Medical Marijuana property and more thoughts...

Looking for a Medical Marijuana property.  Yes, definitely a question we are asked with frequency in Mendocino County.  I understand this question was posted over a year ago, but I think there are others out there who would like a general answer.  Basically, although the county and state allow medical marijuana growing and usage with many conditions, it is still a Federal crime--  please remember that.

With that said, my suggestion would be to look for a geographic location with enough land and room between neighbors--  or, if growing indoors, a building or room suitable for that use and with a filtration system to not become a nuisance to the neighbors.  Being friendly and considerate with those who live around you can go a long ways to a peaceful existence.

There are areas that are not friendly for growing Medical Marijuana, like in the Willits or Lakeport city limits.  The Mendocino County Sheriff's Dept has a program you can register through, too.  Always check the location and possible restrictions on the property you may want to purchase.

Also, when looking for ANY property.  Ask about water.  Does it have a well, district water, spring, etc?  A low producing well is not always bad if it is consistent, even in drought years...  a spring can be wonderful, but also can stop in the summer months.  Years ago when the market was hot, many people forgot to ask important questions like these about the property.

Finally, ask yourself how you are doing to purchase the property?  With a conventional loan, private money loan, seller carry-back, or a lease-option?  The lease option has become a popular choice, but few know the risks to both buyer and seller.  If you do not fully understand the details and risks of a lease option, then you may truly lose out on many thousands of dollars--  so check into that option carefully!  With seller financing, the buyer can save because they are not spending money on lending fees--  but the terms including interest rate may not be good for the buyer, and there are also many details about seller financing that should be addressed...  and if not, it can cause problems again for both buyer or seller down the road. 

Basically, make sure everything is spelled out--  and never feel there is a silly question that you should not ask.  There are no stupid questions!  Well, almost never!  But you get the idea   :)

People Still Want to Buy Homes

LOOK!! People still want to own homes out there :)
Take care,
Karena Jolley
MendoGroup team
CBMR
http://www.MendoGroup.com

"Daily Real Estate News | August 19, 2009 | Share
Study: Americans Still Want to Be Home Owners
Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.

Among the findings from the study:

92 percent say that a home is a good investment for the future.
48 percent worry about losing or being unable to afford their homes.

"These results provide an interesting illustration of the public's mindset in a difficult economy," says Julie Bandy, editor in chief at Bankrate. "While nine out of 10 still believe in the American dream of homeownership, nearly half worry about losing their homes.”

Source: Bankrate.com (08/18/2009)"


http://www.realtor.org/RMODaily.nsf/pages/News2009081901?OpenDocument

Next wave of foreclosures coming while Investors dive in...

What a crazy world we live in right now!! Here we are, with prices the best in years, and multiple offers on the lower priced homes right now... and the next wave of foreclosures looming at us. My hope is that we all learn something from these times, so that we are not doomed to repeat in 20 years or so!!

"Investors Drive Foreclose Prices Up Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.
Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.
When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.
Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Source: The Associated Press, Jonathan J. Cooper (07/20/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009072102?OpenDocument

Take care, and talk to you next time,
Karena Jolley of the MendoGroup team
at Coldwell Banker Mendo Realty, Inc.
707 354 2999
faxwww.MendoGroup.com
dre# 01482063