Chico Real Estate blog

by Mike Wiegert

So life takes another turn and now it’s time to get down to the business of selling  your Chico home.  You’ve been told that you should interview three or more Realtors to determine who is most suitable to accompany you on your journey.  Your agent needs to be honest, knowledgeable, experienced, successful and above all, your advocate when dealing with a buyer. 

Your deductive reasoning tells you that you want to interview one agent who has worked with someone you trust.  Another inner voice tells you to call the largest company in town and get their top producer.  Maybe a third option is that nice Mr. X down the street who waves every morning.

Now here come the Chico Realtors with their smiling faces, newly pressed business suits and freshly washed luxury cars.  Oh gosh, they all seem so nice!

Realtor number one is impressive.  He has really done his homework and presents you with all the competitive sales and listings in your  neighborhood..  Although complimentary of your home, he spends the time to make you aware of some of your home’s weak points and areas that you could improve to get a maximum price for your home.

Realtor number two crosses the threshold in a blaze of glory.  You are instantly made aware that she has been salesperson of the month for an infinite period of time and that no one knows real estate like she does.  Your home will fit nicely into her stable of homes and it really reminds her of the house she just closed down the street.  She rushes off to ninety more appointments that day and presses her glossy real estate card with all the discount offers on the back into your now  trembling hand.

Softly a knock on the door is heard and upon opening you find Chico Realtor number three (and neighbor) enveloped in a warm and almost ethereal glow.  Number three is not holding any competitive sales or listings, no fancy folders with glossy pictures of happy buyers and sellers, nothing at all.  Just all smiles and warmth.  Number three strongly disagrees with the market analysis of the first two.  He knows this neighborhood.  He lives here.  Your home is better than everybody else’s.  He can get you a lot more than the others.  So now you are really excited!  Realtor number three is soooooo nice,  and he’s going to get you a lot more for your home, right?

Wrong!

Out of the Darkness, by Mike Wiegert

I don't think that anyone that follows Chico, statewide and national real estate news can deny that our Federal legislators are taking huge strides to contain the faltering real estate market conditions. Once again last week, our government stepped forward in an effort to help American homebuyers understand the complex and confusing terms of real estate mortgages, thereby enabling these homebuyers to more effectively shop for the most important investment of their lives.

Department of Housing and Urban Development (HUD) Secretary, Alphonso Jackson has announced a proposal that will reform the 30 year old Real Estate Settlement Procedures Act (RESPA), thereby improving disclosure of loan terms and closing costs borrowers pay when buying or refinancing their homes. The primary target is the standardizing of Good Faith Estimates provided by mortgage lenders. These estimates give consumers comprehensive costs associated with loan acquisition. By standardizing these estimates, borrowers can more easily shop and compare mortgages offered by a number of lenders. HUD's economic analysis finds that by offering consumers clearer, more certain cost estimates, the average borrower will save nearly $700.

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by Mike Wiegert, broker Chico Homes Real Estate

A bill that is now pending before the California full Senate would make it possible for California taxpayers to avoid paying taxes on forgiven mortgage debt through a short sale, short sale payoff or other loan modifications.

Senate Bill (SB) 1055, authored by Sen. Michael J. Machado, passed the Senate Revenue and Taxation Committee on an 8-0 vote. The measure would help California taxpayers whose lenders have forgiven a portion of their mortgage debt, by allowing them to exclude the forgiven debt from their incomes for state income tax purposes. Under existing state tax law, forgiven debt on mortgages is taxable to the borrower as ordinary income for the year in which the debt is forgiven. OUCH!

Think about it. You’re already in financial straits, otherwise you wouldn’t be in foreclosure. You list your home with your friendly Chico Realtor hoping to stem off the foreclosure and hopefully not have your credit significantly damaged. Next thing you know you’re getting a tax bill from the state.

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Imagine yourself in this scenario.

You have been searching high and low for what seems like FOREVER, for the "perfect" new home.

You have scoured the glossy magazines available in your local supermarket. You've been scrambling to read the classifieds first thing every morning. As a sophisticated house hunter, you have spent hours upon hours pouring over every website in your local area. You even check Craigslist, Localism, and Zillow. Come to think of it, you know the listings in your price range better than your favorite Realtor!

After a LOT of effort, the day finally comes when you find IT.

The perfect house.

Your new house is in the right Chico neighborhood. It faces just the right direction for optimal sunlight. It has the right yard for the kids and dogs and stuff. The carpet is perfect. The laundry room is in the most convenient location. There are plenty of cupboards! All of your furniture will go perfectly.

You excitedly write the offer.

You jump up and down when your Realtor congratulates you on your pending sale.

You cancel your lease, start packing, line up friends to help you move, and spend extra time picking out just the right new paint colors for the living room.

Just when you are all geared up, your Realtor tells you that the sellers just disclosed that they live next to a sex offender.

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