Property owners want more time

Property owners of a future Vacaville subdivision would like more time to develop the land in the southern part of the city.

[Esmarelda]

Honestly, how many more housing developments does Vacaville need? The city is so overcrowed as is. Isn't it time to stop the building and enjoy the city, getting crime and gangs under control before opening the city up to more? Vacaville use to be a nice place to live, now it's a hell hole. I hate it here. Wish I could move right now!

[PlayBallNow]

If a developer can sell houses, good for him. The City broadens its tax base and the City needs the $$$. BUT with all the foreclosed houses sitting around, it's sad to see people passing them up and buying new houses, instead.

Are banks anxious to sell those foreclosed houses, though? A friend told me that he had bid on four houses, one after another, offering the asking price and he was qualified for a loan, too. The banks turned him down every time.

[Mildred]

the banks are not releasing all their foreclosed properties for sale. There should be many more on the market than their is currently but Per a mortgage broker friend, if they release all the properties it would show much greater losses on their books which could lead the FDIC to step in.

Drive around the newer neighborhoods built in the last 5-10 years. There are way more empty houses with no for sale signs than their are with.

[Bob]

Mildred, You are so correct. If the banks put all of their REO properties on the market it would flood the market and drive prices down further.

Supply and demand, folks. If the developer thinks he can make a profit by building he will build, otherwise the smart thing to do is wait. It should not be up to the city whether someone buys an existing home or new construction.

[671 Vacan]

Are there any plans to build a new school in Vacaville? How about thse businesses help out in what way they may. Or, help the city build a football satdium only at WCW?

[Big Sarge]

Esmarelda wrote:

Honestly, how many more housing developments does Vacaville need? The city is so overcrowed as is. Isn't it time to stop the building and enjoy the city, getting crime and gangs under control before opening the city up to more? Vacaville use to be a nice place to live, now it's a hell hole. I hate it here. Wish I could move right now!

Looks like you are already in Texas so why complain.

[Mike]

"nine acres for 241 single family residential lots"

9 acres x (43,560 sq ft/acre)/ 241 lots

= less than 1,627 sq ft per lot.

THAT'S TINY!

[MrRealistic]

PlayBallNow wrote:

If a developer can sell houses, good for him. The City broadens its tax base and the City needs the $$$. BUT with all the foreclosed houses sitting around, it's sad to see people passing them up and buying new houses, instead.
Are banks anxious to sell those foreclosed houses, though? A friend told me that he had bid on four houses, one after another, offering the asking price and he was qualified for a loan, too. The banks turned him down every time.

Something is going on with the banks - A friend of mine had offered the asking price on a handful of houses, only to be told he had been outbid. The houses are still vacant, and rapidly decaying.

[MrRealistic]

Mike wrote:

"nine acres for 241 single family residential lots"
9 acres x (43,560 sq ft/acre)/ 241 lots
= less than 1,627 sq ft per lot.
THAT'S TINY!

Tiny, but alot of people are looking for smaller houses now. I just read something to that effect. People are looking to reduce maintenance costs, electricity, heating, all that good stuff.

Or, it could be those developments that are so close to each other, when your neighbor farts, you break out the spray.

[Jennifer in Vacaville]

I have a friend that's a realtor and she told me that what is going on (also) is that they are listing homes at very low prices, just to start bidding wars on them. So if you are looking at houses right now, expect to bid at least $100K more than the list price if you really want that house. Most people don't want to deal with that just to get a house that has been trashed inside. I can't tell you how many houses my husband and I looked at that had all the appliances, fixtures and even outlets just yanked out, carpet cut up etc by the former owners after they got forclosed on. That's why people are buying new houses.

[Bob]

If that were true I would reactivate my real estate license and maky truckloads of money without ever selling a house.

A listing is a "exculsive right to sell" contract between the owner and the realtor. The contract states that if the realtor finds a buyer that is ready willing and able to purchase the property at the listed price the owner will pay the realtor a set commision. Nowhere in the contract does it state that a sale must be completed.

[Jennifer in Vacaville]

Bob wrote:

If that were true I would reactivate my real estate license and maky truckloads of money without ever selling a house.
A listing is a "exculsive right to sell" contract between the owner and the realtor. The contract states that if the realtor finds a buyer that is ready willing and able to purchase the property at the listed price the owner will pay the realtor a set commision. Nowhere in the contract does it state that a sale must be completed.

So if the sale isn't finalized, keys handed over, a realtor could still get a commision from it? I bought my first and only home when I was 20 so I don't remember how it all works.

For me right now owning makes no sense. I know everybody says owning a home is your most important investement, but if you look at the numbers the average rate of return is around 4%. I rent an apartment, put all the money I'd normally put into work on a house into my investments and (even in this economy) am averaging a 28% return rate. I have no yard work, a beautiful pool, gym and if something breaks I don't pay a dime.

[scrooge]

Bob wrote:

If that were true I would reactivate my real estate license and maky truckloads of money without ever selling a house.
A listing is a "exculsive right to sell" contract between the owner and the realtor. The contract states that if the realtor finds a buyer that is ready willing and able to purchase the property at the listed price the owner will pay the realtor a set commision. Nowhere in the contract does it state that a sale must be completed.

What makes you think that banks sign contracts like that?

[Bob]

They have no choice, it is standard wording in the contract.