Fran's Crescent City Real Estate Blog

The New and Improved Home Buyer Tax Credit

Sat, 07 Nov 2009 00:38:38 -0600

The first time home buyer tax credit is here to stay for awhile longer and it's been improved. Read on...

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature.

First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners.

Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home.  To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.

The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.

Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension."

But, is this really true? When April 2010 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy?

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Thank you for stopping by. Your comments on this post are welcomed and appreciated.

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First Time Home Buyer's Tax Credit Extended?

Thu, 29 Oct 2009 17:10:47 -0500

It looks as though the $8000 First Time Home Buyer Federal Tax Credit will be extended.

Lawmakers, looking for ways to generate home sales, are talking about extending the First Time Home Buyer Tax CreditAND increasing the income requirements so more Americans can qualify for this incentive.

Experts agree that the extension is all but certain as lawmakers look for the vehicle to bring this before the senate. Per The Wall Street Journal last night, Senate Majority Leader Harry Reid is trying to attach the legislation to a bill that will extend unemployment benefits.

More about the revamped extension:

The new version of the tax credit will have a contract deadline of April 30, 2010 (must have a fully executed contract), with the sale to be finalized on of before June 30, 2010.
Homebuyers who have lived in their home 5 or more consecutive years out of the last 8 years will be eligible for a $6500 tax credit if they "move-up" to a new home." This targets homeowners and not investors.
The income ceiling level will be raised from $75,000 for a single-person and $150,000 for a couple to $125,000 and $250,000 respectively, although neither can purchase a home for more than $800,000 and get the tax credit.
The current tax credit has cost the Federal Government more than 10 billion in lost revenue. The new version will certainly have a greater impact.

What is your opinion of the First Time Home Buyer Tax Credit?

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
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Crescent City Marlin Fishing - A Mike Nolan Fishing Adventure

Wed, 28 Oct 2009 14:17:31 -0500

Crescent City Tuna Fishing - A Mike Nolan Fishing Adventure

There is a story that goes along with this fishing trip. Here it is as told by John E Evans first and then Mike Nolan:

Well it all started when Mike asked if he could invite a fishing buddy to go with us on a Tuna Fishing trip. Mike said," his name is Doug Oxford, and he's a former fishing guide turned Sheriffs Deputy". I said OK, he's welcome to join us.

Our first trip with Doug was very good and so when we planned another trip Mike couldn't go, but Doug was available and another friend John Conderaque (not sure of spelling). John owned the Smith River Motel, and I met him through Mike. It was around early Sept of 1997, and we headed out very early around 5 am one morning.

As we left the Harbor I noticed what seemed a carpet of small, round Jelly Fish all around us and as deep as I could see. John promptly took out his brand new camera and proceeded to snap shots above and then holding the camera under the water taking shot after shot. I finally asked him to save some film for the fish, at which time we continued on with our mission to catch Tuna. By now we were out about 15 miles and hadn't caught a thing. Conditions were very good and water temp was right, but no Tuna. We had been trolling for some time when I heard radio chatter about Tuna at 9 miles from C.C. I could see a couple of boats inside us, so we picked up the Lures and headed toward them. After we started trolling again, it wasn't long before we had jig strikes and caught a couple of Tuna, so we put the lines back in, and started trolling again. This time when we hooked up, a big seal grabbed the fish. I made a quick move to get away from the seal and started trolling again. We trolled some distance, but had no strikes. I turned back towards the area we had hooked the Tuna, hoping that the seal would be elsewhere by now. I retraced the the path shown on my Chart Plotter back to the area of the catches we'd had, noticing another vessel was also fishing the same area.

Doug said he thought the other fisherman was a retired DFG warden, and we waved and continued on. Now the entire time we trolled I operated the Helm, so i relied on Doug and John to spot any activity behind, and i would do the same ahead. Suddenly, I saw Doug's eyes go wide open and wondered out loud what's that! About that time one of the reels started to scream from a jig strike, and as I looked back to see, a Marlin jumped behind the boat with my lure, (a Mexican Flag pattern) and proceeded to take the line off the reel. I turned the boat around in order to chase the fish so that Doug could tighten the drag and get back some line on the reel, which by this time was almost empty. I put the engine in neutral and watched as Doug proceeded to pull on the Marlin. The fish put on a great show for us and attracted the other boater we had passed.

I was waiting for Doug to hand off the fish so we could all have a turn, since it was my boat and fishing equipment. I didn't think it was to much to ask, but Doug would not hand off. John was taking picture after picture with his brand new Camera of an amazing event. As the Marlin, a Striped Marlin, came to the boat, I put on my gloves and was able to grab it's bill and hold on. It was worn out by that time and put up little resistance. Now, while this was going on John was making a visual recording with his "brand new Minolta." I suggested that rather than kill such a fish, that we release it to live on. Having no voiced objections and the fact that we would have pictorial proof of our wondrous catch, I ordered the engine put in gear and proceeded to revive the Marlin by holding it in a swimming position. It wasn't long before i felt the fish starting to revive, and as I released it, the fish put on a visual glow turning different colors as it left our view. I felt extremely pleased that it was still alive and we were anxious to get back to the dock and brag about our Marlin. I asked John to get the film developed asap, so we could prove the catch.

I heard awhile later that Doug Oxford went to the Triplicate (our local newspaper) and told them how he caught a Marlin and omitted to mention me or my boat and fishing equipment. In the issue of Sept. 6 1997, an article appeared with Doug's version of how he caught a Marlin off C.C. To top it off, John seemed to have had a malfunction with his "Brand New Camera", and only the Jelly fish pics developed. I imagine that the camera ran out of film, but John has never said and I know how bad he felt, so it was best not to ask him. So Fran, by this time you probably wished you'd never asked about the Marlin, but I can tell you it was a thrill for me regardless of the lack of proof. Oh, and by the way, Doug was never invited again.

Here's what Mike had to say about that day:

Howdy Fran,

This pic was taken on a commercial boat, with my son Matt on left, and Ronnie Caron on right. It was the day I changed to drag boat with skipper Joe Caron to sport fish on drag boat instead of Johns boat when marlin was landed.

They never had a albacore on board the 80 year old boat and no gaff, just a hand pick to bend over the rail and pick up tuna. I brought a dozen feather lures and five rods and we lost most of the lures and most of the line as we fought tuna all evening and next morning as we trolled from Brookings to CC the next am. Barbecued shrimp that night, they had caught in their net the day we departed at 5pm from Brookings. All night was the sound of jumping fish attracted to the lights and fish underneath the boat at false dawn when we awoke.

We landed close to 100 albacore by the time we docked in Crescent City at noon the next day. The best pic and most fish I have ever helped catch in less than 24 hours.

That's my side of the marlin story.

Kind Regards,

Mike Nolan

Follow all of Mike Nolan's fishing adventures on my blog.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

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Be a Productive Listing Agent

Sun, 25 Oct 2009 03:28:51 -0500

Be a Productive Listing Agent. How?

I have written plenty of posts on how to be a good listing agent, from giving good customer service, to answering your phone when agents call (or anyone for that matter), to good signage, writing a monthly market report and more.

I also wrote a popular post on realtor.com enhancements, are they worth the money? I would say less than 5% of the 309 comments I received on that post said realtor.com enhancements were worth the money.

Why bring that up? I have sold 10% of the residential listings (per ccmls) that have sold in my market so far for 2009. Only one other agent can say that (we're tied at the moment but I intend to pass that agent up this week) and I DO NOT USE realtor.com as part of my marketing efforts.

First of all I will tell you why I do not use realtor.com, then I will tell you what hands-down has been the single biggest force in driving consumers to my website.

My renewal with realtor.com expired in mid July, so I have 6 months of stats for 2009 on what drove consumers to my website (these stats cover 1/1/09 - 7/16/09).

Active Rain 39.26%
Google 24.69%
Yahoo
FranGattiHomes
Trulia
live.com
PelicanBayStatePrison.net
realtor.com 1.23%
aol
Zillow

I bolded the free sites in the list. Do you see realtor.com on the above list at number 8 although it IS THE ONLY ONE ON THE LIST THAT I PAY FOR (PelicanBayStatePrison.net was my website that I canned because the ROI wasn't worth it [and it came in ahead of realtor.com].) In fact, realtor.com cost more per year than my website! So, I didn't renew and I vowed to put the money I was saving toward assistance with SEO and bettering my website.

However, please focus on the #1 factor that drives consumer's to my website, Active Rain. Several of my listings came from clients who were researching agents on the internet and they came across my blog, read what I had to say, including my monthly market reports, that establish me as THE EXPERT in my market, and hired me to sell their home.

Is it just enough to get a listing though, to be a great listing agent? No. You need to sell homes. A homeowner should ask an agent, "How many homes have you sold this year," and, "What % of the sold homes this year were yours?" Why would a seller want to list with someone who isn't selling homes? That's a question I have asked myself frequently.

Believe it or not, not all RE agents take their job seriously, hard to believe, but there it is.

5 of the 11 homes, or 45%, that have sold so far in 2009 with a sale price of over $400,000 were my listings (I already mentioned 10% of all residential listings sold were mine). I can directly attribute 4 of those sales to my virtual tours on realestateshows (which charges a nominal yearly fee). Most agents in my market don't do a virtual tour and for the sake of me I can't figure out why. Too much time, too much effort, what?

Probably 50% of my listings come from my efforts on Active Rain either directly, from someone who called after reading a post, or indirectly, from a neighbor who called me after I quickly sold their neighbors listing.

To recap -

Active Rain is productive IF DONE RIGHT - I'm not going to go into a long dissertation on what that means. Read ActiveBrads blog if you want to know how to properly use your AR blog. This I can tell you, if you don't plan on blogging to the best of your ability, don't do it. Blogging can really work against you if not taken seriously.
Utilize free websites for posting your listings.
Good signage has been HUGE in my success this year - I wear my name tag everywhere and when people read my name I hear, "Wow, I see your signs everywhere around our county." Name recognition is huge. This can work against you if you're flipping people off or cussing them out when you're driving, not that I've done that.
Do a virtual tour on all your listings- realestateshows (I'm not getting paid for this BTW) is very affordable and takes very little time to post a V.T. Don't be lazy...just do it.
You can fork over the $$ to realtor.com if you want to, but I'd check stats to see if it's cost effective- In this economy, who can afford to do something as costly as realtor.com if it isn't producing a return on your investment?
Have a website - I use Top Producer (they aren't paying me either), but apparently my website is pretty awesome in their eyes, because they give my web address to agents who ask for an example of one of their sites. I get calls every now and again from agents asking how I like the site. I LOVE my Top Producer website. It's VERY affordable and they have awesome tech support. Check it out and see what you think. You can call me if you like--Fran's cell, 707-218-8162--if you would like to ask me any questions, that's what Ambassador's are for.
Write a monthly market report - You're just plain crazy if you are not doing this. You are supposed to be an expert in your market. You establish your expertise when you KNOW your market stats and there is no better way to know your stats than to do a market report. You will dazzle your prospective listing clients with this information. Just do it. Stop being lazy.

Do all these things and if you don't get more and sell more listings, call me. I am not adverse to helping an agent in need, just don't be from my market! Just kidding...sort of.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Crescent City Makes America's Prettiest Towns List at ForbesTraveler.com

Sun, 25 Oct 2009 00:49:46 -0500

Crescent City makes America's Prettiest Towns list at Forbes Traveler.com

There are so many reasons that Crescent City would make the Prettiest Towns in America list. To name a few:

Pristine parks: Tolowa Dunes State Park, Beachfront Park, Lake Earl Wildlife Refuge, Jedediah Smith State Park
Miles of rivers for rafting, fishing and more: Gasquet, home of the forks of the Smith River, the Klamath River
Beautiful and quiet places to swim: Second Bridge a swimmer's delight
Miles of beaches: South Beach, Enderts Beach
Fresh seafood: Fresh Crab, Fresh Tuna, Tuna fishing w/Mike Nolan, Fishing the Pacific North Coast w/Mike Nolan
World Class Fishing: Crescent City Harbor, Fishing the Rogue River

Not to mention Pt. Saint George Reef Lighthouse, Battery Point Lighthouse, Batter Point Pier, Redwoods State and National Parks, Point St. George Recreation Area, surfing...need I say more?

Here is a link to a cottage by the beach that I just listed. Let me know if you want more information.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Crescent City Home Sellers Update of the Market

Fri, 23 Oct 2009 11:19:55 -0500

This is an update for Crescent City/Del Norte County Home Sellers -

The time is quickly approaching for my monthly market report, which is for the general public; however times are tough for Crescent City home sellers right now and I thought I would do an update just for my those of you with active Crescent City/Del Norte County listings.

32 listings have sold since 9/1/09 (I included land sales because many of you have land listed and are concerned with what is going on with that segment of the market).

The median priced Crescent City/Del Norte County residential listing to sell in that time period is $150,000. 19% of those sales were REO's (foreclosed homes), which is down from previous months. The sellers that sold their home in that time period had their home priced to sell. The price was at the lower end of the price range for their size and condition of home. Several upper end homes sold because they were priced to sell. In some cases, the owner financed the home offering good terms and/or kicked in the buyers loan fees and other concessions. That is very common in the current market.

The vacant land sales show an acre dropping from the high of $125,000 for an unimproved acre several years ago to $80,000 and well below. The acre that sold for $80,000 had well and septic in and electricity on the parcel.

Crescent City/Del Norte County buyers are sophisticated! They generally know as much about what's out there as their agent and they know a competitive price because they have researched it on the internet. Buyers are all looking for a bargain. That can make it tough on a seller.

Several of my clients have been following my market reports and know very well what's going on with this market and have priced their home to sell. As we enter what is generally regarded as our slow time of year in the Crescent City/Del Norte County real estate market, I would expect, even with a slow down, those listings that are priced to sell, will.

Please let me know if you have questions, concerns, or would like to discuss this information in more detail. I am happy to speak with you at your convenience.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
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Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
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Crescent City Cottage by the Ocean for Sale...$229,000

Thu, 22 Oct 2009 22:28:41 -0500

VIRTUAL TOUR

Fran Gatti | RE/MAX Coastal Redwoods | frangatti@remax.net | 707-218-8162

135 Third Street, Crescent City, CA

Cottage by the ocean for $229,000.

3BR/1BA Single Family House

offered at $229,000

Year Built	1953
Sq Footage	1,280
Bedrooms	3
Bathrooms	1 full, 0 partial
Floors	1
Parking	2 Uncovered spaces
Lot Size	7,260 sqft
HOA/Maint	$0 per month

DESCRIPTION

Completely remodeled home by the beach. This 3 bedroom, 1 bath home has brand new everything including: new electrical and panel, plumbing, oak hardwood floors, Wilson Art high definition laminate counters, oak doors, trim and cabinets throughout, new stainless appliances, stylish fixtures, porcelain tile floor in bathroom, hearth in living room for pellet or wood stove and a one block stroll to the beach! Call Fran for a showing today at 707-218-8162. Please be sure to check out the additional pictures and don't hesitate to call if you have questions about this lovely cottage by the ocean.

see additional photos below

PROPERTY FEATURES

- Hardwood floor	- Tile floor	- Living room
- Dining room	- Dishwasher	- Stove/Oven
- Microwave	- Stainless steel appliances	- Laundry area - inside
- Yard

OTHER SPECIAL FEATURES

- 1 Block from Ocean and Beaches

- Completely Remodeled

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Fran Gatti

RE/MAX Coastal Redwoods

frangatti@remax.net

707-218-8162

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 22, 2009, 6:47pm PDT

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
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Website: Fran GattiHomes.com
My Blog: Fran's Blog
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INTERESTED IN BUYING A HOME? Fact is, you may not be able to play today if you didn't pay yesterday!

Sun, 18 Oct 2009 01:20:07 -0500

Here is a well written post on credit repair by Lenn Harley. I especially like her comment, "Working with a competent loan officer who will tell folks what they really need to do to be able to qualify for a mortgage loan is the best way."

My clients have had good results doing just that, saving them the expensive fees that some credit repair agency's charge for their services.

Fran

Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:

INTERESTED IN BUYING A HOME? Fact is, you may not be able to play today if you didn't pay yesterday!

A GOOD CREDIT RATING IS A CONSUMER'S MOST VALUABLE ASSET. The Tax Credit and low interest rates have inspired many folks to consider buying buying a home who never seriously considered that alternative to renting. After all, it's the thing to do these days. Or is it??

Fact is, you can't play if you didn't pay. . . OR, until you pay.

Inspired by a timely post by Ellen & Coc Stephens about credit repair, I suspect that many ActiveRain agents and loan officers have had contacts from consumers who want to buy, but are just simply not credit worthy. Hardly a day goes by that I do not receive a phone call from a consumer who has paid $Thousands of Dollars to a "credit repair" company only to find that their credit has not improved.

Working with a competent loan officer who will tell folks what they really need to do to be able to qualify for a mortgage loan is the best way.  Or, if they really need the structure of a service to manage their money, consider. . . .

CONSUMER CREDIT COUNSELING. If it's really out of the consumer's hands, CCC is the only way to go. They are non-profit and a mortgage loan can be obtained with CCC as a credit reference.

Folks just have to understand that bad credit didn't happen to them, they made it happen. They have to clean it up.

Many folks have filed a Chapter 7 bankruptcy in past years to liquidate their bad debt. Sadly, their credit report shows late payments in the past 6 months. WHAT?????

AFTER BANKRUPTCY. Yes, you can obtain a mortgage loan after bankruptcy.  2-4 years following discharge, a consumer can obtain a mortgage loan IF, THEY HAVE. . .

Established new credit

Made payments on time

Have no late payments

Qualify for the payment

Write a good explanation for the cause of the bankruptcy

More depending on your individual cause of the bankruptcy.

No, it isn't automatic. If you have damaged your credit in the past, you will have to earn the ability to obtain a mortgage loan. Folks who filed bankruptcy because of medical expenses will find it easier than folks with discharged consumer credit debt.

If you sold your home through a short sale in the past year, it is unlikely that you'll be able to get a mortgage loan today. I have received several calls with this scenario, often within months of a Short Sale. Not likely to happen.

WHAT TO DO.

Stay out of the mall.

Make credit card and other payments when they come in the mail, not a day before the due date.

Don't shop for automobiles while considering buying a home.

Don't co-sign for anything for anyone.

Develop a plan for saving that extra money rather than spending it.

Stay out of the mall.

GOOD LUCK!! There can be a wonderful home owning experience in your future.

ONLY YOU CAN MAKE IT HAPPEN.



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Helping home buyers in Maryland and Northern Virginia. .

To Search for Homes for Sale in Maryland and Northern Virginia, visit our HOMESDATABASE site for buyers who would like to tour the real estate listings on line with photos, prices, descriptions and features.

WE CAN HELP! Ask about the Homefinders.com FREE One Year Home Warranty for all Leesburg home buyers

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Don't Tell Me It Can't Be Done

Thu, 15 Oct 2009 23:47:17 -0500

Here are some great quotes from men who have had an undeniable influence on our country. It's interesting how timely Thomas Jefferson's quotes are for our country's current financial crisis.

Fran

Via Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate (Keller Williams-Ann Arbor):

Don't tell me it can't be done.....

Time for a little history lesson.

John Kennedy once said to an assembled group of scholars in the White House, "I think this is the most extraordinary collection of talent, of human knowledge, that has ever been gathered at the White House - with the possible exception of when Thomas Jefferson dined alone.

When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe.
Thomas Jefferson

The democracy will cease to exist when you take away from those who are willing to work, and give to those who would not.
Thomas Jefferson

It is incumbent on every generation to pay its own debts as it goes. A principle which, if acted on, would save one-half the wars of the world.
Thomas Jefferson

I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people, under the pretense of taking care of them.
Thomas Jefferson

My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson

No free man shall ever be debarred the use of arms.
Thomas Jefferson

The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
Thomas Jefferson

The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson

In light of the present financial crisis, it's interesting to read what Thomas Jefferson said in 1802:

Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks-- and corporations that will grow up around the banks--will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.

Doesn't this sound eerily familar to what is happening in America today?

Thomas Jefferson was the 3rd President of the United States. He and John Adams were most responsible for the writing of our Declaration of Independence. They were very good friends when they were working together on the Declaration of Independence but later became mortal enemies when one became a Republican and one a Federalist.

All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson

I will not be guilty of being silent. Will you?

Don't tell me it can't be done...we can return to our Liberty and Self Government.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
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Oregon National Guard honors fallen hero Capt. Bruno de Solenni at Portland Marathon

Wed, 14 Oct 2009 16:02:22 -0500

Oregon National Guard Maj. Dominic Oto and Master Sgt. Jerry Glesmann honor one of their fallen, Crescent City resident Capt. Bruno de Solenni at the Portland Marathon.

Click this link for the entire story.

Read Bruno's letter to home, written a few weeks before his death, for a combat soldier's opinion of the war in Afghanistan.

At Portland Marathon, Oregon Guardsmen are brothers on a mission

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Crescent City Tuna Fishing with Mike Nolan

Tue, 13 Oct 2009 16:28:27 -0500

Here is another of Mike's Crescent City fishing excursions for Tuna off the Del Norte County coast.

This was THE MOST DELICIOUS tuna ever. My family likes our tuna marinated in Soy Vay marinade, wrapped in bacon around 2 inch sized tuna pieces, then barbecued, but it's delicous baked as well and excellent to eat cold the next day.

My daughter hides the leftovers, if there are any, in the refrigerator for the next day. My kids will make sure they are home for dinner when fresh tuna is being served.

Thank you Mike for ALL the fresh fish throughout the year. You're great!

Mike has lots of friends who like to take him fishing. He has quite the reputation as an excellent fishermen both on the ocean and on our local rivers, the Chetco, Klamath, and Smith River.

Cheers!

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Crescent City Municipal Swimming Pool - Wow

Mon, 12 Oct 2009 23:49:15 -0500

The Crescent City/Fred Endert Municipal Swimming Pool just underwent a complete makeover and is it something to see. Take a look:

The swimming pool has a salt water system that uses significantly less chlorine than old technology swimming pools. This type of pool is easier on the eyes and skin.

This mural was painted by The Harbor Gallery. It is truly stunning and adds just the right mood to the pool area.

The newly added water slide is available during most family and recreation swims. The Crescent City swimming pool and slide have handicap accessibility.

Some of the other features of the Crescent City indoor swimming pool:

The water slide
Open recreation swim
Family recreation swim
Aerobics
Water walking/Aqua jogging
Spa and sauna that are open during adult program (available for use by those 16 and older)
Swimming lessons
Rentals
Crescent City Swim Club

There is lovely artwork by local artists throughout the facility.

The pool has newly remodeled shower/locker rooms and sells snack foods and drinks.

The facility is available to rent for birthday parties and other group events.

The Crescent City Swim Club practices at the Crescent City Fred Endert Municipal pool. For more information on the swim club, check out their website.

The pool is located at 1000 Play Street, near the Crescent City Cultural Center, phone number: 707-464-9503.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Fishing Fertile Waters off the Pacific Northcoast in Pictures

Mon, 12 Oct 2009 22:52:09 -0500

Mike Nolan, a fellow real estate agent in my office, loves to fish the off the Del Norte county and Curry county coastline. Mike is a prolific fisherman and is recognized by many for his skill and knowledge regarding the sport. I get to eat what he catches and am most grateful for his abilities. Here is Mike with a ling cod.

This is Mike's son Jesse with a steelhead caught in the Smith River.

Mike says these razor clams make the best eating meal in the Pacific Ocean.

John Evans with Pacific Halibut taken off Point St. George.

Sunset over the Pacific off the Brookings, Oregon coast.

Follow Mike's fishing adventures on my blog.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Refinance options for underwater homeowners

Mon, 12 Oct 2009 00:18:32 -0500

Simon Smart explains in an easy to understand manner the Making Homes Affordable plans instituted by the President. It's great information that may help you, a friend or family member. Here is a link to find out if you have a Fannie Mae loan. Thanks for stopping by.

Via Simon Smart (Sunstreet Mortgage, Arizona):

Refinance Options for Underwater Homeowners

We all know people who are having trouble keeping up with their payments but could not refinance because they are underwater (or close to it) on their loan. Many were not willing to refinance because it would push them above the magic 80% Loan-to-Value ratio, which would necessitate getting mortgage insurance (MI) - which either they could not get (usually due to a credit score or a Debt-to-Income issue) or which would increase their monthly payments to the point that is negates any drop in payment from a lower interest rate.

Well, over the last few months, a couple of programs have been launched or expanded which would help people in these situations - but don't seem to have made much impact in the media, either here in Arizona, or nationally. A large number of people I speak with, even realtors, are not aware of these changes, so I wanted to touch on the basic requirements to qualify.

There are two programs - for Fannie Mae loans, DU Refi Plus (catchy title!), and for Freddie Mac loans, The President's Making Homes Affordable Program (who thinks of these?). If you have a conventional loan (not FHA, VA or USDA) then you most likely have a loan owned by Fannie or Freddie. (Note - it will be serviced by Bank of America, Citi, Flagstar, etc)

The programs have a few differences, and investors may have some extra requirements, but the main points are:

You can refinance up to 125% of the home value. This is huge for many homeowners. For example, if you owe $310,000 and home prices have fallen to the point that your home is worth $250,000, you are at 124% Loan-to-Value and can potentially refinance. The previous limits on these programs were 105%, so this is a big improvement, and will bring a large number of homeowners to a place where they at least have an option. However - there is a catch. As most lenders will consider a higher LTV to come with a higher risk, the interest rate also gets higher. So if you are at 120% LTV with a 6% interest rate, this may not be worthwhile. If your rate is higher, maybe it is. You really need to have a good loan officer run some scenarios for you to determine if this is in your long term interest and something worthwhile for your unique situation.

There should currently be no mortgage insurance. If there is mortgage insurance on the property (i.e. at the last refinance or when they bought it, the owner put down less that 20%) then, for now at least, they need to go to their current loan servicer who is the only lender which can refinance them. And quite honestly, results may vary. If there is no mortgage insurance - here is the great news - there is no requirement for mortgage insurance on the new loan, even up to the maximum LTV.

The borrower can have no payments more than 30 days late in the last 12 months. When a loan modification 'expert' tells you not to make your payments, run for the hills.

The refinance must result in either (a) a lower interest rate (b) convert an ARM, interest only or balloon mortgage into a fixed rate loan, or (c) reduce the term of the mortgage.

There are more criteria, of course, but I won't go into them now. My objective is to spread the word that these programs are out there and there are homeowners who need them who may not be aware. If you are a real estate professional, please spread the word and lets try to prevent a few more foreclosed properties hitting the market.

I'm Simon Smart with Sunstreet Mortgage in Tucson, Arizona. If you or someone you know may need to refinance, and is upside down on their loan, have them give me a call. I will do my best to find a way to lower their payment or get them into a program which better suits where they are at. Right now we all need to help each other.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Selling Your Crescent City Home - Part 3 - You're in Escrow

Sat, 10 Oct 2009 18:41:00 -0500

Selling your Crescent City Home - Part 3 - You're in Escrow

Congratulations! You've made it. Your Crescent City home is in escrow. Don't make moving plans just yet. You have SEVERAL HURDLES to overcome.

First, if your agent didn't get a preapproval letter from the buyer when negotiating the offer, you will definitely want to see one now. Why let one more minute go by without knowing your buyer is truly qualified to purchase your home. If that's a go then start praying your home appraises for the purchase price.

The lending industry is in CYA mode big time. Underwriter's, account executives, mortgage brokers and yes, appraisers, have all been made out to be the bad guys in the subprime fiasco to varying degrees depending on who you talk to. This has caused the lending industry to become VERY conservative, overly so. Lending went from, "Just state your income, no verifciation is needed," to the buyer needing to have a rectal exam to qualify.

All that to say that appraisals sometimes come in under the purchase price, even when your agent did their job diligently in pricing your home. Thanks to HVCC there are appraiser's who are now doing appraisals outside of their preferred niche or area of expertise. You don't have to look far to find blog fodder about this topic.

I prepare my clients when we are listing their Crescent City home, especially if they are listing above my recommended price range, that the appraisal may be an issue. If you price your home high and are blessed to get a full price offer, but the appraised value comes in lower than the purchase price, you generally have a problem. If the buyer is financing the home, the bank will not loan above the appraised value. Even if a buyer has cash to bring to the transaction, my experience has been that a buyer is not willing to pay more than the appraised value and who can blame them? Would you pay more for a home than it is worth with prices projected to continue to decline?

If this happens to you then you can, A) Renegotiate, B) Cancel the escrow, C) Hope the buyer doesn't care and will bring the additional cash to close the deal (do not hold your breath on option C). In my humble opinion, renegotiating is the best option as all experts point to increased foreclosures in 2010 which will further decline list prices. If you were breaking even at the originally negotiated purchase price talk to your agent about ways to negotiate other aspects of the offer, i.e. inspections costs, commissions, title/escrow fees, etc. to keep your escrow moving forward.

So your home came in at the appraised value. That's great. What else can go wrong? Don't even ask.

The pest inspection came back with $3000 in section 1 repairs. Holy cow, now you're done for. The buyer has 17 days from the date the contract is fully executed to back out and retain their deposit if they find out anything adverse about your home (the due diligence period). $3000 in pest work would qualify for adverse. This is one example but there are dozens of pitfalls and hurdles to overcome in an escrow even if the home is in perfect condition. Use a full-time agent with a proven track record that sells a lot of volume. If the agent sells a lot of volume, the agents escrows MAKE IT TO CLOSING! No small feet in the current Crescent City real estate market.

If you would like to talk to an experienced, full-time agent regarding selling your Crescent City home, give me a call and I would be happy to do a free market analysis for you using up-to-the-minute market data. Please subscribe to my monthly market report for an indepth look at the Crescent City/Del Norte County real estate market and how it affects you.

Be sure to check out:

Selling your Crescent City Home - Part 1 - Proper Pricing
Selling your Crescent City Home - Part 2 - Negotiating an Offer

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Selling Your Crescent City Home - Part 2 - Negotiating an Offer

Sat, 10 Oct 2009 17:15:50 -0500

Selling Your Crescent City Home - Part 2 - Negotiating on Offer

Congratulations. You properly priced your home and now you have at least one offer on your Crescent City home. Yippee!

What, the offer is asking you to pay up to 3% of the buyer's loan fees and closing costs? You already took it on the chin in pricing your home to sell in a timely manner and now they want you to take 3% less and PAY their fees? What's that all about.

Remember, the Crescent City real estate market is a BUYERS MARKET. You already know that if you read my blog and subscribe to my market reports. You would also know the predominant form of financing in the Crescent City real estate market is the USDA Guaranteed Rural Housing Program. The GRH program is designed to put low to moderate income families in homes in rural areas and thankfully, ALL of Del Norte County is considered rural for this program. GRH is 100% financing, however, there are loan fees that the buyer frequently asks the seller to pay for. I counsel ALL MY SELLERS that more than likely any offer they receive will ask for a seller's contribution or seller's concession of at least 3-5%. My seller's are prepared for this and therefore have already worked this mentally into their net profit . If my sellers receive an offer that does not ask for a concession then that's gravy and they are really happy.

So, Crescent City home seller, do not be surprised if you are asked to pick-up the tab for your buyers loan fees. Be thankful you have this offer to negotiate and do your best to work it out because offers are few and far between. You will be asked to pay for a pest inspection, well and septic if applicable, maybe a roof and in Del Norte County traditionally you will split the title/escrow fees. If the buyer wants a home inspection they generally will pay for that out of their own pocket, but everything is negotiable.

It would be a shame to come this far and not walk away with an open escrow, so remember, negotiations aren't personal and a reflection of what the buyer thinks of your home. The buyers goal of purchasing your home for the lowest price possible is diametrically opposed to your efforts at selling for the highest price possible. Stay unemotional and look at your bottom line. Your agent has a wonderful form called the sellers net sheet that he/she should use when presenting any offers. It takes into account the costs associated with the offer and shows your net profit. Keep your eye on the net and off the fees. Remember, the net is why you're selling your home so don't get distracted by having to pay for the buyers home warranty if you are netting what you hoped for.

There is one more thing to consider when negotiating an offer and it's a biggy these days, what if your home does not appraise for the sale price? Better read part 3 of this series because that is a real possibility.

Don't miss:

Selling Your Crescent City Home - Part 1 - Proper Pricing
Selling Your Crescent City Home - Part 3 - You're in Escrow

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Selling Your Crescent City Home - Part 1 - Proper Pricing

Sat, 10 Oct 2009 16:31:40 -0500

Selling Your Crescent City Home - Part 1 - Proper Pricing

Proper pricing, how important is it? In the current Crescent City real estate market; it's everything.

Unless you have been living in a cave for the last year or so, you are highly aware that the Crescent City real estate marketis a buyer's market. There are a plethora (oversupply) of listings for sale versus the supply of ready, willing and able buyer's.

What that means for you the seller is that you have a lot of competition in selling your home. The number one factor in getting your home sold in this current buyer's market is to price your home below the mid range of the competing listings (or lower if the home is in worse condition than most of the competing listings). Foreclosed listings are coming onto the market at the bottom of their price range and getting snapped up, so in order to compete, you have to price accordingly. If you don't have the stomach for this and plenty of seller's don't, you more than likely will not sell in a timely manner.

Your full-time real estate agent should be a huge help in this regard. A full-time real estate agent who sells a lot of volume does so because they work hard, KNOW THEIR MARKET, and have competitively priced listings. A good agent is worth their weight in gold in this market, so choose wisely.

Statistics show that homes that sell in the first few weeks, sell for more than if they languish on the market for many months and if you think about it, that just makes sense. Why? Anything, whether it be a movie, a new brand of clothing or new listing has a "newness excitement factor" attached to it that doesn't last long. If the item proves to be genuinely excitining, like a really good movie, then large crowds attend for many weeks and people go see the movie more than once (think of Star Wars when it first came out). However, if the first wave of lookers spread, through word of mouth, that the movie is a dud...well, that's usually the end of it and it gets sent to the DVD rental store.

Same thing with a house for sale. It comes on the market--especially in a small market like Crescent City-- and it gets a flurry of showings. This is the time when a home has the greatest chance of getting competing offers and therefore higher offers. The old adage that, "Your first offer is usually your best" is so true most of the time. The longer a home is on the market, the more shop worn or stigmatized it becomes. I know you don't want to give your house away but remember, a home is worth what a buyer is willing to pay IN THE CURRENT MARKET, not what a buyer would have paid in 2005. I know that's painful, but unfortunately it's a fact.

What if, by chance, you do price high and a buyer that just has to have your home offers full price? You better read Part 2, because having an accepted offer is not the end of the story, it is only the beginning.

Don't miss:

Selling your Crescent City Home - Part 2 - Negotiating an Offer
Selling your Crescent City Home - Part 3 - You're in Escrow

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Looking Ahead: What Does The Rise In Gold Prices Mean For Your Real Estate Business?

Wed, 07 Oct 2009 21:57:42 -0500

Real estate agents, homeowner's, investors...everyone should read this post by Mike Jone's.

Fran

Via Mike Jones (SUNSTREET MORTGAGE, LLC):

What does the rise in gold prices mean for your real estate business?

You're a real estate agent. You've survived thus far in one of the most difficult periods in the real estate industry since the word REALTOR was trademarked back in 1950. Many of your colleagues have left the industry because they couldn't or didn't foresee the need to pare back expenses and find ways to continue to sell houses.

You're a survivor, and would have reason to be proud of that fact if only you had time to reflect. You don't, though, because this market eats up every second of your time, and you're scrambling to stay upright while the world you knew so well is shifting beneath your feet.

What does the rise in gold prices mean for your real estate business?

You don't have time to look at the commodities market. You're in real estate, after all. But that shift that's taking place requires your attention. Step back for a moment. Look at the bigger picture.

As the Federal Reserve prints more dollars, the value of those dollars declines. Supply and demand, just like the price of the homes you're selling. Increased supply of homes for sale (and the supply of bank owned homes continues to flood the market) means lower prices, and for the moment, interest rates are low too. You might be tempted to think that your business has actually hit a sweet spot. Avoid that temptation.

What does the rise in gold prices mean for your real estate business?

It means your business is about to change dramatically yet again, and perhaps sooner rather than later.

Gold futures hit a record high yesterday, briefly touching $1,049.70 an ounce. It's expected to go higher. And here's the takeaway: the price of gold forecasts inflation. It runs up before the inflation hits. In 1980, after a four year runup in the price of gold to more than $873, per ounce, inflation hit an annualized rate of nearly 15%. I remember it well, as I was a real estate developer at the time.

That 80's market took me bankrupt at age 41. One year prior, I had a net worth in real estate of $4 million, with debt of $1 million. I wasn't prepared.

Here's a list of the things I'm doing, courtesy of CrisisTimes.com, to make sure my business survives this next twelve months:

Simple is better

Do what you love

Master your field

Get out of debt

Sell unwanted items

Positive Attitude

Value your time

Put your money to work

Market yourself

Control spending

Visualize your goals daily

Budget Planner

Debt Consolidation

Relax and think clearly

JOIN ME! We live in exciting times, and there's an abundance of opportunity.

___________________

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.

SUNSTREET MORTGAGE
Call me if I can help you or someone you know
with a purchase or refi mortgage.
(520) 349-9090

photo courtesy flickr /andrew in coins

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Crescent City/Del Norte County Real Estate Market Report for September 2009

Wed, 07 Oct 2009 11:45:30 -0500

Crescent City/Del Norte County Real Estate Market Report for September 2009 - Number of sales were down.

Sales were down for September, however I expect a sizable increase in number of sales closing in October (keep reading for the reasons for this optimism).

The median price home that sold in September was $145,000. This supports my statement I have made 100 times or more over the past few weeks that, "What is selling is $200,000 and under."

Why? This segment of the market was shut-out for years because of skyrocketing housing prices and now, these home buyers are taking advantage of falling prices, awesome interest rates and the federal income tax credit of $8000 which goes away on December 1, 2009. I've heard rumor the tax credit will be extended, but I have not seen anything official as yet. If anyone can provide a link to an official statement on the subject in a comment on this post, I would be grateful.

What does it all mean? It is a buyer's market and will continue to be, in my humble opinion, until foreclosures level off and decline to levels prior to 2008. Everything I have read (that I trust) says foreclosures have not peaked yet and are expected to do so sometime in late 2010.

If you NEED TO SELL YOUR HOME, now may be the time to get serious about what comparables say is the true value of your home in THIS market. Ask your agent to pull up comps from the last 30-60 days if they are available and price your home in the bottom half of that range or at least close to the halfway mark if you need to sell. The Crescent City/Del Norte County real estate market historically slows way down November through February, so price your home to sell now if you need to sell. If you don't, don't worry about it. Springtime will come, the flowers will bloom, buyers will come back, but prices will more than likely be lower due to a continued influx of foreclosures.

Here is the market at a glance:

	9/09 # Sold	9/09 Median	9/09 Average
Residential Sold Listings	15	$145,000	$173,267
Price Range	% Active listings	% of Sept. 2009 Sales	% of 2009 Sales
$199,000 and under	39%	73%	62%
$200,000 - $299,000	29%	20%	22%
$300,000 - $399,000	13%	-	9%
$400,000 - $499,000	6%	7%	5%
$500,000 - $599,000	2%	-	2%
$600,000 - $699,000	2%	-	-
$700,000 and up	9%	-	Less than 1%

There was 1 commercial sale in Sept., no land sales.

And August's figures:

	8/09 # Sold	8/09 Median	8/09 Average
Residential Sold Listings	19	$195,000	$217,460
Price Range	% Active listings	% of June 2009 Sales	% of 2009 Sales
$199,000 and under	41%	55%	63%
$200,000 - $299,000	27%	27%	23%
$300,000 - $399,000	11%	11%	9%
$400,000 - $499,000	8%	6%	6%
$500,000 - $599,000	3%	6%	2.5%
$600,000 - $699,000	1%	0	0
$700,000 and up	9%	0	Less than 1%

Seller's, don't get discouraged just yet. Only one of the September sales in the Crescent City/Del Norte County real estate market was a foreclosure versus 21% of sales in August. The seller's who are pricing to compete with foreclosures are selling! I have several clients who have priced their homes for THE CURRENT MARKET with good results. Call your agent and ask for a CURRENT market analysis; using current market data to price your home may bring you the sale you've been looking for.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Experienced a "Reprice Rate" on your Credit Card? You may be entitled to a Refund!

Mon, 05 Oct 2009 19:33:58 -0500

Have you experienced a "Reprice Rate" on your credit card? If so, you may be entitled to a refund from your credit card issuer.

I wrote a post almost a year ago about my personal experience with one of my credit card issuers. Here is the link if you would like to read it.

The short version is my credit card issuer more than tripled my interest rate (Rate Repricing). I had never made a late payment and always paid AT LEAST the minimum amount due and my reward for being an excellent customer, they raised my interest rate to 33%. I closed my account and paid it off saying good riddance and watch out for that karma thing, BTW.

Well, today I received a letter from the credit card company, Advanta regarding credit card Rate Repricing:

Dear Sir/Madame,

The enclosed check in the amount of $134.15 is a reimbursement relating to certain changes(s) in terms that resulted in an increased interest rate ("Reprice Rate") on your Advanta Business Card account between June 1, 2007 and December 31, 2008 ("Reprice Event(s)"). Please cash this check as soon as possible. It will be void after 180 days from the date of the check.

The Federal Deposit Insurance Corporation (FDIC) is the primary federal regulator of Advanta Bank Corp. The FDIC has determined that the Repricing Events may have constituted an unfair practice under Section 5 of the Federal Trace Commission Act. Advanta disputes this, but it has entered into a Consent Agreement with the FDIC as part of a settlement with the FDIC in connection with their determination regarding the Repricing Events. As a part of the settlement, Advanta agreed to reimburse certain credit card customers impacted by a Repricing Event. Under the terms of the Agreement and Order issued pursuant to the Agreement, you were identified as one of the customers the Bank is required to reimburse.

The amount of your reimbursement check equals the difference between (a) the full amount of interest that accrued on your account from the effective date of the Repricing Event(or, if you received a downward interest rate adjustment after the Reprice Event, then instead, the lower interest rate) and (b) the amount of interest that would have accrued using the APR that would have applied had there been no Reprice Event, for the two billing cycles immediately following the Reprice Event. If you have any questions, please feel free to call us toll free at (800) 503-7510 Monday - Friday 8:00 am to 8:00 pm Eastern Time.

Upon accepting and cashing the enclosed check, you agree to release Advanta Bank Corp. and its parent and subsidiaries from any and all claims or actions that might exist, or might have existed, on the date of this letter that involve any Reprice Event.

Sincerely,

John F. Moore
President
Advanta Bank Copr.

Has anyone else received a Repricing Rate reimbursement from Advanta Bank Corp. or any other bank and if so are you going to cash the check? I'm thinking I should receive ALL the interest back, not just 2 months worth. Your opinion is welcome.

Here are some links with more information on this issue:

Advanta customers next option: Small Claims Court

Advanta settlement checks arrive...with a thud

Advanta lawsuit pending; average settlement: $131

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Fishing the Rogue River, Oregon for Chinook and Coho Salmon

Tue, 29 Sep 2009 23:37:40 -0500

Fishing the Rogue River, Oregon for Chinook and Coho Salmon - Mike Nolan is the President of the Crescent City Board of Realtors, a fellow RE/MAX Coastal Redwoods agent and most importantly, a highly regarded local fisherman. He brought us ling cod a few days ago and said he would bring me salmon tomorrow if I took his floor time for him today. Believe me, I'm getting the better end of that deal.

Follow Mike's fishing adventures on my blog.

Howdy ya all,

Got to spend the morning with a great friend trolling the Rogue. First chinook I have landed in awhile. Released a wild coho salmon also. Just thought I would share some joy for me.

Kind regards,

Mikee

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Selling Your Crescent City, CA home? How to Get TOP DOLLAR

Mon, 28 Sep 2009 22:41:19 -0500

Are you Selling Your Crescent City Home and want to know how to get Top Dollar?

I recently had several local agents share their surprise at the sales price of two of my listings that sold earlier this year. These two homes fetched Top Dollar in the Crescent City market. In fact, in their opinion, these homes sold for more than the market value at the time.

I had the same reaction from several local real estate agents at the sales price of my personal residence that I sold in 2005.

All three of these homes had something in common, something that set them apart from the competition and caused them to sell for Top Dollar in their market.

How do you get Top Dollar for your Crescent City, CA home or your home where ever it is located?

My home was unmistakeably the nicest home in it's price range. Every buyer I showed my home to made that comment and so did the agents who previewed the home. I sold my home quickly because in comparison to other homes in that price range, it had much more to offer.

The other two homes in question were both located next door to one another in a HIGHLY DESIRABLE neighborhood that does not have homes for sale very often. The location, for the price, was deemed desirable. One home sold within a few months and the other was in escrow within 16 days. Both homes were in good shape, but the location was outstanding.

How do you sell your Crescent City home for Top Dollar? Price it according to it's level of desirability. I suggest you get a list of all the active listings and homes that have sold within the last 3 months in the price range you are contemplating. This will be a huge eyeopener for most seller's and will be very helpful in getting you grounded in the reality of the current market.

You can ask whatever sales price you like for your home, but your home's desirability and price are what is going to bring you a buyer. Are there 5, 10, 20 homes in your price range that have a better location, are in better condition, are newer and are priced the same as your home? if so, why would a buyer choose yours? Chances are they wouldn't. However, if your home is the nicest in location, condition, etc for your price range, chances are really good your home will sell quickly and for a good price. Why? Because it's highly desirable for the price and a buyer will want to lock it up quickly before a better offer comes in.

It is tough sometimes to take a realistic view of your home.

A seller's view of their home

The appraiser's view of the seller's home

The buyer's view of the seller's home.

Know your homes competition, have a realistic view of your homes worth in the current market and price accordingly for a timely sale that should bring Top Dollar.

Thank you for checking out my post. Please leave a comment.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
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Is Your Short Sale or Loan Modification Being Turned Down?

Fri, 18 Sep 2009 23:36:14 -0500

This is the best explanation I have seen regarding the short sale process written by Active Rain Ambassador Katerina Gasset.

Fran

Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):

Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan.

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

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Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
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Crescent City, CA Home For Sale, Brand New yet Affordable

Fri, 18 Sep 2009 22:51:19 -0500

Crescent City, CA home for sale, brand new, yet affordable.

425 Butte is a 2009 built home, centrally located in Crescent City, CA, close to schools, shopping and other services and a short distance from the ocean.

Priced at $199,000, this home has many custom touches and yet is affordable.

Ask me about USDA Guaranteed Rural Housing financing for this home.

Wilson Art countertops and wood cabinets throughout, with easy care vinyl flooring in kitchen and bathrooms.

The kitchen has three large windows that let in loads of natural light.

The two car finished garage has room for a workbench and includes a roomy laundry area.

The front yard is landscaped and has a new fence around the perimeter. The large backyard is a blank slate awaiting your landscaping ideas.

This affordable, newly constructed Crescent City home has neutral carpet throughout living areas and bedrooms.

Bedrooms are roomy and well lit. The master bedroom has two windows overlooking the backyard and has an oversized walk-in closet. The master bath has large soaker tub with custom tile and privacy toilet area.

This Crescent City new home for sale has a Trane heat pump, electric water heater and stove with custom light fixtures throughout and of course built-in dishwasher and new oven/range.

425 Butte is not far from the ocean, Crescent City Harbor, beach front park, Jedediah Smith State Park, Tolowa Dunes State Park, Battery Point Lighthouse and so much more.

For more pictures and information about this newly constructed Crescent City home for sale, please check out the virtual tour.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®

Current State of the Real Estate Market in Crescent City, CA

Thu, 17 Sep 2009 00:55:27 -0500

The current state of the real estate market in Crescent City, CA.

I had an email today from a client who has her home listed with me asking about the current state of the real estate market in Crescent City. My client's home is priced in the high $200,000's, a price range that isn't hopping right now in the Crescent City real estate market, but she is reading about the increase in sales throughout the state and U.S. and asked the following:

Thanks Fran, hope you have a speedy recovery. I know in the outside world things are moving along nicely. What do you think the future holds for the Crescent City real estate market?

Here is my answer to that question and what I think we can expect for the near future.

30 homes have sold since 8/1/09 in the Crescent City/Del Norte County real estate market and only 5 of those have been over $250,000 (about 17%).
The lower price range is moving because there is still 100% financing available in that segment of the Crescent City real estate market (USDA GRH program) and purchasers who have been priced out of the market until now are jumping in. I think that segment will continue to move as long as this financing remains available.
The brisk real estate sales we are seeing elsewhere throughout the state of California are bolstered by investors with cash (we are seeing that in Crescent City too; I've written 3 cash offers in the last few weeks), who are peeved at 1% return on their investment with their banks. However, the investor's are looking for a positive cash flow and are purchasing "deals," mostly under $250,000, but some are purchasing 2^nd homes with a view of the ocean or river (homes priced above $500,000).
Your home is a step-up home for most buyers, which means they have to sell their home to purchase one that's a step-up from what they currently own. There is not much financing for these types of purchases right now. This, along with consumers being scared to step-up to a higher house payment, state employees (our largest employer in Crescent City/Del Norte County real estate market) afraid they may have wages cut further or lose their job all together, makes it really tough for your price range.

Your home is competing with brand new construction in the Harbor View and Redwood West subdivisions. Both are lovely subdivisions with brand new homes priced below $300,000. In order to obtain an offer in this market in that price range, there has to be a lot of showings, and in order to have a lot of showings, homes have to be very competitively priced.

I hope this helps,

Fran

The median price for homes sold in the Crescent City real estate market since August 1, 2009 is $193,000. Lower priced homes are receiving multiple offers and selling quickly, but homes over $250,000 need to be very competitively priced to sell in a timely manner.

With high inventory in this price range and stiff competition for a smaller segment of buyers, proper pricing is more important than ever.

I expect this to continue until the state of California gives their employees a feeling of stability by giving back the 15% pay cut and until banks resume loaning money again. 99% of the loans for real estate sold in the Crescent City real estate market since 8/1/09 was USDA Guaranteed Rural Housing or FHA.

Please call me if you are looking for a local lender who is well versed in both these programs and who gives prompt and courteous service. Finding a reputable lender and a good loan program that will comfortably fit your situation is the first step in finding a home.

Thank you for stopping by.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog
RCDPro®