Chico Homes Foreclosure Properties

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Chico Luxury Home Market

News Release

BAUMAN ATTENDS SPECIAL TRAINING,

BUILDS EXPERTISE IN CHICO LUXURY HOME MARKET

Chico, CA 4/14/2008 Sandi Bauman with Chico Homes recently completed a luxury home marketing training course. The Institute for Luxury Home Marketing provided the Certified Luxury Home Marketing Specialist training.

The course – which covered such topics as demographics of the affluent, lifestyle segmentation, trends and amenities in today’s luxury home product, and creating a marketing plan for the multimillion dollar property – was taught by Laurie Moore-Moore, President of the Dallas-based Institute and author of the book, “Rich Buyer, Rich Seller! The Real Estate Agents’ Guide to Marketing Luxury Homes.”

“The course is a step towards earning the prestigious Certified Luxury Home Marketing Specialist (CLHMS) designation which The Institute awards internationally to sales professionals who meet performance standards in the upper-tier residential market,” said Moore-Moore. Sandi Bauman is an example of a sales associate who has earned the CLHMS designation, and who works to hone the special skills and competencies necessary to provide exceptional service in the fine homes and estates marketplace.”

Bauman is an award-winning sales associate who has been in real estate since 2005 and specializes in the Chico/Paradise residential market. She has been the top producing listing and selling agent at Chico Homes each year, servicing relocating buyers and sellers, investors, first time home buyers, and is highly active in the foreclosure market. Visit her blogsite “The Pink Couch” at www.ChicoHomeSearch.net.

“The training provided new insight about the upper tier market, helped me polish my skills, and provided valuable networking contacts with other agents across the country who specialize in luxury properties,” said Bauman. “In addition, I discovered new and creative tools for promoting expensive homes and estates and new resources for finding buyer prospects. Home buyers and sellers will benefit from my new knowledge.”

For current information on the Chico luxury homes market, contact Sandi Bauman at Chico Homes, 530-864-5407 or email [email protected]


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New Hope for Chico HomeOwners!

On the Brighter Side

by Mike Wiegert, broker Chico Homes

There’s new hope on the horizon for Chico homeowners saddled with ruinous adjustable rate loans that are threatening to convert happy homeowners to cheerless renters. Last week House Financial Services Committee Chairman Barney Frank announced new legislation to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders. A summary of the proposed draft and the full text is available on the Financial Services Committee website. Mr. Frank cautioned interested readers that the text of the proposed legislation could change over the next few weeks and encouraged comments from all concerned parties.

The new program would permit FHA to provide up to $300 billion in new guarantees that would help to refinance at-risk borrowers into reasonable and affordable new loans. In consideration of a significant reduction of principal, the existing lender or mortgage holder would receive a short payment from the proceeds of a new FHA loan and subsequently the new loan would result in terms that the borrower can reasonably be expected to pay. The existing lender or mortgage holder would receive a cash payment and would agree to not harm or affect the credit of the borrower.

This proposal could potentially refinance between 1 and 2 million loans, thereby helping Chico families to stay in their homes, protect neighborhoods and help stabilize the housing market.

Under the proposed program, a homeowner or existing loan servicer would contact an FHA approved lender who would determine the eligibility and size of the loan consistent with the program’s guidelines. The lender would also evaluate and confirm the borrower’s ability to reasonably repay the new loan. If the current mortgage holder agrees to a write-down or discount of the existing principal balance in accordance with the requirements of the program and makes the new loan affordable, the FHA lender will pay of the existing mortgage.

In addition to the first lien, the newly proposed program grants the government a “soft” second lien to cover the FHA’s costs and preclude borrower misuse of the program such as “flipping” or speculative buying and selling of homes. When the borrower sells or refinances the home there would be a required payment from the profits. This payment would be the higher of a 3 percent exit fee or a declining percentage of any profits ranging from 100 percent in the first year to 20 percent in the fifth year. After the fifth year, the 3 percent exit fee would be the maximum.

Other requirements for eligibility to the program must be met. Eligible applicants are limited to owner occupied principal residences. There is no availability to rental homes, speculative homes or owner occupied second homes. The existing senior loan being refinanced must have been originated between January 1, 2005 and July 1, 2007. To avoid borrowers purposely defaulting on existing loans, the borrower must have a debt to income ratio of 40 percent or higher as of March 1, 2008 and must certify that he/she has not intentionally defaulted. Existing mortgage holders or investors wishing to participate must waive any penalties or fees associated with the existing mortgage and accept the proceeds of the new loan as payment in full. In order for the existing mortgage holder to participate in the program, a significant reduction of the existing loan balance must be “written off” so that the new FHA loan does not exceed 90 percent of the property’s current appraised value. Additionally, the principal reduction of the existing loan must provide for all up front fees for the new loan. Participating existing mortgage holders are limited to a payment of no more than 85 percent of the current appraised value of the property.

Distressed borrowers stuck with adjustable rate loans that are about to be or have been recently reset really need to pay attention to this program. Once enacted, this program will provide to eligible participants not only relief from a looming, excessive home loan, but the possibility of increased equity and a new loan tailored to a borrower’s realistic ability to repay.

Let’s hear it for this bold new step in the right direction by our Federal Legislators.

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Chico CA Real Estate Market Report for Week Ending 2/18/2008

Chico real estate market data.

I’ve always found real estate market reports to be really dry reading… but many of you potential Chico buyers and sellers have been coming to my blog looking for this type of information, so here you go!

The following represents the market data including Chico homes sold, listed, price changes, and pendings for single family homes only. Chico areas covered are 1A to 1F, as provided by the Sierra North Valley MLS.

Chico CA Real Estate Market Report

Looking for other Chico real estate market data? Tell me what you need!

Subscribe to Chico CA Real Estate Blog and MLS Listings Search to receive regular market updates.

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What’s All This Talk About Short Sales on Chico Homes?

By guest author Mike Wiegert, Broker, Chico Homes

For Chico, CA homeowners that can’t afford to pay their mortgage, there is an alternative to bankruptcy or foreclosure proceedings – it is called the short sale.

The short sale really begins when you finally realize that your house just isn’t worth what it was just a few short years ago.

The next realization is that if you sell your house for what it’s really worth, you’re not going to actually get any proceeds back from the sale. That’s a big pill to swallow, but after you do, you might have the final realization that you’re really just starting from scratch like you did a few years ago. Back then, you’re credit was pretty good, you had your health, all your kids were fairly normal and you had a job. So rather than losing your home in foreclosure AND ending up with a terrible credit report, you think “I wish we could just be back to where we were back then.”

It’s at this point that a “short sale” might be the answer.

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs such as property taxes, transfer taxes and commission.

In other words, what a buyer might be willing to pay for your home isn’t going to cover what you owe on it and what it’s going to cost you to sell it. Unlike a foreclosure, a short sale can keep the homeowners credit intact. The first step is to do some research a find a Chico, CA Realtor that knows the Chico real estate market and has had experience and success in the short sale process. Your Realtor will need special skills and a persistent attitude in dealing and negotiating with your lender.

Banks are not in the business of owning and marketing homes and many would much rather discount the current amount of their loans than have to go through the process of marketing and holding a property in a slower market. This lender attitude will certainly grow as the number of foreclosures and repossessions increase. Conversely, the popularity of buying in the short sale market appears to be spreading rapidly.

Be advised, before you contract with any Realtor to market your home utilizing a short sale concept, you should consult a real estate attorney for the legal implications of the short sale and an accountant about the tax liabilities involved in the short sale.

You must understand everything upfront before the short sale process begins- look to your Chico CA Realtor for assistance.

1. You must prove to your lender that you are unable to afford to pay your mortgage.

If your lender is aware that you possess certain assets such as stocks or bonds, or you have a high paying job, your lender may require you to sign a note promising to repay at a future time any discount of what you owe that they make in the short sale. If you do not possess these types of assets or your job clearly indicates that you would not be able to repay such a debt, it is possible it may be forgiven.

2. Next the lender will appraise the current market value of your home.

The lender, with the help of your Chico, CA Realtor will calculate the amount of the outstanding debt and the customary costs of selling. If the proposed short sale will bring them more money than they would get during auction, the lender will mostly likely agree to it. End result, you didn’t pull the equity out of your home that you might have thought you had, but your credit is still intact, you’re out of a mortgage payment you can’t afford and the dream of once again owning a little corner of this world still burns brightly!

If you find yourself in a situation where your payments are are becoming too much to handle, please contact us at Chico Homes! We may be able to assist you in selling your home and avoiding a credit-destroying foreclosure.

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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.

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The View from a Canoe- California Park in Chico, CA

Take a ride with me!

The California Park residential neighborhood is the only one in Chico, CA that boasts lake frontage.

Truly, the view from the water is unlike anything you will see from the road!

The first time we put our canoe in the water, we were in awe of the variety of home styles: we saw everything from “southern charm” to “ultra modern.” Each back yard had something different to offer. There were private boat docks, a sand beach, hammocks, landscaped terraces, gorgeous waterfalls, weeping willows, and my all time favorite: bright red canoes!

If you have the opportunity to visit the California Park area, a tour from the lake is a fun way to explore. (Note: The lakes are private. You must actually be a resident or guest.) There are 2 lakes, and two of them connect under a bridge on Lakewest Drive. There are several idyllic coves in which you will find residents enjoying the lifestyle unique to Cal Park. You might wave hello to a grandpa teaching his grandson to fish, view one of several large, grassy park areas, or (if you are REALLY lucky) spot one of the turtles that calls the lake home.

The neighborhood also boasts a series of cascading duck ponds which delight young and old alike. It is such a treat to visit the lakes in time to watch the baby ducks! There are usually families that include lots of fluffy babies, all chasing after the mama duck. The lake is shallow enough in many places to view the fish swimming below. And, if you’re paying attention, you can hear the tell-tale “ker-plop!” of a bullfrog jumping in the blue-green water!

Like what you’re reading?

Click here to SUBSCRIBE to Chico CA Real Estate Blog and MLS Listings Search!

If you would like information on Chico, CA real estate and foreclosures in the California Park neighborhood, please feel free to call the neighborhood expert: Sandi Bauman at 530-864-5407.

Chico Homes is thrilled to have their new office located with water front views of California Lake at 2580 Sierra Sunrise Terrace, Suite 120.

Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.

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Sandi Bauman (Chico Homes): Real Estate Agent in Chico, Butte County, California
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