The auction is being held at the Hilton Garden Inn and they will be auctioning off properties from the Salinas-Monterey area. As it happens, one of my own REO foreclosure listings is going up on the block – 6 Minto Road in Watsonville. … Also, the auction company is doing a whole series of auctions – for example, on November 15 at the San Ramon Mariott, they are auctioning off Bay Area properties (there are quite a few) and on November 16, they are auctioning off a good selection of properties from the Sacramento area at the Radisson Hotel Sacramento. The auction is being put on by Hudson and Marshall , and they gave me a little F.A.Q., which I think applies to all Hudson and Marshall auctions, and is similar to auctions put on by other companies, e.g. … A: You must have a photo ID, cashier’s check or cash in the amount of $5,000 Q: How much earnest money must I put down if I am the winning bidder?
The smell of freshly brewed coffee wafts through the house, as I peruse my trusty RSS News Reader, skimming over news articles and blog entries the world over, from a variety of different sources. Even though I am up to my neck in this foreclosure business, selling foreclosure real estate in Santa Cruz county at a pretty good clip this year, I was surprised to see this: Santa Cruz at #6 on the Forbes Foreclosure Capital list When you click on that link, you have to look fast – it’s a slide show, and will only stay on the Santa Cruz frame for a few moments. … This is a national list – it is not just California, although, perhaps not surprisingly, half of the ten are in California. … Both the Wall Street Journal and the good ol’ San Jose Mercury News are running pieces about reviving home sales in California and the bay area – of course, the reason people are buying is that prices, in many cases, have dropped to the level where they are affordable.
It’s a three-day affair, with the highlight of the fist day being the Sand Castle Competition. Naturally, the sand castle that first caught my eye was the one with the “Foreclosure” signs placed all around it. … I even discovered that my friend Rico Suave (aka Richard Robinson , also of Thunderbird Real Estate) was down there working on a pretty cool sand castle – which, unfortunately, didn’t win any prizes either but I thought was surely one of the better ones there. … There’s a little pathway that starts at the Stockton Bridge, and you can follow it and watch the people building their floats. As fate would have it, that’s about as much of the nautical parade as I got to see this year. I didn’t know what time the parade started – I had thought it began earlier in the day, and a client asked me to go see some property at 2 PM, so I pretty much had to leave before the floats weighed anchor and went wherever it is they go.
While you can get a good deal on a property by buying it as a short sale, I posit that you are not necessarily getting a “good deal” – you are probably getting a fair deal, given the state of the market. … The thing with short sales is, the lender gives short sale approval, with a close of escrow to be on-or-before a certain date – and they typically don’t give you very much time to close escrow once they have given you approval, as was the case here. To cut a long story short, we were ultimately able, by hook and by crook, to get the unit certified as “asbestos free” in time such that the lender could fund the loan and close escrow in time to stay within the time period permitted by the short sale approval letter. We had to kind of cheat here, actually – my client got the testing company to do a simple field test, because if we’d have had to wait for the actual electron-microscope lab test, we wouldn’t have made the cut-off date.
The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008). FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program . … The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008). … Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members.
After all was said and done, the seller’s agent and I agreed to meet for coffee and to exchange some final documents and so I could get the key to pass on to my buyers. You may not be aware of this, but Keller Williams are kind of messianic about their company. … A few months back during the Watsonville REO tour that we had, I had met another KW agent, and she spoke in glowing terms of her company, and in particular about this training that they had, which was open to agents from any brokerage, not just Keller Williams. So when I was sitting down for coffee with the seller’s agent, I started talking to her about Keller Williams and the training that they provide. … In an appreciating seller’s market, it’s not such a bad thing to over-price your property by 10% – sooner or later, the market will catch up to you, and you’ll probably end up getting that extra 10% if you wait long enough.
For those of you who are really interested in knowing what’s going on with real estate sales in Santa Cruz county, I want to remind you that I have a great page on my web site that gives you all kinds of ways to look at Santa Cruz Real Estate Sales Data . Also, I offer a monthly Santa Cruz Real Estate newsletter which offers an analysis of what the numbers mean, and this month’s edition just hit the inboxes of subscribers. OK, maybe the numbers aren’t grrrrrrrreat! … There, we see that the median price (again, county-wide) of single-family residences is down 11.8%, and in April last year, 132 homes were sold – so about 25% fewer homes were sold this April. The numbers are considerably worse for condos, but so few condos were sold (just 19 county wide) that it’s difficult to really gauge what’s going on in that market price-wise.
I just had to put up the video of the presentation that I did the weekend before last at the Santa Cruz County 2008 Housing Expo. The presentation was scheduled to last 30 minutes – about 20 minutes of me yakking to some PowerPoint slides, and about 5-10 minutes of follow-up questions. … I wrote e-mails to a bunch of people telling them about the presentation, and more than one person replied (OK, two people) and said that they were sorry they couldn’t make it, but would a video be posted on-line? … I was going to cut the video myself using iMovie from Apple, using up some of the copious amounts of spare time that I have (ha ha, did I mention it’s nigh on 1 AM and I’m still slaving away?). However, after thinking it over for about 20 seconds, I realized that there was no way I was going to be able to cut the video and do a halfway decent job and get it posted on-line while this foreclosure wave is still upon us.