Sure they need work and updating… or paint and add new carpet and these houses are ready to make any investor instant income.
Offered by the owner at $85,000.00 its a bargain.
If you would like to see this property call Peter Westbrook t 209-481-7780.
This beautifully remodeled Stockton, CA 2 Bedroom 1 Bath Home is being offered directly by the Owner… Peter Westbrook. Virtually everything about this home is new. New… 20 yards of cement, New Roof, new Stucco, New Kitchen Cabinets and Granite Counters with Bar area. New Floors, plumbing and electrical. New Windows, Doors, base board, crown molding and new fixtures everywhere.
This Stockton home is perfect for the couple that is Downsizing or the first time homebuyer. Either way it is a bargain at $105,000.00
Does the age of my Stockton house negatively affect its Market Value?
The simple answer is yes, but there are many factors that determine a home’s fair market value in Stockton and age is just one of the components. The question is how much of a factor and for what reasons.
In real estate, the mantra is still location, location, location. But don’t kid yourself it is not the only factor that determines a home’s value. Real Estate valuations are predicated on comparable sales within a short distance from the subject property (usually ¼ mile or less) and as such the factors that are most commonly applied to determine its value have to do the age and condition, the size of the house, the number of bedrooms, bathrooms, whether or not there is a garage and if so whether it is attached or detached. Is the floor plan desirable? Have there been modifications that make the house charming or just plain quirky. But that is not all.
When it comes to the age of the house, most home buyers think of it as a liability. If you have an older house you have to be realistic about its age, its overall condition and its location. The vast majority of older homes are not in the nicest part of town with tree lined streets and the charm of large lots and southern plantation style homes. Couple this with the fact that most older homes that were built in the 50’s, 60’s, 70’s and 80’s were generally track homes that offered a low entry cost for the buyer with very basic amenities. Roofing, plumbing and electrical systems on aged homes become a challenge when compared to the standards of newer houses that have seen technological improvements and enhancements over the past 50 years in both materials and building codes.
So why is it that the majority of home buyers view the age of the house as a liability? In a word, RISK. The fact is that unlike newer homes, older homes are more likely to have higher ongoing maintenance and repair cost for their owners. Newer houses are also most likely to have today’s updates and amenities that most homebuyers would like to have.
Here are a few examples: Newer homes have modern roofing systems that were designed for a lifetime of protection for the structure below. From the newer sheeting material to the latest developments in fiberglass or metal or tile shingle materials
They have new electrical wiring and panels that are completely grounded and conform to all of the latest safety features. There are no hidden junction boxes in the walls or worse yet unprotected and exposed splices hidden in the attic or in the walls.
They have new plumbing systems that were installed with the proper venting. The plumbing systems are not made of cast iron pipe that is a disaster in the making. They are made of non-corrosive materials that are generally not run through a mine field of 40 year old tree roots that connect to city services.
Overall, construction codes have been tightened and infrastructure for storm drains and sewer systems have been reengineered and expanded around a decaying core that have not been updated in years. This is not to say that the houses built in in those years are not a good value, but they are certainly the factors that most home buyer consider prior to making an offer.
The truth is that you can find great values in older homes that have been completely renovated and
updated making them very competitive with newer homes built in the last 20 years. But keep in mind that the vast majority of homes built in that other era are not the charmers we would all love to live in.
So, if you have an older home and want to receive top dollar you will need make the costly repairs that most home buyers will uncover during a home inspection. If not, lower your price and expectations and be prepared to wait by the phone, because in today’s real estate market your older home has a lot of competition with other newer homes and bank foreclosures.
Your alternative, call a real estate investor and get a fair cash offer without having to do the costly repairs yourself.
My name is Peter Westbrook and I am a real estate investor and I pay cash for houses. If you have an unwanted older house I would like to talk to you. Who knows, I may actually buy your house and you may actually be rid of an ongoing liability. You can call me at 209-481-7780 or email me at email@example.com.
Stockton Real Estate: 1991 S Drake Ave, Stockton CA 95215
View Video: http://www.youtube.com/watch?v=tpHREOxe8jM&feature=share&list=UU9TDso0TQcwzSoZqXyjB5LA
Have you ever noticed that there are people that just want to help their family and family that just want to help themselves to your House? Well, you are not alone.
I would estimate that in today’s Stockton Real Estate Market roughly 15% of all homes that are on the market and are in major need of repair
have one thing in common… they have been occupied by a relative that is NOT paying rent, NOT making any repairs, NOT performing any maintenance and has NOT paid the property taxes. To make matters worse they have also refused to leave.
It is not uncommon in today’s Stockton Real Estate Market for a Mother or Father to pass away and leave a house to the surviving children. It is more common than you would think when one of those children decide that they are entitled to live in Mom and Dad’s old house for as long as they like rent Free.
It all starts innocent enough, the family is dealing with grief of the loss and one of the siblings says something like… “I have got an idea, you know that Mom and Dad’s house will be empty now and it is going to take a while to clean it out and put it on the market for sale and I have been looking for a house and until we decide what to do, I can live in the house, pay all of the property taxes, maintain it and keep the rest of you guys from having to sell it right now. After all the market is really bad, the house hasn’t been updated in years and I can fix it up while I live there. I will even pay rent if that is what you want”
Often times the relative has already been living there with Mom and/or Dad (rent free) and did nothing while they were there previously. Of course the guilt of Mom and Dad’s passing is hard enough and none of the other siblings wants to argue… after all it is a good idea in theory and what the heck it may even be what Mom and Dad would have wanted…. Right?
Time passes quickly and even more so when something is out of sight and out of mind and something as innocuous as Mom’s old house, is something no one wants to deal with. Pretty soon two years go by and the property taxes have not been paid, the house has not only not been updated it has also not been maintained and now if it wasn’t previously, it is the ugliest house on the block and the family member is still living there… RENT FREE. When asked why the house is in such bad shape the family member snaps back… “I can’t afford to maintain this house, it was worse than this long before I got here”.
It is Time to Sell?
When a house becomes a liability it is time to sell, but the issues that the family faces are generally overwhelming and the retrospect into what Mom and Dad would have wanted are now in complete conflict with the reality of the situation. The fact of the matter is that the house should have been sold long ago. Mom and Dad never wanted the family house to become a burden and while they hoped that one of their children would care for the house as they did all too often it is that one child that the parents knew would not.
To make matters worse, it generally falls on one Family member (the executor of the estate) to be the “Bad Guy” and the thought that they are going to have to deal with this becomes life consuming. Often times there are more than one sibling to deal with and evryone has their own opinion, but the common goal is the same… no one wants to come out of pocket to fix the house and certainly not while someone is living there.
The issues becomes very clear, the asset that was once a nice house has turned into a financial burden, a liability and now the family needs to deal with it. What are the options? Who is going to pay and in what proportion? How are we going to tell the family member living there that the rest have had enough, and who is going to tell them that they have to get out?
So the list is made and it is beyond what anyone anticipated;
1) The house is in need of repair and needs to be fixed before we can sell it
2) Property Taxes
3) Code Violations and fines from the City or County
4) Choosing a realtor and negotiating a commission
5) Establishing a sales Price
6) Evicting the Family Member
This is just the short list and it doesn’t take into consideration the rest of the competition in the Stockton Real Estate Market or number of
Foreclosed homes already in the market that are driving down house values. All of a sudden the house becomes an albatross that everyone needs to get rid of.
My name is Peter Westbrook and I am a Real Estate Investor in Stockton California and Tulsa Oklahoma. I Buy Houses in any condition and I pay Cash. I am not going to require that you spend thousands of dollars for you to fix your house and I am not going to charge you a real estate commission. I will come out and evaluate your property for free, give you a market analysis and then make you an all cash offer to buy your house in its “as-is” condition with absolutely no contingencies.
I will even help you with your family member that refuses to leave.
If you have an unwanted house that you need to sell, you can email me directly at firstname.lastname@example.org or call me at 209-481-7780. I answer all of my calls and if by chance you get my voice mail, I will call you back. In any case I am a viable alternative for you and your family to spending thousands in house repairs and waiting for a return on that investment that may never come. Most people in this situation want to deal with someone that understands and while selling the house on the open market may be a viable alternative the list of expired listing (houses NOT SOLD) in Stockton grows daily.
One phone call could set the wheels in motion for you to taking back your life and allowing me to do what I do best… clearing obstacles… including that realative that refuses to leave.
Real Estate Stockton-http://westbrookrei.com This video discusses seller Financing in Stockton, CA & Tulsa, Ok as way to purchase a house. We offer seller financing with flexible terms tailored to each homeowners needs. We specialize in buying houses Read more
Stockton California has so many dilapidated houses left to waste by the collapse of the real estate bubble, that if not for the real estate Investor, nearly 38% of all properties purchased in the past 5 years would continue to blight neighborhoods across the city.
This is a tale of two houses in the Stockton Real Estate Market and how real Estate Investors are saving the real estate market, house by house, block by block and neighborhood by neighborhood.
4128 E 6th St, Stockton, California was not any ordinary house. There were so many code violations issued by both the City and the county that it became a health hazard and a target for the San Joaquin County Health department. The original house of less than 500 square feet was described by a neighbor as an “old one bedroom chicken house”.
The owner had for the previous 5 years to my purchasing the property attempted to expand and rehab the house, but for every effort the owner made
to remodel on the weekends was met with an equal effort to vandalize and steal whatever was left from the previous weekends work. The tale of a five year effort and over $25,000.00 in investment by the original owner is sad because at the end of the day, the house had become a serious liability that nobody wanted.
When I purchased the house I knew that I would be met by that same element that stole whatever copper wiring and pipes I installed the day before. I also knew that as long as I had full time activity on a daily basis, I could stop the theft and vandalism by merely being there.
Permits were pulled, inspections scheduled and for the next 3 weeks crews worked daily to transform one house in the east Stockton Real Estate Market into an example of what could be done with a continuous effort and a commitment to succeed. Wood fencing was installed around the house in a neighborhood where chain link dominates and our efforts to secure the house paid off as we began the project.
When we started 90% of the electrical was stolen, the copper and cast iron piping for water and gas gone and the only thing standing was the wood framing with its five year old siding that needed a lot of work. The roof had been built and sheeted, but the blue tarps that had once been the makeshift shingles were torn and damaged by the wind, rain and sun. It would also need to be completely redone.
The project finally ended with what is a virtually new house from the foundation up. Today at 4128 E 6thSt, Stockton California sits a virtually brand new
1,000 square foot house boasting 2 Bedrooms and 1 Bath. It has new everything including wood laminate throughout, Walnut cabinets in the kitchen and granite slab countertops.
Not every dilapidated house in the Stockton Real Estate Market is going to receive the attention and investment that this one did, but you can be assured that house by house, the Stockton Real Estate Market is going to heal a lot faster because of the efforts of Real Estate Investors.
My name is Peter Westbrook and I am a real Estate Investor in Stockton, CA. I buy houses and I pay cash for Stockton Real Estate. If you have an unwanted house and cannot afford to fix it up give me a call and I will make you an all cash offer. I can be reached at 209-481-7780 or you can send me an email to email@example.com and I will be happy to come out and evaluate your house.
It really is a simple question or is it?
In today’s Stockton Real Estate Market you would think that this is a just a matter of signing a Purchase and Sale Agreement and the money can change hands right now… Right?
The short answer is… not so fast: there are a number of issues that could slow the whole process down.
My name is Peter Westbrook and I am a real estate investor in Stockton, California and Tulsa, Oklahoma and I wish buying a house was that simple. The timeframes in buying/selling and actually closing (when you get your money and when I get a Free and Clear Title or Deed of Trust) are dictated by a number of factors that are generally not in either the Buyers or Sellers Direct Control.
Let me explain:
I make all cash offers on houses every month and as much as I would like to think I can close in a matter of days my experience show that even if I have 100% of the in an escrow account at the Title Company, the timeframe is NOT dictated by me at all. In fact it is the house, its history and the condition of the title that determines the actual timeframe in 99.9% of the cases.
Here is just one real Life example:
Let’s say for a moment that you inherited a house in Stockton California that is owned by you free and clear, (meaning that there is no mortgage) and you sell it to me for a negotiated sales price and I tell you that I will pay you all cash.
Let’s also assume that I buy the house in its current as-is condition and I make the offer with no contingencies for inspections, repairs, appraisals or financing.
In the above scenario you may ask me for a proof of funds (to prove that I actually have the ability to pay cash for your Stockton House).
In return, I am going to ask you for one thing… a “Clean and Clear Title” (proof that there are no leans and judgments against the title of the house that were not contemplated or expected as was outlined in the purchase and sale agreement). It is here that most of the delays in selling a house occur.
Let me explain the process:
Once the Purchase and Sale Agreement are signed I go to the Title Company that we have agreed upon and I hand them the Purchase and Sale Agreement along with my Earnest Money Deposit. I “open” the escrow account and the clock starts to click. Within two days of that occurrence the Title Company runs a Preliminary Title Report on the subject property looking for the following;
1) Back Property Taxes or Assessments that have not been paid
2) Liens filed by a Mortgage Company that may be carrying a first or second Mortgage
3) Code Violations against the subject property for repairs or additions that were unpermitted and subsequent fines levied by the City and/or County
4) Any judgments filed against the property, the property owners or previous property owner.
5) Other people that may have an interest in the Property
6) Other liens such as Child Support
Once the Title Company identifies the existence of any of the above that may have the potential to “cloud title” they then issue what is known as a demand payoff to the lien holder for a written statement and payoff amount to release the lien from the property.
In most cases it takes approximately 10 to 15 business days to hear back from the lean holder depending on the type.
Sometimes there is an “old” lien but there are not necessarily any moneys owed… at least not on the surface. It is the Title Company’s job to determine what monies are owed and how they are to be paid before it will issue Title Insurance.
If the initial Preliminary Title Report comes back with no liens and or judgments, Title Insurance can be issued immediately and the transaction can close in a matter of days depending on the schedule or backlog of the Title Company.
The fastest that I have ever seen a transaction close is within 10 days from the date of the Purchase and Sale Agreement. The longest has been 75 days.
My name is Peter Westbrook and I am a Real Estate Investor actively buying houses in Stockton, California and Tulsa, Oklahoma. If you have a house that you want to sell and want me to make an all cash offer and close quickly, please call me at 209-481-7780 and I will talk to you personally. I can also be emailed at firstname.lastname@example.org for a fast cash offer.
Can I Get Top Dollar for My House in Stockton?
The simple answer to that question is only if you add value.
For the past five years Stockton has either topped the list of or has been in the top 5 WORST places to sell real estate in the entire country. Today, the Stockton Real Estate Market remains one of the worst places in California to own an unwanted house and the forecast for the next two to three years is not much brighter.
So, what do you do if you have an unwanted house in Stockton and you’d like to sell it fast and for top dollar?
Well, unless your house is in pristine condition with no major defects, your options are limited. You can’t
expect to compete with every other “fixer upper” in the Stockton Real Estate Market and sell your house fast and at a price point you would like unless you are prepared to do something drastic to make the house less risky from a buyers perspective.
What defects can work against you?
1) You have a 3 Bedroom one bath house with no garage because it has been converted into the 3rd bedroom, but every other house on the street has a garage. While this may not have been considered a major defect when houses were in scarce supply and prices were up everywhere, it is today when 3 bedroom one bath houses are available on nearly every block with a garage.
2) You have a three bedroom 1 bath house and you have to go through one bedroom to get to the other bedroom. This is a major defect for most home buyers as people notice how badly a houses layout will affect their lifestyle.
What are your solutions?
In scenario number one you may be able to convert the bedroom back to a garage and sell the house as a two bedroom with garage. Under scenario number 2 your options may be limited. You might be able to convert the 3rd bedroom into a master bath and fix the problem that way.
Be careful though because even if you have the money to fix a major defect in a house that you own, you may never get that money back out of the house as buyers are very conscious of the depressed home prices in the Stockton Real Estate Market.
Today’s Real Estate Home buyers are fickle and unless there is an incentive to buy a house with major defects it can and will sit for months on end without even a single offer. The Best way to sell a house that has any major issues is to price it right and be aware that you have lots of competition in this Stockton Real Estate Market.
Finally, if you have a house in Stockton and don’t have the money to fix it up to at least mask the existing deficiencies but you need to sell it fast, you might consider these other cost factors.
The longer you hold onto the house the more ongoing cost you have;
1) Homeowners Insurance
2) Mortgage payments
3) Monthly Utility Cost
5) Yard Work
6) Property Taxes
7) City Code Violations
Today’s Stockton Real Estate Market presents many challenges for homeowners that have houses which have turned into a liability and sometimes the solution may not be the conventional route of listing it with a realtor. In many cases homeowners can avoid paying realtor commissions and shorten their sales timeframe if they think outside of the Box.
If you have a house that has a major defect and would like to sell it but don’t want to wait for months on end, pay high real estate commissions or pay the ongoing holding cost while the house sits on the market, your best solution may be to sell your house fast to an investor for cash.
My name is Peter Westbrook and my Company is Westbrook Real Estate Investments and I Buy Houses in Stockton. Give me a call and I will make you a cash offer. I can be reached at 209-481-7780.
As I wrote yesterdays Blog update I knew that what I had been seeing first hand in the Stockton Real Estate Market was something that has never been seen before. Not even in the late 1970’s and early 1980’s, the last time we saw the real estate market crash did we see such a devastation of the real estate market as it is manifesting today.
In the 1970’s and 1980’s we didn’t have government intervention under the guise of compassion, meddling in the housing or banking markets. Back then the Market was allowed to work and by virtue of no intervention, the market took care of the bubble that burst.
Sure we were in a deep recession, unemployment was at 7%, inflation was out of control, interest rates hit all time highs and credit was tight, but back then there was NOT a shadow inventory of foreclosures to exacerbate matters. Back then the rules were simple. When you were 90 days behind on a payment you were in foreclosure and if the mortgage remained unpaid a notice of default was sent out and the house went up for auction. As such, the house became a part of the general real estate market and landscape and was liquidated.
Did real estate values drop? Yes, but the market was allowed to do its job and the market absorbed them and there was no protracted and artificial “shadow inventory” of houses that no one knew about.
So what is this “shadow inventory” of houses that everyone refers to? The conventional definition is simple and refers to the houses that are technically in default (meaning mortgages that are 90 days past due), but no notice of default has been issued by the bank and as such no auction date has been set.
Today there are actually two “shadow inventories” that are dooming the Stockton Real Estate market to a protracted recovery.
Shadow Inventory I: This is the “Shadow inventory” that everyone refers to in today’s housing market. They are the houses that have yet to be foreclosed upon. These are the houses that the banks have not collected a mortgage on for upwards of 36 months. Since the banks have not yet foreclosed on these houses they are sitting as an unknown number of houses that have yet to reenter the market place. As such they are either being lived in rent free by the current mortgage holder or a renter that is paying the Mortgage holder while the mortgage goes unpaid.
This is all occurring, thanks to “new and more compassionate government policies” that some would call government intervention and manipulation that has virtually changed the banking rules. These new rules have made it easier for banks to hide unpaid mortgages on their books, and since Banks are not required to foreclose according to any particular time frame, that means that they can carry unpaid mortgages apparently as long as they chose to do so. As a result, the market cannot deal with this inventory until the bank actually forecloses and acknowledges the bad debt.
Shadow Inventory II: The second “shadow inventory” that no one is talking about are all of the houses that have been foreclosed upon but have dropped out of the market because they did not sell. Every month I see hundreds of withdrawn or expired listings of Stockton real estate that is Bank owned that have disappeared from the real estate market. The only reminder that these houses exist is denoted at the bottom of a comparable market analysis while attempting to research another property in the neighborhood.
In the Stockton Real Estate Market alone there are hundreds of these houses that have been foreclosed upon, that have not been sold and are NOT currently listed for sale by the Bank directly or in the Realtors Multiple listing Service. Most of them are vacant, boarded up and in such a state of disrepair that they make up a huge second “shadow inventory” and they are contributing to dropping home values in Stockton.
It is estimated that Americans have lost close to $7 Trillion in home values and equity over the past four years and I don’t expect that we have hit the bottom. While many are projecting a real estate recovery in 2012, I don’t believe it so long as the supply of foreclosed properties is hidden and excluded from the market itself.
Brace yourself as home prices in Stockton Real Estate will continue to tumble.
Peter Westbrook is the owner of Westbrook Real Estate Investments and can be reached at 209-481-7780 or email@example.com. If you have an unwanted house you can call Peter directly or visit http://IBuyHousesStockton.com