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Tuesday, April 30, 2013

Bankruptcy and Foreclosure Info

 Bankruptcy  Talking Points
  • Some homeowners who are behind on their mortgage payments and other debt obligations may think that filing for bankruptcy will prevent their home from going into foreclosure; but they are mistaken.
  • A Chapter 7 bankruptcy – the most typical bankruptcy protection filed by individuals – will at best delay, but not prevent, a foreclosure. Banks will typically wait out the bankruptcy case, then immediately proceed with the foreclosure upon discharge.
  • Occasionally the banks will petition the court to release the property even during the bankruptcy if it has no equity so they can proceed with foreclosure. If the home has enough equity, it will be sold as part of the bankruptcy case, with the proceeds going to creditors.
  • What a bankruptcy will do is convert all “recourse” loans – where a borrower has a personal responsibility for repayment – into “non-recourse” loans, where lenders cannot sue a borrower to get repayment. That’s because a Chapter 7 bankruptcy will discharge the borrower’s personal responsibility for the debt even though it will not release the liens on the property for the loans.
  • So, while a bankruptcy does not eliminate secured home loans and a homeowner can still be foreclosed on, all home loans, including second mortgages and home equity lines of credit, will become non-recourse, and lenders cannot sue the homeowners for any balance owed.
Source: Orange County Register
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Friday, April 26, 2013

Report: Mortgages become slightly easier to get as standards ease

Report: Mortgages become slightly easier to get as standards ease

Credit standards appear to be easing, just a bit, according to an analytical study and reports from front-line lenders.

Wednesday, April 24, 2013

Grass Valley Peardale Chicago Park Homes and Land

Privacy and Wolf Creek Frontage! Relax and listen to the comforting sounds of the year round creek. Comfortable living with open floor plan. Perfect area for your garden and 4-H animal projects. Multiple Steel portable garage / storage units. Easy commute to Hwy 49

 Sleeper, borders clipper creek for 1,000 ft. Several building g sites could be developed. quiet neighborhood. when you cross the creek you are on the property. turn left at bridge second driveway on left leads to flat area.
Area: Peardale/Chicago Park
Approx. Acreage: 25.00
Zoning: Open
Water: Stream Year Round
Sewer: None
Power: Elect Within 500 Ft
Roads: Paved

Tuesday, April 23, 2013

Grass Valley and Nevada City Land Deals

Grass Valley and Nevada City Land Deals

 2.42 acres in Cascade shores. Septic tank in, pumps up to standard leach lines for 2 Bdrm home. NO SEWER DRAMA. Owner had the retaining wall engineering done. Driveway across corner serves this parcel and neighbor. Please don't block driveway.

Awesome creek scene. Listen to the rushing creek with waterfall from your knoll building site. Pastoral scene. Easy access. Large creek. Install a walking bridge to access balance of acreage which is nicely treed. Great location about 6 miles back to downtown Grass Valley. On easy access to Hwy 80 via Hwy 174.

Build your dream home on this prime lot in Rattlesnake Ridge estates. Newer subdivision is comprised of 82 acres with 42 acres of open space only minutes to Grass Valley. The lot is a mixture of an oak forest and lovely pine trees. All underground utilities, natural gas and piped treated water with perc and mantle approved for a standard system. Must see to appreciate.

Naturally nice 10.2 acres of bare land with improvements in place. Land has local views, privacy and many nice domestic and wild flowers, pine and fir trees. Well, septic, building pad and 2 driveways are in place and survey on file. Horses OK. Located on a dirt road, come hike, bike, run or just relax and enjoy. This parcel is not far from mountain resorts, skiing, snowboarding, winter and summer recreation, camping, several lakes and rivers. Property does get some snow each year and is located not far from I-80 for an easy drive to wherever you want to go. Property is about 15 miles southwest to Colfax, about 25 miles to Auburn, then Roseville on to Sacramento, (OR) the other direction on I-80 Northeast to Boreal, Soda Springs, Truckee, Tahoe.

Mountain Lake Estates Property! 3+ acres in this lovely prestigious park like subdivision filled with beautiful homes. Gently upsloped with views to the west. This property offers walking trails to the lakes and to Little Deer Creek. NID canal is at back of the property. Well is in and there is a Community septic.

Monday, April 22, 2013

20 seconds for love at first sight

20 seconds for love at first sight

Researchers tracking the eye movements of subjects who looked at online home listings found that more than 95 percent of users viewed the first photo – the one that shows the exterior of the home – for a total of 20 seconds. After that, their eyes tended to flit all over the screen.

Grass Valley Homes and Land

Grass Valley Homes and Land Deals

KNOLL TOP SETTING with wonderful views from this 3 bedroom, 2 bath home on 2.6+/- acres with 1736 +/- Sq. Ft. living space. Large living room & separate family room, 3 large fenced in areas for gardening, fenced in backyard for your pets, outbuildings, and plenty of places to park all your vehicles! Custom built fireplace in living room. Private gated entrance. Nice sunny exposure. Close to Auburn & Grass Valley. Must make appt due to PETS. NOT A BANK REPO OR SHORT SALE!Pls pre-qual your clients BEFORE showing - no previews without a client please.

Ranch property with old Dairy barn and large workshop with Concrete floors. Very private setting. Kitchen has been remodeled. Roof replaced in the past.

Wednesday, April 17, 2013

Home prices post sharp increase in January

Home prices post sharp increase in January

The Standard & Poor’s/Case-Shiller index recorded a sharp 8.1 percent year-over-year increase in January, underscoring the vigor of the recent housing recovery.

Monday, April 15, 2013

Housing Won't Be 'Normal' Until

Housing Won't Be 'Normal' Until 2015: Trulia

      The housing market is 53% back to "normal", according to Jed Kolko, chief economist of online real estate company Trulia.

In a blog post Tuesday, Kolko shared the results of Trulia's February 2013 Housing Barometer, a monthly roundup of where three key housing indicators -- construction starts, existing home sales and delinquencies and foreclosure trends -- are relative to their worst point during the crash and their long-term, pre-bubble "normal" levels.
Construction starts rose to 917,000 in February, their second-highest level since July 2008. Construction starts are now 43% of the way back to normal.
Existing home sales in February were up 10% year-over-year, with non-distressed sales up 25%. Inventory bounced back 10% in February, recording a bigger jump than the typical seasonal increase. That is welcome news to the housing market that has witnessed tight supply. Inventory needs to climb for existing home sales to increase in volume.
Overall, existing home sales are 70% back to normal, according to Trulia.
The share of mortgage loanss in default or foreclosure declined to 10.18% in February from 10.44% in January and is now at the lowest level since October 2008, according to Trulia. That is 46% back to normal.

Tuesday, April 9, 2013

Supply of Homes for Sale Begins to Rise Again

Finally: Supply of Homes for Sale Begins to Rise

     For the first time in over six months, the supply of homes for sale is beginning to rise.

While Grass Valley and Nevada City Home inventories are still down nearly 20% from a year ago, they did rise more than the seasonal norm in February from January, according to a new report from the National Association of Realtors.
The raw number of for-sale nationally listings rose 10% month-to-month, and when seasonally adjusted, they were up 2.6%, the biggest jump in over two years.
"Tight inventory has been a critical issue for the housing market: The limited supply of homes has fueled bidding wars and has meant that buyers have little to choose from and agents have little to sell," said's Jed Kolko. "Inventory has been tightening because construction levels are still low, adding little new housing stock, and homeowners are waiting to sell until they have more positive equity. This inventory spiral been especially severe since prices bottomed."
"Rapid price appreciation is not good news for home buyers," said Lawrence Yun, chief economist for the NAR. "Wages are up just 2-3 percent, while prices are rising 4-5 times that."
With the increase in supplies came a return of all-cash investors, who had been moving out of the market, causing sales of homes on the low end to plummet. Investors made up 22% of home buyers in February, according to the Realtors, up from 19% in January. All-cash sales hit 32%, up from 28%, and distressed home sales also increased to 25% of all sales, from 23%.
Low inventory has kept first-time home buyers, who largely seek lower-priced homes, out of the market.
"There's not a lot out there," Brian said. "It's actually amazing. We see houses go under contract in a day or two, and so we really have to be on top of the game and be willing to drop everything and run and go check out a house, or it'll be gone."
Brian and Ali are qualified for a mortgage, but many sellers today still favor the all-cash deal. That puts them at even more of a disadvantage.
"Everywhere we've looked there are at least five or six offers going in within a 48 hour period," Ali said. "It's a little stressful."
Faced with competition from cash-heavy investors for, first-timers represented just 30% of buyers in February, compared to a more normal 40% historically.

Thursday, April 4, 2013

What You Need to Know to Sell Your Home in Spring 2013

What You Need to Know to Sell Your Home in Spring 2013

 Daylight savings time is here and the evenings are longer, we're having some warm days, and the daffodils are poking through the soil. Spring is coming and it's time to get your home on the market, which will entail some critical decisions about your online ad.

About 90% of Nevada City and Grass Valley, CA homebuyers shop online, even though most also use a real estate agent. A sloppy ad prepared by you or your agent can prevent you from reaching hour hottest prospects, or land your home on agents' unofficial blacklists.
Among the common online mistakes, says HSH Associates, the real estate data firm: a price that will eliminate your home from some buyers' searches.
A seller who wants to ask $300,000, for instance, may set a price of $299,900, following a time-honored strategy to make an item look cheaper. But that would eliminate the home from searches specifying a minimum price of $300,000.
It could also backfire if you hoped to get $300,000 but listed at $310,000 on the chance of getting a few thousand more. You'd be filtered out of all searches specifying a maximum price of $300,000.
In the old days, this wasn't as problem, because the agent would likely bring a home to the buyer's attention even if the price was just outside the buyer's range. Online search functions aren't that smart.
Next, look at a few online listings at well-known sites such as, or You'll see immediately that the best listings have 20 or more photographs. Listings with only one or two -- or none -- look half-hearted. The shopper is likely to pass them by.
So it's worth paying extra for a good battery of photos, preferably taken on a sunny day. And if you have to take them in the winter, replace them as soon as possible with more colorful spring shots showing leaves and flowers.
Also, clear the clutter and have the furniture in order before snapping your shots. Though buyers know an unmade bed in a photo shouldn't be important, things such as this are a turn-off that could cost you a sale. Buying a home is an emotional process.
Keep in mind that no one buys a home online. Your pictures are meant to generate in-person traffic, and they should conform to what buyers and agents will see when they come. Photos that carefully conceal damage or a neighbor's home that intrudes on backyard privacy will infuriate anyone who learns the truth on a visit. Though you might assume that luring many shoppers will enhance your sale prospects, the strategy could backfire if agents feel you've wasted their time and badmouth the property to their clients. The ad's pictures and written description should be honest.
Finally, in preparing an online ad or reviewing one done by your agent, look carefully at the search criteria buyers can use to filter out properties that don't fit their requirements; an online search is a process of elimination, not inclusion. On many sites, the full list of criteria is found by clicking the button labeled "advanced search," "filter" or "more search options."
So if your Nevada City and Grass Valley, CA property has a view, be sure to check that box or say so in keywords window. If the community has a pool and tennis courts, note that too. Put in the acreage and square footage, and if your home could be considered a farm or ranch, be sure to say so.

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