New Listing - 6445 Lincoln Avenue, Carmichael, CA 95608

Adorable 3 bedroom, 2 bathroom home on a great stretch of Lincoln Avenue. You will love the updated kitchen w/newer appliances and granite counters, updated bathrooms, custom paint colors, crown moulding and wainscoting, surround sound, dual pane windows, composition roof, big 2-car garage, and central heat/air. Large .29ac park-like yard with a fenced built-in swimming pool, waterfall, and amazing patio for entertaining. Even with the pool, there is still a huge lawn/garden area to play in. Don't wait! Regular sale! Offered at $239,900. For more photos and property information visit 6445 Lincoln Avenue, Carmichael, CA 95608.

Real Estate #MarketingFail -- Uhh, why on earth would your agent do this?

I was driving through a remote area of Placer County this weekend, meeting up with my husband as he was on a training ride to deliver him some additional food and water...and I came across this. WHY? There are so many things wrong with this I don't know where to begin. I have no idea who this agent is, what the property is (raw land, zoning, if there is a home on it, etc), how it might compare to another property, how to contact the agent with questions, etc. This is just silly and a waste of a perfectly good sign post.

New Listing - 8017 Saint Helena Court, Sacramento, CA 95829

Classy 4 bedroom, 2 bathroom, 1,608sf home in the Vintage Park area in Elk Grove Unified School District! You will love the freshly painted exterior, newer comp roof, HVAC, dual pane windows, tile and laminate flooring, separate living and family rooms, formal dining area + space in the kitchen and a breakfast bar/center island. Backyard is an outdoor oasis with a built-in pool and spa, lovely covered patio area and custom landscape. One owner; first time on the market! Don't wait! Offered at $239,900. For more photos and information, please visit 8017 Saint Helena Court, Sacramento, CA 95829.

Fair Housing Laws: be careful how you describe and market a home for sale...

I have been asked a lot lately by my seller clients - how will you target specific market segments when you market my property? Ok, maybe they don't ask exactly like that, and I'm inserting my Realtor-ease into this post...I might hear from a seller, for example, "I think my property would be great for a family...Or this would be great for a single person...Or this would be great for a member of the church down the street...etc. How will you market my property to {fill in the blank}?"

The answer is - very carefully and deliberately as so not to violate federal law! Questions like this can set off alarm bells for me when I hear them, even from the most well-intentioned people. Certainly I can and do market my listings in ways that will reach different audiences, but using direct marketing language where these "groups" are concerned is a big no-no! Directing advertising toward a specific group, in theory, automatically excludes other groups, and therein lies the violation of Fair Housing laws. It surprises me how often I see direct marketing language used by other agents, or folks trying to FSBO. An example of this language might be "great family home" or "waking distance to the park" or "perfect for parishoners of the Catholic church," etc. Per US Department of Justice website, Civil Rights Division, Fair Housing Act:

Refer to Sec. 804. [42 U.S.C. 3604] "As made applicable by section 803 of this title and except as exempted by sections 803(b) and 807 of this title, it shall be unlawful--

(c) To make, print, or publish, or cause to be made, printed, or published any notice, statement, or advertisement, with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention to make any such preference, limitation, or discrimination."

Saying something like "great family home" discriminates against single or unmarried people. "Walking distance to the park" discriminates against folks who are are physically handicapped and can't walk. "Perfect for parishoners of the Catholic church" discriminates against folks of other religions. Alternative language might be "great 4 bedroom home" or "close proximity to the park" or "you will love all of the nearby local amenities such as shopping, places of worship, schools, etc."

So be aware of these laws and careful when choosing the words to market a home. The US Department of Housing and Urban Development (HUD) has some Fair Housing Q&A's on their website, as does the US Department of Justice.

FHA Shortens the Waiting Period for new loans after Short Sale, Foreclosure, Deed-in-Lieu of Foreclosure, or Bankruptcy...

Well, I will be emailing many of my past short sale seller clients shortly. Last week, FHA issued Mortgagee Letter 2013-26, which in a nutshell, shortens the waiting period to get a new mortgage loan for folks who did a short sale, deed-in-lieu of foreclosure, foreclosure of bankruptcy. This waiting period to obtain a new FHA loan for a purchase for these folks has generally been about 3 years after a foreclosure or short sale. Now, for potential buyers who had a "defined Economic Event" can get a new FHA loan for a purchase as soon as 12 months after a short sale, deed-in-lieu of foreclosure, foreclosure, or bankruptcy. This create a huge opportunity for folks who suffered hardship during the recession.

To quote part of Mortgagee Letter 2013-26 directly:
"As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage. 

To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that: 

• certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
• the borrower has demonstrated full recovery from the event; and,
• the borrower has completed housing counseling.

Housing counseling is an important resource for both first-time home buyers and repeat home owners. Housing counseling enables borrowers to better understand their loan options and obligations, and assists borrowers in the creation and assessment of their household budget, accessing reliable information and resources, avoiding scams, and being better prepared for future financial shocks, among other benefits to the borrower."

So what does this mean? A Sacramento borrower who can now qualify for an FHA loan under this Mortgagee Letter STILL must meet other standards of credit-worthiness. You must have solid income, no recent delinquent (late) payments, meet the "debt-to-income ratio" requirements, etc. BUT if you did a short sale, deed-in-lieu of foreclosure, foreclosure, or filed bankruptcy 12+ months ago you may now qualify much sooner for a new mortgage.

Some examples of "defined Economic Events" include things like loss of employment (layoff, company closed,  for you or a spouse, ex-spouse, etc), loss of household income (like in the case of a furlough, reduction of hours for you or a spouse, ex-spouse, etc.), and others.  You will need to prove you had good credit before the economic event took place, and you will need to document this.

One thing I will point out, is lenders may not be super quick to adopt the new guidelines in this Mortgagee Letter...so if you call your favorite lender right this very minute, they may not be prepared to give you a loan right away. These new guidelines were just released on August 15, 2013 -- so it may take weeks or months for lenders to start actually lending based on these guidelines. If you need a referral to a good loan officer who can help you navigate this, email me and I am happy to point you in the right direction.

Have you tried New Helvetia Brewing Company in Land Park yet?

I love my husband. I love beer. And I am really starting to love cycling. So really, is there a better way to spend a lazy non-Real Estate day than to take a nice meandering 20-ish mile bike ride with Greg and stop at New Helvetia Brewing Company in Land Park for beer? I don't think so.

If you have not yet tried New Helvetia, it's pretty cool. They are located in a near brick building at the corner of Broadway and 18th Street in Land Park. They have a tasting bar that is open most afternoons/evenings, and a courtyard as well (where we are seated in the photo).

We were impressed with the brew we tasted (I had the Homeland Stout, and Greg had a Rough and Ready Red IPA) and are looking forward to our next visit there.

New Listing - 738 Commons Drive, Sacramento, CA 95825

Stunning, move-in-ready, single-level Campus Commons Village 1 end unit condo / PUD, 2 Bedroom + den, 2 bathrooms. You will love the large center atrium that brings the outdoors in, light and bright open floorplan, dramatic vaulted ceilings, dual pane windows, lovely remodeled kitchen with maple cabinets, pantry and dinette area, formal dining room, dual master suites, remodeled bathrooms, LOTS of closet/storage space. Close proximity to original Clubhouse & Pools, HOA is $275/mo. Offered at $299,900. Don't wait! For more photos and information, please visit 738 Commons Drive, Sacramento, CA 95825.

Staging tip of the day: Man-eating toilets don't appeal to the masses...

Yo sellers! Before you put your home on the market, it would probably be a good idea to rid your home of "Man-Eating Toilets." Have you ever seen "Little Shop of Horrors?" Does the phrase "Feed me Seymour" mean anything to you? I came across this gem in a South Land Park home for sale. A new toilet seat at Home Depot is less than $20. Well worth the investment. Candidly, I'd be a little scared to sit on this.