Cameron Wilson: Murrieta/Temecula/ Menifee California Real Estate

The Value of a Particular Property has Always Been Interpreted Differently by the parties involved in the sale as each party looks from their own perspective. Always has been this way and always will be but are the values set by each person involved justified with Facts and how can each arrive at such different opinions looking at the same information?

The Home Pictured Below Closed Escrow One Week Ago and as the listing agent for this Real Estate Owned (REO) property I was required to do a Brokers Price Opinion (BPO) as soon as I received the assignment from the bank. This is normal procedure and a second BPO is done by a different real Estate Agent who is unknown to me to try and arrive at Fair Market Value.

When The Listing Was Sent To Me The Price Was Set $30,500 Over my suggestion and immediately I knew there would be an appraisal problem if we even received any offers. Two offers were received within one week, below asking price, and were countered by the bank at full price. Buyers take a walk so back to marketing we go. Then a full price offer comes in from a young couple expecting their first child in December and their offer is accepted.

The Appraisal Comes in at $205,000 which is $30,000 Below List Price and the buyers agent freaks out because she assumes the bank will Kill the Deal. I asked for a copy of the appraisal and sent it to my asset manager who called asking how two agents could come to such differing opinions of value. The only answer I could give him was I personally deal with the facts of comparable sales, trends in the market as well as the property itself to determine value. Can't answer for the other guy.

There is a very Happy Couple Living in Their New Murrieta Ca. Home today with a mortgage $30,000 below what they were willing to pay as value can and is viewed differently by all parties involved in the sale of Real Estate. Ultimately the appraisers opinion is the opinion that can make or break the deal.

Wonder if it Wll be a Boy or a Girl?

For Your Real Estate needs Contact Me: cameron.wilson@century21.com

All of Us Rely on the Media to Keep us Informed " Up To The Minute" on Current Events and the manner we receive this information varies from the Internet, Television and the old fashion Newspaper but the fact remains we all to a certain degree allow others to influence our opinions. What if the information we receive is slanted to fit the Ideals of the Reporter and how much influence does it have on the population as a whole? Does this create a mindset that influences people's attitude? You bet it does but do most people investigate the information to see if it is true? Most of the time the answer is NO!!!!!

It is no Secret the Real Estate Market is Down From Previous Years and the media has reported this even though the years they like to use as a comparison were over inflated as the early years of 2000 were not Average. So be it but now many in the Media are trying to bring to the public the falsehood that people cannot get a Home Loan let alone qualify for a loan. What a bunch of "BS" being dumped upon the American public as what the Media is neglecting to say is it's not possible to get a"Liars Loan" where no information on the loan application is verified!!!!

Thirty Years Ago My Wife and I Purchased Our First Home with a FHA Loan, last I heard FHA was still in business, that allowed us to achieve the American Dream of owning our own home at the tender age of 22 & 20 respectivally. We had to verify that we had jobs and a 3% down payment, borrowed from my parents, and with this Old fashion concept we moved into Our Taj Mahal. By the way the interest rate back then was 10% fixed!!!!

When I have a Problem With my Car I seek Out the Advice of a Professional Mechanic even though the Media reports GM is having a problem with their business as I do not understand how my vehicle was built but they have the Truth to my questions. IF you have a question about a subject seek out the advice of a professional in the industry as they know the reality of the their Profession regardless of what the Media may say.

In The Past Three Weeks Four Families Have obtained Loans and Closed Escrow on homes with me personally, three in Murrieta and one in Menifee Ca., so I guess they must not have been watching the news as they were too busy achieving the American Dream. I don't say this to brag as I sell Real Estate and I don't know the first thing about running a Newspaper or Media outlet.

UPDATE 10/30/08: Check out Jeff's Post:

Hey all you MEDIA OUTLETS, listen up, I am pissed !!!!!!

For Your Real Estate Needs Please Contact Me: cameron.wilson@century21.com

With All The Uproar About The Financial Markets and the lack of response from our elected Representatives in the nations Capitol as they continue to waste Billions of dollars it is refreshing to hear some elected officials are actually doing a Good job. The Murrieta City Council is one of the groups making sure the work they perform benefits those that elected them not themselves.

In September The Council Acting As The City Redevelopment Agencysold 9.8 acres of land situated between Madison Avenue and Interstate 15 behind, Wal Mart, for $5.2 Million The property is slated for development bringing 2 hotels plus restaurants to the area along with a possible car dealership and 53,000 square feet of Commercial Retail space as part of a 130 acre project called Cascada Del Sol.

What Is Unique About The Sale Of This Propertyis the fact that the City of Murrieta bought this land in 2004 for $3.85 million and sold it in 2008 for $5.2 million creating a $1.3 million dollar Profit. A Profit that will go back into the Redevelopment Agency fund to be used in other areas of the city. The development of this property will also bring in New sales tax revenue so it truly is a Win Win proposition for Our city and all of us who call Murrieta home.

A Profit in These Times is A Job Well Done!!!!

For your real estate needs contact me: cameron.wilson@century21.com

My Roots In Real Estate Go Back over 100 years all the way to my Grandpa Higginson my mothers side of the family who was a great man who owned thousands upon thousands of acres of land, many seperated as Farms with houses, in and outside of Johnson City, Tn. and in the days when Banks were hesitant to lend to People Of Color, I never understood that term as I always wondered " What Color"? he sold and carried the,"notes", first trust deeds on these properties and he told me as a teenager he never lost one penny on these loans and a Person was Only As Good as Their Word. This great man passed away 31 years ago this month at the age of 100.

Today My Wife and I Along Withour Son and Daughter in Law finalized the purchase of a property in North Platte, Nebraska, Hey They moved there, in which the property is being sold by an older couple who are friends of the Kids who we made a Verbal offer to purchase and they accepted with the terms for carriyng the "Note" with an acceptable interest rate with a designated length of time.

We Spoke On The Phone With All Partiesinvolved this past week, including the Attorney drawing up the contract and Note, and agreed to all terms with a Gentleman's. or gentlewoman's, handshake agreement and the documents arrived today with a Sunday Delivery, with extra costs, and they were Exactly as agreed to with the phone negotiations and to all that may ask we did hire a local Agent plus an Appraiser to give value to the property and We paid Them Well.

Since This Is An Investment Property with Two units that required 10% down and will return the initial investment in 23 months this is a good deal for the seller as they get the Interest over a 36 month period and our kids get to begin the journey of Real Estate Investment that I learned from a Great man and it has been Refreshing and a first time experience to do a Transaction with a handshake First and the paperwork to follow.

Life Has Become More Complicated But Grandpa Would Be Proud!!!!

Grandpa: Thank You From Me And The Great Grandkids!!!!!

For your Real Estate needs contact me at: cameron.wilson@century21.com

Many Variables Come Into Play With The purchase of a foreclosure property and it is a complicated process at times but the process can go much smoother when all parties involved do their respective parts all the way from the Default Management Company handling the sale for the investor to the Loan Officer who is taking care of the buyers new purchase loan. Included in the mix are a couple of Real Estate Agents, Escrow Officers, Title Companies, Home Inspectors and the list goes on but the fact remains it takes everyone working together to close the sale on time.

We All Hear Stories About Sales That Went Past the close date, it happens, and usually blame is thrown in all directions at each party involved but ever once in a while the stars align and everyone involved in a transaction is a Professional and takes things seriously and gets the job done.

This Past Week on September 25th I closed escrow on a Real Estate Owned listing in Murrieta Ca. and the total time of this escrow was 29 days as we were able to close 1 day early and get this family into their new home. The selling agent wrote a very Clean offer, he knows how REO offers need to be written, that actually was not the highest out the eight offers written but the Asset Manager only countered with the banks standard addendum's.

The Buyers Furnished Their Informationto their Loan Officer in a timely manner and that loan was processed immediately and the wheels of this transaction went into motion and concluded with a successful closing. As the listing agent on this property I have called all involved to commend each and everyone of them on a job well done and I asked the selling agent to thank His Client as well.

When Purchasing A Property it Pays To Work With Professionals.

For your Real Estate needs please contact me. cameron.wilson@century21.com