How I use Twitter to get my Sacramento short sale listings approved...

Let's just say when I negotiate short sales, I don't like to sit back on the fence and wait for things to happen. If you follow me on Twitter (@erinnstumpf) you may already know that I was not getting the response I wanted from a short sale lender (who shall remain nameless) for one of my own Sacramento listings this week...I know this is a Freddie Mac loan thanks to information I obtained from both the lender and the Freddie Mac loan look-up tool. So rather than wait, I thought I'd try to engage Freddie Mac directly to escalate this short sale file.

How would I do that, you ask? Freddie Mac is the 800-lb gorilla government sponsored enterprise that owns (aka, is the investor for) a large percentage of the loans serviced by the big lenders (your Bank of America, GMAC, CitiMortgage, Wells Fargo, Chase, etc). I tweeted them!

Twitter is an outstanding tool to get a company, or in this case, a GSE's attention. As you can see from this screen shot, Freddie Mac is all over it this morning. Twitter is just one tool in a large arsenal I have to help my short sales happen. Most real estate agents aren't connected to Twitter, and many who are don't think to use it this way. I know my clients appreciate my creative maneuvering to get their short sale transactions closed.

Want to sell your investment multi-unit Sacramento property? I may have buyers for you...

Are you considering listing your Sacramento investment property (like a duplex, triplex, fourplex, or 5+ unit property) for sale? I have a couple different clients who are listing properties in other geographic areas and starting 1031 exchanges with the intent to buy investment property in Sacramento. These are all-cash buyers. And no, I'm not talking about some big hedge fund looking to buy up half of Sacramento...these are just regular people looking to make a few key investments in Sacramento real estate.

What is a 1031 Exchange? A properly structured 1031 Exchange allows an investor to sell a property, to reinvest the sales proceeds in a new property purchase and to defer all of the capital gain taxes. There are some timelines to "identify" the replacement property to be purchased that will be coming up in the near future. So timing is a critical issue.

So if you have an investment property you are considering selling -- call me. I am working with a few different investor buyers who will be participating in these tax deferred exchanges soon that need to identify their replacement purchases soon. Budgets for these purchases depend on a few factors but could be anywhere from $200,000 - $1,000,000, and they could purchase one or more properties.

Want to see if you qualify for any Downpayment Assistance or Grant Programs? Search here...

I am frequently asked by buyers -- what Sacramento downpayment assistance programs or grants are available? Well, that's a loaded question! The short answer is that there are NUMEROUS programs out there. The longer answer is that each program has different qualifying criteria generally based on three main things -- (a) where the home is located, (b) the number of people who will live in the house, and (c) thee total household income. So without knowing a lot about a potential buyer's home and financial situation, it's difficult to give someone a fast answer about the programs available to them.

Thanks to the great folks at the California Association of Realtors, we now have a consolidated directory and search tool for these programs! The California Mortgage Resource Directory will take you through a questionnaire to help you determine what downpayment assistance or grant programs may be available to you.

I did a sample search for one of my Sacramento listings and found a total of six programs available to prospective buyers who qualify! Here is a link to the California Mortgage Resource Directory. Try it!

New Listing - 5674 La Campana Way, Sacramento, CA 95822

Adorable 2 bedroom, 1 bathroom, 840sf home on large corner lot near Mangan Park (just south of Hollywood Park and Land Park)! You will love the spacious bedrooms, updated kitchen and bathroom, new carpet, fresh paint, central heating and air, ample storage space, and attached garage. Large corner lot! Lovely backyard has built-in brick bbq grill, manicured lawn, sprinklers, and planting beds. Don't wait! Offered at $135,000. Traditional equity sale! For more photos and information please visit 5674 La Campana Way, Sacramento, CA 95822.

Preparing to sell and need to get rid of usable items? Try one of these local charitable organizations...

Pretty frequently, I have seller clients who need to get rid of furniture or other household goods as they start preparing to list a home or move. If the items are usable, are some local organizations that will actually give you a tax-deductible donation and pick-up your unwanted items for free!

Saint Vincent DePaul; they have a local thrift store on Watt Avenue in Sacramento. They accept furniture, antiques, appliances, clothing, books and other items. Arrangements can be made for donations to be picked up by calling (916) 972-1212.

Big Brothers Big Sisters of Sacramento; they offer a free donation pick-up service in Sacramento and accept clothing, shoes, furniture, and other household goods. Arrangements can be made for donations to be picked up by calling (855) 882-2227.

United Cerebral Palsy of Sacramento; they offer a free donation pick-up service in Sacramento and accept clothing, furniture, e-waste, and other household goods. Arrangements can be made for donations to be picked up by calling (800) 860-0357.

New Listing - 7910 Walerga Road #601, Antelope, CA 95843

Classy 2 bedroom, 2.5 bathroom, 1,405sf tri-level Antelope condo in a gated community. You will love low maintenance living, sophisticated modern kitchen with stainless steel appliances, granite counters, breakfast bar, formal dining area, open light and bright living room, large bedrooms, covered patio area, and attached garage. Don't wait! Equity sale! Offered at $129,900. For more photos and information please visit 7910 Walerga Road #601, Antelope, CA 95843.

Got an issue with a Fannie Mae Short Sale? Escalate the issue here...

Fannie Mae announced a new "HomePath for Short Sales" tool to help agents resolve short sale issues in a faster, more efficient manner.  This website provides a platform for a short sale "escalation" process and is available to any real estate professional working on a short sale involving a Fannie Mae-owned loan.

Fannie Mae "owns" or "is the investor" on many of the loans serviced by the big banks (and some smaller ones) like Bank of America, Wells Fargo, Chase, GMAC, CitiMortgage, Nationstar, etc. Often times, a while a loan servicer drives much of the short sale process, it is Fannie Mae that gets the final decision regarding the approval of a short sale. Click here to find out if your loan is owned by Fannie Mae.

So basically if you are having a challenge with a Fannie Mae short sale -- for example, the loan servicer isn't being responsive with a approval or rejection decision, a valuation was ordered but not completed in a timely manner, or the value of the property for sale was appraised higher than the market value, or a subordinate lien holder (2nd mortgage, home equity line of credit, etc) isn't cooperating -- open an inquiry with them and Fannie Mae will directly engage with the agent or loan servicer to address the issues. Keep in mind that you will need to be armed with SPECIFIC and detailed information regarding the transaction and the issue you are experiencing.

Agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale, which is also awesome!

If you have your home listed for a short sale, the loan is owned by Fannie Mae (you can look that up here), and are experiencing issues -- encourage your agent to escalate the issue immediately. OR if you have a Sacramento home with a Fannie Mae-owned mortgage, be sure to list the home with an agent who is familiar with these escalation processes. If you are thinking about doing a short sale, of course I welcome your call to see if we are a fit to work together.

Truly a "groovey" Arden Park home....

Hmm...was wallpaper on the ceiling a 'groovey' thing back in the 1970's? I toured a home in Arden Park today that not only was cluttered beyond belief, but had wallpaper throughout and on the ceiling in this bedroom. What's sad is this seller is leaving money on the table. By not at the very least cleaning it out, they will turn-off potential buyers who can't see around the mess to the full potential of the home. They will not get the top value for the home because it will ultimately sell for less than what it could sell for cleaned up. Having a dumpster delivered is just a few hundred dollars...or often times many charities will come pick-up usable items.

Oh right!...not everyone is from Sacramento and paid attention to the real estate market for the last decade!

I received a call this week from a family thinking about making a home purchase in the Sacramento area. They had relocated here recently from another state in the Midwest and were currently renting a home in Carmichael. As we discussed price trends here, it occurred to me that they had no historical perspective regarding the rise, the fall, and rise again of our Sacramento real estate market.

The state these buyers were from, Indiana, definitely had it's own real estate peak -- but it came in 2007, and they described real estate values there to have declined less than 10% overall. They had no idea that Sacramento's market peaked much earlier in September 2005, it has been plagued with short sales and foreclosures, and that our median price in Sacramento County at that time was nearly $400,000...and now our Sacramento County median price is approximately HALF of that peak, just under $200,000 -- and had bumped along the bottom until about the last 12 months or so. In 2012 we had several consecutive months of rising prices, and 2013 appears to be off to a similar start.

Also this week I spoke to a recent college graduate who was from Sacramento, 22 years old, and looking to buy his first house. He was 14 years old in 2005, and not keenly aware of the real estate market at that time. It was only recently he started paying attention to home prices, and the media hoopla surrounding Sacramento real estate...and while he heard from what his parents, peers, and professors that now is a good time to buy, he did not know the history of Sacramento real estate for the last decade.

So in light of those conversations -- I thought I would post a statistical graph showing a little history.