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Real Estate
Sacramento Survived I-5
July 21st, 2008 categories: Natomas, Real Estate, Sacramento
Sacramento has been enduring the re-make of Interstate 5 which is widely traveled whether going to the Airport, Downtown or several neighboring communities and cities.
Here is your official T-shirt Sacramentans since you survived I-5. July 28th is the final target date for completion. No more signs saying south bound or north bound Interstate 5 is closed.
What a nightmare this has been. I know I tried avoiding I-5 and only used it when I had no alternative. Apparently, there were a lot of drivers that did the same since traffic was reduced by 50%. Betcha the neighborhoods are just as grateful that this major make-over is coming to an end. Everyone deserves a T-Shirt in Sacramento!
This was not just a mere re-surfacing job both northbound and southbound, it was an entire make-over. Two layers were jacked up and new sewers were put down before the boat section between L and R were finished.
Then the final stage a polyester sealant was put down to finish up the work which is a tedious procedure and makes for a very smooth surface.
$33 million dollar job has been ongoing for 3 months and for those that had to travel I-5 each day, here is your virtual T-Shirt. Glad it’s over.
Which brings up a very good visual point. When looking at the photo below, in the middle is the Tower Bridge which connects Downtown Sacramento to West Sacramento.
Traveling north on I-5 takes you to the community of Natomas which is 10 minutes at most from Downtown and 5–7 minutes to Sacramento International Airport.
There are homes on the Sacramento River, older homes and newer built master-planned communities in Natomas. There is something for everyone when it comes to real estate.
Of course with all the new building you want to make sure that you are represented by a Realtor and not by the builder. So, if a new home is on your radar screen call your Realtor and have them take you to the new home subdivision.
Want to take a look at what homes are for sale in Natomas? Just click below for the area that you might like to find a house.
Click the link to see homes for sale in 95835
Click the link to see homes for sale in 95834
Click the link to see homes for sale in 95833
Click the link to see homes for sale on the river in 95837
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.
If you have a Real Estate question, check out 
and read what other home buyers and home sellers have asked.
Other Articles of Interest:
First Time Home Buyers in Sacramento Congratulations
Natomas Living in Sacramento County
Active Adult Communities Around Sacramento
Take A Spin Around Sacramento California
| Discussion: Comments »
Granite Bay Real Estate is Auctioned
July 16th, 2008 categories: Granite Bay, Real Estate
Granite Bay, CA had a real estate auction last weekend. Did you hear about the incredible real estate in Granite Bay, CA that was auctioned off? It was the deal of the century.
And unlike other real estate auctions, this one was REAL. Some of those other play auctions that take place where the bank has 30 days to change their mind with the winning bid, this one was not a bank auction but an auction from the seller.
What an exceptional buy Mr. Kuhn made for $1.35 million. With over $5 million worth of improvements on the land at this exceptional property, the new owner certainly got his moneys worth. Take a little tour of this bit of paradise in Granite Bay, CA and come back to read who actually owned The Pond…you might be surprised.
Gary Cino, is the founder of the 98 Cent Clearance Center chain that he sold to Dollar Tree Stores and now is a real estate developer who has owned 8300 Moss Ct. in Granite Bay known as The Ponds in Granite Bay. Look at what yours spent dollars helped build here at The Pond.
Back in 1998 Cino decided to buy the property across from his own house since it was an eye sore. He wanted to make a fishing hole which turned out to be a $5 million dollar project with boulders, waterfalls, 3 gunite-lined ponds 17 feet deep stocked pond with trophy trout, boat and kayak docks, bridges, golf platform, tiki huts, full outdoor kitchen, island dining gazebos and places for the kids to explore and play.
The ponds were created with the ecosystem in mind, equipped with sound infiltration systems for excellent water quality for fish, foul, flora and fauna.
Cino’s family has now grown up and it was time for him to sell. After weddings and charity events along with very little time to enjoy his property, Cino listed his property for sale. The property was listed back in 2003 for $5,500,000 and again in 2008 for $4,998,998 but didn’t sell.
Cino hired O’Callaghan Auctioneers of Lincoln who spent $100,000 advertising for a buyer to auction off his property at an absolute auction (highest bid wins with no minium bid).
Now, in this park-like setting the new owner can build a house. There is a spot already waiting for a 20,000 square foot home to be built. Mr. Kuhn has one of a kind right across the street from Los Lagos.
If you as a home buyer missed the sale of the century don’t loose hope, there are other homes for sale in Granite Bay, CA that you might like. I must say, I don’t think anything will compare to this one, though.
Click to view Exceptional Homes for Sale in Granite Bay.
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.
If you have a Real Estate question, check out and read what other home buyers and home sellers have asked.
Other Articles you may find of interest:
Granite Bay California An Upscale Community
Roseville CA and Granite Bay CA June Home Sales Report
Granite Bay Home Buyer Looking for Mansion
Home Buyer in Sacramento Buying in Granite Bay Speaks Up
Granite Bay California Overview
| Discussion: 4 Comments »
The Home Buyer Offer that Went No Where
July 14th, 2008 categories: Real Estate Tips, Sacramento, Seller
Real Estate is serious business. Making sure that you have a Realtor who knows the real estate market and how to price homes is essential when buying and selling a house or condo.
Recently, my home buyers wrote an offer on a house for sale in the Sacramento area.
This sale was a “regular sale,” meaning it was not a Short sale nor a Foreclosure, bank owned REO. Just a normal sale as listed in the MLS.
When taking a look at the tax records for this house, it appeared that the listing price was a little under what the seller owed on the house when all of escrow fees would be paid.
However, it is not uncommon to see sellers go to the table (table-meaning go to Title and sign) with the remaining cash owed to the bank in order to save their credit.
It was difficult to talk to the listing agent who did not return phone calls so the home buyer’s offer was sent. In the contract there is a page where the home buyer addresses when they want the seller to answer their offer. By contract, it is important for the seller to respond to the home buyer’s offer in a timely manner.
Otherwise, there is no point in having a contract…you need to abide by the contract and follow it. Time is of the essence.
Unfortunately, this did not occur. The timeline was ignored. Remember, this is not a bank that the home buyer’s offer was being sent to, it was a seller through their agent on a regular home sale.
After many phone calls it became obvious there was a problem. Not only did the agent not return phone calls but when agent did communicate, I was told that the offer had been sent via email and the seller didn’t understand the offer.
No kidding! It is important that the listing agent provide the seller with a net sheet showing all of the fees and the bottom line of what the seller will net in the sale of the house and this should be done in person.
Click the highlighted link to view a sample of a what a Home Seller Net Sheet.
At this point you are probably wondering if the seller was living out of town, no the seller was within a short 10 minute drive.
When I was told that the seller was not very motivated, I asked the “big” question. “Is your seller upside down on this sale?” The answer that I got was shocking. “I don’t know,” said the agent.
It is so important that when you hire someone to sell your house or condo that you make sure that the agent knows how much you owe and any prepayment penalties that might occur once you pay off the loan. If the sale of your house is close to what you owe, are you willing to pay the difference in order to keep your credit standing? If not, then you need to discuss the possibility of a short sale with your agent.
Don’t just put up stupid prices and then change them. Remember, the house has to appraise.
The end of this story is that while all of this was going on, my home buyers found another house and they were accepted before the previous offer ever even responded. It all turned out for the best with a better house for my home buyers.
When we finally did get a response in the form of an email, it was not to accept our offer. When looking at the MLS I noticed that the listing agent increased the price of the house by $5,000.00 from our original offer. Now, why they did not counter…is beyond me.
No counter, no nothing. Certainly, left us scratching our heads. This will be a house that I will follow to see what actually happens in the end. I have a strong feeling that this is house will end up a Short Sale without the seller or the listing agent realizing it.
It is so important to price your house for sale correctly and for the listing agent to return phone calls especially when you have home buyers who are willing and able to buy your house.
When deciding who should list your house, I recommend that as a seller make sure that your agent provides you with a net sheet before listing your house. You need to know if you are upside down on what is owed on your house and be given the opportunity of knowing what the real estate market indicates that your house will sell for before you list your house for sale.
To sum up, here are some key elements to keep in mind when you list your house for sale:
- Provide your agent with balances on your mortgage loan(s)
- Provide your agent with the terms of your mortgage loan(s)
- Have the agent provide you with a net sheet
- Have the agent provide you with a CMA (comparative market analysis)
- Have your agent sit down and explain all offers in detail and provide a net sheet with each offer
- Make sure that you hire an agent that communicates and returns phone calls
Most importantly, hire someone that knows what they are doing. Your house is more than likely the largest asset that you have and you deserve to have good representation.
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.
If you have a real estate question that you would like an answer to be sure to check out and read what other home buyers and home sellers have asked or feel free to ask your Real Estate question by email.
And of course if you are interested in buying a home or condo or selling your home or condo, feel free to contact me and lets talk.
Other Seller Related Articles:
What Do Home Prices and Gas Prices Have in Common
Dress Your Home to Sell-Inside Home Seller Tips
Dress Your Home to Sell-Outside Home Seller Tips
What Every Home Seller Should Know
| Discussion: 2 Comments »
A Slice of Perfection in Tempe AZ
July 9th, 2008 categories: Real Estate, Sacramento
Are you a home buyer relocating to Tempe, Arizona from the Sacramento area? Perhaps, you have a son or daughter who will be attending ASU.
There is a gorgeous 2 Bedroom townhouse that is move-in ready for you that you might want to consider.
This prime piece of Arizona real estate for sale is in an excellent location, close to all major cities with easy access in all directions.
Did you check out the beautiful winding staircase? This townhouse is for the discerning buyer who appreciates living at its best.
A past Sacramento homeowner and past client of mine who moved to Tempe, Az a few years ago contacted me about selling her Townhome at 2333 East Southern Ave., in Tempe, AZ and needed a good Realtor.
It is always such a compliment when a previous client who has moved out of state continues to rely on my real estate expertise and keeps in touch. So, it is with great pleasure that I bring to Sacramento real estate this Tempe, AZ Townhome for sale.
Due to a new job, the owner will be moving to a location out of Arizona so after all the upgrades and getting this 2 Bedroom Townhouse just perfect, it is now for sale. To the delight of the home buyer they will find travertine kitchen counters, stone sink, ceramic tile bath and pergo flooring that exudes designer touches.
What is so fabulous about this Townhouse is that it is only 15 minutes from Phoenix, Scottsdale and Chandler and adjacent to Mesa, AZ. Being so centrally located with easy access to the freeway, close to Downtown Phoenix, shopping, the airport, hospitals and ASU makes this a prime location.
Location, location, location! Can you believe what an easy commute in all directions this property is?
The Townhouse complex at Hudson Trace has beautiful grounds that are well maintained with amenities such as a pool, spa, barbecues and gym.
Best of all this Townhome at 2333 East Southern Ave., Tempe AZ is for sale for a mere $159,000.
Click the link to see a video of Tempe Townhouse for sale and give Teri Ellis, Realtor with Homes Arizona a call at (480) 216–3334 to buy this slice of perfection that is currently for sale.
It’s nice to support other Realtors and especially past clients who became friends…so it is my pleasure to showcase this Townhome for sale in Tempe, AZ here on Sacramento Real Estate Voice for those who may be relocating to Arizona.
If you are thinking of relocating as a home buyer to the Sacramento area or simply considering selling your house, be sure to check a FREE Sacramento MLS of homes for sale.
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.
If you have a real estate question that you would like an answer to be sure to check out and read what other home buyers and home sellers have asked or feel free to ask your Real Estate question by email.
Other Great Sacramento Articles:
What Do Home Prices and Gas Prices Have in Common?
What Are The Great Neighborhoods?
Downtown Sacramento Homes for Sale Going Green
Midtown Living in Downtown Sacramento
Land Park Home of the Best Neighborhood Park!
Land Park, An Outstanding Neighborhood in Sacramento
Take a Spin Around Sacramento California
| Discussion: 2 Comments »
Real Estate Fraud Victims Once Again
June 23rd, 2008 categories: Fraud, Real Estate
Sacramento saw a Realtor and several unlicensed mortgage lenders picked up by the FBI this week for fraud.
Don’t let your guard down, there’s plenty more out there.
Real Estate fraud is alive and well gathering more victims each day.
Just this past week, as I had my ears to the ground, I learned that fraud had occurred right here in Sacramento again. Not just once but three times with REO properties. Renters were the easy targets. It seems that three Bank Owned properties had been unscrupulously rented by a woman posing as a Realtor.
Yes, this woman rented out three REO properties and collected the security deposit, first and last months rent from unsuspecting renters. No, she was not a Realtor but was using the name of a Realtor.
Can you imagine, having just lost your home to foreclosure, looking for a house to rent only to find yourself a victim of real estate fraud?
In this day and age where most transactions start on line, use email or text messaging and the social aspect of getting to know a person is by-passed, fraud is ever so much more prevalent. It’s a lot harder to pull off a scam when you meet a professional at the office, check their credentials through the California Department of Real Estate and meet face to face or actually talk.
Do you know for a fact the person is the person you think you are working with? Are you sure, they are who they say they are? Are you just emailing, text messaging and assuming you are “communicating” with a Realtor? What do other home buyers and home sellers say about the Realtor?
Don’t get me wrong, I’m not advocating getting rid of the Internet or Email or even Text messaging (although I must say I find it very impersonal) but all of these things have their place and should not be used exclusively. There is nothing that beats, eye to eye contact, establishing a rapport and learning about a person. So much is gathered when you take the time to get to know the professional Realtor.
Remember, that we live in an era where it is easy to make business cards, have websites and establish identities that are false. It is up to you, to step outside the Internet and know who you are trusting to handle your hard earned money. I suggest that you take the time to get to know the professional that you are working with and not be the next victim of Real Estate Fraud.
With the economy in poor shape, gas prices sky high and homeowners losing their homes it is imperative to step-up and do your due diligence. Know the person you are working with, check out their credentials, make sure they are who they say they are and step out of your comfort zone on the Internet and cell phones. Be social, face-to-face interaction, eye-to-eye contact…it’s worked for many years and it continues to be the best judge of character in doing business.
Put a stop to Real Estate fraud, don’t be victimized, do your homework and be social. Slow down the process. These parasites who take advantage of the public want to work fast, make things happen quickly for you…so they can move-on change their identity and not get caught.
Don’t think it can’t happen to you…those three renters didn’t think it would happen to them, either.
If you would like to know more about my character and experience be sure to read my mission statement, goals and what Sacramento Real Estate Voice is all about.
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.
If you have a real estate question that you would like an answer to be sure to check out and read what other home buyers and home sellers have asked or feel free to ask your Real Estate question by email.
And of course if you are interested in buying a home or condo or selling your home or condo, feel free to contact me and lets talk.
If you just want to look for Sacramento homes for sale, be my guest. I pay each month to provide this service for you and would love to represent you should you find a house or condo that meets your specific qualifications.
Other Articles That Maybe of Interest:
Home Buyers and Sellers Talk About Realtor, Gena Riede
Matt Teiken, Granite Bay Home Buyer
Home Buyer in Sacramento Buying in Granite Bay Speaks Up
| Discussion: Comments »
Sacramento Real Estate Has Double Delight Giving to Home Buyers
June 20th, 2008 categories: Home Buyer, Real Estate, Sacramento
Sacramento Real Estate Voice has had a wonderful week. The best part of helping home buyers besides finding just the right house is handing over the keys to the home buyer’s new HOME.
This week was no exception. I love preparing a home buyer’s basket of goodies and presenting them their gift along with their keys.
It always seems like a very long process of waiting once the we all go to Title to sign the documents from the bank.
The bank usually takes anywhere from 24–48 hours before approving all the documents. Then, I get a call from the Title company who says, “the loan has been funded.” This means, that the bank has sent the money to the Title company for the house. At that point the long awaited words are anticipated…the phone rings and voila, “we are on record!” Those are glorious words to a Realtor. Now, the house has recorded and I can gather my gifts, go to the house and prepare to await the arrival of the new homeowners.
There is nothing like being able to say, “welcome home.” This is the very best part of real estate and why I love what I do…helping home buyers find their new home. This week I got to do that twice so it was double delight.
Now, on to helping the next group of home buyers, finding just the right house for sale, getting accepted, awaiting the close of escrow and longing to give them the home buyer’s their new home.
If you would like to know more about my character and experience be sure to read my mission statement, goals and what Sacramento Real Estate Voice is all about.
If you would like to view all the homes for sale in Sacramento county, Placer county, El Dorado county and Yolo county feel free to examine my free MLS of homes for sale and condos for sale.
If you are thinking of relocating as a home buyer or simply considering selling your house, be sure to check a FREE Sacramento MLS of homes for sale.
Other Articles:
When Should a First Time Home Buyer Buy a House?
First Time Home Buyers in Sacramento-Congratulations!
Home Buyer in Sacramento Buying in Granite Bay Speaks Up
What Does a Realtor Do When I Want to See A House or Condo?
First Time Homebuyers Check-Off List – Part II – Write An Offer
First Time Homebuyer’s Check-Off List – Part I
Why is Buying a House Stressful?
| Discussion: Comments »
What Do Home Prices and Gas Prices Have in Common?
June 18th, 2008 categories: Real Estate Tips, Sacramento, Seller
Ever wondered why your house isn’t selling?
Think your house should be more money than your neighbors?
In today’s Real Estate market, it is key to have your house priced correctly from the start.
Don’t make the mistake of over pricing your home. That’s what we call in the real estate business, “chasing the market.”
Running after the market is disastrous, you never catch-up and are always behind. Which means you are overpriced.
When thinking about pricing your house, think about an intersection where there are four gas stations, one each corner. Which one do you think you will pull into? Yep, the one with the lowest price.
The home buyers are thinking the same way. Home buyers are looking for houses in move-in condition that are priced correctly. Their professional full time realtor is quick to tell the home buyer if a house is overpriced for a neighborhood.
Be sure to listen to your Realtor when they counsel you on an appropriate price for your home. They have the experience and the know-how to back-up the asking price for your house.
An overpriced listing is not shown or may be shown in order to make a point to a home buyer that the house down the street is priced correctly. Guess who sells?
Yes, it’s a home buyers real estate market and your price needs to reflect that. Most home sellers are also paying the closing costs now. It is much harder for a home buyer to qualify for a mortgage loan and interest rates are going up so if you need to sell, it’s important to be priced correctly and be willing to help the home buyer with closing costs.
If you should receive an offer from a home buyer who is obtaining a VA loan, remember that the VA appraiser will be looking for health and safety issues which the seller must repair or replace. There must be a section 1 clearance for Pest and the underwriter can call for the seller to pay for section 2, as well.
Be sure to have your home ready to place on the market for sale, for pointers be sure to check out Dress Your Home to Sell-Inside Home Seller Tips and Dress Your Home to Sell-Outside Home Seller Tips.
Who knows, I may be showing your home next. We have quite a few first time home buyers and home buyers relocating to Sacramento.
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.
If you have a real estate question that you would like an answer to be sure to check out and read what other home buyers and home sellers have asked or feel free to ask your Real Estate question by email.
And of course if you are interested in buying a home or condo or selling your home or condo, feel free to contact me and lets talk.
Other Articles of Interest:
Tips In Preparing Your Home For Sale
What Every Home Seller Should Know
Sellers, Do You Know What You Should Expect?
Zillow for a Zestimate…Yes or No?
| Discussion: 2 Comments »
Sacramento, the 8th Best City
June 16th, 2008 categories: Real Estate, Real Estate News, Sacramento
Congratulations, Sacramento we have been chosen one of the BEST cities to live in. Sacramento is ranked the 8th BEST City in the U.S. to live, work and play.
The cities were ranked according to strong economics, abundant jobs, reasonable cost of living with loads of fun things to do.
A bright future is in the cards for Sacramento with creative residents and those relocating to our area.
Creative people, do creative things and bring about change. Sacramento is fortunate to have scientists, engineers, architects, educators, writers, artists and entertainers who bring vitality and livability to Sacramento.
The second Saturday of each month brings about art in MidTown with a free bus that saves the walk from each stop along the art tour. We are blessed to have so many artists right here in Downtown Sacramento.
What better location with just a 90 minute trip to San Francisco, the wine country in Napa Valley and Lake Tahoe along with skiing in the Sierras.
Touted as one of the “10 sunniest cities” in the country and offering plenty of outdoor recreation from boating on the Sacramento River or American River to white water rafting , kayaking.
Along with all this sunshine comes dining outside at one of the 30 new restaurants in Downtown Sacramento along with museums and historic places to visit. Old Sac is just one of many historic venues, along with the Railroad museum and others.
With all that sun comes a lot of golf, outdoor art shows, farmers markets, boating, fishing and water skiing.
New jobs are coming into Sacramento from “clean energy” companies, government jobs, health and professional business services along with the redevelopment of the Downtown Railyards. 12,000 residential units with entertainment and retail shops on 240 acres in will also provide additional opportunities for businesses.
Although Sacramento took a big hit in Real Estate with a 35% drop since last year, the median price of a single family home dropped from $400,000 to $235,000 making more homes affordable for home buyers.
For those relocating to Sacramento, you will find that we are progressive, close to the ocean and to the Sierras along with affordable housing and innovative energy efficient homes and jobs.
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.
If you are thinking of relocating as a home buyer or simply considering selling your house, be sure to check a FREE Sacramento MLS of homes for sale.
Check out some of our Neighborhoods:
Affordable Neighborhood in Sacramento
What Are The Great Neighborhoods?
Downtown Sacramento Homes for Sale Going Green
Midtown Living in Downtown Sacramento
Curtis Park Homes in Sacramento
Carmichael California with Hot New Neighborhoods
River Park, A Secret Neighborhood in Sacramento
Take a Spin Around Sacramento California
Land Park Home of the Best Neighborhood Park!
Land Park, An Outstanding Neighborhood in Sacramento
Featured City, Elk Grove, California
Wilton California Country Living At Its Best
Rancho Murieta California Is A Secret
Fair Oaks, Quaint and Charming
Roseville California…Best Shopping, Dining and Living
Granite Bay California An Upscale Community
El Dorado Hills California Upscale
Cut Your Commute Time, Live in Cameron Park, CA
| Discussion: 1 Comment »
Here’s How to Live in Your Home Without Paying
June 13th, 2008 categories: Mortgage, Real Estate Tips
Do you own your own home? Are you at least 62 years young? Are costs today, interfering with the way you thought you would live out your life? There is no reason to scrimp and do without during the last half of your life.
You’ve worked hard, paid your bills and now it’s time to relax and not worry anymore. Let your house pay for you, now. Reverse Mortgage is the way to make this happen.
It is safe as long it is backed by FHA. Don’t be caught like Ed Mc Mann in your 80’s without a house or not have enough money for living the life you planned due to the high cost of fuel, food, medications and health care during your retirement.
This week I had the opportunity of speaking to Kimberly Keith who is handling the loan for one of my current home buyers in Cameron Park, CA. During our conversation, we discussed Reverse Mortgages and I asked Kimberly to be a guest author on Sacramento Real Estate Voice to bring her professional prospective on Reverse Mortgages. I hope that her article will help answer some of your questions about Reverse Mortgage. So, without further adieu, here’s Kimberly Keith.
Many people have heard about the Reverse Mortgage, however few really know how they work. The mystery and intrigue surrounding the reverse mortgage is being eliminated as many are becoming informed regarding the program and realize that a reverse mortgage can be a valuable tool to supplement fixed incomes and meet the dramatic increases in our ordinary, daily, living expenses.
Let me first try to dispel the rumors regarding the reverse mortgage. It is not true that you will no longer be on title to your home or that the bank will own your home in its entirety! The title and financial responsibility of the home, such as homeowner’s insurance and taxes, continue to be the homeowners’ responsibility.
Another vicious rumor is that you could actually owe more than the value of the home and that if you die you would be leaving a debt, not the asset of your home, to your heirs. Absolutely untrue!
The reverse mortgage is considered a “non-recourse loan”. What this means is that you will never owe more than the appraised value of the home at the point of sale or the time of a refinance.
The money from the reverse mortgage is also considered an alternative income and as such, is tax-free and will not affect regular Social Security or Medicare payments. It is always recommended that a homeowner consult their tax advisor or attorney regarding their specific situation. Payment of the reverse mortgage is deferred (not due) until the surviving spouse dies or sells the home. The money you receive from a reverse mortgage can be paid in a lump sum, monthly payment or a line of credit or a portion of all three. How you use the money is completely up to you!
The reverse mortgage requires owner occupancy so, in order to be in “violation” of this requirement one or both homeowners would have to be hospitalized or in assisted living for a complete 12 month timeframe. Additionally, if either came home for even one night, the 12 month timeframe would start again.
So, after explaining the truths regarding a reverse mortgage you may ask who is qualified for one? If you are 62 year or older and own your own home, you may qualify! Your age at the time of your application, current interest rates, the appraised value of the home and the type of reverse mortgage that you apply for can affect the amount of money you may obtain. Generally, the older you are and the more equity in your home, the larger the reverse mortgage may be.
The process of obtaining a reverse mortgage is easy. I can review the loan program with you and would welcome the participation of another family member, and/or financial advisor, lawyer or accountant. You are required to obtain government approved, independent and free counseling to ensure that all your questions are answered. An application is then taken and the file is sent to the investor. After credit approval, your home will be appraised and together we will meet any additional underwriting conditions. Finally, after the loan is approved and the documents are drawn, we will sign loan documents. Your loan will fund and shortly thereafter you will receive the funds agreed to and in whatever manner you have decided on.
Please know that a reverse mortgage may not be right for everyone. I promise to make sure the information regarding this program is presented to you in a clear, concise manner so you can determine if a reverse mortgage will help you be more financially secure. If you would like additional information regarding this or any other loan program, please call. I look forward to speaking with you!
Kimberly Keith Mortgage Planner
Ph: (888) 429-7714
Fax: (530) 252-1544
Thank you, Kimberly. I hope that some of the questions that you may have had about Reverse Mortgages have been addressed. If not, feel free to give Kimberly a call.
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 That May Be of Interest:
Reverse Mortgage Helps You Stay in Your Home
Retire in Elk Grove California
Active Adult Communities Around Sacramento
| Discussion: Comments »
Rent is Going Up and Interest Rate is Rising
June 11th, 2008 categories: Home Buyer, Real Estate
As home buyers put off buying a house because they think prices will continue to go down…let me just bring some perspective to this issue.
As a home buyer waits for the wonderful moment when the greatest prices in the world hit rock bottom, they are…
paying higher rent to the landlord where there is no tax deduction and when that house finally hits rock bottom, believe me you won’t be the only one making an offer. That is IF you still qualify for a loan at that point.
With interest rates on the rise, that home you have been waiting for even though the price went down, may end up costing you more each month in payments, that is if you can still afford the house.
I am always amazed when I hear a home buyer say that they are waiting for the prices to plummet more. What are you thinking? If you are so sure that the prices will go down by a certain percentage, then why don’t you simply offer less for the house while you still can. I’ve been doing that with all my home buyers. My home buyers are enjoying their new homes while those that are waiting for the sky to fall might just be too late to jump on the boat.
Hope I’ve given a few smart home buyers something to think about. It makes sense.
Lastly, I know I sound like a broken record but please remember that the first step in home or condo buying is to get pre-approved by a reputable Lender. Can’t tell you the number of phone calls I receive where the home buyer has not yet spoken with a Lender. To me, that’s like buying something at the store, writing a check and not knowing if you have the money in your account. Makes just as much sense.
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If you are thinking of relocating as a home buyer or simply considering selling your house, be sure to check a FREE Sacramento MLS of homes for sale.
Other Good Articles to Read for HomeBuyers:
Home Buyers, Do You Remember Being in School?
When Should a First Time Home Buyer Buy a House?
New Home Buyer Information You Need to Read
First Time Home Buyers in Sacramento-Congratulations
Baby Steps When Buying A House
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