Writing An Offer That Wins

In Tracy's current market it is completely run by bank owned homes. When a buyer wants to purchase a home there are numerous factors to consider. Here is a list of factors based on priority.

The Agent You Choose To Represent You Is Almost Everything. I know you are thinking, "Why is that so important?!" The answer is simple, you need an agent with many years of experience and one that is well known in the community of other agents. Most of all the business done by 20% of the agents in Tracy do 80% of the business. What this means for you, the buyer, is when you are represented by the Barringer Team; the other agent knows they are going to get to the closing table because they most likely have worked with us before.

Fewest Contingencies Win. We do all of our homework up front. The lender you choose also really plays a BIG role. We want to come in with the strongest offer possible. This means quick close, quick inspection time frames and high dollar deposits.

Lender. We primarily use Alex Alvarez with Wells Fargo. The advantages are great! First, we have been partners for over 15 years. This means he is accountable to us and you will get a good deal as well as good service. If the home is a bank owned home by Wells Fargo, then it will be looked at more favorably than other offers not using Wells Fargo as their financing. That's because you are using Wells as YOUR financing.

Being Fast. How fast and professional an offer and pre-approval letter is submitted means everything! The Barringer Team uses a system called Doc-U-Sign. The contract is signed and dated over the Internet and it is recognized by most banks as a legal contract even though it has no "wet signatures" on it.

Being First To Know. In the Tracy area many times we are made aware of listings before they hit the open market. Our sources are the banks themselves, bank listing agents and investors. All of whom we have working relationships with.

Fannie mae is going to be owner occupants preferred

With Fannie Mae, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed. I just dont understand how they are going to enforce the rule? Honor System or what?

November 24, 2009

Fannie Mae Supports Neighborhood Stabilization Through "First Look" Initiative

First Look, Other Benefits for Owner Occupants and Buyers Using Public Funds

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced that the company has launched several initiatives supporting neighborhood stabilization and promoting home purchases by owner occupants and buyers qualifying for public entity housing programs.

To provide owner occupants and public entities an advantage in purchasing Fannie Mae-owned foreclosed properties, the company has created the First Look initiative. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.

"First Look provides owner occupants and public entities that are committed to the community an early opportunity to purchase one of Fannie Mae's Real Estate Owned properties," said Terry Edwards, Executive Vice President for Credit Portfolio Management at Fannie Mae. "As a result, we believe First Look will help us make progress toward stabilizing neighborhoods and building stronger communities in this difficult market."

In addition to First Look, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development's (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds may also qualify for the following benefits:

Deposit Waivers - Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement. Deposits for these buyers can be as low as $500.


Reserved Contract Period - Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.


Extra Time for Closing - Buyers receive up to 45 days to close — 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.
Fannie Mae's First Look initiative was piloted in August and is rolling out across the country. Initial response to the initiative has been positive.

In Arizona, for example, nonprofit members of the Local Initiatives Support Corporation's Sustainable Home Ownership coalition are using NSP funds to provide counseling, qualifying assistance, and helping working families to find and rehabilitate foreclosed homes. In one example, a young couple with an 18-month-old son, good credit, and savings participated in home buyer education classes in February and individual home buyer counseling in April. The NSP program in the Phoenix metro area was a perfect fit for the family. The family received $20,000 in down payment assistance plus $5,000 in closing costs assistance to purchase their home from Fannie Mae.

In Pasco County, Florida, the Pasco County Community Development Division partners with local nonprofits and uses its NSP funds to acquire and repair foreclosed properties. Once the properties are repaired, the county offers homebuyer assistance, such as gap financing, down payment assistance, or closing cost assistance, to low- to moderate-income buyers. Working with its partners, Pasco County has purchased 10 Fannie Mae properties in the past six months. "Fannie Mae's program allows our nonprofit partners the opportunity to get a slight leg up in obtaining properties for the Neighborhood Stabilization Program," said George Romagnoli, Community Development Manager for Pasco County's Community Development Division.

In Minnesota, the City of St. Paul's Housing and Redevelopment Authority has been stabilizing neighborhoods by acquiring and rehabilitating homes for resale to home buyers; and improving the quality of life for neighborhood residents and providing for future development by acquiring and demolishing structures when repairs are too extensive to be financially feasible. "Fannie Mae's First Look initiative has allowed us to access properties that otherwise would have been lost to us and very possibly used in a way that would continue to have negative effects in the communities," said Sheri Pemberton-Hoiby, Senior Project Manager with the city of St. Paul. "Fannie Mae's First Look process gives us the time and easy access needed to gain control of the properties and allows us to influence the future of our neighborhoods. Plus, we have the ability to work directly with Fannie Mae representatives if issues arise." In the past four months, the Housing and Redevelopment Authority has closed on five properties and has 24 more offers in process.

For more information about Fannie Mae's First Look initiative or the company's programs for public entities, contact publicentity_reosales@fanniemae.com. For more information about Fannie Mae-owned properties for sale, please visit www.HomePath.com.

"The Crab Feed Napkin Bill"

Real estate and crab feeds, two of my favorite things. The Govenator just signed a new law(AB 957) which gives buyers a major advantage when buying a bank owned property. The bill mandates that buyers of bank-owned properties (foreclosed homes) would have the choice of using a local escrow office to handle the transaction. Currently the seller chooses and it was a big problem for transactions for many reasons.

This bill prohibits a seller of residential property from requiring or influencing the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by a buyer.

Future homebuyers take note, this is really good news indeed! We no longer have to go with the bank sellers out of area, over priced, under serviced, no name title company!

I love the nickname of the bill.

The reason why this is called "the crab feed napkin bill" is:

Assemblywoman Galgiani was alerted to the problem by realtors and mortgage industry professionals in the Central Valley. In early January she wrote out the first version of the bill on a napkin while talking with local realtor, Andy Krotik, at the Atwater Chamber of Commerce Annual Crab Feed in her district.

So the hero of the day is local assembly Member Cathleen Galgiani, who trully wrote a bill which will help the people! I am glad she can eat crab and write bills that help people at the same time, that is awsome!

How many offers did this house get???

2952 Safford Ave might be one of the most popular homes on the market right now in Tracy, Ca. Its in a very nice area and the price is under market value.

Click here to see the MLS data......
(link good for 30 days after post)

Beds 4
Baths(FH) 3 (3 0)
2116 sq.ft Assessor
Lot Sq Ft (approx) 5663
Price/Sq Ft $106.33
Built in 2003

History:
Sold (08/10/2006)Selling Price: 600,000
Sold (05/15/2004)Selling Price: 465,000
Sold (06/30/2003)Selling Price: 439,000

Map:

As of this morning, the bank has not chosen an offer, how many offer do you think they have submitted to the bank ??? its been on the market for about eleven days. (answer below)


A. 10
B. 3
C. 44
D. 21

If you guessed C then you are correct. Each contract will be at least 10 pages long, plus the pre-approval and copys of deposit. All this paperwork for one home and it can only be sold once...... I guess its just to bad they cant sell the home 44 times. What are they waiting for?

<----- asset manager----

What do you think the final price and terms will be? My guess is 300K and cash. only time will tell. Brian Barringer

Wells Fargo's pre-market inventory 9/30/09

Below is a list of Wells Fargo bank owned homes that are going to be on the market in the near future for Tracy. Homes could be comming on the market 0-60 days from now.

These are homes in pre-marketing stage which means there is a lot of incomplete infomation such as price, size, or pictures. TBD means "to be determined". Below is the addresses and infomation. You can cross refferance zillow.com to get any missing info such as bedrooms or bathroooms.


1476 MONTAUBAN COURT TRACY
TBD TBD TBD N

2168 ASHLEY LANE TRACY
2350 sq.ft, no price yet

721 SAFFRON DRIVE TRACY
2564 sq.ft, no price

1565 GRACE COURT TRACY
2211 sq.ft, no price

2051 BRIDLE CREEK CIRCL TRACY
TBD TBD TBD N

1301 DUNCAN DR TRACY 1210 sq.ft
Single Family TBD

4425 TROPAZ LN TRACY
TBD TBD TBD

All of these homes are going to require a Wells Fargo Pre-approval. If you are interested in one of these let me know and I will get you more info.

Brian Barringer
209.613.8945
brian@tracyhomes.com

3bd/2ba--- nice house for rent in Tracy--$1400/mo

ADDRESS: 484 Mabel Josephine Dr, Tracy, CA 95377
RENT: $1,400.00 MONTH.
AVAILABLE: NOW.

DESCRIPTION: 3 bedrooms
2 bathrooms
1513 Sq.ft
built in 2002

+Across the street from George Kelly elementary school (k-8) (year round school).
+Open floor plan with 10ft ceilings
+Laminate wood & tile flooring throughout home
+Mirrored closet doors in bedrooms
+Fireplace and built in entertainment nook in living room
+open kitchen with tile counter tops w/ full back splash
+Island in kitchen
+Stainless Steel Stove and dishwasher
+Landscaped backyard with concrete patio.

TERMS: ~MOVE-IN $: SECURITY DEPOSIT IS $1,400 PLUS 1ST MONTH'S RENT ($1,400) = $2,800 MOVE-IN AMOUNT.

~1 YEAR LEASE (no exceptions).

~NO SMOKING IN UNIT.

~TENANT PAYS ALL UTILITIES.


~TENANT IS RESPONSIBLE FOR MAINTENANCE & UPKEEP OF SITE

*** THERE IS NO CONSIDERATION OF HOME BEING SOLD, NOR IS THERE ANY CHANCE OF IT GOING INTO FORECLOSURE OR DEFAULT -



FOR RENTAL APPLICATION and to arrange a viewing please email barringer.public@gmail.com or call 209.613.8945 and ask for Brian.

ADDITIONAL PHOTOS: Master Bathroom with walk in closet.

Entertainment nook.














Kitchen















Kitchen shot #2














Laundry Room














Bedroom #1














Backyard














Two car garage














Bedroom #2














Great room.

Hallway bathroom















Master Bedroom

San Joaquin County was mentioned today on money.cnn.com

Get your foreclosure now
Source: money.cnn.com

You've heard of speed dating? It's got nothin' on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they're going to come away with bupkus.REOs, the ...

READ ARTICLE HERE

Tracy's home inventory all price ranges as of July 28

156 active homes total on the market: 82 of those are short sales. 37 are REO's. 37 of them are regular sales or flip homes.

352 homes under contract:
156 REO's.138 short sales.

142 homes sold in the last 30 days.

Check out my newest tax deduction!

I am very happy to announce that Sarah and I are having a baby boy in November, our first born!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!







Andrew W Barringer?














Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

The California Prevention Act that went into effect on June 16

California Prevention Act

The California Prevention Act that went into effect June 16th. Filings dropped by nearly 50 percent as soon as the act went into effect. The new law adds 90 days to the existing 3 months between the filing of a notice of default and a notice of trustee sale, but exempts servicers (lenders) who put in place a loan modification program. This law only applies to owner occupied mortgages made between 2003-2007.

Banks with decreasing Default filings for June:

Bank of America -48%

Litton Loan Servicing -41%

Increased filings:

CitiMortgage +69%

Downey Savings +45%.

Complete text of California Foreclosure Prevention Act

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945
Secondary: 209-833-7777
Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

ForclosureRadar.com report is out today

ForclosureRadar.com report is out today it is a company based in Discovery Bay, that tracks every foreclosure in the California. San Joaquin county sits at number 4 for the rank of forclosures per population. 1 for every 734 people....

ForeclosureRadar.com released its June 2009 CA Foreclosure Report today. While foreclosures were generally trending upward, Notices of Trustee Sale unexpectedly dropped, apparently due to the new California Prevention Act that went into effect June 16th. Despite the majority of major lenders in the state receiving an exemption from the act, filings dropped by nearly 50 percent as soon as the act went into effect. Filings were climbing back toward previous levels by the end of June so we still expect the law to have little long term impact.

From www.centralvalleybusinesstimes.com:

In terms of foreclosure sales per population, counties in the Central Valley lead the state and make up six of the “top ten.”

They are:
• (1st) Merced County, 422 sales in June or one for every 605 residents
• (2nd) Stanislaus County, 748 sales or one per 702 residents
• (3rd) Yuba County, 99 sales or one for every 727 residents
• (4th) San Joaquin County, 934 sales or one for every 734 residents

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

July Podcast

Check out our July pod cast.

http://www.talkrealty.com/billbarringer

Bill Barringer

Tracy Area Market Report 6/1/09 vs. 7/2/09

The following information is from the local MLS database, as of July 2, 2009 and is compared to (June 1, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 355 (357)

# of REO (foreclosures): 47 (58)

# of Short Sales: 244 (245)

Average # of days on market: 119 (116)

The median price of all homes for sale in Tracy: $241,900 ($280,450)

The average price of all homes for sale in Tracy: $353,817 ($382,315)

Lowest priced home: 1bd/612 sq. ft./$50,000

Highest priced home: 6bd/5,667 sq. ft./$1,350,000


PENDING Status

Number of properties currently under agreement: 359 (371)

# of REO: 189 (222)

# of Short Sales: 127 (116)

Average pending price: $222,201 ($216,774)

Average pending home is 4 bedrooms, 1,980 square feet at a price of $222,201 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 168 homes or $36,079,370 in sales (161 homes or $34,488,887 in sales)

REO’s sold in the last month: 123 (129)

Short sales sold in the last month: 30 (20)

Average sale price: $214,758 ($214,217)

Median sale price: $200,000 ($220,000)

High: 735K (6bd/5,030 sq. ft. home)

Low: 55K (2bd/720 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 97 (105)

# of REO (foreclosures): 5 (11)

# of Short Sales: 79 (81)

Average # of days on market: 62 (47)

The median price of all homes for sale in Mountain House: $320,000 ($317,450)

The average price of all homes for sale in Mountain House: $337,136 ($320,171)

Lowest priced home: 2bd/1,262 sq. ft./$196,900

Highest priced home: 5bd/4,082 sq. ft./$549,500

Square Feet
# of homes for sale in Mountain House
Median List Price
Average List Price


PENDING Status

Number of properties currently under agreement: 90 (86)

# of REO: 32 (35)

# of Short Sales: 37 (34)

Average pending price: $303,375 ($304,103)

Average pending home is 4 bedrooms, 2,628 square feet at a price of $303,375 that stays 45 days on the market.



Residential property sold over previous 30 days: 29 homes or $9,262,384 in sales (25 homes or $7,904,200 in sales)

REO’s sold in the last month: 15 (15)

Short sales sold in the last month: 6 (6)

Average sale price: $319,393 ($316,168)

Median sale price: $310,000 ($325,000)

High: $582,381 (5bd/4,290 sq. ft. home)

Low: 162K (2bd/1,282 sq. ft. home)



Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 100 (105)

# of REO (foreclosures): 13 (17)

# of Short Sales: 68 (76)

Average # of days on market: 60 (48)

The median price of all homes for sale in Lathrop: $195,938 ($179,900)

The average price of all homes for sale in Lathrop: $218,163 ($199,967)

Lowest priced home: 2bd/768 sq. ft./$80,000

Highest priced home: 5bd/3,870 sq. ft./$799,900

PENDING Status

Number of properties currently under agreement: 129 (136)

# of REO: 77 (88)

# of Short Sales: 31 (30)

Average pending price: $182,286 ($185,111)

Average pending home is 4 bedrooms, 2,332 square feet at a price of $182,286 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 63 homes or $11,506,668 in sales (66 homes or $11,131,088 in sales)

REO’s sold in the last month: 47 (59)

Short sales sold in the last month: 11 (6)

Average sale price: $182,646 ($168,653)

Median sale price: $180,000 ($168,000)

High: 305K (6bd/3,522 sq. ft. home)

Low: 32.5K (2bd/1,040 sq. ft. home)



Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 104 (102)

# of REO (foreclosures): 31 (21)

# of Short Sales: 65 (72)

Average # of days on market: 35 (45)

The median price of all homes for sale in Weston Ranch: $144,200 ($138,950)

The average price of all homes for sale in Weston Ranch: $147,563 ($144,023)

Lowest priced home: 3bd/1,041 sq. ft./$100,000

Highest price home: 6bd/2,905 sq. ft./$249,000



PENDING Status

Number of properties currently under agreement: 119 (147)

# of REO: 78 (105)

# of Short Sales: 29 (72)

Average pending price: $137,009 ($138,622)

Average pending home is 4 bedrooms; 1,973 square feet that stays 32 days on the market.



SOLD Status

Residential property sold over previous 30 days: 77 homes or $10,869,868 in sales (61 homes or $8,607,850 in sales)

Short sales sold in the last month: 10 (4)

Average sale price: $141,167 ($141,112)

Median sale price: $135,000 ($135,000)

High: 218K (5bd/3,376 sq. ft. home)

(220K (6bd/3,000 sq. ft. home))

Low: 98K (3bd/1,214 sq. ft. home)

(85.5K (3bd/1,176 sq. ft. home))

Barringer Team PodCast 6/01/09

Click on the link above to listen. This is a audio file that is a great reference to our market report.... Listen to the wisdom of my dad(Bill Barringer) speak about our current market activity. :)



Brian Barringer

brian@tracyhomes.com

CENTRAL VALLY REAL ESTATE MARKET TRENDS: May 4, 2009 compared to (April 2, 2009).

The following information is from the local MLS database, as of May 4, 2009 and is compared to (April 2, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Current market conditions are very competitive and fast moving. Our inventory is at approximately 400 homes on the market for sale at the present time. We have an all time high 394 homes pending, meaning they have an accepted ratified contract on them and are going through the escrow and title search process.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 399 (494)

# of REO (foreclosures): 74 (144)

# of Short Sales: 266 (284)

Average # of days on market: 118 (103)

The median price of all homes for sale in Tracy: $293,000 ($228,155)

The average price of all homes for sale in Tracy: $397,710 ($330,687)

Lowest priced home: 1bd/660 sq. ft./$55,000

Highest priced home: 6bd/7,004 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 394 (365)

# of REO: 268 (272)

Average pending price: $219,013 ($222,824)

Average pending home is 4 bedrooms, 1,990 square feet at a price of $219,013 that stays 54 days on the market.

SOLD Status

Residential property sold over previous 30 days: 162 homes or $35,210,164 in sales (169 homes or $36,522,500 in sales)

REO's sold in the last month: 122 (142)

Average sale price: $217,347 ($216,109)

Median sale price: $215,000 ($220,000)

High: 585K (6bd, 3,899 sq. ft. home)

Low: 52K (2bd, 800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 98 (102)

# of REO (foreclosures): 13 (16)

# of Short Sales: 74 (74)

Average # of days on market: 64 (61)

The median price of all homes for sale in Mountain House: $317,400 ($337,400)

The average price of all homes for sale in Mountain House: $321,404 ($321,116)

Lowest priced home: 2bd/1,260 sq. ft./ $184,900

Highest priced home: 5bd/3,706 sq. ft./$477,604

PENDING Status

Number of properties currently under agreement: 80 (70)

# of REO: 40 (40)

Average pending price: $305,481 ($295,465)

Average pending home is 4 bedrooms, 2,614 square feet at a price of $305,481 that stays 36 days on the market.

SOLD Status

Residential property sold over previous 30 days: 26 homes or $7,710,800 in sales (21 homes or $6,427,702 in sales)

REO's sold in the last month: 17 (15)

Average sale price: $296,569 ($306,081)

Median sale price: $275,000 ($315,412)

High: 470K (5bd, 4,051 sq. ft. home)

Low: 200K (3bd, 1,260 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 117 (149)

# of REO (foreclosures): 29 (61)

# of Short Sales: 78 (79)

Average # of days on market: 77 (72)

The medianprice of all homes for sale in Lathrop: $174,900 ($173,527)

The averageprice of all homes for sale in Lathrop: $197,993 ($195,130)

Lowest priced home: 2bd/1,037 sq. ft./$77,500

Highest priced home: 6bd/4,165 sq. ft/$395,950

PENDING Status

Number of properties currently under agreement: 148 (152)

# of REO: 117 (126)

Average pending price: $177,338 ($185,980)

Average pending home is 4 bedrooms, 2,216 square feet at a price of $177,338 that stays 50 days on the market.

SOLD Status

Residential property sold over previous 30 days: 57 homes or $9,524,177 in sales (63 homes or $11,276,050 in sales)

REO's sold in the last month: 48 (57)

Average sale price: $167,091 ($178,985)

Median sale price: $161,100 ($180,000)

High: 286K (6bd/3,870 sq. ft.home)

Low: 69K (3bd/1,037 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 121 (153)

# of REO (foreclosures): 34 (48)

# of Short Sales: 80 (95)

Average # of days on market: 53 (81)

The median price of all homes for sale in Weston Ranch: $139,900 ($144,950)

The average price of all homes for sale in Weston Ranch: $144,338 ($154,179)

Lowest priced home: 1bd/1,079 sq. ft./$49,500

Highest priced home: 6bd/43,650 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 146 (166)

# of REO: 115 (135)

Average pending price: $140,564 ($136,827)

Average pending home is 4 bedrooms, 2,051 square feet at a price of $140,564 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 73 homes or $10,125,476 in sales (57 homes or $7,731,908 in sales)

Average sale price: $138,705 ($135,648)

Median sale price: $135,000 ($130,000)

High: 225K (5bd/3,376 sq. ft. home)

($206,670 (5bd/2,790 sq. ft. home))
Low: 39.9K (3bd/1,085 sq. ft. home)

(85K (3bd/1,234 sq. ft. home))

800.894.7282