Thursday, July 17, 2014

Hoping to purchase a Sacramento home after completing a short sale? Fannie Mae is extending the waiting time period...

Hoping to purchase a home after completing a short sale of your prior home? -- this is important! Fannie Mae has announced some BIG changes for home buyers who want to purchase a home after a short sale. These changes take affect on August 16th, 2014 and will have a significant impact on the required wait time to purchase another home.

For the last several years, a home buyer with a past short sale could finance another property purchase using a 20%+ downpayment after just two years from the closing date of their short sale. This was great for many people, and I have worked with clients who fell into that segment...I sold their home as a short sale, and 2 years later, their financial circumstances had improved and they'd saved enough for the 20% downpayment.

After August 16th, 2014, Fannie Mae will no longer allow this, and the waiting period will be FOUR YEARS. Ouch! If you are a buyer and this applies to you -- either accelerate your home search asap, or figure out "Plan B" for your financing. You do not have to close your purchase by August 16th, however you DO have to be in contract for the home you are purchasing by that date, AND have your lender submit your loan file through the automated underwriting system. To be safe, you should probably be in contract on or before August 13th so your loan officer has time to get this done for you.

You are probably thinking, "What are the Plan B options if I'm not in contract to purchase a house in Sacramento before the cut-off?"

Well, if you have more than 20% down, then you may be able to find other lenders with "portfolio" loans (aka, loans that do not have to conform to Fannie Mae standards) that may be willing to do your loan. I know of one lender who work with buyers just months after a short sale with 30% down, however the interest rates are going to be a little higher than conventional rates, and you will probably not be able to do a 30-year fixed loan. It would be a 5 or 7 year ARM (fixed rate for the first 5 - 7 years and then adjustable after that).

Another option if you are 3 years past the anniversary of your short sale is an FHA loan. FHA loans require a minimum of 3.5% downpayment which is far less than 20% down, however these loans come with a string attached that a buyer would not have to deal with on a 20% down conventional loan: mortgage insurance. This can add costs to the transaction and to the monthly mortgage payment.

Neither one of the Plan B lending scenarios are the end of the world, however they'd either require a longer wait or more money down.

So buyers, if this describes your scenario -- do some strategic planning with your loan officer and Realtor! And do it today.

Friday, July 11, 2014

Rest in Peace, Mr. D...

Sad news this week. On Monday at our weekly office meeting we learned over the weekend that Richard Dunnigan, the founder of Dunnigan Realtors, had suffered a massive stroke and his days were limited. Of course we were all shocked to hear that because he had just been in the office last week as usual and seemed perfectly fine. We then learned on Wednesday morning that he had passed away over night. He was 101 years old.

If I haven't mentioned it before, "Mr. D" was amazing.

When I first joined Dunnigan Realtors in 2010, he was one of the first people to welcome me to the company. He was 97 then and was attending the weekly Monday morning office meeting. Even after he sold the company many years ago, he STILL kept an office there, and would come in 3-4 times per week. He was sharp as a tack, and always had a story about a property he sold way back when, or how he would handle a certain situation, or when he helped form the MLS in Sacramento, or something the Sacramento Association of Realtors did 50-something years ago when he was its President. He always said that doing things with honesty and integrity was first and foremost. "Do the right thing," he would say, "and the real estate sales will follow." This high ethical standard that started with Mr. D was one of the primary reasons I joined Dunnigan Realtors; because the ownership of the company firmly holds these ideals as well.

I have many sweet memories of Mr. D. The photo is from his 100th birthday gathering at our Land Park office last year. I gave him a kiss on the cheek and he said that was "the highlight of his 100 years!" Ha.

The last time I saw Mr. D was on Wednesday, July 2nd, when he came into the office as usual. He has to pass my desk on the way to his office. I looked up from my laptop, flashed a big smile and said, "Hey there Mr. D! How are you?" He smiled from ear-to-ear and replied, "My eyes are open so it's a great day!"

It seems surreal that the light is now out in his office. I kind of hope we leave things the way they are in there. I don't think the office needs that space for anything. Rest in peace, Mr. D. I miss you already.

Wednesday, July 9, 2014

New Listing - 3430 65th Street, Sacramento, CA 95820

Adorable and affordable 3 bedroom, 1 bathroom, 970sf home with great park-like yard near Tahoe Park in Sacramento! You will love the open floorplan, remodeled kitchen with maple cabinets, granite counters, stainless appliances, breakfast bar opens to spacious dining room and living room, bamboo flooring, remodeled bathroom, spacious bedrooms, central heating and air, composition roof. Lots of windows make this home light and bright! The backyard is truly amazing with lots of spaces to explore, fruit trees, planter beds, and more. Close to UCD Medical Center, shopping, schools, CSUS, and more! Don't wait! Offered at $235,000. For more information and photos visit 3430 65th Street, Sacramento, CA 95820.

Wednesday, July 2, 2014

New Listing - 6913 Waxwing Way, Sacramento, CA 95842

Adorable 4 bedroom 2 bathroom, 1,560sf ranch style home on .163acres in Foothill Farms / Sacramento! You will love the updated kitchen with oak cabinets and a breakfast bar, spacious layout with separate living and family rooms, formal dining area, wood burning stove, wet bar, laminate flooring, crown moulding, freshly painted interior and exterior, dual pane windows, covered patio and nicely landscaped yard. RV access, 2-car garage, located on cul-de-sac, easy freeway access and close to shopping, schools, and more. Don't wait! Offered at $269,900. For more photos and a virtual tour, please visit 6913 Waxwing Way, Sacramento, CA 95842.

Friday, June 27, 2014

Yes, I can confirm for you that buying a home is indeed exciting!

I wrote a few months ago about my very first home buying experience in 1998. Well it's been an exciting couple of months as my husband and I have been working on another purchase; our first home together! We just closed escrow this last week on a home in Del Paso Manor. Our one year wedding anniversary is coming up on July 6th. This was a nice gift to each other.

It's been a while since I was my own client, and I have to say, it's a mixed bag of stress and excitement. I'm glad it's over so now we can start the fun part -- remodeling! We bought a house that is in its original 1955 condition, complete with bright pink and blue tiled bathrooms...so it will be fun to see the transformation over the next month as we do some repairs and renovation before we move in.

Thursday, June 26, 2014

New Listing - 4336 52nd Street, Sacramento, CA 95820

Adorable 2 bedroom, 1 bathroom, 879sf home in Colonial Heights with a white picket fence! You will love the wood floors, updated kitchen with white cabinets and corian counters, updated bathroom with tiled tub surround, wainscot, and tile floor, spacious bedrooms, deck in backyard, dual pane windows, central heat and air, detached 1-car garage, HUGE yard with alley access. Short distance to the library, parks, schools, UCD Med Center and shopping. Don't wait! Offered at $189,900. For more photos and a virtual tour, visit 4336 52nd Street, Sacramento, CA 95820.

Wednesday, June 18, 2014

New Listing - 3201 T Street, Sacramento, CA 95816

Adorable and affordable; updated 3 bedroom, 1 bathroom, 1,232sf bungalow on a .09ac corner lot in East Sacramento. You will love the light and bright floorplan, high coved ceilings, huge dining room with beautiful built-in hutch, wood floors, remodeled kitchen, remodeled bathroom, amazing backyard, newer roof, hvac, dual pane windows, and basement. Located in close proximity to the UC Davis Med Center, Natural Food Co-Op, shopping, public transportation, easy freeway access and more! Don't wait! Offered at $299,900. For more photos and information please visit 3201 T Street, Sacramento, CA 95816.

Thursday, June 12, 2014

2014 Taste of East Sacramento - Shepard Garden and Arts Center in McKinley Park

On Sunday June 29th, from 5pm - 7pm at the Shepard Garden and Arts Center in McKinley Park (3330 McKinley Blvd - near the McKinley Rose Garden) is the 6th Annual "Taste of East Sacramento" -- this is a great event!

This year's "Taste" will include yumminess from more than 15+ local East Sac restaurants, wineries and breweries. There will also be art for sale and live music by The Brian Dougherty Trio.

Tickets for the event are $30 in advance, and the price goes up at the door...if they are even still available. I'd suggest buying your ticket well in advance! They can be purchased at Selland's Market-Cafe, by phone at 916-452-8011 or via email eastsacchamber@aol.com.