OMG! The Giants may just do this!

Ok, ok...I know. I had the distinct privilege of going to last night's Giants playoff game at AT&T Park with my friend Katie (who by the way, is a fantastic CMT who works primarily on athletes). What an exciting game! I have no voice today...I think I screamed non-stop from the 6th inning on. I have been a HUGE Giants fan since I was a kid. I played little league baseball from the time I was 8 until I was 15 years old, and even played on my high school's boys baseball team my freshman year...after that I switched to varsity softball for the rest of high school. My family and I have been going to games for years, and OMG I don't even know what I will do with myself if the Giants get to the World Series (and maybe win???)!!!!!

What do an Antelope short sale listing, 2 lenders, Cabo San Lucas, a stolen air conditioning unit, and a DUI have in common?

What do an Antelope short sale listing, 2 lenders, Cabo San Lucas, a stolen air conditioning unit, and a DUI have in common? HUH, you may ask??

Well believe it or not, the short sale listing I just finally closed today had all of the above, and more if you can believe it.

The story begins back in April, when a very nice married couple selected me as their Realtor to list their Antelope short sale. They purchased the home in 2002, and the home was worth less than what they paid for it back then. So the home went on the market, and we immediately had multiple offers from interested buyers. The sellers selected the best offer, and I submitted that along with the supporting hardship documents to the short sale lenders (Citimortgage for the first, Chase for the 2nd).

After about three months of going back-and-forth with both Citi and Chase, I finally got the short sale fully accepted by both lenders. YAY! I excitedly called the buyer's agent, who I had been in continuous communication with over the three months of negotiation, to give him the great news. Silence on the other end of the line...he then informed me that the buyer had gotten her THIRD DUI over the preceding weekend, and that she was in jail and probably loosing her job. She would not be moving forward with the purchase of the home. ARRGGHH!!!

So, back on the market we went...within another week, we received a very similar offer from another buyer. I quickly submitted everything to the short sale lenders, and within about 2 weeks had new full approval from both! SUCCESS, and this time when I called to tell the buyer's agent, there was celebratory 'woot' on the other end of the line.

So escrow is opened, buyer's inspections and appraisal are ordered...great. I then left for a long-time planned vacation to Cabo San Lucas. On the fourth day of my trip, I received an alarming photo text message (see photo above). The air conditioning unit had been stolen from the house. I have encountered this issue with past transactions of mine, and unfortunately it is not an uncommon problem. With this, the unit must be replaced prior to the close of escrow, and the appraiser must do a verification the repair has happened to satisfy the buyer's lending. Ok.

So the seller made arrangements for the repairs (which were covered by their insurance, thankfully!)...but because of the "arm's length" relationship agents and lenders must have with appraisers, it took several days after the repairs were complete to get the verification documents from the appraiser. So I contacted both short sale lenders, provided documentation regarding the vandalism, and they allowed an extension to the closing date. Great! BUT, then the buyer's lender took an extraordinary amount of time processing the documents. I had to ask (more like BEG) the lenders for yet another extension.

FINALLY, today, I received word that the buyer's loan had funded...woohooo!!! Case closed, but I can say with 100% certainty that this transaction gave me gray hair.

Let's just say that I will be popping open some champagne at some point this weekend!

New Listing - 6537 Willowleaf Drive, Citrus Heights, CA 95621

FIXER - could be a great candidate for a FHA 203 Streamline K Renovation loan and/or Energy Efficient Mortgage. Citrus Heights 4 bedroom, 2 bathroom home with built-in swimming pool! Open kitchen/family room combo, separate living room. Access the yard and pool from master bedroom. Close proximity to schools, shopping, and more! Offered at $129,000, subject to lender approval of short sale. For more photos and additional detail, please visit http://6537Willowleafdrive.com.

Sacramento ECO Grant Program - Increase the energy efficiency of the home you are purchasing!

If you have been reading my blog for any length of time, you will know that I am a very active participant in the Sacramento Association of Realtors. The SAR Housing Opportunity Committee has been hard at work to create a new Grant Program for Sacramento home buyers seeking to increase the energy efficiency of the home they are purchasing...

The "ECO Program" was created by the Sacramento Association of Realtors to serve our Sacramento area home buyer clients and community in several ways.

• Enhance home affordability through reduced energy costs
• Enhance the comfort of our clients' homes through updated energy related components
• Improve air quality through reduced energy usage
• Enhance the sense of personal investment our buyers feel in their homes
• Increase the dependability of our clients' homes
• Enhance the overall experience of home ownership for our clients
• Create jobs in our community

The ECO Program is designed to complement the HUD / FHA Energy Efficient Mortgage Program by encouraging home buyers to take advantage of the opportunities an EEM creates to make their home more energy efficient, comfortable, affordable and reliable. The program provides a grant of $2,000 to buyers who take advantage of the Energy Efficient Mortgage in the purchase of their home. This grant is NOT repaid by the homeowner (yes, it's free money), and is funded in part by the Sacramento Association of Realtors, the California Association of Realtors Housing Affordability Fund? If anyone wants to know about the types of programs our fundraising efforts assist, , and by other community donors (including SMUD).

The grant may be applied towards the buyer's closing costs or additional qualifying energy upgrades as defined below.

Property Requirements:

• The home must have been built in 1978 or prior
• Home must be owner occupied

Minimum financed EEM:

• The borrower must finance at least $4,000 in qualifying EEM upgrades in order to qualify for the ECO Grant. The only exception to this is in the case where the maximum EEM allowed by their lender based on their sales price is less than $4,000. In these cases the buyer will qualify for the ECO Grant provided that they are financing the maximum allowable EEM for their scenario.

REALTOR® Requirements:

• The buyer's Realtor must hold a Primary Membership in the Sacramento Association of Realtors in good standing.
  

Lender Requirements:

• The buyer's loan officer must be an Affiliate Member of the Sacramento Association of Realtor in good standing. Please note, the individual loan officer must be listed on the Sacramento Association of Realtors Affiliate Membership Roster.

Contractor Requirements:

• Contractor must be on the SMUD Approved Contractor List.
  

Eligible use of funds:

• The ECO Program funds may be applied to the buyer's closing costs or additional qualifying EEM energy upgrades.

I have had multiple buyer clients seeking to purchase older homes take advantage of the FHA Energy Efficient Mortgage...I am excited to be able to offer this ECO grant program to new buyer clients! If you have any questions regarding the program and if you qualify, I welcome your call.

Sacramento Association of Realtors Annual Masters Club Golf Tournament Fundraiser

Among other activities I participate in at the Sacramento Association of Realtors, I am the current elected Secretary/Treasurer of the Masters Club. Today we held our annual Golf Tournament fundraiser at Northridge Country Club in Fair Oaks to benefit three local charities - Wellspring Women's Center, the Sacramento Moral Values Program, and The Greenhouse. We had MANY sponsors and several golfers...I, being a softball player and not really much of a golfer, just helped with the behind-the-scenes of the event...however I did make a point to dress up in costume as a part of the Halloween theme. Any guesses as to who I am here? Does the phrase "Fear the Beard" ring a bell to anyone?

Sacramento Real Estate Statistics - September 2010

Well...once again median price statistics in Sacramento County sure seem to have remained consistent for the last 14 months. Stability is here to stay? Time will tell. I can tell you that most of the transactions I have been representing for both buyers and sellers, (in all the price ranges, short sales, foreclosures, and "regular transactions with a traditional sellers") are still mostly met with multiple offers if the home is priced correctly. Interest rates are insanely low right now - like in the low 4% range.

If you would like me to email you the Facts and Trends graphs for specific zip codes in Sacramento County, just shoot me an email and I am happy to provide them.

New Listing - 8155 Overton Way, Sacramento, CA 95829

Adorable 2 bedroom, 2 bathroom, 1,040sf Sacramento home! You will love the open layout, spacious kitchen with lots of cabinet space, large bedrooms. Low maintenance backyard with beautiful quartzite flagstone patio. Located within close proximity to community parks and schools (part of Elk Grove Unified). Don't Wait! Offered at $129,000, subject to lender approval of short sale. For more photos and information, please visit http://8155OvertonWay.com

SB 931 Passes: NO Short Sale Deficiency Judgements on First Trust Deeds in California

Well, I have good news and bad news.

The good news is that because Senate Bill 931 was signed by the governor, starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for "fraud" or "waste" by the borrower. This is good news for folks in the Sacramento area looking to do a short sale on their homes. This legislation adds 580e to the California Civil Code. It reads;

"SECTION 1. Section 580e is added to the Code of Civil Procedure, to read:

580e. (a) No judgment shall be rendered for any deficiency under a note secured by a first deed of trust or first mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. Written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the
remaining amount of the indebtedness on the first deed of trust or first mortgage. (b) If the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures the first deed of trust or first mortgage, this section shall not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any third party for fraud or waste. (c) This section shall not apply if the trustor or mortgagor is a corporation or political subdivision of the state."

The bad news? Governor Schwarzenegger vetoed Senate Bill 1178, which would have extended California's anti-deficiency protection to non-"cash out" refinance loans as well. I'm sure the California Association of Realtors will again attempt to get this sort of legislation passed in the next session.

10th Annual "A Taste of Land Park" Event by the Land Park Community Association

If you have never attended "A Taste of Land Park" then you should make time to attend this year's 10th Annual event! It's being held on West Lincoln Avenue in Land Park on Saturday, October 16th from 3pm - 6pm. For the last 10 years, the Land Park Community Association has done a great job gathering the area's very best restaurants, wineries, breweries, and entertainment for a great outdoor party! All of the vendors either operate their business in the Land Park neighborhood, or are residents of Land Park. This year they are also doing an auction. Items available will include original works of art, wine tours, spa packages, etc. All proceeds from the event go to support various improvements throughout Land Park, and this year they hope to raise enough money to dedicate a bench in William Land Park in memory of Ash Rutledge, founder and long-time owner of Vic's Ice Cream who recently passed away.

Tickets are $35 in advance and $40 at the door...I'm fortunate enough that I live within walking distance to West Lincoln Avenue, where A Taste of Land Park will be held. I will be there. Will you?

As of now, confirmed restaurants include Big Spoon Frozen Yogurt, Casa Garden, Crepe Escape, Dad's Kitchen, Ernesto's, Espresso Metropolitan, Freeport Bakery, Giovanni's Pizzeria, Hot Italian, Iron Steaks, Masullo, Off Broadway Bean, Oto's, Riverside Clubhouse, Scott's Seafood, Taste of Thai, Taylor's Market & Kitchen, Tower Cafe, Vic's Ice Cream, and Willie's Burgers. Confirmed Wineries and Breweries include Astoria Winery, Bogle Winery, Carvalho Family Winery, Conway Family Winery, Henry Wine Company/Pellegrini, Lava Cap Winery, Lockdown Brew Company, Matchbook Wines, Moniz Family Wines, Mount Aukum Winery, Perry Creek Winery, Peter Franus, Pyramid Breweries, Railbridge Cellars, Revolution Wines, Rubicon Brewing Company, Sierra Vista Vineyards and Winery, Sobon Winery, Solomon Wine Company, Three Wine Company, Two Rivers Cider, Wreckless Blenders, and Youngs Market/Estates Wine.