If you follow me on Twitter or Facebook, you will already know that earlier this week I chatted with Jim Wasserman of the Sacramento Bee for an article he was writing about home buyers who use the internet to start their home search.
You can view the article that appeared on the front page of today's Sacramento Bee here.
It's funny to see a 20-minute conversation distilled down to a couple sentences.
Most of my clients initially find me online...this year's closed transactions to date are of similar proportion to last year in 2008. Today's article focused mainly on home buyers, however many of the folks who find me online are looking to sell. Most of the sellers who find me are looking for information regarding Sacramento short sale agents to list their homes.
If you are a first time reader of my blog, thanks for checking it out, and please peruse my posts!
Thursday, July 30, 2009
Wednesday, July 29, 2009
How to select your Sacramento Lender...
Most of my buyer clients ask me for a referral to a loan officer as they start their loan pre-approval process. Before I divulge who I recommend, I would like to describe what buyers should look for in their ideal lender. Over the last 90 or so days, there have been several new laws and regulations that affect how the lending process functions. There are several critical pieces that buyers should look for in a lender that will make things run more smoothly in your purchase transaction. Ideally you will choose a direct lender (not a broker). One that lends its own money. One that does underwriting internally and locally. One that funds loans locally. One that works with local appraisers. One that provides you proper and accurate truth-in-lending disclosures up front.
Some important questions to ask of your loan officer as you move forward:
-Is your company a direct lender, or a mortgage broker?
-At what location does your loan processing and underwriting take place?
-Does the Appraisal Management Company (AMC) your company uses engage the services of ONLY local appraisers who are familiar with the local market?
-What is the average turn-around time from the date you order to the date you receive an appraisal report?
-What is the anticipated number of business days I can anticipate for underwriting? For loan document drawing? For final review and funding?
-Does your company fund its own loans?
-What company services loans originated by your company?
Ultimately, it does not matter to your agent what company or loan officer you decide to go with, as long as your loan does not get messed up or take too long to go through the process. Your loan officer and your agent will work very closely together throughout your entire purchase process.
What I can tell you about Vitek Mortgage Group in Sacramento, for example, is that they are a direct lender (a mortgage bank / not a broker) and lend their own money. They also are a "direct endorsement" lender for the programs of other banks. This is very important in today's market, especially if you seek to purchase a bank-owned home (many banks require that you get a loan pre-approval through them, even though you will not be required to use that bank...a direct endorsement lender can provide you a Bank of Americal pre-approval without you actually having to go to BofA and fill out another loan application). Vitek lends its own money, and has a staff of underwriters locally that review your file, and its staff that funds loans is also local. They work with local appraisers that are familiar with our Sacramento marketplace. They are very dilligent in providing borrowers/buyers with proper, accurate disclosures that show you your downpayment, closing costs, and monthly payment (monthly payment includes loan principle, interest, insurance, and property tax).
If you decide to speak with someone at Vitek, I recommend Marlena Olson at 916-486-6931 or molson@teamvitek.com.
Some important questions to ask of your loan officer as you move forward:
-Is your company a direct lender, or a mortgage broker?
-At what location does your loan processing and underwriting take place?
-Does the Appraisal Management Company (AMC) your company uses engage the services of ONLY local appraisers who are familiar with the local market?
-What is the average turn-around time from the date you order to the date you receive an appraisal report?
-What is the anticipated number of business days I can anticipate for underwriting? For loan document drawing? For final review and funding?
-Does your company fund its own loans?
-What company services loans originated by your company?
Ultimately, it does not matter to your agent what company or loan officer you decide to go with, as long as your loan does not get messed up or take too long to go through the process. Your loan officer and your agent will work very closely together throughout your entire purchase process.
What I can tell you about Vitek Mortgage Group in Sacramento, for example, is that they are a direct lender (a mortgage bank / not a broker) and lend their own money. They also are a "direct endorsement" lender for the programs of other banks. This is very important in today's market, especially if you seek to purchase a bank-owned home (many banks require that you get a loan pre-approval through them, even though you will not be required to use that bank...a direct endorsement lender can provide you a Bank of Americal pre-approval without you actually having to go to BofA and fill out another loan application). Vitek lends its own money, and has a staff of underwriters locally that review your file, and its staff that funds loans is also local. They work with local appraisers that are familiar with our Sacramento marketplace. They are very dilligent in providing borrowers/buyers with proper, accurate disclosures that show you your downpayment, closing costs, and monthly payment (monthly payment includes loan principle, interest, insurance, and property tax).
If you decide to speak with someone at Vitek, I recommend Marlena Olson at 916-486-6931 or molson@teamvitek.com.
Monday, July 27, 2009
HVCC Strikes Elk Grove...and one of my transactions...
I hesitated to blog about my recent experience with HVCC appraisals until this particular transaction closed...but thankfully my buyer clients closed on their Elk Grove home on Friday, so now I will share this awful experience with the world.
For those of you not familiar with the Home Valuation Code of Conduct (HVCC), it is legislation that went into affect on May 1, 2009 that regulates how conventional lending appraisals are conducted. I have blogged about the HVCC a couple times, and you can read up on HVCC here.
At the end of May, some first time buyer clients and I wrote an offer on a great Elk Grove home. There were offers from multiple buyers on this property, and we ended up with a contract price slightly above the original list price. My clients were extremely excited, because this was a great house that was not bank-owned and not a short sale, and also because the market for Elk Grove homes in their price range is quite brisk with lots of competition from other buyers.
Their loan officer ordered their appraisal a few days into the transaction. Due to HVCC guidelines, an appraisal management company randomly assigned an appraiser to do the appraisal. The appraiser did not contact the listing agent to get access to the house until 5 business days later. The appraisal report itself was not delivered to the loan offer until 4 business days after that...if you are paying attention, you will realize this is more than 2 weeks into the transaction. Ridiculous.
Well, it turns out this appraisal management company sent an rookie appraiser from Pleasanton who was not familiar with Elk Grove to do the job. He valued the property $50k below our contract price. The appraiser neglected to use the most relevant recent comparable sales from the same neighborhood. He also refused to use a comparable sale in his analysis that was sold 'by owner' (and was not in MLS).
The seller was completely insulted. The buyer was heartbroken. This was an obvious speed bump in our transaction...the lender would only lend a certain "loan-to-value" based on the appraised value. Given this set of circumstances, my clients would be unable to obtain financing...even though they were willing to pay the higher contract price for the house, they could not.
We immediately filed an appeal with the appraisal management company. It took 5 business days to get the results of the appeal. The value was left unchanged by the appraisal management company. ARRGGHH!!!
What to do...? After a couple days of going back and forth with the listing agent, I was able to convince the seller to pay for a new appraisal for my buyer client. A new appraisal from a new appraisal management company was ordered. This appraiser contacted the listing agent the same day for access to the property. The inspection was completed within 2 business days, and the appraisal report was received by the lender within 2 more business days. This appraiser was also not from the Sacramento area. While the value of this appraisal was substantially higher than the first appraisal, the value was still much lower than the contract price.
Thankfully, after lots of back-and-forth with the listing agent over a few days, I was able to re-negotiate the entire contract for my buyer. The seller agreed to lower the price to the appraised price, however some of the seller concessions (credits for closing costs) they had originally agreed to were reduced.
So in the end, our 30-day escrow took 55 days to close. My buyer clients were extremely lucky that the loan program (a special CalSTRS mortgage program for teachers) they were using offered a 60-day interest rate lock, otherwise they might have lost their low interest rate. They were also fortunate that the seller was willing to pay for a second appraisal, which cost about $400...and finally, they were fortunate to be able to purchase an outstanding property for several thousand dollars less than what they had originally intended to spend, but they had to come out of pocket several thousand dollars more due to the reduction of the seller concessions.
The sellers on the other hand - they were pretty unhappy, and rightfully so. They had already purchased another home, and really needed to sell this one. The escrow took almost twice as long as it was originally supposed to, and they were responsible to make another monthly mortgage payment. They ended up paying that $400 for a second appraisal. They were going to have to disclose the presence of these other low value appraisals to any subsequent buyer, and may have had the same issue had they with my buyer if tried to re-market the property to a different buyer - so they sold the house for less than the originally agreed upon price.
I know the HVCC was originally intended to protect the consumer, but does this situation really seem fair?
For those of you not familiar with the Home Valuation Code of Conduct (HVCC), it is legislation that went into affect on May 1, 2009 that regulates how conventional lending appraisals are conducted. I have blogged about the HVCC a couple times, and you can read up on HVCC here.
At the end of May, some first time buyer clients and I wrote an offer on a great Elk Grove home. There were offers from multiple buyers on this property, and we ended up with a contract price slightly above the original list price. My clients were extremely excited, because this was a great house that was not bank-owned and not a short sale, and also because the market for Elk Grove homes in their price range is quite brisk with lots of competition from other buyers.
Their loan officer ordered their appraisal a few days into the transaction. Due to HVCC guidelines, an appraisal management company randomly assigned an appraiser to do the appraisal. The appraiser did not contact the listing agent to get access to the house until 5 business days later. The appraisal report itself was not delivered to the loan offer until 4 business days after that...if you are paying attention, you will realize this is more than 2 weeks into the transaction. Ridiculous.
Well, it turns out this appraisal management company sent an rookie appraiser from Pleasanton who was not familiar with Elk Grove to do the job. He valued the property $50k below our contract price. The appraiser neglected to use the most relevant recent comparable sales from the same neighborhood. He also refused to use a comparable sale in his analysis that was sold 'by owner' (and was not in MLS).
The seller was completely insulted. The buyer was heartbroken. This was an obvious speed bump in our transaction...the lender would only lend a certain "loan-to-value" based on the appraised value. Given this set of circumstances, my clients would be unable to obtain financing...even though they were willing to pay the higher contract price for the house, they could not.
We immediately filed an appeal with the appraisal management company. It took 5 business days to get the results of the appeal. The value was left unchanged by the appraisal management company. ARRGGHH!!!
What to do...? After a couple days of going back and forth with the listing agent, I was able to convince the seller to pay for a new appraisal for my buyer client. A new appraisal from a new appraisal management company was ordered. This appraiser contacted the listing agent the same day for access to the property. The inspection was completed within 2 business days, and the appraisal report was received by the lender within 2 more business days. This appraiser was also not from the Sacramento area. While the value of this appraisal was substantially higher than the first appraisal, the value was still much lower than the contract price.
Thankfully, after lots of back-and-forth with the listing agent over a few days, I was able to re-negotiate the entire contract for my buyer. The seller agreed to lower the price to the appraised price, however some of the seller concessions (credits for closing costs) they had originally agreed to were reduced.
So in the end, our 30-day escrow took 55 days to close. My buyer clients were extremely lucky that the loan program (a special CalSTRS mortgage program for teachers) they were using offered a 60-day interest rate lock, otherwise they might have lost their low interest rate. They were also fortunate that the seller was willing to pay for a second appraisal, which cost about $400...and finally, they were fortunate to be able to purchase an outstanding property for several thousand dollars less than what they had originally intended to spend, but they had to come out of pocket several thousand dollars more due to the reduction of the seller concessions.
The sellers on the other hand - they were pretty unhappy, and rightfully so. They had already purchased another home, and really needed to sell this one. The escrow took almost twice as long as it was originally supposed to, and they were responsible to make another monthly mortgage payment. They ended up paying that $400 for a second appraisal. They were going to have to disclose the presence of these other low value appraisals to any subsequent buyer, and may have had the same issue had they with my buyer if tried to re-market the property to a different buyer - so they sold the house for less than the originally agreed upon price.
I know the HVCC was originally intended to protect the consumer, but does this situation really seem fair?
Sunday, July 26, 2009
Courtland Pear Fair
If you follow me on facebook, you will know that today I checked out the Courtland Pear Fair. This year's fair was the 37th Annual event. It is free to attend, but parking costs $10. We got to see a pear pie eating contest, a pear parade, and we were able to sample some delicious pear recipes including pear pie, pear strudel, cheese-filled pears and more. If you go next year, be sure to get there early - most of the good eats were consumed before lunch time.Here my husband and I are pictured with this lady who was dressed up as a pear...apparently she is a long time Courtland resident and does this every year.
Saturday, July 25, 2009
One of my blog posts was featured on Realtor.com!
Pretty neat...today one of my blog posts was featured on Realtor.com. It was a post from about a month ago that described a success story from one of my transactions that involved a buyer client who used a VA loan to purchase a Midtown Sacramento home with zero down, and zero out-of pocket.
Friday, July 24, 2009
Countrywide (aka, Bank of America) offers new Foreclosure Relief Settlement Program
Per an article in the online edition of the Sacramento Business Journal, Bank of America has allocated up to $150 million nationwide to assist certain borrowers who experienced a foreclosure, short sale or deed in lieu of foreclosure on mortgages originated by Countrywide. Borrowers will be notified by letter if they are eligible for a settlement payment (settlement amounts will vary). There are several qualifications for this program. you can view an FAQ here. Inquiries concerning the foreclosure-relief program should be directed to Rust Consulting at (866) 411-6987.
Thursday, July 23, 2009
Young Professionals Council donates $1,004.50 to Sacramento Moral Values Program!
A couple weeks ago, I blogged about a fundraising event the Sacramento Association of Realtors Young Professionals Council did to benefit the Sacramento Moral Values Program (MVP). Last week, a few YPC members went to MVP to give them the $1,004.50 we raised, and while we were there we took a tour of their facilities! I know they will put the money to good use!
Wednesday, July 22, 2009
Sacramento + Short Sale + Erin Attardi + Termites = LENDER PAID REPAIRS!
If you follow me on Twitter, you probably already saw that earlier this week I received written confirmation that a short sale lender agreed to absorb $9,110 in repairs on one of my listings.
Generally speaking, Sacramento short sales are sold "as-is" in their current condition...however some short sale lenders will agree to pay for 'catastrophic' repairs. In this instance there were nearly $6k in termite repairs, and $3k in "health and safety" repairs that were required by the buyer's lender to obtain an FHA loan.
From the begining, I had shared with the short sale negotiator that I felt this particular home would not be up to FHA lending standards. When we received an offer from a buyer using an FHA loan, I submitted it to the short sale negotiator along with color photos of the home and explicitly told her that this home would require repairs to be on par with FHA standards. A couple weeks into the transaction, after the buyer had completed pest and home inspections, and once the appraisal was complete - they submitted a request for repairs. I then spent the next couple days obtaining bids for the work that was requested...I compiled a very comprehensive report for the short sale negotiator. After less than one week - the short sale lender approved to pay for the repairs!
I should caution you - NOT all lenders will entertain paying for repairs...and not all short sale listing agents will know how to negotiate this either.
As a buyer, you should prepare to purchase a short sale as-is.
Once you obtain inspections, if you discover a 'catastrophic' issue - like pest repairs in excess of $5k, a roof that must be replaced, central heat & air that is broken beyond reasonable repair, a missing electrical panel, etc. - you may be able to make a case for a price reduction or ask the short sale lender to pay for repairs. Keep in mind there is no guarantee they will grant your request. Short sale lenders will absolutely not pay for any repairs that are not 'catastrophic' in nature.
Generally speaking, Sacramento short sales are sold "as-is" in their current condition...however some short sale lenders will agree to pay for 'catastrophic' repairs. In this instance there were nearly $6k in termite repairs, and $3k in "health and safety" repairs that were required by the buyer's lender to obtain an FHA loan.
From the begining, I had shared with the short sale negotiator that I felt this particular home would not be up to FHA lending standards. When we received an offer from a buyer using an FHA loan, I submitted it to the short sale negotiator along with color photos of the home and explicitly told her that this home would require repairs to be on par with FHA standards. A couple weeks into the transaction, after the buyer had completed pest and home inspections, and once the appraisal was complete - they submitted a request for repairs. I then spent the next couple days obtaining bids for the work that was requested...I compiled a very comprehensive report for the short sale negotiator. After less than one week - the short sale lender approved to pay for the repairs!
I should caution you - NOT all lenders will entertain paying for repairs...and not all short sale listing agents will know how to negotiate this either.
As a buyer, you should prepare to purchase a short sale as-is.
Once you obtain inspections, if you discover a 'catastrophic' issue - like pest repairs in excess of $5k, a roof that must be replaced, central heat & air that is broken beyond reasonable repair, a missing electrical panel, etc. - you may be able to make a case for a price reduction or ask the short sale lender to pay for repairs. Keep in mind there is no guarantee they will grant your request. Short sale lenders will absolutely not pay for any repairs that are not 'catastrophic' in nature.
Friday, July 17, 2009
Quoted in a Sacramento Bee article about short sales in Sacramento's Real Estate Market
If you follow me on Twitter, you likely already know that yesterday I spoke to Jim Wasserman with the Sacramento Bee regarding how short sales are becoming more common in our Sacramento real estate marketplace. He quoted me for his article in today's edition of the Sacramento Bee...the article can be found here.
During my conversation with him yesterday, he asked me if negotiating short sales in Sacramento was getting any easier. Candidly, and in general, I do not think they are getting easier to negotiate.
Yes - there are certain short sale lenders that have become more efficient in terms of the process of analyzing loans for short sales, and those that are a bit faster to issue written approval. This is definitely great if you are working with one of these efficient lenders where there is just one loan, no mortgage insurance, "purchase money" financing (as opposed to a refinanced loan), and no "investor" to deal with (the actual owner of the loan, like Fannie Mae, Freddie Mac, or some other bank than the one that is servicing the loan).
If you are not working with one of these efficient lenders, there is more than one loan or lender involved, there is mortgage insurance, a refinanced loan, or an investor to deal with - then negotiating the short sale is anything but simple. I learned a long time ago that no two short sales are alike...anyone who tells you otherwise does not know any better!
I am definitely NOT saying that short sales with these variables can not be successfully negotiated or completed (because they definitely can be successfully negotiated and closed), but there are certain complexities that will exist under these circumstances that will make the short sale negotiation "less easy." LOL
I like to think I make the short sale process seem easy for my seller clients! I have gotten 5 of my short sales approved over the last month, and I have a couple more short sale listings that should be approved over the next couple weeks. I have a great system in place to negotiate them, and am never too busy to take on another short sale listing...
During my conversation with him yesterday, he asked me if negotiating short sales in Sacramento was getting any easier. Candidly, and in general, I do not think they are getting easier to negotiate.
Yes - there are certain short sale lenders that have become more efficient in terms of the process of analyzing loans for short sales, and those that are a bit faster to issue written approval. This is definitely great if you are working with one of these efficient lenders where there is just one loan, no mortgage insurance, "purchase money" financing (as opposed to a refinanced loan), and no "investor" to deal with (the actual owner of the loan, like Fannie Mae, Freddie Mac, or some other bank than the one that is servicing the loan).
If you are not working with one of these efficient lenders, there is more than one loan or lender involved, there is mortgage insurance, a refinanced loan, or an investor to deal with - then negotiating the short sale is anything but simple. I learned a long time ago that no two short sales are alike...anyone who tells you otherwise does not know any better!
I am definitely NOT saying that short sales with these variables can not be successfully negotiated or completed (because they definitely can be successfully negotiated and closed), but there are certain complexities that will exist under these circumstances that will make the short sale negotiation "less easy." LOL
I like to think I make the short sale process seem easy for my seller clients! I have gotten 5 of my short sales approved over the last month, and I have a couple more short sale listings that should be approved over the next couple weeks. I have a great system in place to negotiate them, and am never too busy to take on another short sale listing...
Tuesday, July 14, 2009
Sacramento County Real Estate Statistics - June 2009
WOW. So again - where are the houses?? They clearly are not on the market! Our inventory in Sacramento County has significantly decreased again, and in June 2009 we had 2.3 months of inventory on the market. Investors are out in full force. I am working with a few first time buyers in the +/- $200k range, and there is very little available...and what is available seems to consist mostly of short sales, and the good properties receive multiple offers within a few days of being listed. Another interesting thing, is that Sacramento County's median home price was $179k for June 2009 as well. If you read my post last month, you will know that May 2009's median price was also $179k. Are we stabilizing? Hmm...not enough data to call it a trend yet. If you would like to see price trend graphs for a specific zip code in Sacramento County, just shoot me an email and I am happy to provide them to you...
Sunday, July 12, 2009
Sacramento Open House Guide - searchable open homes...
My clients frequently ask me how they can search for open houses in Sacramento. Well, I have created a open house search tool on my website! This feature pulls data directly out of MLS and allows you to search for Sacramento-area (and surrounding counties as well) agent open homes by area, price range, etc. Of course the agent holding the house open has to register the open house in MLS, so this will not catch every single open house, but the majority of them will be listed there. In addition to being able to search for open homes by whatever criteria you like, from there you can also print maps with turn-by-turn driving directions. It is really handy!
Friday, July 10, 2009
Erin's Sacramento Short Sale Experiment - Part II
So exactly one month after the first post of Erin's Sacramento Short Sale Experiment, I am curious to see exactly what has transpired in the world of short sales in our metro area?
Just to recap, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a "normal transaction") and to bank-owned resale transactions. My hypothesis at the start of this experiment last month: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). For the sake of reference, I am also going to add the number of year-to-date closed short sales in each zip code. Let's see how this new data compares to the "control data" for the experiment...
95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 280 active listings there. 203/280 listings are short sales. The median price in that zip code in June 2009 was $228,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 68.6% of all active listings in 95624 were short sales, vs. 72.5% this month = INCREASE. Number of YTD closed short sales - 103.
95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 126 active listings there. 74/133 listings are short sales. The median price in that zip code in June 2009 was $200,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 60.3% of all active listings in 95610 were short sales, vs. 55.6% this month = DECREASE. Number of YTD closed short sales - 46.
95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 90 active listings there. 57/90 listings are short sales. The median price in that zip code in June 2009 was also $184,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 62.2% of all active listings in 95826 were short sales, vs. 63.3% this month = INCREASE. Number of YTD closed short sales - 22.
95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 165 active listings there. 26/165 listings are short sales. The median price in that zip code in June 2009 was $330,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 17.0% of all active listings in 95864 were short sales, vs. 15.8% this month = DECREASE. Number of YTD closed short sales - 8.
95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 79 active listings there. 17/79 listings are short sales. The median price in that zip code in June 2009 was $368,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 16.0% of all active listings in 95818 were short sales, vs. 21.5% this month = INCREASE. Number of YTD closed short sales - 9.
95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 71 active listings there. 14/70 listings are short sales. The median price in that zip code in June 2009 was $394,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 19.7% of all active listings in 95819 were short sales, vs. 20.0% this month = INCREASE. Number of YTD closed short sales - 4.
So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 4 of them experienced an increase in the number of active short sale listings.
I can tell you from my vast personal short sale experience...in the last few weeks since I posted the first installment of Erin's Sacramento Short Sale Experiment, the number of inquiries from sellers looking for information regarding the possible short sale of their homes has remained very consistent, and I have new short sale listings coming to market this month. Also (you will be aware of this if you follow me on Twitter or Facebook), I have received written approval for 4 separate short sale transactions in the last couple weeks! I expect more short sale approvals in the coming weeks for my other listings...
Just to recap, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a "normal transaction") and to bank-owned resale transactions. My hypothesis at the start of this experiment last month: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). For the sake of reference, I am also going to add the number of year-to-date closed short sales in each zip code. Let's see how this new data compares to the "control data" for the experiment...
95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 280 active listings there. 203/280 listings are short sales. The median price in that zip code in June 2009 was $228,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 68.6% of all active listings in 95624 were short sales, vs. 72.5% this month = INCREASE. Number of YTD closed short sales - 103.
95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 126 active listings there. 74/133 listings are short sales. The median price in that zip code in June 2009 was $200,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 60.3% of all active listings in 95610 were short sales, vs. 55.6% this month = DECREASE. Number of YTD closed short sales - 46.
95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 90 active listings there. 57/90 listings are short sales. The median price in that zip code in June 2009 was also $184,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 62.2% of all active listings in 95826 were short sales, vs. 63.3% this month = INCREASE. Number of YTD closed short sales - 22.
95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 165 active listings there. 26/165 listings are short sales. The median price in that zip code in June 2009 was $330,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 17.0% of all active listings in 95864 were short sales, vs. 15.8% this month = DECREASE. Number of YTD closed short sales - 8.
95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 79 active listings there. 17/79 listings are short sales. The median price in that zip code in June 2009 was $368,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 16.0% of all active listings in 95818 were short sales, vs. 21.5% this month = INCREASE. Number of YTD closed short sales - 9.
95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 71 active listings there. 14/70 listings are short sales. The median price in that zip code in June 2009 was $394,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 19.7% of all active listings in 95819 were short sales, vs. 20.0% this month = INCREASE. Number of YTD closed short sales - 4.
So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 4 of them experienced an increase in the number of active short sale listings.
I can tell you from my vast personal short sale experience...in the last few weeks since I posted the first installment of Erin's Sacramento Short Sale Experiment, the number of inquiries from sellers looking for information regarding the possible short sale of their homes has remained very consistent, and I have new short sale listings coming to market this month. Also (you will be aware of this if you follow me on Twitter or Facebook), I have received written approval for 4 separate short sale transactions in the last couple weeks! I expect more short sale approvals in the coming weeks for my other listings...
Wednesday, July 8, 2009
APPROVED Anatolia Short Sale!! Close by August 15th!!
I worked to get this short sale listing approved, and got written approval after just 3 weeks of negotiation on Monday! Yippee! When I called the buyer's agent to let her know, she broke the news to me that the buyers just had an offer accepted on another house. NOOO!!Well - the great news is that 11751 Justinian Drive is available, and has a blanket short sale approval for $236,000 good through August 15th! Write your offer and close in 30 days! It is a beautiful 3 bedroom+den, 2 bathroom, 2,113sf Anatolia home in Rancho Cordova. For more photos, please visit http://www.11751justiniandrive.com/. Email or Call me with any questions at 916-342-1372.
Friday, July 3, 2009
Sacramento Rivercats Fundraiser with the Young Professionals Council!
Last week the Sacramento Association of Realtors "Young Professionals Council" did yet another fundraiser. We attended a Sacramento Rivercats game, and had a really fun tailgate party that was sponsored by Wells Fargo Home Mortgage! Between ticket sales, the sponsorship, and donations, we raised $1,004.50 for Sacramento's Moral Values Program (aka, MVP). Up next, we are planning our 2nd Annual Bowling Tournament to benefit the California Association of Realtors "Housing Affordability Fund"...coming in September!
Thursday, July 2, 2009
Sacramento July 4th 2009 Events!
I must admit that Independence Day is one of my favorite holidays...the weather is usually great, fireworks are spectacular, and neighborhoods seem to come together with some neat community events. Here are a few July 4th you might enjoy this year in 2009;
-5th Annual Elk Grove Run for Independence; 10k run/walk in Elk Grove at Elk Grove Regional Park starting at 8am on July 4th. All funds raised benefit the Elk Grove Food Bank.
-25th Annual Rancho Cordova 4th of July Celebration; all kinds of family fun activities including a parade, pony rides, carnival midway, live music, fireworks and more! Starts at 11am at Hagan Park in Rancho Cordova on Friday, July 3rd - July 4th.
-City of Citrus Heights July 4th Extravaganzaa; live music, carnival rides, and 3-D fireworks display! Starts at 7:30pm on July 4th at the Sunrise Marketplace in Citrus Heights. Funds raised benefit the Mesa Verde Sober Graduation fund.
-50th Annual City of Galt Festival; live music, petting zoo, slot car racing, fireworks display, and more! Starts at 5pm on July 3rd - July 5th at Caroline Park in Galt. Funds raised benefit multiple Galt civic organizations.
-Sacramento Matsuyama Fun Run/Walk; family fun race starting at 7am July 4th at Matsuyama Elementary School on South Land Park Drive in the Pocket area of Sacramento. Funds raised benefit Matsuyama School Student Activities.
-Carmichael Gala Parade & Fireworks Show; parade begins at 10:30am on July 4th at the Grand Stand across from Carmichael Park in Carmichael, and fireworks are at 9:15pm. Other festivities like live music, concessions, kids crafts, etc. are held at La Sierra Community Center at 4pm.
-33rd Annual 4th of July 5-Miler in River Park; Fun run at Glen Hall Park in the River Park neighborhood of Sacramento starting at 7am on July 4th. Claimed to be "Sacramento's Oldest Running Event!"
-Arden Park Recreation & Park District July 4th Parade; family parade of bikes is held every year starting at 10am at La Sierra Park in Arden Park on July 4th.
-Annual East Sacramento Parade; family parade on the streets of 41st and 42nd @ M St in red, white, and blue...a Fabulous 40's tradition starting at 10am on July 4th.
-8th Annual Arden Arcade Freedom Parade; parade starts at 2700 Fulton Avenue, just south of Marconi at 10am on July 4th. Following the Parade is a family celebration with food, fun and games at Howe Park.
-Pyrospectacular at Cal Expo; lots of activities start at 5pm like harness racing, live music, and dancing. The famous fireworks display begins at 9:30pm...at Cal Expo on July 4th.
-5th Annual Elk Grove Run for Independence; 10k run/walk in Elk Grove at Elk Grove Regional Park starting at 8am on July 4th. All funds raised benefit the Elk Grove Food Bank.
-25th Annual Rancho Cordova 4th of July Celebration; all kinds of family fun activities including a parade, pony rides, carnival midway, live music, fireworks and more! Starts at 11am at Hagan Park in Rancho Cordova on Friday, July 3rd - July 4th.
-City of Citrus Heights July 4th Extravaganzaa; live music, carnival rides, and 3-D fireworks display! Starts at 7:30pm on July 4th at the Sunrise Marketplace in Citrus Heights. Funds raised benefit the Mesa Verde Sober Graduation fund.
-50th Annual City of Galt Festival; live music, petting zoo, slot car racing, fireworks display, and more! Starts at 5pm on July 3rd - July 5th at Caroline Park in Galt. Funds raised benefit multiple Galt civic organizations.
-Sacramento Matsuyama Fun Run/Walk; family fun race starting at 7am July 4th at Matsuyama Elementary School on South Land Park Drive in the Pocket area of Sacramento. Funds raised benefit Matsuyama School Student Activities.
-Carmichael Gala Parade & Fireworks Show; parade begins at 10:30am on July 4th at the Grand Stand across from Carmichael Park in Carmichael, and fireworks are at 9:15pm. Other festivities like live music, concessions, kids crafts, etc. are held at La Sierra Community Center at 4pm.
-33rd Annual 4th of July 5-Miler in River Park; Fun run at Glen Hall Park in the River Park neighborhood of Sacramento starting at 7am on July 4th. Claimed to be "Sacramento's Oldest Running Event!"
-Arden Park Recreation & Park District July 4th Parade; family parade of bikes is held every year starting at 10am at La Sierra Park in Arden Park on July 4th.
-Annual East Sacramento Parade; family parade on the streets of 41st and 42nd @ M St in red, white, and blue...a Fabulous 40's tradition starting at 10am on July 4th.
-8th Annual Arden Arcade Freedom Parade; parade starts at 2700 Fulton Avenue, just south of Marconi at 10am on July 4th. Following the Parade is a family celebration with food, fun and games at Howe Park.
-Pyrospectacular at Cal Expo; lots of activities start at 5pm like harness racing, live music, and dancing. The famous fireworks display begins at 9:30pm...at Cal Expo on July 4th.
Wednesday, July 1, 2009
Securing Sacramento Short Sale Listings...
Every other week or so, I will receive a call from the representative of a loan servicer, or 3rd party contractor informing me they have been ordered to "secure" one of my short sale listings. Huh??
There are many loan servicers (like CitiMortgage, GMAC, Homecomings, Bank of America/Countrywide) that send representatives around to properties in default or with past due balances that make sure their "assets" (aka, properties their loans are on) are in decent condition and that they are properly secured. Often times if it is discovered that a property is vacant, or not properly secured, the loan servicer take it upon itself to make sure the physical integrity of the "asset" is not compromised.
Erin, what the heck does that mean? That means that occasionally I will receive a call that there has been an order to change the locks on one of my listings...however often it does not stop there. I have received calls that there are orders to drain full and functioning swimming pools, board-up functional windows, board up functional doors, padlock electrical panels, shut-off water, remove functional structures in the backyard (like a really nice Tuff Shed in one case), etc. In the instances I get an advanced warning of something like this, I have been able to convince the loan servicing folks that the action was not necessary.
The really lame part is the occasionally I will not be given an advanced warning, or the heads-up call goes to the seller directly and they ignore the call thinking it is a collection call...and the work is then performed without my knowledge or the knowledge of the seller. I have received some really angry calls from other agents trying to show my short sale listings only to find the keys in the lockbox do not fit the locks on the doors. In one instance, I had short sale approval from the lender, and the buyer went to the property to do a home inspection and caught the lender rep in the middle of draining the swimming pool. UGH.
The first time this happened about a 18 months ago, I was definitely taken by surprise. I have come to realize that it only makes sense that the bank wants to make sure that its "asset" does not fall into disrepair or is not vandalized. If you have ever looked at bank owned property for sale you will know this happens more often than anyone would like. Now it is something I prep my short sale sellers for in the event they are contacted by the loan servicer regarding this.
There are many loan servicers (like CitiMortgage, GMAC, Homecomings, Bank of America/Countrywide) that send representatives around to properties in default or with past due balances that make sure their "assets" (aka, properties their loans are on) are in decent condition and that they are properly secured. Often times if it is discovered that a property is vacant, or not properly secured, the loan servicer take it upon itself to make sure the physical integrity of the "asset" is not compromised.
Erin, what the heck does that mean? That means that occasionally I will receive a call that there has been an order to change the locks on one of my listings...however often it does not stop there. I have received calls that there are orders to drain full and functioning swimming pools, board-up functional windows, board up functional doors, padlock electrical panels, shut-off water, remove functional structures in the backyard (like a really nice Tuff Shed in one case), etc. In the instances I get an advanced warning of something like this, I have been able to convince the loan servicing folks that the action was not necessary.
The really lame part is the occasionally I will not be given an advanced warning, or the heads-up call goes to the seller directly and they ignore the call thinking it is a collection call...and the work is then performed without my knowledge or the knowledge of the seller. I have received some really angry calls from other agents trying to show my short sale listings only to find the keys in the lockbox do not fit the locks on the doors. In one instance, I had short sale approval from the lender, and the buyer went to the property to do a home inspection and caught the lender rep in the middle of draining the swimming pool. UGH.
The first time this happened about a 18 months ago, I was definitely taken by surprise. I have come to realize that it only makes sense that the bank wants to make sure that its "asset" does not fall into disrepair or is not vandalized. If you have ever looked at bank owned property for sale you will know this happens more often than anyone would like. Now it is something I prep my short sale sellers for in the event they are contacted by the loan servicer regarding this.
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