Robin Anderson's Real Estate Blog

What does Oroville have over most cities in the country? King Abdullah Hussien II, the reining monarch of JORDAN chose Oroville to take a motorcycle ride to, enjoy the view of LAKE OROVILLE while dining at the LAKE VIEW resturant in Kelly Ridge.

He had been in the Sierra Nevadas, then to Jamestown, Lake Tahoe and to our beloved town of OROVILLE.  Oroville has it’s own special brand of charm, awesome  mountain views, lake views, and the mighty Feather River winds through the town.

Oroville has always drawn visitors year after year with it beauty, easy access to Lake Oroville, the Feather River, and mountains. Alot of folks have come to visit and end up moving here. 

On July 11th, 2010, we now have the crowning acheivement of drawing a KING to see what we are blessed to see everyday.

Still on the fence Buyers??  Here is a reason to buy now!!!   Effective 4/15/2010 the upfront mortgage insurance premium is increasing by 50%. Although interest rates are still low, they are expected to increase Spring/Summer.   The flip rule is gone, Buyers can now purchase a home that has been sold within the 90 day period. First time home buyers are still eligible for the $8,000. tax credit, as long as you are ,in escrow by 4/30/2010.  Additionally, the 3.5% down payment requirement will be increasing for Buyers with less than stellar credit and seller credits, the amount credited back to Buyers by Sellers for recurring and non-recurring fees or closing costs, may be ending down the road. Obviously buying just because of the aforementioned incentives is never a good thing, but if you were already in the market to purchase, take advantage of all of these perks while you can!

So you were one of the numerous Property Owners/Sellers who had to go through a foreclosure, initiate a short sale or perform a Deed In Lieu? Okay..say whichever process is signed, sealed and delivered and you are onto the next phase of your life..trying to put the pieces back together and get on even footing so to speak. Good for you.

WATCH OUT!!

If you only “thought” you had negotiated properly..but did not get anything in writing..did not obtain from the bank that owned your note that they RELEASED you from the deficiency debt..you may be in trouble.  A lot of Buyers assumed that the deficiency amount was part of the negotiation proceedings and were shocked to find out that they were on the hook for those deficiency amounts and, as it what you had already gone through in losing your home wasn’t bad enough..now you may face a potentially large bill and perhaps have to do a bankruptcy.  Good news is that California is a “Non-Recourse” state and does not allow deficiency judgements..but read the fine print…you may still owe money.  If you refinanced your ORIGINAL note..you may be liable for the difference in those amounts.   Also be aware that they are looking at your financial records to see if you have any assets that could offset this deficiency. 

They can come after you years after you thought you had put it all behind you. For those currently facing a Short Sale or a Foreclosure proceeding or considering doing a Deed In Lieu..PLEASE PLEASE..make sure you get something binding in writing that absolves you from them coming after you down the road.  It is so important..I would pay the money to have an attorney look any documents/agreements over that you have made with your lender.  Do not rely on your Realtor to advise you on these life altering decisions..please consult an attorney and tax professional.  Tax professionals will be able to advise you on whether or not you will have to pay taxes on amounts you received but did not pay back in whichever process you went through.

Good luck out there!!

As of this day 02-01-2010, the 90 day flip rule imposed by HUD has been waived for one year.  The government decided to waive this rule for numerous reasons. They had found that while this rule was in place foreclosures had increased rapidly. For instance, FHA now owns numerous homes and is in need of getting them sold.  Allowing the old flipping  may help that.

This is a fantastic opportunity for the banks to put the distressed foreclosed homes on the market without having to wait that 90 day period enabling investors to buy at low prices then repair a home to make it habitable, and not have to wait another 90 days to offer it out there for sale to a Buyer.

For those of you that are Buyers who are banking on being eligible for the federal housing tax credits here is some information you may find helpful!!

The $8,000 tax credit is for first-time homebuyers only. For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence in the last three years.  

This first-time home buyer tax credit is not a loan, it does not have to be re-paid.  This credit applies to homes priced below $800,000.  This tax credit applies sales that occur before April 30, 2010, however, if you have a binding purchase contract by April 30, 2010, and have a successful close of escrow BY June 30, 2010, you will still be eligible for the first-time home buyer credit.  The escrow must be recorded and closed by that date.  There are income limits on this tax credit, single tax payers cannot make over $125,000 and married couples cannot make over $225,000 in order to qualify for the full tax credit. Additionally, this tax credit is equal to 10% of the homes purchase price but no more than $8,000.

The $6,500. Move Up/Repeat Home Buyer Tax Credit is someone who has owned and lived in their previous home for five consecutive years out of the last eight years.  Again, this tax credit is not a loan anddoes not have to be re-paid.  This tax credit is equal to 10% of the homes purchase up to $6,500.  The tax credit applies only to homes $800,000 or less.  This tax credit also has the same time limit requirements as the first-time home buyers credit. You must have completed your escrow by April 30, 2010, or have a binding purchase contract and close escrow by June 30, 2010.  The income limits for the Move Up/Repeat Home Buyer Tax Credit is the same as the First-Time Home Buyers credit.

I know that we all hear different bits of information that their will be a flood of REO/Bank Owned properties coming on the market.  I have personally heard this many times for the past year, that it is coming. I haven’t seen it. I did see a bunch of REO/Bank Owned properties hit one specific area recently but that was about it.  The inventory of these types of properties seems to have dwindled recently.  While Buyers wait for this “flood” of REO/Bank Owned properties the interest rates could go up. I say “could” because you hear grumblings about it now and again. Additionally, with the new FHA regulations coming down the pike, it may not behoove a Buyer to wait for this potentially phantom flood of homes for the Buyer may face stiffer reguirements in obtaining a loan, pay a higher interest rate and could possibly miss the time limit for the tax credits.  My advice to Buyers, if you are on the fence, get off it and start looking.  Find a no-pressure Realtor who will show you everything that may suit your criteria, that way you will be familiar with what the prices are in the different locations..what is out there.  You will be much better prepared to make that big decision to purchase as you will be armed with knowledge.

The Christmas Season is upon us..as we nestle in our foothill town!  Tonight Santaarrives via the Wells Fargo Stagecoach in honor of the community Christmas tree lighting ceremony in downtown Oroville.  There will be a holiday open house with refreshments, a Children’s open house wherein the children can make gingerbread houses, Christmas caroling, photos with Santa and last but not least…FREE carriage rides. 

Tomorrow is the 7th annual Holiday Craft Faire in downtown Oroville and even better is the free admission to see all the handiwork of the very talented craftsmen and women in our area.  They offer food, raffle prizes and live music.

The Annual Light Parade is Saturday, December 12th at 6 p.m.  Many local stores are open late in anticipation of shoppers coming out to view the lighted parade entries!  It has been a great experience to have worked on the float for our Oroville Association of Realtors for many years.  My favorite was when we did the Grinch..the crowd LOVED it!! This year,  Realty World will have it’s own entry and we will have alot of fun with it.  It is so much fun to run along and hand out candy to the multitudes of children and adults alike in addition to checking out all the other float entries, horses and vehicles decked out for the parade with lights. 

It is a fun and sprited time here in Oroville!  The small town atmosphere is warm and welcoming.  Come have a look!!!

Showing his stuff

Fall is showing her colors.  Oroville is alive with vibrant hues of golds, browns, reds, and green. It is a great time to be here as the weather has been great.  People are out walking, hiking, boating,  and just flat out enjoying the days.  Assisting Buyers who are buying in Oroville for the first time is a very fun and fulfilling thing for me.  I enjoy being the tour guide and showing the new soon-to-be members of our community all the great things about Oroville, from Lake Oroville to the Feather River to the wonderful people and community spirit we have here.

This my first blog since joining the Realty World – Best Realty team this past August.  I thought it best to familiarize Buyers with the area I live and work in. 

Oroville is a town where many people come to play and end up buying either their primary home here or a vacation home.  Oroville is one of the fastest growing towns in California with 11.9% increase in population between 2000-2007.  Oroville is an all season vacation site.  Biking, hiking and horseback trails abound.  There are campgrounds and horse campgrounds. You can fish and swim in the Feather River that flows to us from the Sierra Nevadas through the Feather River Canyon into the lake, flows back out of the dam and continues through Thermalito and Oroville and on South. You can fish, swim, boat, jet ski on Lake Oroville. There are two marinas on Lake Oroville, Bidwell Marina and Lime Saddle Marina. You can Kayak at the After Bay.  You can MotoX at the Clay Pits and other areas.  We have the annual Mud and Crawl, challenging rock courses and mud bogs for those off road enthusiasts. As you can see, there is much to do for outdoor enthusiasts.  We have numerous wineries and a new brewery.  Many olive ranches that produce their own olive products. Numerous citrus farms and an apple farm.

The city limits of Oroville are not nearly as big as the “greater” Oroville area which is comprised of diverse areas such as  Berry Creek, Brush Creek, Cherokee, Concow, East Foothills, Feather Falls, Las Plumas, Palermo, Table Mountain, Thermalito, the Upper East Foothills, and Yankee Hill. 

One of the main attractions of Oroville is the Oroville Dam, the largest earthen dam which holds back the immense volume of water called Lake Oroville. Lake Oroville has 167 miles of shoreline and 24 square miles of surface area, with fingers stretching to many of the greater Oroville areas.  Lake Oroville has on it the first suspension bridge built in California. Oroville and the greater Oroville area has history going back to the Gold Rush days and beyond.  Much gold was found all around Oroville and up into the mountains in Feather Falls, Forbestown, Cherokee to name a few. 

Hike the trail into the gorgeous Feather Falls, the sixth tallest falls (640′)  in theUnited States of America. Drive across the original covered bridge in Cherokee. Hike to Bald Rock in Berry Creek which is steeped in indian lore and boasts of many different natural rock formations.  One Indian  story is of “Uino” who protects the Middle Fork of the Feather River from his dwelling atop Bald Rock.  It is a breath-taking view of the water ways, the Coastal Mountain range and the Sacramento Valley. Kayak at Fall River up in Berry Creek or the Feather River in the Feather River Canyon.  The Feather River Canyon is a must see with tunnels bored out of solid granite and rock cliffs that skirt the gorgeous Feather River.  Sit atop the world on Table Mountain by the “O” where you get a totally different perspective. Table Mountain also has a lot of lore about it and draws hundreds of visitors each year to view the rare wildflowers that share themselves year after year.  The blue and purple lupines and the Golden California poppies are just two of the types of flowers.  For the Jeep enthusiasts, we have the Rock Crawls each year.  Numerous Bass Tournaments on Lake Oroville per year. Two golf courses.  Feather Falls Casino and Gold Country Casino offer great entertainment, big name artists and pro-boxing as well as poker tournaments.

Notable residents of Oroville are Ishi, the last of the Yahi Indian tribe, Chuck Yeager who broke the sound barrier, Gary Nolan who played professional baseball, Erle Stanley Gardner who is the Perry Mason author, Bobby Chacon who was a professional boxer, Black Bart who was the “gentleman” robber, and just recently it came to light that Lorraine Henry graduated from high school here..she went on to marry Sullenberger, the courageous pilot who landed in the Hudson River earlier this year saving all the passengers on board.

You get a variety of terrain here from flat to the foothills to the mountain communities where they get snow. From downtown Oroville, you can drive 20 minutes and reach the forests. Beautiful sunrises and sunsets.  We have it ALL!

If small town atmosphere is what you are looking for, you have found it.  This is a great community!! I have lived here for over 35 years and love it.

Welcome to your new blog website! This is your first post. Login to the admin and edit or delete it, then start blogging!