Chico, CA Real Estate News

By Ryan Vaught
(Ryan Vaught Real Estate)
The Chico market seems to be picking up. This morning I started early by writing up a contract on a larger home in Canyon Oaks (Chico's premier gated community). I have been working with these clients for about a year, and it seems like this may be the home for them. Between marketing calls, I prepared the offer. I also lined up the afternoon showings.I also spoke with an out of town seller this morning about a duplex. She has a clean, 4-plex for sale in Chico and is very motivated. Give me a call if you have an investor!I know of a 6 unit complex that will be on the market in a few months. It is being repaired currently, please call if you are in the market and I can give you more details. I then signed a few letters I wrote and sent them out. I also followed up with a few lenders, and...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
 I believe one of the most important people in the transaction to me as a Mortgage Broker is the Appraiser. But not just any old Appraiser, "A Great One!" There are times when I don't even meet a client and the Appraiser is the first person that a client meets. The interaction and personality of your Appraiser with the client can truly set the tone for your client of how well the transaction is going to go. When my Appraiser, Scotty Riemens visits a home, he is friendly and offers suggestions of things to look out for, such as the wood pile that was recently on the side of my new clients' home. He told them that wood lying next to the home will have moisture build up and wood destroying termites will transfer from the wood logs to the home! Great observation and my client appreciated th...
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By Ryan Vaught
(Ryan Vaught Real Estate)
Well since last December, the Chico market has had a much needed drop in inventory. Down from roughly 500+ homes, to somewhere in the 400s those with unrealistic prices and little motivation, ended up taking their homes off the market. This is great for those who are trying to sell, less competition means a much better chance at selling.Spring may entice those unrealistic sellers to put their homes back on the market, in addition to the sunny weather. Typically we see a larger amount of homes in spring and summer which are matched by an increase in the number of buyers looking. Now may be the small window of time where our lower inventory allows for a quicker sale.Buyers are active. I have personally witnessed in the last two weeks, two different buyers get outbid on their offers! One c...
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By Sandi Bauman, Chico CA Realtor
(Chico Homes Real Estate)
Make a point of visiting this beautiful, welcoming home! Situated on nearly an acre in a delightful, quiet neighborhood just north of chico, yet only minutes from the convenience of town. You won't want to miss the quality of this home at such a great price! Featuring formal living and dining rooms, comfortable family room, cheery dining nook, and open kitchen. Fabulous master suite with walk-ins, extra large shower, jetted tub and large windows. Huge back yard awaits your finishing touches- make it yours!                                                          $647,000Year Built:2001Size:2500 Sq. Ft. Lot Size:0.9 Acres Price:$261 per Sq. Ft. On Market:50 daysSchedule a ShowingEmail to FriendMLS:200609244Listing Type:ResidentialProperty Type:Single Family DetachedListing Agent:Bauman, ...
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By Sandi Bauman, Chico CA Realtor
(Chico Homes Real Estate)
               4724 Zinfandel Drive 95928, Butte County, Chico, CA Over the river, and through the woods, to our cute new house we go!! Although this lovely home is only 13 minutes from Chico, you will feel as though you are escaping it all as you drive home each night. Meander along an enchanted drive with breathtaking scenery including panoramic valley views, babbling brooks, dramatic fall colors, and, if you pay attention, a wild turkey, baby ground owls, or serene deer! Enjoy the cozy 2000 modular with beautiful newer flooring or build your dream home. Over 3 acres!             Year Built:2000Size:1222 Sq. Ft. Lot Size:3.19 Acres Price:$228 per Sq. Ft. On Market:94 daysSchedule a ShowingEmail to FriendMLS:200608407Listing Type:ResidentialProperty Type:Mfg. Home on LandListing Agent:...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
I had a client call me this weekend that just received some alarming news. Their mortgage recently got sold to a different lender.  She had two different issues:1.) Their mortgage had sold to another lender and now the new lender was requiring flood insurance on the home, which WAS NOT REQUIRED BEFORE! She was startled, as the new insurance premium was said to be hundreds of dollars a month! So naturally, the homeowner didn't want flood insurance and wanted to find a lender that would refinance the home without needing it. So, here is my response....When you purchase a home, and it is financed, the lender will ALWAYS require that you get flood insurance if your home sits in a Flood Zone, the appraisal will show this through a National Database. This protects the lender, in the event tha...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
  I had a great sit-down today with a new client. She is a First Time Home Buyer that wanted to meet face to face with me...I love it! Back in the old days, transactions were only done in such ways. You could look a person in the eye, listen to their tone of speech and understand where they are coming from before you decide to do a transaction with them. With that being said, trusting a lender is everything in a Real Estate transaction! You open yourself up across all aspects of your life. For example:Have you filed for bankruptcy?Have you been in a divorce?Do you owe Uncle Sam back taxes?Your incomeYour assetsChild support?These are but a few of the topics that come up and must be addressed. It is easy to skate around them, but in all fairness, your mortgage broker is better off knowin...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Hey Everyone,Virgil Cole is an awesome Real Estate Agent at Prudential Real Estate in Chico, California and he puts together a comprehensive market report of what has been taking place in the local Chico market over the past few months. He spends alot of time putting together the data and I'm sure that many homeowners and investors in our market will be interested in seeing the results. Feel free to contact either of us if you are looking to purchase or refinance your home. We're here to help you!             Virgil Cole                                        Scott Gormley Have a great day!Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.chicoloan.com/Blog: http://www.CALoanBlog.com"You f...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Understanding the importance of Equal Opportunity Lending is very important to us in the mortgage industry. It's symbol is much more than an image, which simply represents happy thoughts. Rather, it represents the commitment to not discriminate against our clients and/or potential clients based on race,sex,national origin and a multitude of areas for which people are discriminated against on a day to day basis. Giving EVERYONE the opportunity to purchase a home and participate in the American Dream is what is so great about our country! Where families in many other countries would only dream at the thought of being able to own their own home, in the United States it is a dream come true for many individuals and their families. We see first generation famililies  and individuals that wor...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
We just finished our Financial Literacy Event on the Chico State campus and I feel that it was a success. We went through several topics, to include:Credit ReportsUtilizing CreditInvestingThe Time Value of MoneyStarting a BusinessWe conducted the seminar for the college students at California State University Chico as a way to help them understand these important topics to be able to make better decisions about what they do with their money. I figure if we helped just one of them make better decisions...then the event was a success! All too often in the mortgage industry, we come across clients that have done some tough damage to their financial futures. Not because they are bad people, but because they were never given the proper tools to succeed. I have been a strong advocate of teach...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
 "Grow A Future"ATTENTION CHICO, CALIFORNIA RESIDENTS!Are you interested in attending an awesome and FREE Financial Workshop?When: Saturday, October 21st 2006 between 11am - 2pmWhere: California State University, Chico Room: BMU 210This event is sporsored by Delta Sigma Pi, a Professional Business FraternityTopics will include:1. Managing your FICO Score2. Credit3. Debt: Secure and Insecure4. Personal Finance5. Savings and InvestmentPresenters:Scott Gormley, Broker/Owner-Oak Valley MortgageSteve Hoke, VP-Banc America InvestmentsMike Dailey, Branch Manager-Bank of America and City Council CandidateTo RSVP, please call me asap!Don't miss out, this should be an awesome event!Here is a piece of my presentation, so you can get an idea of what you may see!Have a great day!Scott GormleyBroker/...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
  Well, I'm pretty much through my first year as a BIG for Big Brothers Big Sisters and it has been an amazing experience so far! I knew growing up that it was something that I wanted to be involved in and I'm happy that I just decided to go for it. My little is a great kid and we've been able to do some great things together so far! If you are considering being a big, I highly recommend it! There are so many children out there today for all different backgrounds that could benefit from a positive role model! In Chico, California, we have the BIG EVENT! The BIG EVENT is hosted at the Sierra Nevada Brewery (Best beer in the world by the way!) in the BIG ROOM! Close to 1/3 of the entire years revenue stream comes from this great event and it should be a blast! They will do dinner,music,da...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Ok, so twice a year, the "Affiliates" of our local Board of Realtors host a mixer for the Realtors and Affiliates. After a few months of preperation, tonight is the night that I'm on the spot. I'm the Chairman of the Affiliate Committee and I'm in charge of the nights events. There should be somewheres between 100-150 people at the event, so I'm crossing my fingers for a good turnout and "vibe." It is being held at Market Cafe at 1387 East 8th Street. Phone: 530-892-2332 We have hired a band (lead is also a Realtor, Mike Wiegert) and we worked out a wine tasting. We will be charging $5 for an unlimited tasting. The wine provider merely wants to make money on the bottles he sells for the types of wine he is pouring. Finally, we have presold tickets for our raffle and will be selling raff...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
I live in Chico, California, which is the home to thousands of college students. From time to time, I have high school and college students call me up to ask me questions for a class project that they are doing. I LOVE these calls! To have a child or young adult that has enough in them to call and actually do their homework is inspiring to me. I know many professionals that can't  make such inquiries on the phone! Anyhow, I received a phone call today and I was asked if I knew what "disintermediation" was. Plain and simple! I was honest and said that I didn't, but I like to learn and I could google it and we could learn together. To that she responded, "Well I can do that myself!" and she wanted to end the conversation, so I said "ok, feel free to call me if you have any other questions...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
I'm the Chairman of the Affiliate Committee for our local Association of Realtors and we conduct a Fall and Spring Mixer for the local Realtors. During the mixers, Realtors and Affiliates network with each other and we usually throw a theme behind each one. For our Fall Mixer in October, we are having a wine night theme. We will have a wine tasting and appetizers. We decided to raffle off wine coolers, filled with bottles of wine that were donated by the Affiliates. Each Affiliate had the opportunity to decorate their bottles the way they wanted and everyone had a lot of fun doing so! Tickets are selling for $20 and we plan on raising up $4,000 to $5,000 for Ability First and the Chico Challengers. Both groups support children with physical disabilities and are very important causes in ...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Kiss private mortgage insurance goodbye California! I've received new announcements today from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE. In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. Now you can avoid those higher interest rate seconds by refinancing or purchasing with a single 100% loan with NO PMI on your Primary Residence, Second Home or Investment Properties!Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com"You find the perfect home, we'll find the perfect loan!"
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
 Are you looking for a great place to live? I'll tell you about  a hidden gem in California, but don't tell too many people! Chico is located 90 miles north of Sacramento, California and home to 105,000 Chicoans. Boasting a "home town college feel to it", Chico is the home to California State University,Chico and a variety of amazing things. Chico is one of the only places I have lived in the world where residents take a strong pride in their community and speak so gracefully about it. So what makes Chico so unique? Here's a few things:Bidwell Park (This is where the original Robin Hood was filmed and it is the third largest municipal park in the United States, boasting 3,670 acres!),One Mile (A large public swimming pool in Bidwell park) ,Bidwell Mansion (First home in NorCal to have r...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
One of my favorite things about being a member of the Active Rain Real Estate community is the network I'm growing for my clients' benefit. Think about it, having not necessarily more...but better directions to send your clients is a great thing, adding value to what I do for them. Now I can feel comfortable with learning about professionals within the network and sending my clients in the correct direction. There is a great peace of mind that comes with such opportunities. My hats off to the AR community and I look forward to sending business in your direction when the time comes!Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com"You find the perfect home, we'll find the perfect...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Over the years, I have heard many questions about how to prepare for an appraisal. I thought it might be to your advantage to know what your appraiser is looking for, and what you can do to get the most out of your appraisal. Here are a couple of hints:Make a ListIf you are refinancing it is likely that you have owned your home for a couple of years and you have made improvements,additions,upgrades and general maintenance. Make a list of anything you have done to the home over the past few years. Report roof,appliances,floor coverings,water heaters,window upgreades, etc..Do this before your appraiser arrives!PicturesYour appraiser will need to take pictures of the home front,rear,outbuildings and view. The underwriter who approves your loan will never see your home and will depend on th...
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By Scott Gormley
(Oak Valley Mortgage-California Home Loans and Refinancing)
Do you have any ideas of what the banks and investors will come up with next in product innovation to get homebuyers into homes? We've seen mortgage loan types that my dad would not have even imagined 25 years ago, but now they are a reality...Zero Down,Interest Only,100% Financing,6% sellers concessions,No Mortgage Insurance,Stated Programs,40 and now 50 year terms,Option Arms with 1% start rates (Neg Am loans), I've now seen loans with start rates of 25 basis points...Think about that...If you have a 30% equity position in a home, they will loan you up to 70%! On a $1,000,000 home with a $700,000 mortgage, your payment would be a little over $2,000 a month!So what's next in store for the year 2010? I propose a 100 year loan with a $100 monthly mortgage payment on a $1,000,000 home, so...
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