Foreclosure

Another Life Raft is Thrown to Homeowners

July 29th, 2008 categories: Foreclosure, Mortgage, Real Estate News

Bank owned, foreclosure, short sale. These are words that run down the streets of Sacramento, Elk Grove, Natomas, Folsom, Roseville, Granite Bay and more cities.

We may not like to admit it but there are more bank owned homes on the real estate market than you can imagine throughout the U.S.

After returning home from a Real Estate conference, several of the offers my home buyers had made were accepted by the bank which means we begin our discovery period or disclosure period. Yes, short sales are being accepted and of course REO’s. But, it’s important to have the mind set that the banks are selling the property as-is and if you can’t handle that…then short sales and foreclosures are not for you.

Banks accept no liability and sell the property as-is, they reduce the commissions to the agents and want to keep as much of the proceeds as possible. Do any of us like it? NO! However, the sooner we get through all these short sales and foreclosures, the sooner we will have a steady real estate market. So, I’m all for getting this over with!

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Authored by Gena Riede | Discussion: Comments »

Friday Home Buying Tour in Elk Grove, CA

June 27th, 2008 categories: Elk Grove, Foreclosure, Home Buyer

CA Fires Sacramento is socked-in with all the surrounding fires in CA.

This Google photo to the left shows just how many current fires there are in our state of California.

Even with the haze that surrounds are great city of Sacramento, home buyers are on their way up this morning from San Jose for a home buying tour of homes for sale.

These home buyers plan on buying their retirement home in Elk Grove, CA and want to seize the moment with buying a newer home at a great savings. Today, I will be showing them homes that are in Short Sale and Foreclosure in Elk Grove, CA.

There are some smokin good deals for sale in Elk Grove, CA . No fire here but fiery home prices are a home buyer’s dream.

If you want to read about Short Sales and Foreclosures be sure to click on the each of the highlighted links. Be sure to check out my free Bank Owned homes for sale search.

I did email them last night to let them know that we have very poor air quality at the moment due to all of the fires and if they have issues with breathing we could postpone or they might want to bring masks. Apparently, they too have smoky skies in San Jose and were hoping to get away from that for the day…nope!

So, it’s off to show homes for sale in Elk Grove, today with the hope to find just the right place for these folks to retire and call home in Elk Grove, CA where there are some fabulous real estate home buys.

Try to stay indoors if you can today and hopefully the Delta wind will kick in and move the smoke out of the Sacramento valley. Have a safe weekend. Thank you CA fire fighters for all you do to help keep us safe.

If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.

Sacramento MLS where you can pick any other community or city around Sacramento to see homes for sale.

Elk Grove MLS- Elk Grove CA homes for sale

or simply click on the search icon and pick the area you are interested in finding a home or condo for sale in .

I’m just a phone call away, so let’s get started and find your piece of paradise to call home.

Search Foreclosure Homes For Sale For Free

May 5th, 2008 categories: Foreclosure, Home Buyer

Foreclosure Homes For Sale Are you trying to find Bank Owned Homes for sale? In Real Estate we refer to these as REO homes? And many of you call them Foreclosure Homes?

The free search for homes on the right hand side of Sacramento Real Estate Voice now includes for your convenience listings of Bank Owned homes for sale.

In other words you can find homes that are in Foreclosure which is Bank Owned and we call them REO homes for sale.

You can also select Short Sale homes. Be sure to read the difference between a Short Sale and a Foreclosure home. I have provided a picture of what the screen will look like after you select the county that you want to view homes for sale in. Here are the steps involved in your FREE Foreclosure Home Search.

Click on Search for Homes
Select the County that you want to Search for a Home, Condo, Land etc.
Select the minimum and maximum amount you wish to spend and any other specifications.
Select REO/Bank Owned or Short Sales if you are want to see Foreclosed homes for sale.
Then select the Cities/Communities that you are interested in specifically
You may view the homes for sale within a map or by a list, your choice

There are a slew of REO homes for sale in the Sacramento area and surrounding areas. Lately, I’ve been seeing multiple offers on this home for sale. Many going for much more than what the current asking price is. I have to wonder why. There are so many, I wouldn’t think it necessary to pay more than required to get a good house at a great deal.

Yesterday, while previewing a bank owned home for sale in Carmichael, CA for a home buyer, I received a phone call from another home buyer asking about a bank owned home for sale in Citrus Heights, CA. To my surprise, both homes are in pending sale as of last night with multiple offers.

Interest rates are thought to go down one more time if the powers that be think it won’t hurt the economy. What I understand is that rates will be going back up during the year. Getting qualified for a mortgage loan is getting harder for most people so if you want to get in on these good home prices, I have a couple of suggestions.

Get Pre Approved for a home Loan with a Reputable Lender
Hook-up with a Full-time, experienced Realtor
Have a back-up house that you can write an offer on should the 1st one be in multiple offers
Don’t waste any time. You may just be one of the many who find themselves unable to qualify by the time you get around to getting really serious. Many already are.

Home buyers are afraid and I can’t blame you with all the negative talk on TV and with people who think they know all about Real Estate and financing. Everyone and their brother is an authority. Also, many new home buyers think that prices will continue to go down. I have a very good answer to that.

If you working with a knowledgeable Realtor, they will make sure that you get an excellent price. They take into account prices going down. Now, let’s say you wait until prices go down a little more and interest rates go up a little more…what have you accomplished? Not much except that your payment will probably be more. That is if you qualify by that time. I hope I made sense to you. If you think prices will go down say 1% or 3% even 5% more, than offer that now while interest rates are still down. Makes good sense to me. If you like what you read here on If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.

Below are articles to read about Bank Owned and Short Sale:

Move Out of the Way, Bankers

Sacramento Short Sales and Foreclosures

Do You Understand Foreclosure?

What Does Short Sale Mean?

Authored by Gena Riede | Discussion: Comments »

Move Out of the Way, Bankers

March 14th, 2008 categories: Foreclosure, Sacramento

Sacramento Foreclosure Can we talk Real Estate?

Specifically, Id like to talk to you, Bankers.

Now, I realize that you have lost money. I also realize that you have cut back on personnel. But its time to really concentrate on your bottom line. You, Bank are in the business of making money, not owning homes. Houses cost you money. The longer you own the home, the more money it costs you. And the more the property deteriorates.

I have a solution. Instead of ignoring Short Sales like youve been doing. I suggest that you start accepting offers on Short Sales. That way, you wont have the expense of a foreclosure.

Ok, I know, there is no tax write off with a short sale but hey whats your bottom line? Do you really think you are money ahead by having a house as an REO for 150 days? Please give me a break.

You need to hire more mitigators. The one you currently have working cant handle the load. The desk is full of files. Phone calls go unanswered. I realize that to hire more people will cost money but guess what? You are currently taking WAY too long to get the these houses sold and closed. That is costing you money, too.

Then add insult to injury, Banks you are using the services of ONE Title company. Yes, only ONE. Hey guys, they are overloaded. Houses are not closing on time because the Title company that you are using cant possibly get the job done with so many foreclosures on their desk. One Title Company cant handle all those foreclosures.

News Bulletin, theres more than ONE Title Company Spread the wealth.

Recently, a Realtor trying desperately to close on a foreclosure here in Sacramento on a Sacramento home for sale in foreclosure was dealing with a Southern CA Title Company who wasnt getting the PreLim to the home buyer. This foreclosure should have closed 2 weeks ago but you BANK want to use ONE Title Company that is over burdened and who knows when this foreclosure will ever actually close.

It doesnt take a rocket scientist to figure this out. Start accepting Short Sale offers, hire more mitigators, answer your phones, and dont rely just on ONE Title Company.

I can’t speak for other States or even for other areas but in Sacramento and the surrounding areas, the Banks have not been cooperative. Ignoring home buyers and home sellers is not the way to do business. Foreclosure costs the banks more money in the long run, so I suggest that you start responding to Short Sale offers before resorting to foreclose on a house.

Lets get down to business and get the business done. Real Estate needs to move and home buyers are tired of the games you are playing. Wake up and smell the coffee. Lets get with the program.

By the way, as a side note my home buyers are all pre approved with a reputable Lender. They are responsible and act accordingly. The home buyers are looking for homes for sale and many are putting in several offers.

You BANK, want my home buyers to get approved by you. Now, we all know that you want the mortgage loan with my home buyer. If its not a good loan, I will definitely let my home buyers know.

Dont you think thats a bit of a RESPA violation? Its pretty obvious that you are only accepting home buyers that take out a mortgage loan with you. Not sure I like that.

Well, I feel better, hope you heard me and have decide to do real estate business the right way.

If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.

Other Foreclosure Articles:

Dont Be Duped, Homeowner

Missed Your House Payment?

Sacramento Real Estate Fraud-Homeowners Read This

Sacramento Short Sales and Foreclosures

The Lights Have Gone Out For Many in Foreclosure

Short Sale and Foreclosure Real Estate Tax News

The Blood Continues to Run

Sacramento Real Estate Writes Letter to All Banks

Do You Understand Foreclosure?

What Does Short Sale Mean?

Authored by Gena Riede | Discussion: Comments »

Dont Be Duped, Homeowner

February 21st, 2008 categories: Foreclosure, Mortgage, Real Estate

Housing Scams are alive and preying on theHomeowner.

Unscrupulous people looking to make a buck on your back have you sign a bunch of papers, tell you to pay them rent and in return theyll make your house payments or pay off your house. And they even let you keep on living in your house.

It isnt until you receive notice from the mortgage lender that you are evicted that you realize you have been scammed. These scammers do not work for the bank, they are NOT honest or trust worthy.

These home scammers know which homeowners are having difficulty paying their house payment and they prey on your emotions during this stressful time.

Read the recent Sacramento Bee article, foreclosure rescue, home scam. This is just another kick in the you-know-what for homeowners having trouble paying their house payment.

These thieves dont wait for you to call, they actually call you first. They track late payments on loan mortgages and homeowners that may have sub-prime mortgage loans. They send out mailers and call. Unfortunately, the struggling homeowner actually thinks these people will help them.

Again, I cant emphasize more to each and every home owner who is having trouble paying their house payment CALL YOUR MORTGAGE LENDER (the person you pay or use to pay each month for your house).

Ask your mortgage lender (better known as the mortgage servicer), what solutions are available for you. Be sure to read the article Foreclosure Prevention by the Mortgage Bankers Association.

Call HUD and ask a reputable housing organization what your options are. Dont be duped by dishonest people who want to suck-up what little money you have left.

If it sounds too good to be true, IT IS!

There are also mortgage lenders calling and sending mailings to refinance. Be wary of equity-stripping scammers. Dont just put your blinders on and chose one.

Are you having trouble paying your house payment? Do you want to know what to do? Do you need to know who to call?

Below are reputable organizations where your questions can be answered.

Sacramento Neighbor Works Homeownership Center 916.452.5356
National Neighbor Works Homeownership Center (888) 995.4673
Sacramento Home Loan Counseling Center 916.646.2005
By Design Financial Solutions (800)750.2227
Sacramento Mutual Housing Association 916.453.8400
Tips for Avoiding Foreclosure and what to do (800) 569.4287

Foreclosures and Short Sales are stressful for the homeowner but you must keep your wits about you and only deal with solid reputable companies. Remember, there are Rescue Service scammers that take your money and do nothing to help you.

Be wise when seeking help, do your homework.

If you like what you read here on Sacramento Real Estate Voice simply click and subscribe to get the latest articles sent to your email.

Other Articles:

Missed Your House Payment?

Sacramento Real Estate Fraud-Homeowners Read This

Sacramento Short Sales and Foreclosures

The Lights Have Gone Out For Many in Foreclosure

Short Sale and Foreclosure Real Estate Tax News

The Blood Continues to Run

Sacramento Real Estate Writes Letter to All Banks

Do You Understand Foreclosure?

What Does Short Sale Mean?

Authored by Gena Riede | Discussion: Comments »

The Lights Have Gone Out For Many in Foreclosure

December 2nd, 2007 categories: Foreclosure, Real Estate, Sacramento

Lightswitch2 For many homeowners in the Sacramento region the lights have gone out on home ownership and many others that are awaiting their fate.

This morning in the Sacramento Bee, I was saddened by the lack of empathy most commentators had regarding the “Behind the Meltdown:Out and down” article that discussed how the pain lingers long after a foreclosure.

Since most Americans are ONE paycheck away from bankruptcy and ONE illness away from foreclosure, I find it interesting that so few have the slightest bit of compassion for the homeowners who are now suffering.

I have said before and it bears repeating again…this effects everyone! The trickle down, the domino effect will and is touching each of us whether you are a homeowner or a renter…the foreclosure phenomenon is touching us all in many ways. Businesses are effected and will continue to be effected. The American Dream of homeownership has become a Nightmare for many. Families are suffering, not only in their marriages but also the children are suffering. Where’s your heart Sacramento?

So, as you enjoy the warmth of your home during this holiday season and all the comforts, think of those who the lights have gone out on for a moment. Yes, there are those who lost their homes due to illness, job loss, fraud and those that used their homes like an ATM machines.

There are many different reasons why foreclosure happens. Try not to judge, least you should be judged. And think of all those children while you are judging. No one needs to be kicked while they are down and these families who have gone through and are going through foreclosure have been kicked enough!

Try a little empathy for your fellow man as you gaze at the red dots on the photo below from the Sacramento Bee displaying all the foreclosures in Natomas and in Folsom. These two photos only show a small portion of the foreclosures in the Sacramento area.

Natomas Foreclosures Folsom Foreclosures

Many homeowners and renters who lose everything they own according to statistics do so because of medical illness. Some of these homeowners in foreclosure are there because of

Subprime Loans readjusting
Robbing equity out of their homes
Serious Illness

How far away from bankruptcy and foreclosure are you? Could you weather the storm if you lost your job, or had a serious illness? What say you, Sacramento?

Short Sale and Foreclosure Real Estate Tax News

October 14th, 2007 categories: Foreclosure, Real Estate

Good news for those Home Owners in Short Sale and Foreclosure some relief is in sight.

Im sure you could use a little good news about now. Many Short Sale and Foreclosed Homeowners probably arent even aware that you would have had to pay taxes on the difference between what you owed the Bank and what your house actually sold for, but you did. That amount was considered income, a 1099 would have been issued and you would have had to pay taxes on that amount.

The House of Representatives passed the Mortgage Forgiveness Debt Relief Act. Now, it still needs to be passed by the Senate and the President will need to sign it before it becomes Law but someone is FINALLY listening to the crash of the subprime Real Estate market that has emerged with all the Short Sales and Foreclosures.

I believe, if passed and signed, this tax relief will be retroactive.

Stayed tuned for more as it becomes available.

As it stands right now, those monies need to be made up somehow, so it seems unless changed, the vacation and 2^nd home owners will be picking up the slack with new tax laws enacted. Again stay tuned.

The Blood Continues to Run…

October 4th, 2007 categories: Foreclosure, Real Estate, Sacramento

366-7W30MORTGAGEreconfigWeb_320_embedded_prod_affiliate_4 The Sacramento Bee, highlighted a family who lost their home recently to an adjustable rate mortgage. This is common place with many home owners today all over the country and especially here in and around Sacramento County.

Sacramento County ranks 7^th in the Nation for Foreclosures.

Many of the adjustable rates are resetting to 7, 8 and 9 percent interest. Hello….something needs to be done, here!

As an example, a family whose house payment was $950 per month, now struggles with a payment of $3,307. With an monthly income of $2,200…there’s no way!

Makes you wonder why a Lender couldn’t figure that out when throwing dumping these adjustable loans all over the place, doesn’t it?

The unfortunate part is that many families were under the mistaken idea that they could “trust” the Lender.

With the median income level of $57,000 and 80% of the home buyers last year earning less, families are struggling.

Last year, over 67,000 home owners in Sacramento were spending more than half of their income on mortgage payments, property taxes and insurance.

Lenders issued 18,000 default notices from January 2005 through July 2006 which leaves 49,000 home owners still in trouble.

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Authored by | Discussion: 9 Comments »

Water, Mow or Pay Fines

October 3rd, 2007 categories: Foreclosure, Sacramento County

Do you live in Sacramento County? ThankYou Card Have you noticed the front yards that are burned up in your neighborhood?

Have owners left their houses and their homes are bringing the value of your neighborhood down?

Have you figured out that the home with brown grass is a Foreclosure or Bank Owned?

Have you noticed that no one seems to be taking care of that house next door or down the street?

Is there a For Sale sign that says Bank Owned and the grass is brown and weeds are growing?

There is finally some help coming! Sacramento County has finally gotten the message that something needs to be done. This blithe is hurting neighborhoods.

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Authored by | Discussion: Comments »

Sacramento Real Estate Writes Letter to All Banks

August 20th, 2007 categories: Foreclosure, Mortgage, Real Estate, Sacramento

Dear Banks, Car-wreck

The streets are full of your irresponsible lending practices. When checking the MLS this evening and pulling up homes built from 2004 till now in just Sacramento County, there were 182 homes listed as short sales.

This figure doesn’t account for those homes that have already been repossessed and are now owned by the Bank, nor does it account for the homes that you have sold when hiring an auction company. The figure only accounts for today’s actively listed houses that are new and in short sale.

The families that bought these homes bought them in good faith, thinking that they had a place to raise their families and begin wonderful memories. They are not bankers but trusted that no one would give them a loan if they weren’t going to be able to pay for their homes. Boy, have you ever let them down!

Most of these loans were from new home builders who associated themselves with you, as a Bank providing loans. Oh yes, no incentives would be granted on these houses unless the home buyer went through you, the Builders Lender. I wonder if we asked these displaced homeowners if those incentives were worth it…I think NOT!

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Authored by | Discussion: 11 Comments »

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