About Kern County, CA

How Many homes are for sale in Bakersfield, California?

Here are some statistics from the Bakersfield Assocaition of Realtors MLS as of 11/2/2009.

These numbers include single family homes for sale in Bakersfield as listed on the MLS. They do not include multi-family homes or homes in other parts of Kern County or homes that are not listed on the MLS.

Total listings marked as "active": 1237

Total listings marked as "contingent": 678

Total listings marked as "pending": 1290

Here is a breakdown of the active listings. (These numbers are approximate because it is not uncommon for some REO agents input their listings incorrectly):

Number of listings marked REO (bank owned): 282

Number of listings marked "Short Sale": 361

Click here to search for Bakersfield homes for sale.

For more information about homes for sale in Bakersfield, Californa, please contact, Robert Savage with Bakersfield Property Solutions at (661) 399-9099.

www.thishomeforme.com

Bakersfield Property Solutions is a full service real estate sales and property management firm located in Bakersfield, California.

Bakersfield Property Solutions
6501 Fruitvale Ave
Bakersfield, CA 93308
(661) 393-4663

Discovery Elementary School in Bakersfield, California is ranked number one in Kern County. Looks like we have some really smart kids in the Fruitvale School District. Thanks school teachers you rock!

http://www.discoveryelementary.com/

If you are in a situation where you owe more than what your home is worth or if you need to sell but don't have the money for the difference at closing, this may well be the most important article/letter you'll read about selling your home. You need to look at the option of short selling your home.

When thinking about short sales, you have to keep one thing in mind; it is a very difficult transaction process that can easily cause more harm than good if not performed properly. This is why your choice in real estate agents may be the single most important factor determining whether the process is successful or not due to the complexities and sheer volume of issues that arise.

This is not a task to be undertaken by just any real estate agent. As a Certified Short-Sale Professional, CSP, I have been trained to navigate through the requirements that need to be met to get all parties to agree to the short sale. Finding a buyer is only half the battle. Once we have an able and willing buyer we must convince the lender(s) that they should grant you a short sale.

What should you expect during the process?

1. Calculate the value of your property. This will be accomplished by preparing a CMA and looking at the competition in your area and the condition of those homes. We will need to price and position your home so that it sells quickly and at a high enough price so the lender will agree to the terms.

1. Calculate your home's financial position. In this step we will examine the value from step 1 and compare this to the mortgages and other debt that is supported by the home value. If your home value is significantly less than your debt tied to the property you are a candidate for a short sale.

1. We will start searching for a buyer, especially those that have expressed interest in buying short sale properties. Not every buyer will want your property given the status and tenuous nature of a short sale. The buyer must be willing to deal with extended deadlines and additional demands made by your lender. Your lender is the key to a successful short sale transaction and we will need them to feel confident in the new buyer.

1. We'll need to contact your lender and explain your situation. Lenders are under no obligation to accept a short sale and the terms will be examined closely by the lender. The lender is the ultimate decision maker and must give final approval for short selling your home. Lenders may disapprove of any aspect of the transaction without reason or justification. Lenders do not have to be reasonable.

1. There may be tax repercussions in enacting a short sale transaction. Part of the process we will cover is the tax liability that may remain after the short sale transaction is complete. As with any tax related matter we will advise you to seek counsel from a tax professional or tax attorney.

Summary

As a Certified Short-Sale Professional I can handle the challenge of short selling your property and prevent you from succumbing to the many pitfalls that can beset those who are not familiar with the process. Thank you for putting your trust in me during this difficult period.

Miguel R Garcia

888-673-0666 ext 1

661-215-5770 E-Fax

miguel@elitereoteam.net

May 14 , 2009, 6:30 AM PST

National Average Fixed Rate Mortgage
Down 1 basis points at 4.90% on 05-13-09
*A Basis Point (bps) is 1/100 of 1.00%

Fannie Mae Mortgage Backed Securities (MBS) Down 2.9 basis points to 4.350%

Lock Advice: Float
Rates moved in a narrow band for the past two weeks and the current small upswing has topped and is pointed down.

DJI Stocks Opened 8,296.75 -172.36 -2.04%

European and Asian Markets Down 1.33%

10 Year Treasury currently 3.10%

Nymex Crude Oil $56.76 barrel, Down $2.17

http://www.yourfhaguru.com Your source for current Lending news and information

FHA Allows Advances on $8,000 Tax Credit
Yesterday, (May 12) the government gave the green light to the financing of bridge loans of up to $8,000 to first time home buyers who qualify for tax credits under the Obama Administration's economic stimulus plan.

Fannie MBS Issuance Hits Highest Mark Since 2003

Benefiting from historically low interest rates and a refinancing boom, Fannie Mae issued $87.8 billion in mortgage-backed securities in March, nearly doubling the previous month's volume.

1st Quarter Residential Loan Originations Jump 36%

Thanks to interest rates that were at or near historical lows, residential mortgage lenders saw their loan production jump by 36% in the first quarter, according to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report.

How To Apply For $8,000 First Time Buyer Tax Credit
Up to a $8000 Tax Credit is available from IRS

10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier

Our little town (Ridgecrest) has been very busy this past month!! We are very fortunate to be in Ridgecrest! Our multiple listing service currently shows only 144 homes on the market, a whopping 74 IN ESCROW (hurray!), and 59 that have actually closed escrow this year!!

VA/FHA interest rates were 4.75% yesterday!

I am excited to announce...
I took my broker exam last Wednesday, and passed...

Happy House Hunting...