2008 Sacred Heart Holiday Home Tour of East Sacramento

It's that time of year again!! Don't miss your chance to attend one of my favorite annual holiday events, the 2008 Sacred Heart Holiday Home Tour of the Fabulous 40's neighborhood in East Sacramento! There will be 5 homes on tour, each featuring unique architectural styles.

This year, the tour schedule is Friday, December 5th, 11 a.m. to 8 p.m.; Saturday, December 6th 10 a.m. to 7 p.m.; and Sunday, December 7th 11 a.m. to 5 p.m.

Time is running out to purchase your tickets in advance for only $20! You can order them online, or you can purchase them at the Sacred Heart School office, or several local retail locations (such as William Glen, Haus by David Randall, La Maison Marche, Collected Works, etc.). Tickets at the event will be $30. If you are interested in volunteering at the tour, click here.

This fundraiser benefits Sacred Heart Parish School, and is organized by the Parents of Sacred Heart School.

Sacramento Short Sale Sellers - please get tax and legal advice!

I can not emphasize enough that if you are planning to do a short sale for your home, PLEASE take a few minutes to speak with qualified tax and legal professionals.

I was contacted today by a potential short sale seller...she was looking for an short sale agent to list her Carmichael home and had discovered my website doing a Google search. She had already spoken to an attorney and thought she was well-armed with information, and was prepared to list her home in January.

As we started talking and I asked a few probing questions, it turns out the attorney she met with neglected to tell her about the possible tax ramifications of doing a short sale. I quickly referred her to a CPA so that she could research and strategize how to minimize any potential tax liability.

SELLERS - please gather this information in advance. If you are thinking about doing a short sale of your Sacramento area home, email me and I can refer you to qualified tax and / or legal professionals.

City of Sacramento Rental Housing Inspections...Yep - they are for real!

I blogged about the City of Sacramento's Rental Housing Inspection Ordinance early this year. Since then, I had only heard a few random comments about them from some other Realtors who own rental property within the city limits.

Well...last week, my husband (an electrical contractor in Sacramento), got a frantic call from a lady who owns a duplex in Land Park. She explained that a city inspector had visited her property, and had determined that the main electrical panel was not up to par, there were no GFCI receptacles, there were not enough smoke detectors, there were not enough circuits to accommodate everything, and there were ungrounded 3-pronged receptacles throughout...there were other non-electrical items that I did not mention. The inspector issued a correction notice, and these repairs had to be completed by a certain date, or she faced a stiff fine. YIKES!

So, my husband spent the better part of a week doing the corrective work...the bill for just the electrical was about $5,000 including all labor, materials, permits, and coordination with SMUD and the City of Sacramento.

Landlords within the Sacramento city limits - THIS ORDINANCE IS VERY REAL!

Quoted in an Article about Home Staging in Sierra Style Magazine

A couple months ago I was interviewed for an article about Home Staging, and it was recently published in Sierra Style Magazine! I use the services of a professional stager to assist me with my listings. Staging really does make a difference. You never get a second chance to make a first impression!

Check Before you Burn in Sacramento County!!!

Last year around this time, I posted information regarding the Sacramento Metropolitan Air Quality Management District's designated "Spare the Air" days where you can not burn wood in your fireplace. Their "No Burn" days are still in effect this year too.

You can actually sign up for email alerts from the Sacramento Metropolitan Air Quality Management District.

Check Before You Burn is in effect in Sacramento County and its cities: Citrus Heights, Elk Grove, Folsom, Galt, Isleton, Rancho Cordova, and Sacramento.

I heard on the radio yesterday that there are 70 enforcement officers out looking for illegal burning on No Burn days, and the fines are $1,000! YIKES!

First Time Home Buyer Programs in the City and County of Sacramento...and California!

I responded to a question posted on a consumer forum this evening, and it inspired this blog post. There are MANY programs for first time home buyers in the Sacramento and surrounding neighborhoods...some are income based, some are based on the location (city/county) of your home, etc.

CalHFA has programs available in Sacramento County for existing resale and new construction homes based on your income. If you have a household that is 1-2 people, your household income can not exceed something like $85,200. If your household is 3+, your income can not exceed roughly $99,400. CalHFA has a few loan programs, and downpayment assistance grants. CalHFA offers a special loan program for the purchase of REO properties from participating financial institutions!

CHDAP (California Homebuyer's Downpayment Assistance Program) offers a deferred-payment junior loan of an amount up to the lesser of 3 percent of the purchase price or appraised value to be used for a down payment or closing costs.

The City of Roseville has a First Time Homebuyer Downpayment Assistance progam for low income buyers. It is a 0% deferred payment loan. Eligible participants must have annual incomes at or below 80 percent of the median income for the Sacramento area adjusted for family size

The Sacramento Housing and Redevelopment Agency offers CalHome First-Time Homebuyer Mortgage Assistance Program. It is designed to provide financial help to low-income homebuyers (max household income is $65,900 for a family of 6) by reducing the amount of the first mortgage loan and helping to pay non-recurring closing costs on home purchases in certain eligible neighborhoods and properties of the City and County of Sacramento...They also offer the American Dream Downpayment Initiative Program (ADDI), which is designed to provide financial help to low-income, first-time homebuyers by providing down payment, closing cost, and rehabilitation assistance on home purchases within the City and County of Sacramento (this program is out of funds for 2008).

The National Homebuyer's Fund offers two first time buyer loan programs - the "First House Loan" and the ACCESS Loan. Both of these were originally designed to offer up to 105% financing, although I believe the loan to value has been reduced to 100% now.

There are many programs out there...you might try calling Marlena Olson with the Vitek Mortgage Group at 916-486-6931. She can assist you to determine which ones you may qualify for, and ultimately which program is the best fit for you.

Sacramento Association of Realtors 100 Year Anniversary Centennial Gala

Last night, the Sacramento Association of Realtors celebrated its 100th Anniversary with a formal dinner event - the Centennial Gala.

The SAR Centennial Committee and staff worked hard to put on a great event. All year long at our main meetings, we have enjoyed photos and memorabilia from years past, and last night we watched a pretty neat slide show. Pretty cool to see photos from earlier eras of other Realtors doing the same types of things we are doing today.

For anyone who is unaware, SAR and its Realtor and Affiliate members are really involved in different community activities, scholarships, and charitable fundraising. Most all of it is done with very little fanfare and publicity.

Perhaps at the 200 year anniversary event, future SAR members will see goofy photos of me and get energized about what they can do for Sacramento?...I am excited to contribute to [at least part of] the next 100 years!

Another Day, Another Short Sale (or 5 or 6)...

I suppose one of the reasons I am such a prolific blogger is that I spend so much time on hold working on short sales. I am currently negotiating six of them (with a total of 10 loans between them), so several times a week I spend a couple hours listening to hold music trying to get through to Loss Mitigation. I try to be as productive as possible, and often times in the absense of emails to respond to, listings to look up, home evaluations to do, Trulia Questions to answer, news to read, and websites to play on, I do a brain dump into my blog. It is almost theraputic.

Last week, I closed another one of my short sale listings after a very tumultuous time on the market. We were in contract a total of 3 times with 3 different buyers before one stuck. I had approval from both lenders within a couple weeks of receiving our first offer...I had tirelessly communicated with the buyer's agent while I was working with the lenders. The day I received written acceptance, the buyer's agent told me they had gone into contract on another property. ARRGGHH!

So, back on the market we went. A week or so later we had another offer...of course the approvals I had received from the lenders had an expiration date that presented an unrealistic time line for this new buyer, so I worked hard to get an extension. After about 2 weeks of waiting, that buyer got restless...2 days after that buyer cancelled, I received new approvals from the lenders. Again, ARRGGHH! I felt really bad for the sellers, who were trying to determine when to move...what a crazy up and down ride for them!

Back on the market...within another two weeks we had yet another offer. Again I had to go back to the drawing board with the lenders. Two weeks later I had written approval from the lenders - but this time they wanted the buyer to close escrow in 13 days (that's really fast!). The buyer threatened to walk away, saying that there was not enough time to close the escrow. After wrangling with the lenders, they agreed to extend the close of escrow...it finally closed escrow on November 7th.

One of the most frustrating elements in short sale transactions for me as a listing agent (aside from countless hours on hold), is the fact that you never really know if the buyer for your property is coming or going. The longest short sale negotiation I have done to date was 5.5 months, and that buyer really wanted the house and patiently waited throughout the entire process, while I have worked on others that were approved in just a couple weeks where they buyer skipped out. One thing I have learned to prep my sellers for is the fact that getting and KEEPING a qualified buyer is one of the most critical pieces in the transaction...and it is a piece we have zero control over. Luckily, I have worked with some wonderful clients who understand this and appreciate my efforts.

Well anyway, in the time it has taken me to write this post, I learned that one of my short sales was just recommended for approval!...woohoo!!!

New Listing - 2754 & 2756 Lerwick Road in Sacramento 95821

Great investment opportunity that cash flows! Updated duplex has 2 beds, 1 bath, 837 square feet, and 1-car garage on each side. Annual rents estimated to be $21,600! Close to schools, shopping, freeways, and public transportation. Offered at $189,000. Sale is subject to lender approval of short sale. For more detail visit http://www.lerwickroadduplex.com/ or to schedule a private showing, please contact me.

Been Foreclosed Upon? Want a Home Loan? Golden 1 Credit Union May Have a Loan Program for You...

Just as a disclaimer and for the record, I have some mixed feelings about this...however, if you are a Golden 1 Credit Union member, they are offering a home loan program for folks who have been foreclosed upon.

To qualify for a "Mortgage Repair Loan", the foreclosure, short-sale, or deed-in-lieu must have occurred 6-18 months prior to loan application. I spoke at length with a Golden 1 Loan Officer about this today, and there are several requirements:
-Golden 1 Member with Direct Deposit
-Minimum 600 FICO
-Owner Occupied
-Maximum 80% LTV
-Borrow up to $417,000
-1.5% Delivery Fee
-45% Max DTI
-No more than two 30-day late payments in the last 6 months
-Proof that foreclosed loan was an ARM, Interest Only, or Negative Amortization
-Full documentation - will not accept self-employed folks regardless of income on IRS tax returns
-Gift funds acceptable
-Monthly Payments made via monthly EFT
-Borrower must attend debt counseling classes
-No 2nd mortgage or HELOC allowed for 2 years

If you want more information about this, you can call or email me and I will put you in touch with a Golden 1 loan officer.

Bowling for the American Dream at Land Park Lanes!

Last night at Land Park Lanes, a few crazy Sacramento Association of Realtors members and affiliates did a bowling tournament fundraiser for the California Association of Realtors Housing Affordability Fund.

I dusted off my bowling ball and shoes (hey -- I grew up in a bowling family alright!?!!), dressed up for our 70's theme, and had an absolute blast! The photo above is the planning committee...if you have a difficult time picking me out of the lineup, I am the one in the middle with the blonde frizzy wig.

The SAR Young Professionals Council and Housing Opportunity Committee orchestrated the event, and I am pleased to say it was a great success! There were 26 event sponsors, lots of raffle prizes, food and drink, disco music, and over 100 bowlers! A fun time was had by all, and best of all we raised lots of money to donate to CARHAF.

Update on HR 6694 - FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008

HR 6694 has not received any press lately, but many people have asked me if there were any updates. As of right now (November 6th, 2008), it has passed through the House Financial Services Committee, but has yet to be voted on by the House of Representatives...to refresh your memory, this legislation seeks to revive and revamp Seller-Funded Downpayment Assistance Programs (such as Nehemiah, Ameridream, etc.).

It still faces the possibility of being amended, and not only must it be voted on by the House of Representatives, but then the Senate, and then passed along to the President.

Don't hang your hat on this buyers...if seller-funded downpayment assistance returns, it won't be any time soon.

Is your Public Pool Ready for December 19th, 2008?

If you own or manage property with a public swimming pool (such as an apartment complex or condo unit with a community pool), take note. The Virginia Graeme Baker Pool and Spa Safety Act, a piece of federal legislation, states that as of December 19, 2008, all public pools and spas--new as well as existing--including those located in apartment buildings, must be equipped with anti-entrapment drain devices. The federal law (15 U.S.C. 8001 et seq.) applies to all public pools and spas in the United States regardless of the date of construction. The statutory language defines this to include a “swimming pool or spa that is open exclusively to residents of a multi-unit apartment building, apartment complex, residential real estate development, or other multifamily residential area.”

What does this mean to you? If you own a condo in a community with a HOA-maintained pool, and that pool has not been brought up to the new standard, there may be potential disclosure issues when you sell your unit. Also, if there is an injury or death at a public pool that does not have an anti-entrapment drain device properly installed, the HOA or management company could be sued...

VOTE TODAY!!

...the post title speaks for itself.

Erin