Florsheim News

By: Dennis Wyatt
Managing Editor

It wasn't until 35 days ago that I seriously gave thought to ever buying a home again. It happened when I was doing a story involving a house at 118 Goodale Court.

I had swung by to get a photo of the home as a comparison on what $274,000 could buy in today's Manteca market - a new two bedroom, two bathroom home at Florsheim's Valley Blossom - compared to three years ago.

I remembered the Goodale Court home had sold for $320,000 in 2005. It was one that I also had featured in the Manteca Bulletin's Home Scene section through Cindy Foster of Re/Max Executive who was marketing it for Kevin Wentworth. He had purchased the home and made significant improvements. When I pulled up to take a photo, I noticed it was back on the market. So I called the Realtor to get what the asking price was to use in the story. I was stunned to find out the bank was asking $189,000. (It is now listed at $170,000.)

I called Tom Wilson of Wilson Group Realtors to see how that would translate into a monthly payment at the mortgage rate that day including property taxes and insurance. He ran some quick calculations past a mortgage lender and came back with $1,435 a month based on 3 percent down and the bank putting $5,000 toward closing costs.

Less than a minute after getting of the phone, it hit me. Not only was the monthly mortgage payment less than what most homes were renting for in Manteca but I could actually afford it myself.

I called Tom back and he swung by to let me into the house bringing with him examples of other available homes in the price range.

He said to look around as I might be surprised at what is out there.

He was right about that. Most banks earlier this year apparently decided to stop messing around and started posting foreclosures with bottom line pricing.

Simple drive-bys of previous homes I had done stories on for Home Scene and others came up with a disturbing trend. I'd call the Realtor who had the home listed who'd give me the price. Then I'd call back the next day and they'd be apologetic as they already had an offer the bank accepted.

I went back to the office that afternoon and called Deborah Romero at Ability Mortgage who had given Tom run down on the mortgage cost. I asked her what I need to get to her to see if I could get pre-approved for a loan.

Seventy-two hours after pulling up to the Goodale Court home I was pre-approved.

It can't be emphasized enough that pre-approval is the ticket in today's market if you're going after a foreclosed home. People - particular investors - are moving too fast and in too big of a pack to not be pre-approved. Besides, agents representing foreclosed properties won't even talk with you unless you're pre-approved.

I was starting to get a bit antsy after three homes I liked slipped away before I even had a chance to look at the inside. I became convinced that the market was changing as the good properties were coming on the market and going fast.

Tom's cell phone was on the blink and it was Friday - four days into my hunt. I had come across homes I wanted to see Saturday. When I couldn't reach Tom, I went down my list starting with Carol Bragan.

Twenty hours after I talked to her and gave her the list of 11 homes I wanted to see, we were off and running. She brought along a couple sheets of other possibilities.

That morning before I met up with her I came across a foreclosed home in Powers Tract that had just come on the market a few days prior. I asked to tack that on the end thinking it was worth a look although I doubted I could afford it.

It didn't take long to whittle my list down to one possibility - a home at 825 W. Center that was solid structurally but in need of a lot of updating inside.

I asked to drive by the Powers Tract home. I figured I might as well as look at it before getting another list of homes together to go out again at the start of the week. It took me all of five seconds looking at the hardwood floors, the windows, and the contemporary semi-open look of the 1950s home to decide it was what I wanted.

After making another return visit and Carol doing some checking, I made an offer on Jan. 31. It was accepted two days later.

Tuesday morning - 35 days after I realized I actually could afford to buy a home in Manteca and after two weeks of working and reworking my budget numbers close to 60 times - I picked up the keys.

And during the last 22 days, my new neighbors have told me a number of people have come by wanting to look at the home. Interest rates have also gone up from when I locked in at 5.75 percent to about 6.2 percent today.

The house needs some work but it is a perfect fit for me financially and otherwise.

The bottom line - that I can't stress enough - is simple: This is the most affordable that the Manteca housing market has been in at least five years if not longer for people who work in Manteca who want to own a home here.

And like all good things, it won't last for long.