AFFORDABLE CALIFORNIA  
No, that’s not a contradiction in terms at the present time. No longer is California property priced out of reach. Prices have fallen, allowing most anyone to buy a piece of the dream!
Remember hearing all those stories of people who bought in California in the 1970s, and how they got wealthy when prices soared? Could this be another one of those opportunities? The future holds the answer to that, but what is most definitely true is the old adage, “They aren’t making any more land.” And we in California have land that is near the Pacific Ocean, in Wine Country, a little bit of paradise on Earth.
With foreclosure rates at a high point, it is easy to see why many properties are available at astoundingly low prices. Some require a little elbow grease, some need more than that. Others are in great condition. There is something for everyone it seems. Condominium, townhouse, or single family home, they are all available now.

FORECLOSURE REO   What exactly does that REO stand for? It means Real Estate Owned, a designation that the property is now owned by the bank that originally lent on the property. It is property acquired by the bank by foreclosure. These homes are sometimes in a neglected state, others have been repaired and rehabbed by the bank before being placed on the market. Most times these are opportunities to get a “deal” on your purchase.

But check with us to determine if it is really a deal or just a property being sold at a low cost due to many defects. We are the professionals. Our expertise allows us not only to show you the property, but to explain what you need to know about Value!

   SHORT SALE  
This is another area of opportunity. Homes that have loans that are larger than the current market price of the home can sometimes be sold at short sale. This means the lender is willing to accept a lower price (short) for the home than is actually owed on it. Why would a bank do this? Because the owner is not current on payments, and can’t predictably become current on payments.  Banks are in the business of banking, not owning real estate. So often the bank or the underlying investor is willing to take a loss now to avoid taking on the obligation of selling the property after the owner has moved out due to foreclosure. Often there is a delay while the seller (s) determine what price will be acceptable. If you have patience, you can be rewarded with another diamond in the rough.

   FINANCING  
It is true that loans are harder to obtain now than in the last few years. But that’s a good thing for our economy. We work with lenders that can put together loan packages that enable most buyers to purchase what their pocketbook will allow. Brad Eskra, at Bank of America, 707-543-2781, is a preferred lender working with us. Ron Misasi of Prospect Mortgage is another of our preferred lenders. Ron can be reached at 707-535-1266. Or let us put you and a lender together. We are specialists in REOs and Short Sales, and can be of great benefit when working with you and the lender. Just mention Pacific Trust!
It is an exciting and changing time in real estate right now. Let us provide you with the answers you need to purchase property at this time.
And if selling your property, or making a decision on sale, please click on the SELL YOUR HOME button. We are the Sonoma County Source for Real Estate Today!