Cara Peracchi Douglas doesn't scare easy.
Sunday, September 17, 2006
Friday, September 15, 2006
Buyer Backs Out After All Contingencies Removed!!!!
Tradgedy struck again on 9/11, when my seller received the bombshell news from me. I had to call my seller to tell him that the buyer for his home was backing out of the purchase contract, 2 days prior to closing. I represent the seller and another agent represents the buyer. The buyer had removed all contingencies, the loan was approved, property inspected, requested repairs completed. This buyer was an idiot and a flake all along. The escrow started with him bouncing the $4000 deposit check, then after another attempt it was cashed in escrow. Then after 12 days, I hadn't rec'd a pre-approval letter, so I issued a "notice to preform" and was quickly given a pre-approval letter from a lender the agent had just contacted. A week later the buyer changes lenders to Wells Fargo. I was starting to have a bad feeling about this escrow. Just about that time a call from another agent, who was monitoring the escrow and had a backup buyer. We extended the time frames and escrow 1 week to give the new lender time to finish the loan. Then on Sept. 1st I requested that "all contingencies be removed" by the buyer, which was signed by the buyer because everything was done and we were ready to close. We were scheduled to close 9/14 and on 9/13 I receive paperwork from the buyer stating he is cancelling because "the property does not meet his requirements". 1 day before the close!!!!! Can you beleive it?? The buyer even has the audacity to request the return of his $4000 earnest money deposit. To make matters worse, the backup buyer couldn't wait any longer and ended up buying another property. The seller of course has damages and is demanding the entire deposit be released to the seller as "liquidated damages". The liquidated damages clause was initialed by both parties in the contract. Now my seller is going to take the buyer to small claims court and rightfully so! Now I am have to re-list this home on the market. The home is in Clovis at 2648 Hampton Way, a 5BR 3 Bath Centex home built in 2002 with 3163 Sq ft of living space. Current listing price is $489,500
Sunday, August 27, 2006
Real Estate: Making homes more efficient
Scott Kruse gives one of the most unusual housewarming gifts around.
Friday, August 25, 2006
3435 Mayfair Dr N. $199,900 IMMACULATE!!!
$199,9003435 Mayfair Dr. N., Fresno 93703
New on market and clean as a whistle! This 2/1 home should sell because the condition is so well maintained by the seller. Pride of ownership is an understatement. Click on this link to view information from the Fresno MLS system.
New on market and clean as a whistle! This 2/1 home should sell because the condition is so well maintained by the seller. Pride of ownership is an understatement. Click on this link to view information from the Fresno MLS system.
Fresno Is A Buyers Market!
Yes it is a "buyers market" in Fresno. The amazing thing I'm seeing, is how many sellers are still overpriced and holding on to values from the past. There are nearly 4000 homes and condos for sale in Fresno and Clovis right now. That's an 8 month supply of homes. There are however, many sellers who are truly motivated and the smart ones are making adjustments to their pricing, or offering incentives, such as "buying down the interest rate" for the buyers, or contributing money towards their closing costs. There is huge competition in selling right now, especially in certain zip code areas. I see many listings under $300,000 now in the popular 93720 zip code, which last year was hard to find anything under $300K. My advice to sellers is to compare what's on the market today as your competition and price below that, as opposed to looking at sales comps. Sales comps have to be within the last 3 months to be accurate with the current downward price correction in progress. How long it will last is anyone's guess. Buyers, on the other hand are being cautious and making offers lower than asking price, and rightfully so. They don't want to be caught "upside down" in equity soon after they purchase. My advice to buyers is to either negotiate on price or seller contributions to closing cost as best as they can and buy for the long term investment. Prices may drop furthur, but it will eventually stablize and increase in time. If your a buyer, don't wait for prices to drop, their are many good buys to found today in Fresno from the sellers that MUST SELL, due to job transfers, relocation, divorce, foreclosure, death etc.
Home-building nears 2-year low
Construction of new homes continued its tumble in July, dropping to the lowest rate in almost two years, the Commerce Department said Wednesday.
Business: Home sales in Fresno Co. slip
Existing home sales in Fresno County continued their downward slide in July, tumbling 6% from June and 33.5% from a year previously, the California Association of Realtors reported Thursday.
[via FresnoBee.com: Business]
Monday, August 21, 2006
Real Estate: Copper River mining gold
Copper River Ranch is debuting when home sales are slumping, but its developers hope the community's location and attributes will carry them through this rough period.
Home Buyers, Sellers Wait Until Price is Met
Most indicate they are in no hurry
[via RISMedia.com RSS FEED]
Monday, August 14, 2006
Real Estate: Prepacking property pays off
People stop Roger Hazard on the street dozens of times a week to thank him for his home-decorating advice.
Real Estate: Houses need TLC to sell
Last summer, about all it took to sell a home was to post a sign in the yard. The real estate market was hot, and most homes sold within a few weeks.
Thursday, August 10, 2006
Metro: More owners of homes squeezed
Metro: More owners of homes squeezed
Hundreds more homeowners in the central San Joaquin Valley are in danger of losing their homes to foreclosure this year because their houses are not gaining value fast enough, a real estate tracking company says.
[via FresnoBee.com: Metro]
FUSD's financial outlook is positive
FUSD's financial outlook is positive
On Wednesday, F.U.S.D. superintendent Michael Hanson addressed a group of 500 principals, administrators and employees in downtown Fresno.
[via CBS 47: Local News]
New Idea For Public Utilities' Budget Problems
New Idea For Public Utilities' Budget Problems
A Fresno commission is trying to come up with different ideas to try and fix the budget problems within the public utilities department. But one idea could have many concerned.
Sunday, August 06, 2006
Real Estate: Fresno market finally solid
After 10 years of stagnant rents and almost no new apartment construction, followed by five years of rapidly rising rents and a boom in new apartment projects, Fresno's rental market this year appears to have reached a new balance in supply and demand.
Monday, July 31, 2006
NAR Announces the Return of the Buyers Market
NAR Announces the Return of the Buyers Market
Home buyers have waited for years but perhaps the agony is over. It is official; the National Association of Realtors has confirmed that we are now in a buyers' market.
According to the NAR June report on existing home sales issued last week there is now a 6.8 month supply of existing homes on the market. One year ago the supply was 4.4 months. The joint report of the Department of Commerce and the Department of Housing and Urban Development on new home sales contained...
Read More NowSunday, July 30, 2006
Real Estate: Old Fig Garden looks ripe
Architect David Brown likens Old Fig Garden to St. Francis Wood in San Francisco or Claremont Hills in Oakland, both unique neighborhoods with a style that is universally popular.
Monday, July 17, 2006
Valley Seeing Realty Market Cooldown
Valley Seeing Realty Market Cooldown
The valley's housing market is hitting a serious cooldown, with sales of new homes falling dramatically and people backing out of purchasing new homes.
Wednesday, July 05, 2006
More mortgage pain coming after rate hike
More mortgage pain coming after rate hike
Get ready for mortgage rates of 7 percent -- or higher -- after The Federal Reserve increased the federal funds rate again Thursday.
Real Estate: Local home market grows up
Real Estate: Local home market grows up
It's no Beverly Hills, but the number of million-dollar homes in Fresno and Clovis has surged.
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