Realty World – Tri Shasta

Recently the Shasta County District Attorney’s Office sent out a press release regarding their Real Estate Fraud Unit. This press replease discussed the annual report, the fees collected, the number of complaints received, its
District Attorney Jerry Benito
 public relations, and the most common scams.
The Real Estate Fraud unit was formed last summer and upon The Board of Supervisors approving the new program, they also approved for it to be funded through the fees collected through certain real estate documents that were recorded through the assessor’s office.
The total amount of fees that were collected over the fiscal year totaled more then $80,000. Ten percent of that amount went to the Assessor’s-Recorder’s office to reimburse them for incured expenses, the remaining $80,000 was given to the investigation postition at the District Attorney’s Office.
Since the beginning, even a little bit before, the creation of this department, right around 66 calls of complaints have been received. Some cases have lead to criminal prosecution, some have been referred to other jurisdictions (where the case joined to other cases against the same suspect who was already under investigation within that jurisdiction or had already been prosecuted within that juridiction), some have been referred to the California Department of Real Estate based on the unethical behavior of realtors, and some in some other cases the investigator intervened on behalf of local citizens and was able to recover money that was paid to loan modification companies.
The public outreach programs that the Real Estate Fraud Unit have been involved in are: Press releases, radio appearances, and presentations to groups. The District Attorney Jerry Benito has also met with U.S. Attorney Benjamin Wagner to coordinate efforts related to mortgage fraud here in the Shasta County area.
There are two scams that have been the most common – Nigerian Rent Scams and Loan Modification Scams.
The Nigerian Rent Scam is where criminals in Nigeria surf the Internet for homes that are for sale. They then take the information regarding that listing and create a rental ad for that same property. The Nigerian claims that they
District Attorney Investigator Bob Angulo
are out of the area for work, offers to rent the property, and requests a deposit. After the interested party sends them the deposit, they then learn that the property is not for rent – not even owned by the person they were dealing with.
The Loan Modification Scam is where a company offers to assist troubled homeowners to modify their home loan. These companies will often request an upfront fee to perform their services – many of these companies are out-of-state. After sending of the fee the homeowner may see delays, little work, never see a modification, and they will not see their money paid upfront. Under California law, loan modification companies are not allowed to charge an upfront fee. It is also important to know that even while working with a loan modification company, your home is still at risk for foreclosure. Remain in close contact with your lender during the loan modification.

Forebearance – lender may allow the borrower to skip a payment or make a partial payment if the borrower can suggest a reasonable plan to catch up on the amount in arrears.
Reinstatement – borrower agrees to make a lump sum payment in the future to bring the mortgage current.
Repayment Plan – lender may allow the borrower to catch up on what is owed by increasing the monthly payments until the missed payments are brought current.
Loan Modification Plan – Modify a mortgage – converting it to a fixed rate mortgage at a lower interest rate and extending the years of the mortgage to reduce monthly payments. Giving more years to pay off – adding the missed payments to the balance of the mortgage.
Forgiving Part of the Loan – makes payments affordable.
Deed in Lieu of Foreclosure – it is a friendly foreclosure, the loan amount must be lower than the anticipated sales price.
Cash for Keys – the lender and the homeowner agree to exchange cash from the lender for the keys to the property.
Sell the Home – set a price that will attract many qualified buyers. Upside down property – the financial institution may be willing to forgive some of the mortgage to make a sale possibly in order to avoid foreclosure – Short Sale.

Credit card debt is out of control.
Paying for necessities with credit cards.
Cannot meet monthly financial obligations.
Borrowing from friends and family.
Loss of employment or reduction in hours or wages.
Major illness which can cause loss of work and increase in health expenses.
Divorce, separation or other traumatic family or personal situations.
Death of a spouse or significant other.
Cannot pay the new Adjusted Payment on the ARM mortgage loan.
Major unbudgeted maintenance expense.
Excessive debt is the number one cause of financial collapse and foreclosure.

Distressed properties are foreclosed homes or homes in a Short Sale situation. We have both available in the Shasta County real estate market. Here are some tips to help buyers who are looking to purchase a distressed property.

Have the money before you shop.
Be mentally prepared for delays, aggravations, and red tape.
No contingencies.
Flexibility as to the condition of the property.
Be prepared to make an offer.
Motivation rules the day.
Buy at the bottom of the market.
Quick settlement.
Inspections.
Examination of title.

Southern Shasta County and Northern Tehama County Real Estate
Sorry I have not blogged withing the past few weeks. I found out I was pregnant, which was some great news, and everything got a little hectic after that. I just wanted to let all of my readers know that I was think of you and felt guilty that I had not posted any new material to read. I will try my best from now on to continue to post new articles at least once a week. Now, shall we continue with this weeks market analysis?
Anderson (Including Happy Valley)
There is currently 113 active listings in the Anderson area. The average days on the market is currently sitting at 134 days. The low price is $69,900; the high price is $2,400,000; the average price is $322,602; and the median price is $209,900.
There is currently four listings available for under $100,000; there are 49 listings between $100,000 and $200,000; there are 24 between $200,000 and $300,000; 18 between $300,000 and $400,000; five between $400,000 and $500,000; three between $500,000 and $600,000; three between $600,000 and $700,000; one between $700,000 and $800,000, none between $800,000 and $900,000; one between $900,000 and $1,000,000; and five above $1,000,000.
There were 20 new listings within the past week, list prices ranging from $79,000 to $479,000. There is currently 54 listings in escrow, list prices ranging from $28,000 to $649,000.  There was four closings within the past week, list prices ranging from $ 143,900 to $199,900 and sales prices ranging from $138,000 to $206,000.
Cottonwood (Including Lake California)
There is currently 149 active listings in the Cottonwood area. The average days on the market is currently sitting at 152 days. The low price is $44,275; the high price is $1,395,000; the average price is $252,359; and the median price is $214,000.
There is currently five listings available for under $100,000; there are 69 available between $100,000 and $200,000; 47 between $200,000 and $300,000; 13 between $300,000 and $400,000; seven between $400,000 and $500,000; two between $500,000 and $600,000; three between $600,000 and $700,000; one between $700,000 and $800,000; none between $800,000 and $900,000; none between $900,000 and $1,000,000; and two above $1,000,000.
There were 27 new listings within the past week, list prices from $44,275 to $469,900. There is currently 32 listings in escrow, list prices from $97,800 to $739,900. There were three closings within the past week, list prices from $160,000 to $206,900 and sales prices from $140,000 to $205,000.