Sacramento Home Buyers Find Homes in Multiple Offers
February 8th, 2010 categories: Real Estate Tips
Believe it or not, even though we are in some economic troubling times, many Sacramento homes are in multiple offers. This is not the time to give low ball offers, unless you enjoy being rejected time and time again.
Sacramento home buyers are competing with investors who are primed with either all cash offers, quite closing dates and no contingencies for home inspection. The banks will go for these offers in a heart beat and leave the others dangling.
It’s imperative that all home buyers have their ducks in a row. If you are obtaining a loan, make sure you have your lender approval letter, copies of your bank statement proving where your down payment is coming from and put down a sizable amount.
I still receive calls from home buyers who have not seen a Lender and think it’s not a problem getting a loan. Let me tell ya, it’s hard to get a loan these days. I haven’t seen one of my home buyers who have not had to jump through hoops to get a loan. They have had excellent credit but the banks are difficult and the underwriters are nearly impossible. Don’t take getting a loan for granted. Do your homework and get a Lender letter of approval BEFORE looking at homes for sale.
Experienced Realtor’s ® work with experienced Lenders so do talk to your Realtor ® and get a referral to a Lender who can actually get a loan for you. Can’t begin to tell you how many times a home buyer has come to me with their own Lender only to find out that their Lender couldn’t get the job done and the Lender I work with has to save the day at the last minute! Do yourself a favor and ask your Realtor ® for a Lender referral.
If the house or condo is one that you have been watching for sometime on MLS, and you have seen the price go down remember so have other buyers. If the neighborhood is one that is sought after. you won’t be the only one making an offer.
Short Sales take anywhere from two weeks to six months to be approved so if you are a toast watcher, either change your attitude or don’t get involved with Short Sales. Many of the listing agents have sellers who require that your good faith deposit check be sent to Title and cashed before the seller accepts your offer and your offer is sent to the bank for approval. If that bothers you, then that house is not for you. I think you will see more Short Sale agents requiring this as time goes on.
With the $8,000 Federal tax credit for first time home buyers and the $6,500 tax credit for repeat buyers we are seeing quite a few home buyers in the real estate market who realize they will pay less each month to own their own home rather than pay rent.
Recently, I heard that Governor Arnold Schwarzenegger was proposing a $10,000 tax credit for all buyers. This will certainly open up the market for even more home buyers.
Make sure you are working with an experienced Realtor ® and you have your own representation. Home buyers do not pay to be represented. The State of California actually requires each home buyer to sign an Agency Disclosure to make sure that you, as a home buyer understand the difference between Single Agency and Dual Agency. It is never a good idea for a home buyer to be represented by a builder or by a listing agent. The agent at the home builder site represents the builder, not you. And the listing agent represents the seller, not you.
Remember, real estate is LOCAL. Just because someone on the news talks about real estate, or your friend in Texas talks about real estate doesn’t mean that is the way it is here in Sacramento or in a neighborhood in Roseville or Elk Grove. Talk to your Realtor ® and find out the scoop for the area and type of home or condo you are looking for before you buy.
Happy house hunting with your eyes wide open!
Related Home Buyer Tip Articles:
You Can’t Be A Toast watcher and Buy a Short Sale
Sacramento Home Buyers Buying Homes Be Sure to Read This
| Discussion: Comments »
Sacramento Short Sale Agent Helps Home Sellers
February 5th, 2010 categories: Sacramento Real Estate Videos
When you find it difficult to pay your mortgage payment, a Short Sale is an alternative to bankruptcy or foreclosure and of course if you can qualify for a loan modification that could possibly be your best viable solution.
Short Sales are not short. It’s a long process but as real estate professionals we try very hard to make it as stress-free as possible.
Not all homeowners qualify for a Short Sale. You need to ask yourself these questions in order to determine if you might qualify.
- You owe more on your mortgage than what the house is valued at in today’s real estate market
- You are having trouble paying your mortgage payment
- You have no or little assets in order to pay off the mortgage
- You have a hardship.
Examples of what a hardship is:
- unemployment
- divorce
- medical
- bankruptcy
- death
As a CDPE, I go over all these things with you and ask you to provide receipts of bank statement, your 1099 and many more receipts for the bank to determine if they feel you are qualified for a Short Sale.
It is always a good idea to speak with an attorney before attempting a Short Sale since a real estate agent cannot give legal advice. You need to be aware of any tax implications and see what is best for your particular situation.
Other Related Videos and Articles:
Sacramento Short Sales Are the New REO’s
| Discussion: Comments »
What Home Buyers Want and Home Sellers Should Know
February 4th, 2010 categories: Remodel
The results are in for 2010 home trends to help home sellers when considering updating to choose what home buyers are looking for in a house or condo for sale.
If you are thinking about remodeling and putting your house for sale here are a few of the real estate trends for 2010 that at the end of the day will help sell your home.
Traditional is the New Contemporary in Kitchens
Simple Shaker syle is on the upswing. This means simplicity with no oranate moldings or glistening hardware. Be sure to take a look at few examples of Shaker Kitchens. White and off white is the color choice but brown, beige and bone are also a good color.
Cherry cabinets are still the winner followed by maple and then alder. Natural and painted white are stillin but light natural and distressed finishes are out.
Ceramic flooring porcelain tile and natural stone tile are in but hardwood flooring still dominates the choice of flooring. Granite is still the number 1 choice with quartz in strict pursuit. Ceramic, porcelain tile and glass are the backsplash of choice for 2010.
If you don’t have a pull out faucet in the kitchen be sure to get one. Brushed nickel, stainless steel and satin nickel are in biggest demand wih pot filler faucets becoming a must for many home kitchens.
Side by side refrigerators are still big with freezer bottoms being the most popular. Undercounter refrigetator drawers are becoming the new rage along with undercounter wine refrigerators.
If you stil have a range for cooking seems your ok but the cooktop with wall ovens is coming back strong. Gas is still the popular choice with induction cooking coming on strong due to its energy efficiency.
The new dishwasher is in a drawer and great for small loads which again saves in electricity and water.
The Old is New Again in Bathrooms
Traditional is the big winner and the color palate is beiges, bones, white, off white and brown.
Ceramiic and porcelain tile are in for flooring with natural stone. Vanity tops are big with granite being the best choice and then quartz and marble.
Fixtures are popular in white with undermount sink being the big winner followed by integrated sink tops, drop in sinks, vessel sinks and pedestal sinks in that order.
Brushed Nickel is the faucet choice for 2010.
Hope that helps the Sacramento home sellers who are considering remodeling their kitchens and baths to make some good choices that will help you when selling your house.
Always give a Realtor ® a call and find out what home buyers are looking for in a home when you are considering a remodel and home sale.
Other Related Remodel Articles and Tips:
Nifty Cost Effective 2010 Home Remodel Ideas
| Discussion: 2 Comments »
February Home For Sale in Natomas
February 4th, 2010 categories: Homes For Sale
Don’t miss out on this great home for sale in Natomas that just came back on the market. Short Sale was approved by the bank but home buyer unfortunately decided not to wait for the approval. This is your chance to pick this home up for your Valentine!
European Style Living in Natomas
3151 Tice Creek Way, Sacramento, CA 95833 View Map
This is European living where there is a 4 acre park for the kids to play, baseball field, basketball hoops, volleyball area, a community clubhouse with rec center and swimming pool all at your disposal.
Two bedrooms are located upstairs with their own bathrooms, a built-in desk area with cabinetry and an upstairs area for laundry.
As you enter, you will notice plenty of sunshine filtering in from the windows giving the Great Room and Kitchen areas plenty of light.
No need to spend your weekends doing yard work…Backyard is just big enough for relaxing, having a BBQ and a little gardening if you want to.
Such a life…it’s the European way of living!
This is a Short Sale and is subject to bank acceptance.
Details
Property Amenities
- - Range/Oven
- Sink Disposal
- Microwave
- Dishwasher
- - Patio
- Fenced Yard
- Central A/C
- Central Heat
- - Tile floor
- Living room
- Laundry area – inside
- Clubhouse
Community Amenities
- - Garage Parking
- Swimming Pool(s)
- Basketball court
- - Fitness center
- Recreation Center
- - Clubhouse
- Playground
All information is deemed reliable but is not guaranteed.
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Is Your Condominum FHA Approved?
February 1st, 2010 categories: Condo
Today is the day FHA requires a condominium to be on their FHA approved list. If the condo is not on the list the loan process will need to go through a review process that can take from 4-6 weeks. It is getting harder and harder for home buyers to get loans and harder for sellers to sell.
With an FHA loan the homebuyer is only required to put down a 3.5% as a down payment whereas if the home buyer has to get a conventional loan to buy a condo they must put down 10-20%. So you can see how important it is for homeowner associations to fill out the necessary paperwork with HUD in order to get their complex FHA approved.
This could have a major impact on both condo buyers and condo sellers. Those condo buyers who are already in the process of purchasing and in escrow need not worry but as of February 1, 2010 all new FHA condo purchases must be on the FHA approved condo list.
Check to see if the condo you are looking at is on the approved condominium FHA list. (Wouldn’t you know, it’s a government website so it only works on Monday-Friday 8:00 am to 9:00 pm – can you believe it?)!
If you own a condominium, I would suggest that you speak with your HOA and get the process rolling if your condominium complex is not on the FHA approved list. You never know when you might want to sell your condo. Best to be prepared!
Other FHA articles:
90 Day Flip Rule Changed Feb. 1 2010
This Sacramento Realtor Doesn’t Agree With HUD
New Facts About Home Buyer Tax Credit
| Discussion: 2 Comments »
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