Historic Bed & Breakfast Reduced $50,000!

Priced to sell…this property is located in the historic district of French Gulch and is under 20 minutes from Downtown Redding and under 5 minutes from Whiskeytown and the Oak Bottom Marina!  Great opportunity with operating restaurant, bar and bed and breakfast…great for weddings, family gatherings or work retreats…the possibilities are endless!

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Redding Real Estate Market Statistics 5/6/08

Actual activity that is available straight from the Shasta MLS database as of today, May 6, 2008:

Residential Listings:  There are 1,806 active listings and another 348 listings that are pending (in escrow)…up from 1,702 a couple weeks ago!  Year-to-date during 2008 we have had 568 listings that have sold (closed escrow), during April 2008 we had 163 escrows closed and so far in May we have had 17 sold listings.  Overall statistic for the year 2007: there were 2, 140 listings that sold (closed escrow) and were recorded in the MLS database.  

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Should I do a Real Estate Short Sale?

The tax implications for the borrower could be so significant that a short sale would not be in the borrower’s best interest.  Before a short sale is contemplated, it is strongly recommended that the borrower seek the advice of a professional tax advisor.
 
Generally speaking, any relief of indebtedness from a short sale, regardless of whether the loan is a recourse or nonrecourse loan, is taxed as ordinary income. There are, however, some exceptions to this rule that may benefit a taxpayer involved in a short sale.  Remember, this is information specifically geared toward California residents and sellers and buyers should always consult a tax advisor before making any financial decisions.

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What is a Real Estate Short Sale?

As inflation rises and costs of housing increase lenders are making higher loans amounts that can become too difficult for borrowers to repay.  This being said, some of these borrowers may not be able to fulfill their mortgage obligations.  When a borrower is no longer in a position to make the mortgage payments, is facing foreclosure and the current market value of the property–including escrow costs–is less than the loan on the property, the borrower may consider a short sale.  This could save the lender the expenses of foreclosure proceedings and from having another REO property on its books.  From the borrower’s perspective, the short sale prevents having the foreclosure on the borrower’s credit history, and releases the borrower from an obligation that he or she can no longer afford.

In essence, a short sale is a sale transaction subject to a lender’s approval in which the lender consents to a sale of the security interest for less than what is owed on the note and accepts the proceeds in full satisfaction of the loan amount.  A short sale requires much paperwork and preparation on behalf of the borrower.  Typically, before applying for a short sale, the seller must have a ready buyer and all the paper work prepared to present to the lender.  The buyer of the property must also be prepared for a protracted time period to conclude the purchase of the property.

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The Real Estate Short Sale Process

It is always in the best interest of the borrower to keep the lender informed. If the borrower is in default of the loan and is contemplating a short sale, it would be best for the borrower to let the lender know before the foreclosure proceedings are well under way. The lender may or may not grant more time to the borrower to find a buyer. In general, the process goes as follows:

  • First, the borrower must find a buyer for the property.
  • Second, the borrower must prepare all the necessary documents (See Question 17).
  • Third, the borrower must submit all documents to the lender.
  • Fourth, the lender will send out their own appraiser to make sure that the buyer’s offer is at fair market value.
  • Fifth, the lender will make a determination on whether or not to agree to the short sale.
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Real Estate Short Sale – Lender Requirements

Lenders will typically require a distressed borrower to furnish a variety of documents, which could include the following.  This is a compiled list and will vary with each lender:

  • Written explanation (and proof) of the hardship the borrower is experiencing;
  • Copy of the purchase contract signed by both the buyer and seller (borrower);
  • Copy of the TDS;
  • Proof of the buyer’s ability to purchase the property, i.e., a completed loan application, pre-approval by another lender, or evidence of cash on hand (bank statement);
  • Copy of the certified escrow instructions; 
  • Preliminary title report;
  • Estimated net/closing statement certified by an escrow officer acceptable to the lender;
  • Completed and signed IRS Form 4506, “Request for Copy of Tax Form;”
  • Completed and signed personal financial worksheet;
  • Previous two years tax returns;
  • Employment paycheck stubs for the past two months;
  • Profit and loss statement (if the borrower is self-employed);
  • Past three months bank statements.
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Redding Real Estate Market 4/15/2008

Actual activity that is available straight from the Shasta MLS database as of today, April 15, 2008:

Residential Listings:  There are 1,725 active listings and another 351 listings that are pending (in escrow).  Year-to-date during 2008 we have had 440 listings that have sold (closed escrow) and so far in April we have had 52 sold listings.  Overall statistic for the year 2007: there were 2, 140 listings that sold (closed escrow) and were recorded in the MLS database.  

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Redding Real Estate Market – 4/11/08

Actual activity that is available straight from the Shasta MLS database as of today, April 11, 2008:

Residential Listings:  There are 1,702 active listings and another 339 listings that are pending (in escrow).  Year-to-date during 2008 we have had 427 listings that have sold (closed escrow) and so far in April we have had 39 sold listings.  Overall statistic for the year 2007: there were 2, 140 listings that sold (closed escrow) and were recorded in the MLS database.  

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Does Wall Color Really Matter?

Pick a color, any color- so long as its “green”.The paint and color industry has caught up with the national and worldwide trend of becoming more environmentally conscious and friendly. Manufacturers are turning homeowner’s heads with products that are green.The eco-friendly trend has also made its presence felt in establishing color schemes and design plans. Along with current choices of color leaning toward chocolate browns and earth toned greens which imitate our earthen dwelling and muted sea and calming blues which are inspired by spa and ocean influences, people who are “going green” are also choosing new environmentally friendly paints to cover their walls.

Although low-odor, low-toxin paints have been around awhile, their performance had not been stellar. Many painters hopped on the green bandwagon when it first rolled around, but were disappointed by boring shades, questionable durability or inconsistent texture. However, paint companies like Benjamin Moore have taken green to a new level with the introduction of Aura, their new low VOC (volatile organic compounds), low-odor, water-based super paint. Not only have they met the up coming tighter government regulations regarding paint VOC’s (currently awaiting green seal approval), but the durability, texture, better covering water borne paint is far superior to the old latex based type. And YES!! It’s available in any color. So now, painters or do-it-yourselfers , no matter what the brand, will find it increasingly easy to find innovative products so they can worry less and paint more!

If you are thinking of remodeling, selling or just want to bring your house up-to-date the following colors are sure to bring great responses:

        

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N. Cal Bed & Breakfast Anyone???

Are you looking for a new venture or have you always wanted to be an innkeeper or restaurant owner? Here is your chance to do both…with the French Gulch Hotel in Northern California, just minutes from downtown Redding. The property features 6 guest bedrooms plus 2 large dining rooms, huge bar and ample space for outdoor venues as well as an attached 3 bedroom owner’s home! The sellers are now looking at all offers for this historic (built in the 1800’s) California landmark.

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