doesn't seem to matter here.And as long as no one is enforcing it...well I guess that is a lesson well learned next time I see something out of the ordinary.....
Regards
Richard Goates
