Is this a short sale scam?

One of my clients called me today to inquire about a new listing that just popped up on the market in Carmichael. When I pulled up the data on MLS, I was a bit alarmed at what I found.

In the "Agent Only" remarks section, there was a note that read "Closing is subject to seller obtaining title." Huh? There was an attachment to the listing that then explained that the "seller" is a for-profit corporation that the actual owner has given a power of attorney to sell the house. It is listed as a short sale and subject to the bank's approval of the owner's short sale to the seller...the seller then is selling for a profit via a simultaneous escrow. The house is listed by a small, Sacramento area independent brokerage that I have never heard of.

My thought is that this sort of transaction walks a very fine line - both legally and ethically. There was legislation passed several years ago called "The Home Equity Sales Act" that protects distressed sellers. Click here to read about the Home Equity Sales Act.

All I can say is that I will not touch a transaction like with with a 10-foot pole! Luckily my client thought that was a good idea too.

Listings Parade!

Ok...so over the next week I will be posting four new listings. Couple of details if any of you are interested:

-$259k - 3bd/2ba, 1,466sf home in a nice part of Carmichael 95608
-$319k - 4bd/2ba, 1,736sf home in Roseville 95678
-$145k - 2bd/1ba, 990sf home in Oak Park 95817
-$TBD - 3bd/1.5ba, 1,190sf condo off La Riviera 95826

There are also a few other properties coming over the next month...keep your eyes open.

Support the local SPCA

For the second year in a row, the Sacramento SPCA is reducing its cat adoption fees from $85 to just $45! Each adoption includes the cat's spay or neuter surgery, vaccinations, microchip, licensing, a certificate for a free veterinary visit and more.

Last the SPCA's "Home for the Holidays campaign" resulted in the adoption of more than 775 cats, dogs, rabbits and other small animals.

The Sacramento SPCA is located at 6201 Florin Perkins Road in Sacramento, and is open Tuesdays - Sundays (closed on Mondays) from 11am - 6pm.

http://www.sspca.org/


http://www.ErinAttardi.com • http://Erin.Golyon.com

15th Annual Lighted Boat Parade in Old Sacramento

My husband and I have been members of the Sacramento Yacht Club since 2003, and I can tell you that one of my favorite club events is the Lighted Boat Parade. This event is actually sponsored by the Capital City Yacht Club, and we are lucky enough to get to particpate...
The parade is on Saturday, December 1st and begins at 6pm at Miller Park, and will pass by Old Sacramento on the Sacramento River at approximately 6:30pm. The boats will be creatively decorated, and will leisurely troll between the Tower and I Street bridges. The best viewing areas are onboard the Delta King or along the waterfront. Judging takes place on board the Delta King...not sure if my husband and I will cruise our boat in the parade this year, but it is really cool to watch!



http://www.ErinAttardi.com • http://Erin.Golyon.com