FINANCING by TYPE of SALE
In this segment to the San Jacinto Real Estate Market Report of SOLD Activity between the dates of June 21st, 2009 and July 20th, 2009 I will take a look at the various types of financing and see what effect, if any, they have on each type of Special Condition that exists in the current real estate market.
Of the 110 Closed Escrows in San Jacinto, CA during this period there was one property that has a red flag on it when I examine the public records. It was listed as a "Standard Sale" and the financing type is an "All Inclusive Trust Deed". As per the data entered by the listing agent into the MLS. Further exploration of the County records are a bit confusing but it appears as if the property was transferred between family members - the County has the new owners name but it also shows the last recorded sale as being in 1999 between 2 parties with very similar names. Ironically, this was also the most expensive home that sold during the period at $205,000 for a 2 bedroom 1 bath home built in 1965. This home is near the golf course and country club and is on close to a full acre of land.
There were 29 escrows that closed with CASH, including both PROBATES and two of the SHORT SALES. The other 25 CLOSED CASH SALES were all REO bank owned homes for sale in San Jacinto, CA.
Another 25 Escrows closed with CONVENTIONAL FINANCING. Three were STANDARD SALES, Five were SHORT SALES and the remaining seventeen were all REO's.
FHA financing has been the most dominate throughout all of 2009. During this period 49 families bought their new home with FHA Financing that included 7 Shorts Sales, 1 Standard Sale and the remaining 41 were all bank owned REO's.
Veterans took advantage of their benefits with 4 VA Loans and 1 CAL VET loan. All but one of these transactions were for REO Homes. The 1 remainder was for a Short Sale.
There is yet another abnormality exposed when looking closely at the reported date in that one of the REO Sales was reported as a LAND CONTRACT. Examination of the public records does not show any type of loan recorded against this property. A Land Contract is typically what is used when the Seller carries a note from the Buyer.
IN the next 4 sections of this report I will take an in-depth look at each financing type to see what their average home looked like in comparison to the Average Home Sold during this period.
BE SURE TO READ THE OTHER SEGMENTS OF THIS SPECIAL MARKET REPORT ON SOLD LISTINGS IN SAN JACINTO, CA
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | The Average Home
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | Averages by Type of Sale
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FINANCING by TYPE of SALE
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CASH SALES & THE MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CONVENTIONAL LOANS in the Market
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FHA LOANS in the MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | VA LOANS in the MARKET
If you want to Track the Market, then please read more about the preceding period at any of these links:
Financing - CASH
Financing - CONVENTIONAL
Financing - FHA
Financing - VA
Financing - LAND CONTRACT
Market Summary - Why local is Important
Blessings to all who read,
John Occhi, REALTOR®
Hemet - San Jacinto Valley
Servicing THE REO Needs of Asset Managers, Servicers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above phone number.
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