David Ormonde's Central Valley Real Estate & Dinner Blog

The Real Estate and Dinner Blog

The Tracy area historically has always been slim pickings for foreclosure buyers mostly because of its proximity to the Bay Area, of course until everything about real estate changed in the past few years.  The Tracy/Mountain House areas are literally the closest commute to the thriving East Bay and Tri-Valley areas, where seemingly all persons must commute. 

That being said, even considering the news on the national stage about waves of new foreclosures coming on the market, the Tracy/Mountain House real estate market is a market unto itself.  As the price of gas seems to have become an acceptable nuisance, and the job markets rebounding across the hill, these areas are breaking away from the rest of the Central Valley if you follow the real estate stats.   From a Realtor’s vantage point, it is difficult to find an available listing for a buyer in Mountain House or Tracy, let alone a foreclosure bargain.  Of course one could argue all listings are bargains compared to the prices of yesterday. 

If you feel this information is leading us to continued pressure on home values in the are if the Central Valley, then buying foreclosures may make sense.  If it makes sense to you, here are some things to consider when buying foreclosures.  If you do not want to devote full time to the venture, and you are not a real estate expert, hire a Realtor by finding someone with experience in foreclosures and sign a Buyer Representation Agreement with that Realtor.  That will convey to the Realtor your level of interest and commitment, which should get you the undivided attention of a professional in the field. 

1) Avoid outstanding liens by either doing your homework on pre-auction homes or sticking to post-foreclosure listings.  2)  Understand home values in the big picture knowing that prices in real estate have become as volatile as stock prices.  3) Be prepared for surprises by making sure your decision to buy will not leave you with enough resources to undo any mistakes you may make 4) Know the area by either studying your particular market or by hiring the services of a professional Realtor in your are of interest.  5) Understand your financing needs by getting pre approved for the necessary loan before negotiating a purchase, or making arrangements for a cash purchase ahead of time.  6) Give your strategy a timeline by writing a plan with with a budget for one year, 5 years, and ten years, along with a contingency plan. 

If you can handle these issues you will probably do well no matter where the real estate market takes you and your investment.  Here is what’s cooking for tonight at our house.

Quick Pan Fried Salmon

If you always keep cooked brown rice or pasta in your refrigerator you can microwave it and then build your dish on top of it to make one-plate meals that are appetizing, healthy, and nutritious and  this dish can be made in a matter of minutes.  After preparing your favorite green vegetables, simply prepare your salmon into small pieces on a metal surface for 30 minutes to bring to room temperature (the temperature of the meet determines how well it will cook without becoming tough or dry).  In a good, solid pan add olive oil and sprinkle Johnny’s seasoning.   Simmer at medium heat for a few minutes not to burn, then add your pieces of salmon one by one.  Sear for about 3-4 minutes on each side (maximum time) and remove from heat immediately.  (Don’t worry if the fish is not completely cooked as it will continue to cook slightly after done.)  Arrange the vegetables and salmon over the rice and serve.

Today’s news for Central Valley real estate is really all about the new FHA rules coming down the pike.  Here’s what will be coming:

  •Borrowers will be unable to finance upfront premiums

•Seller concessions will be reduced from 6% to, possibly, 3%

•Borrowers must have a minimum FICO score and their maximum loan-to-value ratio may be impacted by their FICO score

 •Mortgage Insurance Premiums may be raised from their current 1.75% level.

 •Several new rules will be affecting lenders as well

 For more information please visit the NAR website by clicking here

Dinner tonight:

Quick and Easy Seafood Pasta

Bring large pot of salted water to boil-add whatever greens or mixture of greens you can find cheap at the market today, return to boil-Strain-sprinkle with olive oil-Cover and let set. 

Bring to boil 1 pound of fettuccine pasta in large pot of water with handful of salt-cook to taste-rinse with water-return to stove top- add 1 can milk, 1/4 pound butter, teaspoon  onion powder, grind fresh pepper to taste- bring to simmer and then leave to sit with lid (keep it wet, not dry)-In a large skillet bring to soft boil 1can  milk, 1 teaspoon salt, one teaspoon onion powder-Sprinkle in 2 TBS Wondra Flour and 1 cup white wine, add about 3 tablespoons of Catsup, Allow to thicken slightly.  Keep at low boil and add whatever seafood you want.  Cook 3-4 minutes turn off heat.  Go back to pasta and add Parmesan Cheese until slightly thickened, then immediately-place individual servings of pasta onto plates-scoop seafood and sauce onto pasta-Sprinkle vegetables lightly over pasta.  Bon Appetite!

Things you should have in your cabinet and/or refrigerator at all times:

Pantry

Can milk,Best Food Mayonnaise, Costco Gourmet Sauce, Costco Jonny’s Seasoning, Costco Bacon Bits, Costco Pine Nuts, Costco Worchester Sauce, Costco Dried Tomatoes, Costco Bottled Artichoke Hearts, Wondra Flour in a shaker container, Costco Fresh Sea Salt and Pepper Grinders,

Refrigerator

Fresh Parsley, Fresh Basil, Fresh Green Leaf Lettuce, Fresh Roma Tomatoes, Fresh Idaho Potatoes, Fresh Onions, Costco Fresh/Peeled Garlic (keep frozen), ,  Smart & Final large container of grated Parmesan Cheese (keep in refrigerator),

No matter what you may think of the mortgage meltdown, the economic crisis, or the mess in the housing industry, there is no doubt we need to get the sale of houses moving.  In order to spark the economy you need to get houses sold no matter what the circumstances are, so that people will be able to move without going through the horror of a foreclosure. 

Help is on the way.  The U. S. Department of Treasury has initiated the HAFA Program (Home Afford Foreclosure Alternatives Program), which provides instructions for lenders and servicers to find alternatives to foreclosure by streamlining the loan modification and short sale processes. 

The HAFA program will simplify and encourage short sales and deed in lieu of foreclosure, giving frustrated homeowners an alternative to foreclosure.  It will also permit pre-approval of short sales and the terms of sale before listing, release borrowers from future liability for the debt, and provide financial incentives for the borrower, servicer, and investor, and even protect real estate commissions to help ensure the system works. 

For more information go to www.GoTracy.com where you can get more complete information and help for your short sale.