My Final Blog Post of 2008...

This is likely my last blog post of 2008. I am sitting in terminal A15 at Sacramento International Airport, waiting for my flight...I had no idea that there is free WiFi in the airport! I am heading to Phoenix to ring in the new year with my best friend since the 7th grade. She is attending Medical School there, and I have not seen her in 2 years since she basically lives and breathes medical school. I am VERY excited.

Over the last couple days, I have been doing a lot of reflection on 2008 - from both a personal perspective and a business perspective.

In 2008, I personally:

• turned 30 years old
• recovered from a bad car accident at the end of 2007 (still working on that one)
• perfected my fly fishing casting technique
• made several new friends
• became an active member of the Junior League of Sacramento (was a provisional member in 2007)
• watched my SF Giants get their butts kicked, but on a bright note saw Tim Lincecum win the NL Cy Young award, and a hometown boy Dustin Pedroia win the AL MVP
• watched my alma mater, Casa Roble High School, win its Section in football, and watched another local team, Grant High School win state
• started doing a weekly radio show
• spent more time with my mom
• starting having weekly dinners with my brother and dad

A great year from a personal perspective!
In 2008, in business I:

• qualified for the Sacramento Association of Realtors "Master's Club" again - and met the requirement for the entire year by the mid-June
• qualified as a Lyon Real Estate "Senior Executive Associate" based on my production
• as of the end of November, I was ranked #48 in my entire company (out of something like 900 agents)...not sure what my final ranking will be just yet
• Was the #1 Listing Agent of the Month in my office of +/- 100 agents three separate times
• successfully negotiated and closed 5 short sale listings, and have written lender approval for others that will close in 2009
• 53.74% of my earnings, and 14 closed real estate transactions resulted from my internet presence (someone finding me online via google, one of my websites, my blog, etc.)
• 33.77% of my earnings, and 10 closed transactions resulted from referrals
• submitted my application to take my Department of Real Estate broker exam
• was quoted for different media articles regarding real estate
• attended SAR's 100th Anniversary celebration
• graduated from the first SAR "Leadership Development Series"
• was a speaker at SAR on numerous "top producer" panels
• helped raise almost $6,000 for charitable causes through different SAR fundraisers
• was appointed as the Vice Chair of the SAR "Young Professionals Council" for 2009

A great year in business too! I am excited to see what 2009 brings! Happy new year everyone!

Is Erin Attardi Sacramento's Short Sale Specialist?

I think I just might be! 2008 proved to be the year of the short sale for me. I successfully negotiated several of these, and most of my current listings are also short sales...and you know what - I am pretty good at getting these closed. I usually try to shy away from self-congratulatory blogging... but yes I am tooting my own horn!

Other agents are coming to me for advice for their short sales. Other agents are referring their clients to me to negotiate their short sales. I was interviewed for a book about short sales. I have been interviewed by media outlets regarding short sales.

So what shall I call myself?

Erin Attardi, Short Sale Specialist
Erin Attardi, Short Sale Expert
Erin Attardi, Short Sale Master
Erin Attardi, Short Sale Guru ... nah ...none of these seem to work for me.

Erin Attardi, Sacramento Short Sale Samurai - hmm...that one may grow on me! lol

I wonder just how many short sales 2009 will bring?

Merry Christmas, Happy Hanukkah, etc!

My mom has these three ceramic ducks that she dresses up in different outfits depending on the holiday or time of year. Here are their Christmas outfits!

Home Listings & The Importance of Obtaining Buyer Feedback

Have you ever stepped into someone's home and;

• gasped at the lime green accent wall in the living room?
• gagged from the nauseating pet odor?
• noticed the constant hum of traffic noise once you were inside?
• thought the burnt orange shag carpet was best left in the 70's?
• wondered why they had not cleaned up before you arrived?
• shivered from the chilly temperature inside?
• thought the furniture arrangement was awkward?

Let me guess - you probably noticed, but did not mention anything to the owner, right? The owner probably loves that green accent wall, has not noticed that pet odor, has gotten used to the traffic noise, thinks the shag carpet is "groovey," is not a neat freak, likes to conserve energy, or just had to have grandma's antique hutch in the living room even though it does not really fit. Not your taste, but whatever.

Well...often when people get ready to sell their homes, they forget to consider what potential buyers may think when they tour the home. Often times they also think their house is superior to other homes that have sold in the immediate area, and naturally should price their home higher. Sellers are emotionally attached to their home, and think that buyers will love the home because they do.

Wrong.

I generally hire a professional staging consultant when I list property to meet with the seller and suggest ways to make the house more appealing. Not all sellers take the advice of the professional stager. Nor do all listing agents hire stagers. I also carefully analyze the the active, pending, and sold listings in the neighborhood, and estimate the home's value. Not all seller's want to hear that their home is worth less than the home that sold down the street.

Well then...

Enter the importance of obtaining feedback. Getting this feedback early on allows the seller and listing agent the chance to fix whatever is not working - like improving the price, painting that lime green wall a neutral color, making sure the house is tidy, etc. I use a really neat email feedback system that allows the seller to view feedback comments left by open house attendees, potential buyers, or the buyers' agents. These folks are often very frank and honest via the shield of the internet. They answer questions like - What price do you think the home will sell for? How does this home stack up to others you have already looked at? How would you rate the interior / exterior of the house on a scale of 1-10? What do you like about the house? What physical characteristic of the home would you change if you could? What non-physical characteristic of the home would you change if you could? Would you (or your client) consider purchasing the property if these improvements could be made?

Remember - you as the seller need to try to view your home through a potential buyer's eyes. A buyer's opinion is the one that counts the most.

Sacramento's Grant High School Football Team Wins California State Championship!!!!

Congrats Pacers! You earned it!

On a side note, my alma mater, Casa Roble High School in Orangevale also was undefeated this year and won the Sac-Joaquin Section Division III Championship! Go Rams!!

Not Every Condo or PUD in Sacramento is Eligible for VA Financing...GRR...

I have been having a heck of a time over the last 10 days or so trying to find a Sacramento area condo that is located in a community has been approved for VA financing. My client can spend up to $150k, and is looking for a newer construction condo with a garage. Should be simple, right? No. While an MLS search yields practically 100 matches, there are only 2 units that are VA approved...those units are in areas where my client is not interested in living (Elk Grove and Fair Oaks).

It turns out that there are only 35 condo communities that are approved in ALL of Sacramento County. In order to get VA approval, the community's CC&R's (covenants, conditions & restrictions) documents and HOA (home owner association) documents must be reviewed and approved.

In the past, VA offered a "spot approval" for unapproved units...they have pulled the plug on that.

Frustrating.

County of Sacramento Rental Inspections - Coming Soon to an Investment Property Near YOU!

Looks like the County of Sacramento is following the City of Sacramento's lead with regard to the City's rental housing inspection ordinance.

Last week the Sacramento County Supervisors introduced its own Rental Housing Registration And Inspection Ordinance. Get ready folks...it was adopted today.

The County's ordinance is a bit different from the City's ordinance. The County has an option for a self-performed inspection and certification.

Just make the rent check out to Fannie Mae...

Yahoo News is reporting that tenants in properties foreclosed by Fannie Mae may get to stay...for a while.

The new Fannie Mae policy, which would go into affect before January 9, 2009, would allow renters living in foreclosed properties to sign new short term leases with Fannie Mae while the property is up for sale.

Not sure how many folks this will help in Sacramento...or CA as a whole? There is a 60-day notice to tenants provision in state legislation (SB 1137) that passed earlier this year.

Buyer Wanted: APPROVED SHORT SALE in Sacramento!

Story of my life. Broken record. What else is new?

Got one of my short sale listings approved, and the buyer didn't stick around. So...if you want a great, single story 4 bedroom, 2.5 bathroom, 2,284 square foot Natomas home - check out 3436 Hornsea Way. It was approved for $274,800, and offers a buyer credit of $8,190 toward closing costs.

Wanna Find REO listings in Sacramento?

I have conveniently created some automated searches for active REO listings (bank owned foreclosure homes) in different Sacramento area neighborhoods...these are direct MLS feeds that are updated frequently. Obviously this is not the entire greater Sacramento area, but they do represent the areas I am most commonly asked about. I have tried to do my best to stay true to these neighborhood boundaries, but keep in mind that not all bounds are in straight lines. If you do not see your favorite area, just ask and I will add it...

Antelope REO's
Arden Park REO's
Carmichael REO's
Citrus Heights REO's
College Greens REO's
Curtis Park REO's
Downtown Sacramento REO's
East Sacramento REO's
Elk Grove REO's
Fair Oaks REO's
Hollywood Park REO's
Land Park REO's
Midtown Sacramento REO's
Natomas REO's
Orangevale REO's
Pocket/Greenhaven REO's
Rosemont REO's
Roseville REO's
Sierra Oaks REO's
Tahoe Park REO's
South Land Park REO's
West Sacramento REO's

New Fannie Mae & Freddie Mac Policy - 4 Financed Properties...AND THAT'S IT!

On December 1, a new Fannie Mae / Freddie Mac underwriting policy went into affect. Up until now, investors were able to obtain financing for up to 8 properties...meaning that you may only have up to 8 properties that are financed at the same time (not purchased simultaneously, but financed at any given time). So basically if an investor owned 7 properties that had mortgages, and wanted to finance another one, under old old guidelines, they could purchase that property given the fact they met all of the other lending guidelines.

Well, now that number has dropped to 4. That's right - FOUR. Basically this rule prohibits an buyers from financing for a 5th property no matter how much money is put down or how much income documentation is provided. There no exceptions for assets, or history of success as a property owner or real estate investor.

How do you get around this rule? Pay cash. Pool your money with other investors. You can still own property...you just can not take out a loan for another one if you have 4 properties already financed.

100% Financing in Sacramento...is it feasible once again?

Well...perhaps happy days are here again if you are a buyer looking for 100% (zero down) financing in Sacramento, and basically most of the state of California, for that matter.

A downpayment assistance program resurfaced roughly a month ago. This is not a seller-funded downpayment assistance program a la Nehemiah or Ameridream - those are still banned per provisions in HR 3221, and it does not look like they will be coming back any time soon (no sooner than when HR 6694 passes, if it ever does).

I am pleased to introduce the National Homebuyer's Fund Program. I briefly mentioned this in a blog about first time buyer programs a couple weeks ago...

I am not a loan officer and do not know every in and out of this program, but I do know how some current clients of mine are using it to purchase a home in Fair Oaks. They are using an FHA loan for 92% of their purchase, and are getting a small second loan for 8% of their purchase. The seller is paying $11,000 toward recurring and non-recurring closing costs. The buyer is only going to come out of pocket about $500 when it is all said and done.

I attended the Real Estate Finance Forum this morning at the Sacramento Association of Realtors, and the CalPERS Program Home Loan representative from CitiMortgage mentioned this program as well! It apparently can be used for both purchase and refinance transactions. It is a "risk" based program and does not run out of money, like other bond-financed programs.

Contact me if you would like more info, and I can put you in touch with an approved loan officer who can evaluate your situation and see if this program is a fit.

LandAmerica files for Bankruptcy Protection...

According to a press release on LandAmerica's own website dated 11/26/08, the title insurance company and a subsidiary company have filed for bankruptcy protection. Surprisingly (perhaps just the sake of timing around the holiday?), I have not heard about this at all in the media.

This I just don't get? It seems that for the majority of my REO transactions, these guys seem to be the preferred title insurer.