Real Estate Blog - Tracy, Ca

Hot Homes: 1713 Maison Ln Tracy, CA 95377

2011-12-11T12:19:00.000-08:00

Here is one Hot deal in Tracy:

Edgewood subdivision, Jefferson school district, bedroom downstairs, detached garage, Loft above garage with bathroom, corner lot, needs carpet and paint.

Beds: 5
Baths: 4
Sq. Ft.: 2,128
Lot Size: 4,792 Sq. Ft.
PROPERTY TYPE: 1 House on Lot, Detached
STORIES: 2
Year Built: 2004
Listed at $230,000
Zillow Estimate: $254,900

Video Walkthrough:

Part one: http://youtu.be/AIMKLNARNBs

Part two: http://youtu.be/Oy_13EpANUA

Tax (2010): $4,187
Rent: $1850/mo ($22,200 yearly)
25% down at 240K with 5% interest rate payments would be $1036/mo ( $12,432 yearly)
$22,200 - $12,432 - $4,187 = $5,581 yearly cashflow
Downpayment: 60K
Closing costs: $7298

I used a real estate calculator to come up with these numbers, I am not a loan agent, please refer to an actual loan agent to verify your actual payments.

CALL me to make an offer!
Email me if you want to be part of my investor group!

Brian Barringer
Brian@tracyhomes.com
209-613-8945

Snapshot of the Tracy real estate market for 12/10/11

2011-12-11T12:11:00.000-08:00

The market is really good right now in Tracy here is a snapshot:

141 available homes in the Tracy. (68 of these are short sales)
217 Pending sales (average days on market for pending sales is 20)
162 short sales with offers waiting for approval
106 homes sold in the last 30 days

This is a healthy market now. There is a definate lack of good homes for sale. This is because there are many buyers grabbing them as they come out. 141 homes availible is actually really low compared to previous years. I have seen it as low as 70 homes in 2004.

Cash Vs. Financing (or financing instead of cash)

2011-12-10T13:04:00.000-08:00

Lets say you have 200K to invest in the real estate market in Tracy today. You could use the 200K to buy a good house and get about 1500-1600 rent per month or you could buy 4 good homes with 25% down. Lets explore the two options. Keep in mind, I am not a lender and these payment calculations are rough.

1) Cash option: 200K house, 3K tax yearly, 1600/mo rent (19,200 yearly - 3K taxes)
16,200 yearly cash flow or 8.1% return on 200K investment

2) Financing option:
4 houses at 200K each financed at 25% down, each renting for $1600, each has tax of 3K yearly.

House 1) Rent 1600 (19,200 yearly)
25% down at 200K with 5% interest rate=$863/mo or $10,356 yearly
19200 - 3,000 - 10,356 = $5,844 return on investment yearly.

Multiply that by 4 is $23,376. Now we are looking at a 11.6% yearly return on the same 200K. So by using the same 200K and financing 4 homes instead of buying one cash you are looking at a total difference of +$7,176 cash flow per year.

Now lets look at appreciation because that's were the real kicker is. Say you plan on selling the homes once they double in price. With the cash option you would get 200K. With the financed option you would get 800K. Clearly financing is the winner.

Brian W Barringer (Lic: 01435948)
Broker/Buyers Agent/Property Manager

Primary: 209-613-8945

Secondary: 209-833-7777

Other: 800-894-7282

Brian@Tracyhomes.com

http://www.tracyhomes.com/

Tracy is looking like 8.8% to 9.6% annual return on investment for a house in the best areas!

2011-11-14T14:22:00.000-08:00

Below is some pretty decent advise from the Wall Street Journal regarding investing in real estate called "Are You Ready to be a Landlord". I think here in Tracy its a perfect time to become a landlord. We are renting properites within a month of selling them. I offer full service property managment services as well as contractors who can get repairs done in a quick turn around time.

The goal for my clients is I want to see them get a house that's ideal for rental as well as for resale. As I am going to most likely be the property manager as well as the selling agent, its a big motivation. But the problem can be the ideal rental (which is also ideal entry level home for owner occupied) is not a secret to other buyers and they tend to attract many offers from every type of buyer. Its common even with cash to have to make 5 offers before getting one.

Call me we can discuss your next investment.

Brian Barringer.

Below are some highlights:

For the week ending Nov. 10, the average rate on a 30-year fixed-rate loan was 3.99%, not far from the Oct. 6 record low of 3.94%, according to Freddie Mac data going back to 1971.

The average monthly rent for all categories, including apartments and single-family homes, was $846 nationwide in the third quarter, up 2.5% from the same period a year earlier.

Government officials have been soliciting ideas for how to convert some of the foreclosed homes owned by Fannie Mae and Freddie Mac into rental.

A good rule of thumb: Make a deal only if you can collect at least 1.25% of the purchase price each year in rental income. For Tracy we are looking at $1600-1850 per month for an investment of 200K-250K, which would be 9.6% to the 200k home and 8.88% for the 250K home.

When looking at properties, act like a renter, says Jeff Cronrod, president of the Boulder, Colo.-based American Apartment Owners Association. Tour the neighborhood to see if landlords seem desperate to lure tenants. Are there lots of vacancies? Are buildings offering deals like living rent free for a couple of months in order to drive up demand? If so, be wary, Mr. Cronrod says.

To ensure that a major repair doesn't break you, set aside at least six months' worth of expected rent, he says.

"The Boss"

Availible now FOR RENT in Tracy Ca- 4bedrooms for $1600- New Carpet and Paint throughout

2011-11-11T13:46:00.001-08:00

Sarah Barringer | goldenvalleypm@gmail.com | (209) 996-7214

Isabel Virginia Dr, Tracy, CA

This house features custom tile floors and new paint. Master has french doors and a over size bathtub.

4BR/2+1BA Single Family House

$1,600/month

Bedrooms	4
Bathrooms	2 full, 1 partial
Sq Footage	1,739
Parking	3+ dedicated
Pet Policy	Cats, Dogs
Deposit	$1,600

DESCRIPTION

Downstairs has custom tile floor, Master bedroom has french doors leading to back yard, with Bamboo flooring. 2 bedroom up stairs with all new carpet. Whole house has been freshly painted. Home is clean and ready to move in.

see additional photos below

RENTAL FEATURES

- Air conditioning	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Tile floor
- Family room	- Living room	- Bonus/Rec room
- Office/Den	- Dining room	- Dishwasher
- Stove/Oven	- Microwave	- Stainless steel appliances
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard
- Cable-ready	- High-speed internet

COMMUNITY FEATURES

- Garage parking

LEASE TERMS

~1 YEAR LEASE MINIMUM (no exceptions).

~TENANT PAYS ALL UTILITIES.

~TENANT IS RESPONSIBLE FOR MAINTENANCE & UPKEEP OF SITE

~PETS $300.00 ADDITIONAL DEPOSIT ON EACH ~PET ON APPROVAL

~NO SMOKING IN UNIT

~NO PENDING BANKRUPTCIES

~NOT ACCEPTING SECTION 8 AT THIS TIME

ADDITIONAL PHOTOS

Front	Kitchen
Dinning room	Living room
Family room	Hall/Stairs
Master	Master sinks
Bedroom	Bedroom
Upstairs full bath	Upstairs hall

Contact info:

Sarah Barringer

01435948

goldenvalleypm@gmail.com

(209) 996-7214

Equal Opportunity Housing

Posted: Oct 31, 2011, 6:13am PDT

Cashflow in Tracy, ca

2011-11-11T12:36:00.000-08:00

A look at a few availible properties from a investor prospective.... Enjoy and call me if you would like me to help you buy a home. I work with investors and first time buyers. I also run a property managment business and can help you rent out your next investment. The below loan calculations are based on 5% interest rate. I am not a loan expert or in the loan business, I used a mortgage calculator to get the numbers.

Brian W Barringer (Lic: 01435948)
Century 21 M & M and Assoc. (Lic: 01183865)
Broker Associate/Investor specialist/Property Manager
CENTURION AWARD WINNER 2004-2010

912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945
Secondary: 209-833-7777
ther: 800-894-7282

120 Adobe Ln

- Flooring, kitchen, bathrooms have all been upgraded
-single story
-REO
-Needs some painting.
-Good area
-rent for 1500
-1098/mo with 25% down @ 5%.
- cashflow $312/mo after property managment fee.

Loan Info Closing Costs:
Price $205,000.00
Fixed Costs $5,015.00

Down Payment $51,250.00
Prepaid Costs $1,579.00
Loan $153,750.00
Total Costs $6,594.00
Down Payment $51,250.00
Bring to Closing $57,844.00

140 Edgewood Ct $227,000

Price/SqFt: 106.32

Beds: 4 Baths: 3 (3 0) (FH)* Sq Ft: 2135* Lot Sz: 0.140ac*

Yr: 1990*

-Good area

-Bedroom downstairs

-New carpet and paint

-court location

-Large lot and private backyard

-various repairs needed: fencing, slider door to kitchen, kitchen cabnets need resurfacing and repairs, fireplace door, two closet doors need to be replaced

-$1650/mo rent

-1216/mo payment with 25% down.

-335/mo cashflow

Loan Info Closing Costs:

Price $227,000.00

Fixed Costs $5,247.00

Down Payment $56,750.00

Prepaid Costs $1,747.00

Loan $170,250.00

Total Costs $6,994.00

Down Payment $56,750.00

Bring to Closing $63,744.00

Monthly Payment Info:

Principal & Interest $913.94

Funds Needed to Verify $67,393.00

Homeowners Ins. $66.21

Monthly Property Tax $236.46

Total PITI $1,216.61

1050 Tennis Ln, Tracy, CA 95376 $199,900

Price/SqFt: 136.92

Beds: 3* Baths: 2 (2 0) (FH)* Sq Ft: 1460* Lot Sz: 0.190ac*

Yr: 1981*

-single story

-wood roof

-some upgrades

-busy street

-Large backyard.

Rents for 1450/mo

-1071/mo payment with 25% down at 5%

-cashflow of $292

1361 Divine Ln $225,000 (LP)

Price/SqFt: 118.30

Beds: 3* Baths: 3 (2 1) (FH)* Sq Ft: 1902* Lot Sz: 0.170ac*

Yr: 1990*

-court

-wood roof

-large yard

-needs new paint.

-Short sale.

-Rent for 1600

-Payment 1125.49 with 25% down @5% interest

-cashflow of $376/mo

Guilty Dog Video

2011-03-21T09:53:00.000-07:00

This is too cute!
http://www.break.com/index/guilty-dog-2025685

Consumer Financial Protection Agency

2011-03-16T11:50:00.000-07:00

There are a lot of new laws on the books since the mortgage melt down this decade, HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Agency, created the Consumer Financial Protection Agency and new regulations for the lending industry.

The act establishes the CONSUMER FINANCIAL PROTECTION AGENCY and requires the director to establish an Office of Financial Literacy; and Office of Financial Protection for Older Americans; and an Office of Fair Lending and Equal Oppurtunity.

The agency is directed to establish a single, toll-free telephone number for consumer complaints and inquiries concerning any institutions the various federal financial services agencies regulate. Winning a lobbying battle, auto dealers, gyms and dentists are among those exempted from the act.

Of course, consumers are most interested in the provisions affecting home mortgages. There will be two categories of home mortgages: "qualified" and "unqualified". Financial institutions have incentive to create a qualified mortgage since in all "unqualified" loans, the lender: Qualified and unqualified mortgages.

Highlights of Final Rules on Loan Originator Compensation and Steering:

The final rules protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices.

The new rules apply to all persons who originate loans, including mortgage brokers abd the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.

The final rules, which apply to closed-end loans secured by a consumer's dwelling, will:

Prohibit payments to the loan originator that are based on the loan's interest rate or other terms. Compensation that is based on a fixed percentage of the loan amount is permitted.
Prohibit a mortgage broker or loan officer from receiving paymnets directly from a consumer while also receviing compensation from the creditor or another person.
Prohibit a mortgage broker or loan officers form "steering" a consumer to a lender offering less favorable terms in order to increase the broker's or loan officer's compensation.
Provide a safe harbor to facilitate compliance with the anti-steering rule. The safe harbor is met if:

* The consumer is presented with loan offers for each type of transactionin which the consumer expresses an interest (that is, a fixed rate loan, adjustable rate loan, or a reverse mortgage); and

* The loan options presented to the consumer include the follwoing:

1. The lowest interest rate for which the consumer qualifies;

2. the lowest points and origination fees, and

3. the lowest rate for which the consumer qualifies for a loan with no risky features, such as a prepayment penalty, negative amortization, or a balloon payment in the first seven years.

The final rules are effective April 1, 2011, to provide lenders and originators time to develop new business models, implement necessary changes to their systems, and train personnel.

The Dodd-Frank Wall Street Reform and Consumer Protection Act also restrict practices concerning loan originator compensation. The Reform Act includes provisions that are similar to the Board's final rules but also addresses other practices not covered by the final rules. The Board plans to implement the Reform Act provisions in a future rulemaking with oppurtunity for public comment.

Home Building Trends

2011-03-15T10:40:00.000-07:00

The market is changing out there, and the latest reports are showing that when it comes to buyers, less is more in some cases.

A recent study from the National Association of Home Builders (NAHB) indicates that the recent housing slump has meant buyers are looking for smaller houses. The McMansions of the boom era are quickly losing their style.

The NAHB reports that the builders they "surveyed expect homes to average 2,152 sqaure feet in 2015, 10 percent smaller than the average size of single-family homes started in the first three quarters of 2010. To save on sqaure footage, the living room is high on the endangered list- 52 percent of builders expect it to be merged with other spaces in the home by 2015 and 30 percent said it will vanish entirely."

Also a heavy influence on the housing front are green and eco-friendly features. The NAHB reports that "in addition to floor plan changes, 68 percent of buildes surveyed say that homes in 2015 will also include more green features and technology, including low-E windows; engineered wood beams, joists or tresses; water-efficient features such as dual-flush toilets or low-flow faucets; and an Energy Star rating for the whole house."

This is great news for eco-activists across the nation. The other great news this week? The Mortgage Bankers Association (MBA) reports that mortgage applications are at the highest level in months. They rose by 17.2 percent, that being the biggest increase since June 11th.

Michael Fratantoni, MBA's vice president of research and economics, reports, "An improving job market is beginning to pave the way for an improving housing market. Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications."

The U.S. Department of Housing and Urban Development (HUD) had their own good news. Their latest February edition of the Obama Administration's Housing Scorecard revealed that existing home sales are on the rise thanks in part to high home affordability levels.

And since April of 2009, record low mortgage rates have helped more than 9.5 million homeowners to refinance, resulting in $18.1 billion in total borrower savings.

They did report, however, that the "housing market remains fragile as data through January paint a mixed picture of recovery. Exisitng home sales ticked upward in January, but remained below levels seen in the first half of 2010. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak."

But not everyone is in agreement about what foreclosures mean for today's homeowner. According to the New York Times, "All 50 state attorneys general, as well as a host of federal agencies, are pushing for a settlement over investigations into foreclosure abuses by major mortgage servicers that could cost the industry $20 billion or more. Much of that money would be earmarked to reduce principle owed by homeowners facing foreclosure."

Many homeowners have weathered the storm, however, taking on heavy burdens in order to avoid foreclosure. Bank of America argues that by helping some and not helping others, we create an unfair system.

"There's a core problem that if you start to help certain people and don't help other people, it's going to be very hard to explain the difference," said Brian T. Moynihan, the chief executive of Bank of America. "Our duty is to have a fair modification process."

Ski Flying

2011-03-07T09:51:00.000-08:00

Check this out!

Sky Flying in Switzerland

March Podcast

2011-03-03T14:43:00.000-08:00

Welcome to the March Podcast. The arrival of spring signals the start of a new buyers season. There is not a better time to purchase a home than right now. There is also a terrfici oppurtunity for home sellers, if they play their cards right. Learn how sellers are finding buyers and saving money in the process. Click on the link below.

March Podcast.

954 Gotland Ct. Tracy, CA 95376

2011-03-02T10:34:00.000-08:00

New Listing!

954 Gotland Ct.

Additonal Features:

$239,000

1,726 square feet of living space

0.15 acre lot

4 bedrooms

3 bathrooms

CLICK HERE for additonal pictures.

Two story homes vs. One Story homes.

2010-12-30T11:32:00.000-08:00

This is a quick post. I had to convince one of my buyers a one story of the same size is actually better then a two story. Comparing two homes, all other factors being the same except one is two story and the other is one. Here are some reasons I like one story over two:

Personal Reasons: no stairs!

1. Ease of movement
2. break a leg? no going up/down stairs
4. laundry care is easier - all on one level
5. just home with a new baby? no stairs to climb.
6. In laws visiting? No stairs to climb
7. Don't have to lug cleaning supplies up and down stairs
8. No possibility of falling down stairs
9. two story is not quieter - You have people living above you

MARKET DATA: Single story homes sell for more

Lets see what the numbers say. Lets compare homes that have sold in the last six months that are 2000 sq.ft-2200 sqft and built over year 2000. I want to look at a tight criteria so we can compare same size and age homes.

Single story sold in last six months= 10
Average selling price= $260,400
two story homes: = 14
average selling price= $244,957

So with this limited range it looks like a +6% difference for the same sized home if single story.
I think if we looked at a larger group of homes the range would be more like 10-15%.

BUILDING COST FACTORS: it costs more to build one story homes.

(quote taken from a custom home building blog)link to City data Forum

It costs more to build a one story of the same size as a two story:
Below was found on the Internet from a home builders blog:

I once had a general rule of thumb but that is always a bad idea but after looking at costs it went something like this.

$200 a sq foot for 1st floor space
$100 a sq foot for 2nd floor space
$50 a sq foot for basement space (finished)

Now any rule of thumb is never applicable to all situations but when I was planning on our level of trim in our area, that is about what it came to.

So 3000 sq foot ranch - $600k
3000 sq foot 2 story - $450k
3000 sq foot 3 story - $350k (you can't exactly do this but you get the idea)

So by that math, it costs 33% more to build a single story.

Just consider that a single story is twice the roof and twice the foundation of a two story.

At The Shelter

2010-10-07T13:43:00.000-07:00

Maya is a 4-year-old female golden retriever-basset hound mix available for adoption at the Tracy Animal Shelter. The shelter also has many cats and kittens and seeks donations of food and toys for the animals.

The Tracy Animal Shelter, 370 Arbor Road, is open from noon to 5:30 p.m. Tuesday to Saturday. For information: 831-6364.

Capital Gains Tax Laws and Loopholes

2010-10-06T10:07:00.000-07:00

What is Capital Gain?

Simply capital gain is the taxable profit on the sale of an appreciated property.

Who Pays capital gains?

Mostly this is a tax for real estate investors when selling a rental property or other investment that would not be there primary home. The other way one can end up paying capital gains tax is when selling a home that has been lived in for under 2 years, however there are exeptions to these rules which I will explain below. The IRS bases the capital gains tax on the capital gain(just the profit). When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, $500,000 if you're married(good reason to be married), and not owe any capital gains taxes.

Capital gains Tax Test:
A test you can do to tell wether or not you will have to pay capital gains taxes:

1)Ownership Test: During the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years.

2)Use Test: During the 5-year period ending on the date of the sale, you must have lived in the home as your main home at least 2 years.

Keep in mind:

~There are exemptions to the 2 year rule below.
~Members of the military also get special home-sale consideration.
~I am a Realtor not a CPA. Please consult your taxman for solid adivce regarding taxes

Capital Gains Exemptions:

Avoiding capital gains before 2 years: There are also a few loopholes if you have not lived in your primary residence for 2 years yet and you would like to sell. If you did not meet the requierments of the ownership test above maybe you fall into one of these exemptions:

1. Employment loophole: The sale of your main home is because of a change in place of employment if your primary reason for the sale is a change in the location of employment of a qualified individual. The new place of employment has to be at least 50 miles farther from your home than the former place of employment was (or, if there was no former place of employment, the distance between your new place of employment and the home sold is at least 50 miles).

What is pretty interesting is that it can be just about any member of your household and also employment is also defined as Self-employed, interesting indeed.

2.Health Reasons Loophole: The sale of your main home is because of health if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual. For purposes of this reason, a qualified individual includes, in addition to the individuals listed earlier, any of the following:

~Parent, grandparent, stepmother, stepfather.
~Child, grandchild, stepchild, adopted child.
~Brother, sister, stepbrother, stepsister, half brother, half sister.
~Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law.
~Uncle, aunt, nephew, niece, or cousin.

3. Unforeseen circumstances Loopholes:The sale of your main home is because of a circumstance that is out of your control. If your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. There are a few interesting ones that I did not even know about:
~An involuntary conversion of your home.
~Natural or man-made disasters or acts of war or terrorism resulting in a casualty to your home, whether or not your loss is deductible.
~In the case of qualified individuals (listed earlier under Change in Place of Employment):
~Death
~Unemployment
~A change in employment or self-employment status that results in your inability to pay ~reasonable basic living expenses*
~Divorce
~Multiple births from one pregnancy.

Reasonable basic living expenses defined:

Amounts spent for food.
Amounts spent for clothing.
Housing and related expenses.
Medical expenses.
Transportation expenses.
Tax payments.
Court-ordered payments.
Expenses reasonably necessary to produce income.

www.irs.gov refferances:
Topic 701 - Sale of Your Home
Publication 523 (2005), Selling Your Home
Frequently Asked Tax Questions And Answers about capital gains
Other capital gains and losses
If you have a gain that is not excluded you must report it on Form 1040, Schedule D (PDF).
Other resorces:
A capital gains Tax calculator from www.for1031.com
More infomation

With highest Regards,

Brian Barringer
Real Estate Buyers Advocate

209-613-8945

800-894-7282

Technorati Tags:
housing, central valley, real estate, Barringer, Century 21, California, Lathrop, Buyers, stockton, california, condo conversion, UOP, Homeownership, buyers, Bachelor Pad, Brian Barringer, listing, capital gains, tax, loopholes, tax loopholes, excemptions, rules, 1031 tax exchange, investors

Made by Brian W. Barringer in 2010 for

http://www.tracyhomes.com/

New California Real Estate Laws for 2011

2010-10-05T16:10:00.000-07:00

A list of new laws that will take effect this year.

No Short Sale Deficiencies:

Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California's anti-deficiency protection to refinance loans.

Energy Audit in Home Inspection Report:

Beginning January 1, 2011, a home inspection and inspection report may, upon a client's request, include an audit of the energy efficiency of a home, according to the standards of the Home Energy Rating Systems (HERS).

Assembly Bill 1809 and California Civil Code section 2079.10.

Restriction on Adverse Possession Claim:

Effective January 1, 2011, a claim for adverse possession requires, among other things, certified records of the county tax collector showing that all state, county, or municipal taxes have been timely paid for the five-year period the property has been occupied and claimed. Existing law merely requires proof that taxes have been paid for the five-year period, not certified proof of timely payments. Assembly Bill 1684.

Enforcement of MLO Requirements:

Effective January 1, 2011, anyone acting as a mortgage loan originator (MLO) without an MLO license endorsement will be guilty of a crime punishable by six months imprisonment, plus a $20,000 fine. Furthermore, a broker cannot employ or compensate a real estate licensee for MLO activities unless that licensee has a license endorsement. This law has also given the Department of Real Estate (DRE) the authority to deny or revoke a MLO license endorsement or take other action. This law also amends the MLO requirements for finance lenders and residential mortgage lenders under the Department of Corporation. Senate Bill 1137.

Post-Foreclosure Protection for Tenants:

Commencing January 1, 2011, a notice to terminate a residential tenant who remains after a foreclosure sale must generally include a statutory notice of the tenant's rights. This requirement, which sunsets on January 1, 2013, applies to an immediate successor-in-interest for one year after a foreclosure sale. Senate Bill 1149.

Tenant Protection for Domestic Violence Victims:

Starting January 1, 2011, a residential landlord cannot terminate or fail to renew a tenancy based on domestic violence against the tenant or tenant's household members as specified. This law applies if the person restrained from contact with the tenant by court order or named in a police report is not also a tenant of the same dwelling unit. Senate Bill 782.

Protections Against Real Estate Fraud:

Effective January 1, 2011, new laws protecting consumers from real estate fraud include, without limitation, the following:

(1) Expanding the foreclosure consultant law to include someone who performs a forensic audit of a residential mortgage loan (Assembly Bill 2325);

(2) Requiring any mailed solicitation that offers to provide a copy of an owner's grant deed or other title records for a fee to include a prominent statutory disclosure that the copy service is not associated with any governmental agency and that the homeowner can obtain such records from the county recorder (Assembly Bill 1373);

(3) Increasing the criminal punishment for renting out a residential dwelling without the owner's consent from six months imprisonment plus a $1,000 fine, to one year imprisonment, plus a $2,500 fine (Assembly Bill 1800).

Thats it for now!

Brian Barringer

Pre-approval with the bank who owns the home:

2010-10-05T10:48:00.000-07:00

Pre-approval with the bank who owns the home:
When making an offer on a REO home it is to your advantage to be pre-approved with the bank that owns the home. When making an offer on a home having a pre-approval letter from the bank who owns the home will increase your chances of beating a competing offer from a buyer with the same offer or even slightly higher without.

The problem with getting pre-approved once you see the house you like is that it takes time for the approval process, about 3-5 days average. So it is best to get cross qualified with a few of the different major banks in your area before hand. The advantage is that you will be able to get preference with any bank which you qualify with. Also you will be able to shop the different banks to get your best terms and rate. Since most of the listing are either Wells Fargo or Homesteps and Homepath, or fannie and freddie. I recommend to buyers to get qualified with all three. Most of the smaller banks also prefer to at least see a known institutional lender. I recommend starting with Wells Fargo, then go from there.

Pre-approved VS Pre-qualified:

What is the difference? Getting pre-qualified is the first step in the mortgage process. It involves supplying a lender with basic information regarding your debt, income and assets. From this information, lenders can get an idea of the mortgage amount for which you qualify, and it can usually be done at no cost.

Getting pre-approved is the next step. The process requires that you complete a mortgage application (and usually pay an application fee) and supply a lender with all the necessary documentation to check your financial background and credit rating. You will then be told the exact mortgage amount for which you are approved

Bank sellers only acceped pre-approval letters with offers.

Different websites which list homes by bank:

All of the different banks who sell homes as foreclosures have their own websites which list the homes they own. Below is a list of the different websites banks have set up to preview their homes. Its a good idea to check out what homes are available for the bank you are planning on doing business with.

-Wells Fargo

Freddie Mac (home steps)

http://www.homepath.com/

Fannie Mae Property Search (Homepath

-IndyMac Bank REO Search

-JP Morgan/Chase REO Search

Homes for sale by the US Government

USDA Homes For Sale

http://www.ocwen.com/

HUD Foreclosures

Brian Barringer.

October Podcast

2010-10-05T10:21:00.000-07:00

Click on the link below or above to hear this months Podcast. It has excellent tips on how to take advantage of this market.

http://www.talkrealty.com/billbarringer

California AG Land Rush of 2010?

2010-10-02T10:31:00.000-07:00

California Land Rush of 2010? 

Actually, that’s a land rush: Oklahoma, 1889

There has been a lot of news about the strong agricultural sales in California or around the world for that matter. The ag land has been holding its value and has been more stable then any other market. It makes sense too. Land is a finite commodity. It's something you can touch, feel, see, visit. And investors know its a safe bet that as long as there are more people in the world there is a need for more food as well as fuel.

Which is why in California, investors from other countries collectively boosted their holdings 2.5% from February 2007 to February 2009 to 1.08 million acres - about 5% of the state's total farmland. For example, Optima Fund Management, a New York fund, plans to acquire about 10,000 acres of Arizona farmland and California vineyards by year's end.

Why are they not investing in their own countries? Well I really dont know enough to say but my guess is cheaper land in other countries like Brazil and Africa, where profits can be maximized. But the stability of the government is very important to big investment funds as well.

New home builders are also buying land since April of this year in California and Arizonia we have seen a huge increase. David Smith From AHI blog predicts this is a indecator of the bottom of the market:

Foreclosures are an ultimate lagging indicator, and any damn fool can predict the past. When it comes to drops, my leading indicator is lawyers deciding to invest, and when it comes to rises, a very good leading indicator is the price of development land, as revealed in this Wall Street Journal article.

Why land is the leading indicator is easy to deduce: property takes time to develop, and land value is a residual; land is worth the net after cost, risk allowance, and profit. Further, because land produces no yield and has minimal holding costs, nearly all of its value is represented by the future residual expectation, making the price of development land volatile – hence a sensitive indicator that responds to marketplace flickers.

Investors seeing farmland as safer bet than stocks By P.J. Huffstutter, Los Angeles Times

In California, investors from countries including Spain, Switzerland, China, Egypt and Iran collectively boosted their holdings 2.5% from February 2007 to February 2009 to 1.08 million acres — about 5% of the state's total farmland.

Investors also understand that land is a finite commodity. The amount of arable land worldwide is dwindling, while the world’s population is forecast to jump to more than 9 billion by 2050 from 6.9 billion today. That has water-strapped countries eager to establish secure food supplies and bolster biofuel production. Fast-growing economies such as China are stepping up food imports to feed a burgeoning middle class.

"Could we see the '80s all over again? Absolutely," said agricultural economist Michael Swanson, of Wells Fargo's Agricultural Industries Group. "The combination of high crop prices and ultra-low interest rates has farmers bidding historically high prices. It will end very badly for some of them."

The market appears strong for Almond orchards. Check out what the Ag agents for Century 21 M&M are saying:
Agricultural Real Estate Sales Growing Stronger.

The price of open land often is determined by the availability of irrigation water. Titus said property in a water district is typically valued from $12,000 to $15,000. Property with a history of having good source of well water is priced from $3,500 to $6,500.

Looking into the local market:

In rural Tracy, there are 12 available lots listed under agricultural. The price range is 119K-6.6m. The average days on the market is 189. The Smallest lot available is a 4 acre lot on Larch road. The Largest is 1040 acres of farm land on Kasson rd. Its hard to tell the market in Tracy. In the last year there have been only 2 sales. One acre on lammers for 39K(seems like a good deal) and 147 acres for $1,661,000.

Click on this link to see all 12 properties. (the link will only be active for 30 days from this post)

So now might be the time to start considering selling the family farm property and wait for the wall street investor to come in and throw down the big money. Seems they are in the game now.

"I don't think so" 

Regards.

Brian Barringer

30-Yr. Mortgage Rate Nears 3.875%

2010-09-30T14:00:00.000-07:00

Mortgage-backed securities prices, which drive mortgage rates their opposite, posted gains Monday and Tuesday consecutively, pressuring mortgage rates to move downward again from already record low levels where they began the week.

30-year fixed mortgage rates, currently at 4% for well-qualified borrowers who pay 1 point origination, are very near 3.875%. 30-year fixed mortgage rates have never been below 4% before. 15-year fixed mortgage rates remain at 3.5% but could improve any hour as well.

FreeRateUpdate.com surveys over 2 dozen wholesale lenders' rate sheets for brokers daily to determine the most accurate mortgage rates available to highly qualified borrowers at a standard origination fee.

FHA loan rates continue to mirror conforming mortgage rates. Today's 30-year fixed DHA loan rate is also 4%; however, MI and other FHA closing fees make APR higher than that of a conforming mortgage at the same note rate and origination.

Jumbo mortgage rates are improved from last week and today's jumbo 30-year fixed loan rate is 4.875%, a record low.

Wells Fargo mortgage rates, as advertised on their website, are unchanged with 4.375% (4.559 APR) being their offering on a conventional 30-year fixed mortgage.

Mortgage refinance applications have been flat according to the MBA, who posts figures weekly, since spiking as rates slid into the low 4's.

School district primer and school zone maps!

2010-09-29T14:02:00.000-07:00

If you are planning on buying in Tracy then this post is packed with information. When buying a home it is smart to get familiar with the different school zones for obvious reasons. Below is a link to three maps. One for elementary schools, one for middle and one for high school zones. Print these maps out and use them as a reference when you are looking at the homes. Below you will also find a link to www.greatschools.org which has ratings for each school.

Its important to note there are 3 elementary school districts in Tracy. Each are listed below.

Brian Barringer
Buyers Agent

Maps from http://www.tracy.k12.ca.us/

Click here for a TUSD Elementary Schools Boundaries Map

Click here for a TUSD Middle Schools Boundaries Map

Click here for a TUSD High Schools Boundaries Map

Find the API ratings at http://www.greatschools.org/.
--------------------------------------------------------------------------------
2010 TRACY JOINT UNIFIED

SCHOOL: API
Elementary Schools:
Art Freiler: 826
Louis A. Bohn Elementary: 820
Hirsch Elementary: 812
George Kelly Elementary: 806
Louis J. Villalovoz Elementary: 785
Jacobson Elementary: 771
Gladys Poet-Christian Elementary: 768
South Elementary: 761
McKinley Elementary: 761
Central Elementary: 732
North Elementary: 670

Middle Schools:
Discovery Charter: 818
Monte Vista Middle: 748
Williams Middle: 743

High Schools:
John C. Kimball High 796
Tracy High 754
Millennium Charter 734
Merrill F. West High 719

--------------------------------------------------------------------------------
JEFFERSON ELEMENTARY:

SCHOOL: API
Elementary Schools
Anthony C. Traina Elementary 842
Monticello Elementary 828
Tom Hawkins Elementary 837

All schools in Jefferson are K-8. They go to highschool at Tracy High or Kimball depending on where they are located.
--------------------------------------------------------------------------------
LAMMERSVILLE ELEMENTARY:

SCHOOL: API
Elementary Schools
Bethany Elementary 879
Lammersville Elementary 842
Wicklund Elementary 857

All kids then go to Kimball High. These schools are in MoHo(mountian house) except for Lammersville.

High and low!

2010-09-28T11:38:00.000-07:00

The lowest and highest priced listings on the market in Tracy today....

Cheapest: $70,000 (LP)

Holly Dr, Tracy, CA 95376

This one is an alley house, located off of Holly. It is a foreclosure owned by Merrill Lynch. The house was bought in 2004 for 195K. Then the owner eventually refinanced the house with a loan of 297K. Decent price considering you could rent this for around $750/mo. No Central heat and air. The previous listing indicates there have been upgrades made to the kitchen and bathroom. Currently been on the market about 90 days total.

Beds: 2

Baths: 1

Sq Ft: 836

Lot Sz: 0.150ac*

Yr: 1948*

Price/SqFt: 83.73

DOM/CDOM: 6/84

Highest Price: Waterwell Way, Tracy, CA

$1,300,000 (LP)

This is a custom home in Fair Oaks estates and a straight sale. Listed 48 days ago. This house is nice but a little high considering 8738 Waterwell Way, which is listed at 799K and around the same age and size.

Beds: 4 Baths: 4

Sq Ft: 4327

Lot Sz: 1.140ac*

Yr: 2007*

Price/SqFt: 300.44

DOM/CDOM: 48/48

Attention builders! Also what is interesting is there is a 1.23 acre lot for sale in the Fair Oaks subdivision for $152,500 owned by Bank of America.

Regards,

Brian Barringer.

New Short Sale Bill in Congress!!!! YEA!

2010-09-28T11:31:00.000-07:00

U.S. Representative Robert Andrews and Tom Rooney offered up new legislation to Congress last week. H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” is an effort from the Congress to help keep possible buyers from walking away from short sales, simply because lenders take months to respond to their offers.

The National Association of REALTORS are strong supporters of the bill. Their President, Vickie Cox Golder said “The short sale, which required lender approval, is an important instrument for home owners who owe more than their home is worth. While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”

And in a sticky financial situation such as a short sale, where time really counts, this bill comes as welcome news to many homeowners and buyers.

This legislation aims to “require” the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.” (Library of Congress)

In this bill the terms “short sale” means the sale of the dwelling or residential real property that is subject to the mortgage, deed or trust, or other security interest that secures a residential mortgage loan that:

Will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan; and
Requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder.

Ms. Golder continues, “Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time. Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.” I can tell you here in the Tracy California area this will really help our real estate market here.

Hopefully, if this bill passes into law, homeowners will find relief from their mortgage woes, and will be able to sell their home without having to be foreclosed upon. I cannot begin to tell you how hard the Banks are to work with. Sometimes maybe 1 out of 25 you get a bank Short Sale Department that responds in a timely manner. I feel they just could care less of the situation our country is in right now. They’re taking the position of why should we hire more people so we can lose money quicker.

2038 Sandpebble St., Weston Ranch, CA

2010-09-24T12:17:00.000-07:00

New Listing!

2038 Sandpebble Street

Take a look at the photos through a tour view!

http://movinghometour.com/c21mm/?TourID=1132057&brand=0

This is a very well cared for home featuring formal Living & Dining, large family room (fireplace does not stay)and spacious kitchen w/island. Back yard great for entertaining w/fountain and table that stays. All bedrooms upstairs with large loft area perfect for game room, office. Master with bath featuring walk in closet lined with cedar, sep tub & shower. Side access possible.

17111 Pacific Oak Ln., Lathrop, California

2010-09-23T10:20:00.000-07:00

New Listing!

17111 Pacific Oak Ln.

Check out the photos through a slideshow!
http://view.guidedtour.tv/c21mm_CAMLMLS_10073870

Nice home to start in. Well maintained with living room, large kitchen w/breakfast bar and dining area. All 4 bedrooms are upstairs with large master. Walk in closet and large bath with separate tub & shower. Nicely located on cul-de-sac in HOA community. Back yard ready for your imagnation.Fridge, washer & drier stay.