Realty World – Wilson Realty

With the upcoming winter weather and the use of heaters and other heat sources I would like to see that everyone install a carbon monoxide alarm. Carbon monoxide is an odorless, tasteless gas that will deliver devastating effects before you even know it. There have been so many sad events that have happened to unexpected people and sometimes the entire family that The Carbon Monoxide Poisoning Prevention Act of 2010 was enacted for our safety. This law makes it a requirement for single-family homes, multi-family leased or rental homes and apartments to have carbon monoxide alarms in them. Dormitories and multi-family structures like duplexes and hotels have until Jan. 1, 2013 to comply.
Installing one is very simple and relatively inexpensive. I have purchased some for as little as $15.99. Some are combined with a smoke alarm which makes placement easy. Some are so easy to install all you have to do is plug it into an existing plug and has a back up battery for power failures.
Consider this act a form of insurance, law abiding, and peace of mind for you and your family. Please install a carbon monoxide alarm or pat yourself on the back if you have already done so.
For additional information, buying tips and a coupon go to the link below……
http://kidde2.reachlocal.net/choosing-carbon-monoxide-alarms/?utm_source=ReachLocal&utm_medium=Search&utm_campaign=CACOAlarms

Monthly sales and current listings for the month of September.
Residential  – 52 Sold          Median Price – $235,ooo
15 Bank Owned - Median Price $198,000
4 Short Sale – Median Price $282,000
33 Private – Median Price $259,000
520 Active Listings          70 Bank Owned          36 Short Sales
Land  – 2 Sold          297 Active Listings
Commercial/Industrial  - 0 Sold          68 Active Listings
Business Opportunity  – 0 Sold          11 Active Listings
Mobile Home  – 4 Sold          110 Active Listings
*Information provided by Tuolumne County MLS

The first time home buyers tax credit is getting closer to expiring.  The $8,000 credit will expire on November 30, 2009.  If you act now you can still close in time to receive the credit.  Congress is considering to extend the credit beyond November 30th.  Some important facts:
*The average time-frame from when you find a property until it closes is 30-45 days.
*The tax credit is for first time home buyers only.  If you haven’t owned a home in the last three years, you are a first time home buyer.
*The tax credit does note have to be repaid.
*Single tax taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

REO, short sale, foreclosure…Tuolumne County
We hear these terms all the time yet they all just seem to get jumbled together and used interchangeably. Why not take a quick moment and sort them out once and for all?

A Short Sale is a property that is in default but still technically owned by the owner. Banks give the owner permission to list the property for sale but also agree to accept less than the outstanding debt as a final sales price. The sales price on a short sale must always be approved by the bank and can be a quite lengthy process, often extending anywhere from 1 to 3 months as the bank collects offers on the property. Bottom line on a short sale: you’re buying from the owner, it’s still a bidding process, bank must approve all offers since they’re agreeing to take a loss.

A Foreclosure is a property currently in default where the bank has legally initiated foreclosure proceedings. Many times, properties in foreclosure are offered as short sales for the bank to avoid having to complete the foreclosure process or hold the property as inventory on their books.
A REO (Real Estate Owned) is a property that has gone all the way through the foreclosure process and is now owned by the bank. Buyers purchase the home straight from the bank. A difference between short sales and REO properties that should be noted is the disclosure process. Since you’re dealing with the owner when buying a property at short sale, standard disclosures apply as you’re purchasing from the “occupant.” In the case of a REO, the bank has never “occupied” the property per se, so they are generally exempt from many of the standard disclosures.

In the case of both short sales and REO properties, be ready to foot the bill for your own inspections and complete a thorough due diligence process.
Just to let you know that currently in Sonora, Jamestown, Columbia areas in Tuolunmne County…………we currently have 7 Foreclosures/REO’s/Bank Owned homes and 16 Short Sales according to our MLS system.  Prices have declined to keep pace ~ great time to buy! Contact us today! Full Time & Full Service Realtors ~ Deborah & Dale

Sales report for Tuolumne County – May.  Compared with May 2008 sales.
                                     Sold 2009        Sold 2008                               
Residential                   48                    39
Land                                6                      8
Commercial                  2                      0
Mobile Homes             4                      4
Condo                            0                      1
 Short Sales                  2                      2
Bank Owned               20                    11
  
Current homes on the market.
 Residential             587
Land                          329
Commercial             67
Mobile Homes         99
Condo                        14
 Short Sales              90
Bank Owned             47
 *Information from Tuolumne County Multiple Listing Service.