Our listing at 3661 Treat Boulevard in Concord, California has been reduced to $995,000!

This is just a spectacular, unbelievable home. The owners over-built the home so it would last, not creak and groan, and be energy efficient. The list of upgrades is more than impressive and be seen here.

The house backs up to Lime Ridge Open Space and sits back off Treat on a private drive that reduces noise from Treat and gives you a lot of privacy.

Mortgage orphans is a term used to describe homeowners with mortgages that no longer have a mortgage broker or loan officer due to their lending institution going out of business. There are a lot of mortgage orphans these days. The most recent deluge of orphans is a result of the IndyMac Bank takeover by the FDIC.

Last Tuesday, I attended the Contra Costa Realtors in Motion meeting at Concord Centre. IndyMac Bank was this month’s sponsor of the CCRIM. A representative of IndyMac Bank told the group – though IndyMac is leaving the traditional mortgage business, IndyMac is strong and remains a big player is certificate of deposits. I guess the upper echelons of the corporate structure weren’t sharing the depth of the troubles with their employees. This is often the case. It’s sad to see people put into these types of situations.

I ran into one of IndyMac’s former agents yesterday. He used to be part of their retail lending division in San Ramon, CA. I asked him what he was going to do and what he thought of the current situation.

He told me that he started looking for other options several months ago. He also told me that in his opinion the big banks taking over the lion’s share of the mortgage business is not good for consumers.

“The big lending institutions are top heavy with expensive level after level of management. The consumer winds up footing the bill for all of those salaries and the mortgage business does not really need or require all of that structure.”

I was also informed that there is a group trying to buy IndyMac’s former retail lending group. He did not feel that this was going to be a good thing either. My sense was because of the group involved in the takeover attempt.

Many homeowners' relationship with their lender or mortgage broker is a fleeting affair when it should be a long-term relationship. Finding a good lender or mortgage broker and consulting with them regularly like you would your financial advisor or CPA is a good thing.

If you find yourself in the position of being orphaned, pick up the phone and start the process of finding a lending professional that can help keep you abreast of what all the changes in the industry mean to you as a homeowner.

Quite & Peaceful Townhome in Concord California

Best Location in The Colony backs up to open space with lots of trees, shade, privacy and peace.

Three bedrooms with 2.5 baths. Priced to sell at $350,000.

View the Show

A search on RealtyTrac shows 1,559 properties in the foreclosure process or being bank owned properties. A Yahoo real estate search returns 1,196 foreclosure properties.

Yesterday, it came to my attention that a townhome that was listed at $479K last summer is now listed at $350K. A similar unit in the complex has been sitting on the market priced at $375K since January.

This is not good news for homeowners, but on the other end of the spectrum – it is great news for buyers and investors. There are many great REO (real estate owned) properties available for sale. And the numbers are climbing daily. Bank owned properties, in good repair, represent solid investments for first-time buyers and investors.

It’s also a great time for move up buyers, but they will have to face the reality of taking a lot less for their existing home than would like to. Move up buyers need to focus on the buy side savings which should be substantial.

If you are interested in bank owned properties, short sales, or foreclosures in Concord, CA – give Paul a call at (925) 963–4246.

This is a great time to make a good deal on investment properties in Concord.