New Listing - 6721 Mannerly Way, Citrus Heights 95621

Adorable 4 bedroom, 2 bath, 1,258sf (per assessor) Citrus Heights Home! You will love the open layout, vaulted ceilings, 4 bedrooms, 2 bath, central heat & air, composition roof, newer perimeter fencing, fruit trees, covered patio, possible RV parking, and more! Don't wait!! Offered at $149,000 subject to lender approval of short sale. For more photos and information, please visit http://6721mannerlyway.com/.

Short Sales...oh how I love thee!!

I have developed a really good system for getting short sales done. I counted yesterday, and I am mitigating a total of 26 loans for 15 listings. I actually just listed a new Fair Oaks short sale today (coming onto the market next Monday) - so that will make 27 loans for 16 listings.

Luckily, I have developed a great system to negotiate these transactions. Of the 27 loans I am dealing with, the majority fall with the same 5-6 lenders. This makes for a much easier time...I can make one phone call to one lender, spend my time on hold once, speak to one loss mitigation rep and knock out all of my work on 4 or 5 different loans at once.

Also, after dealing with a few particular lenders on a regular basis, I have developed a list of contacts with direct telephone numbers, direct fax numbers, email addresses, etc, and can work much more efficiently with them. I even have the direct telephone number and email to a loss mitigation supervisor at a certain lender that has pulled a few strings for me on more than one occasion.

Anyway, while most of my colleagues think I am sick (not Swine Flu!) for wanting to take them on, I LOVE SHORT SALES.

Lunch with the California Association of Realtors on Saturday at the Democratic Convention in Sacramento

If ya'll watch the news, I am sure you heard at some point this weekend that the California Democratic Party Convention was this weekend at the Sacramento Convention Center? Turns out the California Association of Realtors was one of the event sponsors, and had a table at the luncheon event yesterday (Saturday). I was offered a ticket to attend, and thought it would be a great opportunity to learn more about the latest in state and local politics. I regularly attend our local forum at the Sacramento Association of Realtors to receive updates, and thought this may provide some insights with regard to the state-wide picture (as opposed to just what is going on at the City/County level).

For the record, the California Association of Realtors is a non-partisan organization. They defend the interests of property owners, and there are numerous pieces of legislation introduced (by both sides of the political aisle) every year that affect property owners and the ways in which real estate is transacted.

Anyway, our table was literally 10 feet from the front stage. I sat with two other Realtor members of the Sacramento Association of Realtors, the Political Affairs Director from the Contra Costa Association of Realtors, and four CAR Government and Political Affairs representatives. At the luncheon, Representative Zoe Lofgren from San Jose, Speaker Karen Bass, and Senator ProTem Darrell Steinberg all spoke. It was definitely interesting to hear the party's agenda...the state of the California economy was definitely the top issue...no specific solutions or ideas were mentioned.

I also was introduced to and had the opportunity to speak with US Congressman Jerry McNerney about Sacramento's real estate market. He represents parts of Santa Clara, Alameda, Contra Costa, and San Joaquin Counties...not Sacramento. His areas also faced declining values, short sales, and many foreclosures, however most of his district is in a much higher price bracket.

Overall - a neat experience...

New Listing - 4891 Hackberry Lane, Sacramento 95841

Handsome 3 bedroom, 2.5 bathroom, 1860sf, home on .35ac (per assessor) in a great location near Arcade Creek Park near the Sacramento / Carmichael border! You will love the huge corner lot, RV access, separate living and family rooms, updated flooring, and oversized garage. Large backyard with covered patio. Don't miss this one! Offered at $249k, subject to lender approval of short sale. For more detail and photos, visit http://4891HackberryLane.com.

My 15 seconds of fame on the CBS 13 news this evening...

Yes...my twitter page is now famous! I was interviewed by CBS 13's Andrew Luria today for a segment that aired on the evening news. The topic of the piece was how Sacramento Realtors are leveraging social networking sites and other technology to do business. They primarily focused on Facebook and Twitter, but also touched on the use of individual websites to promote property. The story prominently featured two of my listings' websites - 101 Tiemann Court, and 4531 Crestwood Way. I do not make it a secret that I use MANY different technology avenues to market myself and my listings...and is it just me, or does it appear that my glasses have swallowed my entire face?

Life's simple pleasures...playing Frisbee with Hubert...

It has been a while since I posted a photo of one of my beloved bloodhounds...I took the day off today, and enjoyed a nice relaxing Sunday. Part of my day included bathing three dogs...which is quite a task, considering that two of my three dogs outweigh me. Anyway, after bathing the dogs, I played frisbee in the backyard with one of them. Hubert LOVES to play fetch!!

March 2009 Sacramento County Real Estate Statistics

The Sacramento real estate market is really heating up lately...if my own personal activity is any indication, I have multiple offers on many of my {short sale} listings, and have written several offers for buyer clients in the last few weeks.



Supply and demand is a pretty basic economic principle...if you look at the number of homes on the market versus the number of homes pending sale, there is only a 2-month supply of homes on the market. Just to flash back...in September 2007, the supply of homes had reached / peaked 15 months. Please keep in mind that not all areas and neighborhoods are affected in the same way...if you would like me to email you statistical graphs for a specific zip code, feel free to email me at erin@erinattardi.com.

Some interesting market factiods? Slightly more than 66% of the homes that sold last month were Bank-Owned REO's. Approximately 95% of the homes sold last month were priced under $400,000. The median price last month was at a level last recorded in February 2001. March 2009 is the 12 straight month that the sales volume was higher than the same month the previous year. Interest rates have been hovering around the 5% mark. There are new state and federal first time buyer tax credits available. In certain cases, a home's monthly mortgage payment is less than rent for a comparable property.

Snapshot in the May 2009 Sacramento Magazine

I received two phone calls and a message on Twitter yesterday afternoon that there is a photo of me in the May 2009 issue of Sacramento Magazine. I had trouble tracking down a copy, but this morning at the Starbucks near my house I found one (with the kabob on the cover). It is on page 85 in the "Snapshots" section. It was taken at the Sacramento Association of Realtors Masters Club luncheon last month...in the photo with me is Meg Heede, a Realtor and fellow member of the Masters Club Steering Committee.

Military Homeowners Assistance Program (HAP)

Are you a member of the United States military? Did you purchase your home before July 1, 2006? Do you need to relocate due to a permanent change of station order (PCS of more than 50 miles), health, etc? Upside down in the value of your home? Need to sell?

Good news - there is a provision in the stimulus package signed by President Obama in February that provides additional funding for a program that may help you. The Military Homeowners Assistance Program (HAP) is designed to assist you if you are in the military and must sell your home...the government may purchase your home, or reimburse you for part of your loss.

Questions about this program? There is a Homeowners Assistance Program Field Office right here in Sacramento!

HAP Field Office, Sacramento
U.S. Army Engineer District, Sacramento
1325 J Street Sacramento, CA
95814-2922
916-557-6850
800-811-5532

New Listing - 101 Tiemann Court, Roseville, CA 95678

Beautifully appointed and well cared for 3 bedroom, 2 bath, 1,513sf Roseville home on a large corner lot! You will fall in love with its open layout, the high-end laminate flooring, decorator paint selections, newer appliances, newer sliding door and serene backyard setting. Don't wait! Offered at $215,000, subject to lender approval of short sale. For more information and photos, please visit http://www.101tiemanncourt.com/.

Time off from short sales today...took a field trip to the SF Giants opening day!!

I took a little mid-week field trip today to attend the San Francisco Giants opening day with my brother...it is our yearly tradition. It poured rain up until about 30 minutes prior to the 1:05pm scheduled start time...then like magic, the rain ceased! The start was delayed until about 1:30pm because the field crew had to remove the massive tarp covering the infield. Then, former American Idol winner, Taylor Hicks, sang the national anthem, and the heroic US Airways pilot, Chesley "Sully" Sullenberger threw out the first pitch.

We had awesome seats just a few rows back, basically between home plate and the Giants dugout. Behind us sat Willie Brown (most recently, the mayor of SF)! Believe it or not, he is a pretty well-informed baseball fan...

Anyway - my brother and I had a great time, and best of all the Giants won 10-6!! Anyway, back to work tomorrow. I have a long day of short sale negotiation ahead of me...

Chimney Inspections are important on older Sacramento homes!

I spent about an hour today at a property in Carmichael with a Chimney inspector. You probably can't tell in any great detail unless you click on the photo, but this Chimney has sustained damage to the firewall. You might notice some broken bricks, and severe deterioration in the mortar. Just outside the field of view in this photo, is literally a gaping hole where a brick had broken out.

Most buyers would never think to inspect a chimney. I often suggest this inspection, especially when a home is older...highly unlikely that a seller would even be aware these conditions exist to disclose them. This particular property was built in 1952. The bid for corrective work (rebuilding the firewall, repairing the inner hearth brickwork, sealing the crown, and installing a weather cap spark arrestor) was over $1,000. The inspector deemed the fireplace "unsafe for use." Would you want to burn a fire in this fireplace?

The likely cause of this damage? According to the inspector, much of this sort of damage is caused by water intrusion into the chimney during periods of rain. The installation of a weather cap spark arrestor may have prevented much of this damage.

Ask Erin: I made an offer on a short sale. How long will I have to wait for the lender to accept my offer?

I was shopping at Target this evening, and one of my buyer clients called me while I was eyeing some really neat new tupperware.

About four weeks ago, we made an offer on the home of their dreams...a great home in Rocklin. The listing agent does lots of short sales, and the two lenders involved (there is a first and a second mortgage) are both I have closed Sacramento short sales with in the past. I have had numerous conversations with my clients about timelines, expectations, the process, etc. Their offer is in "first position" - meaning, it was "cleanly" written (straightforward terms), and it is the "highest and best" offer (short sale lender considers their offer the best combination of offered price and terms). They are extremely excited about this house, and have taken several steps to make sure that as soon as lender approval is issued they can jump ASAP (downpayment funds are ready, they have provided ALL documentation to their lender, made arrangements for renting their house that they do not need to sell in order to purchase this one)...so all we need is approval, right?

RIGHT! As a buyer of a short sale, you really have little influence or control over what happens. My advice to you, if you have made an offer on a short sale?

• Offer a realistic price - determine this offered price with your Realtor. Asking price on short sales often times does not reflect what the short sale lender is willing to accept, nor does it necessarily reflect the property's market value. Often times this price is artificially low, to attract lots of attention.
• Make sure that you write a straightforward offer. Do not ask for exotic terms in your offer. Write your offer with relatively short contingency time periods - these time periods generally begin once the lender delivers written acceptance of the short sale. Acknowledge and expect to take the property in its current condition. Be sure to have your agent use form SSA, the Short Sale Addendum, with your offer.
• Try to inspect the property thoroughly while the lender is analyzing the file. This does not necessarily mean that you should pay for a full-blown home inspection (unless you want to), but keeping in mind you will be purchasing the property "as-is" make sure you are comfortable with the condition of the house. Ask the seller to provide you with any reports or disclosures available.
• Make sure your Realtor checks in regularly with the listing agent. Ask for updates regarding the steps the lender is taking to analyze the file. It is very important that the listing agent knows that your offer is still on the table. In the world of short sales, offers come and go frequently.
• Get your lending squared away. Provide any and all documentation required by your lender to process your financing. The short sale lender(s) may not give you a full 30 days to close your escrow.
• Expect to "hurry up and wait." Unfortunately, depending on many variables, short sale approvals can take anywhere from 2 weeks to 6 months, and everything in between. Those are normal timelines.

Good luck...try not to get too impatient.