Dave Thurman's Real Estate Blog

Inventory of homes decreased in San Joaquin County from the previous year.

Median Prices decreased countywide by 42% from 12 months ago.

Closed Sales have increased 274% and Pending Sales have increased 403% countywide from the previous year.

Stockton, California still appears to be leading the nation with the most foreclosures, but there has been recent signals that the worst of this mortgage mess may be behind us in San Joaquin County. I noticed several very positive news articles in the local newspaper about improvement in affordability in the area and lots of statistics showing an increase in sales activity.

I would guess that more than 80% of all sales are REO’s (bank owned properties) and most real estate professionals are learning how to work with the banks and asset managers. As I prepare CMA’s (competitive market analysis) for my clients the MLS data clearly shows an increase of pending sales and sold sales, but the sales prices are very low. 

It is very sad that many families have lost their home, but now there is an opportunity for many other Stockton home buyers. Very good financing is available using a 30 year fixed rate FHA (Federal Housing Administration) loan and the down payment is only 3%.

On August 24, 2008 at 11:00 AM, you are invited to an Open House at 12020 Norman Avenue in Stockton. If you are looking for a Resale – single family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at www.DaveThurmanRealEstate.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Like most real estate brokers, I enjoy working with both the buyer and the seller and I usually make more money as a dual agent! The communication is easy, usually the transaction has relatively few problems regarding the closing and as a fair and honest person I find it quite simple to accept my fiduciary duty of the utmost care, integrity, honesty and loyalty in the dealings with either the Seller and the Buyer.

The point of this following true story is not about if we should have dual agency, but a reminder to agents to be very careful!!!

I was asked by a past client to list his business property which consisted of commercial building and his business which was a well known tavern. The price seemed a little high, but the seller was willing to pay a 10% commission and the seller was quite motivated. After a week or so, I was contacted by an interested buying prospect who wanted me to write an all cash, full price offer with a 30 day closing date. I explained to the buyer that I thought the closing would take much longer than 30 days due to the necessary steps involved with licensing approvals and etc., but the buyer insisted that I write the offer and present it to the seller. The seller immediately accepted the offer and started making future plans, knowing the funds were not verified yet and also knowing about the many approval steps involved prior to closing. Also, against my advice, the seller gave the buyer possession to operate the bar business.

Approximately six months later, after almost daily telephone calls, meetings and extension agreements they decided to close. Buyer states that the funds are not available, but he is willing to close. Seller agrees to carry back financing secured by first deed of trust and wants me to carry a second deed of trust for my commission. Both trust deeds are all due in six months after the close of escrow. If I do not agree to the trust deed, then both buyer and seller feel that the agent (me) did not carry out my obligation to them as a dual agent.

Approximately six more months later, the seller decides to foreclose and finally does get his money, but I am still not paid my commission. I did eventually collect on my note by taking another property in trade and a little cash.

Welcome to Dave Thurman’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Stockton.