Realtor

Burning Real Estate Questions, Answered

May 12th, 2008 categories: Ask Gena, Real Estate Tips, Realtor

Ask Real Estate Question Hope all you Mother’s had a wonderful Mother’s Day yesterday and did something special.

I know I did, I spent it with some long term clients who are friends and had a wonderful BBQ and shared some wine and conversation…then it was off to look at homes. Next, we will write an offer on a house they chose on Mother’s Day in Elk Grove, CA.

Now, let’s get to those burning real estate questions that have been coming in.

Today, our 1^st question is from a home buyer who has a VA loan approval.

Hi Gena,

We are pre approved for a Veteran’s Home Loan and want to buy a house. We have been looking at some bank owned homes but want to know if what our realtor told us is true or not. She said, that we have to be careful when looking at bank owned homes because they might not approve them for a loan. Is that right?

Sincerely,

Excited Home Buyer

Dear Excited Home Buyer,

First let me say, congratulations on getting your loan approval. So many home buyers forget that vital step and have no idea that it is essential at the very beginning. So, give yourself a pat on the back.

Your Realtor is correct. If the property has any health and safety issues as well as hazards then VA won’t approve the loan. Most bank owned properties are sold as-is which makes it difficult for you to make an offer. However, there are some out there that are very clean and in my opinion would meet the VA standards but you have to sift through them to find one that would be suitable.

Good luck to you and hope you find a clean one.

Gena

Dear Gena,

As a home seller I want to know if I should be present during the home inspection of my house or if my agent should be present. I don’t feel comfortable having strange people in my house. What is your opinion?

Reluctant Home Seller

Dear Reluctant Home Seller,

If you put your house up for sale and you accepted an offer from a home buyer, it is your duty according to the contract to make the house available to the home buyers, the home inspector and the home buyer’s agent.

It sounds as though you may be going through some separation anxiety about leaving your house. Try packing a few items and thinking about the home that you will be moving to. You need to focus on leaving and beginning a whole new life in a different house. It’s time to let go of this one.

Making sure that the home buyers feel comfortable in the house is essential. As a listing agent, I always instruct my home sellers to leave the house when buyers are looking and certainly for a home inspection. This is not the time to be in the house. The home buyers agent will make sure that everything is left as it was before you left. Don’t worry.

Now pack and get moving…

Gena

Dear Gena,

I would love to buy a house now with prices so low but I don’t want to sell my house for nothing. The bank owned homes are bringing the value down of my house. What do you suggest I do?

Scared to Sell

Hi Scared to Sell,

My suggestion is don’t sell. Simply rent out your house and buy another house. Make sure that you check the renters credit and call for references before signing a rental agreement and get the 1^st and last month’s rent as a deposit.

Then when the real estate market returns, think about selling your rental or maybe by that time you will like being a landlord and be ready to buy another house to rent out.

Hope that helps.

Gena

Those are our real estate questions for this week. If you have a burning real estate question that you would like to ask the Real Estate Broker, Gena Riede simply email your question and it may be featured. All identifying information is removed so that no one will know who you are so feel free to ask your question.

If you have a Real Estate question, check out and read what other home buyers and home sellers have asked.

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 Real Estate Questions:

Ask Your Real Estate Question

Ask Gena Answers Homeowner Question

Ask Real Estate Question

Ask Your Real Estate Question

Authored by Gena Riede | Discussion: Comments »

Ask Your Real Estate Question

March 12th, 2008 categories: Ask Gena, Home Buyer

Ask Real Estate Question Todays Real Estate Question is asked by a First Time Home Buyer living in Virginia not Sacramento.

I am posting the home buyer comment here in Ask Gena your Real Estate question since there might be other home buyers here in California that may have the same real estate question.

My answers will be accordance with CA Real Estate.

I will answer the home buyers question in red. So, lets get straight to the question.

First Time Home Buyer Real Estate Question:

In a short sale will the property be in the condition of say a foreclosed or as is where is sale? Every foreclosure house for sale (referred to as a REO or Bank Owned), is different. Some are as is and some homes the bank is willing to fork over the cost of a few repairs. However, when you are dealing with a home for sale that is a short sale, the home buyer is already in trouble and typically cannot afford any additional costs for repair. Thats why the seller is in short sale.

For example, from watching shows like flip this house, some flippers purchase homes sight unseen from banks and when they get there they find either huge messes or a stripped home (copper wiring etc missing). That is NOT the way to buy a house or an investment property. My suggestion is to not believe everything you see on flip this house. That is one of the many reasons we have the problems in todays real estate foreclosures.

Not to say this is a big problem but I will be purchasing my first home here in the very near future and dont want to end up with a $500k Hunk-o-Junk. Congratulations, you are making wise decision as long as you get pre-approved, ask for a good faith estimate from the Lender and get an experienced Realtor to help you. In fact, Lenn is the best in VA that I know. Just give me a call or email and Ill hook you up so that you dont make any mistakes and end up with a hunk-o-Junk.

Does one run the risk of this type of problem on a short sale? Not if you pay for a home inspection. You should know what you are getting within the disclosure period. This is the time line according to the agreed upon purchase contract where all disclosures are obtained and as the home buyer you perform any inspections that you decide necessary. However, if you are purchasing a Foreclosure, the seller is the BANK and the bank is not obligated to disclose anything. Remember, the bank never lived at the house. Only homeowners, that are sellers are obligated in CA under the law to disclose IF they lived on the property.

Also, are they allowed to have their own inspector (paid for by the prospective buyer) to come by and check the home out before signing papers? In CA the home inspection is performed within the agreed upon disclosure period, typically within the first 17 days and is usually paid for by the home buyer. The seller has 7 days to provide all of the disclosures. No one should ever sign any papers before thoroughly and completely satisfying all details of the home for sale under contract.

If there is some measure of accountability there, then Ill include short sale homes in my search (currently I am looking for new construction within the past 8 years). You should frankly ask the experienced Realtor that you have about new construction and short sales. Realtors in the areas know if banks are even accepting short sales and if builders are going out of business in a new area being built leaving the home buyer high and dry with half finished neighborhoods and possible liens if going bankrupt. As you can see, it is essential that you have someone working with you that has the experience, the expertise and knowledge so that you are not caught unaware.

Also, if asked, are realtors obligated to disclose deaths (and the nature of the death if asked) in a home? The Seller in CA fills out what is called the Supplemental Statutory and Contractual Disclosure. The Seller is obligated to disclose if there has been a death upon the property within the last 3 years and if so, asked to explain. Frankly, I always instruct my home sellers to disclose even if a death occurred more than 3 years previous. The more a house seller discloses the better for everyone. However, I dont know VA law so that is something that your experienced Realtor can answer. Again, this does NOT apply if you are dealing with a foreclosure.

I dont care how a person passed, I prefer not to live in a home someone died in.

As a side-note, as the years go by, home buyers will find that more people will be dying in their homes. Hospitals are sending folks home to die so it is not unusual and wont be unusual in the years ahead.

I am sure it varies by state and as I live in VA I expect you may not have an exact answer but a ball-park answer is sufficient. Thanks!

Yes, laws are local and VA will have its own laws that govern Real Estate. I believe that in VA if Im not mistaken, atttorneys get involved with all real estate transactions.

Good luck and give me a jingle if you want the best Realtor in VA. Hope my answers helped you as well as other home buyers and First home buyers in CA and other States, as well.

If you have a Real Estate question, check out and read what other home buyers and home sellers have asked.

Feel free to ask your Real Estate question by email.

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 Ask Real Estate Questions:

Ask Gena Answers Homeowner Question

Ask Real Estate Question

Ask Your Real Estate Question

Authored by Gena Riede | Discussion: 2 Comments »

Do You Want An Oscar Winning Realtor?

February 24th, 2008 categories: Real Estate Tips, Realtor

Realtor awards were not given out at the Hollywood Oscar last night.

And many home buyers and home sellers dont know what makes an Oscar Winning Realtor.

But there are some exceptional, experienced Realtors who know a lot about real estate and who also know exceptional Mortgage Lenders and Mortgage Brokers.

A Home Buyer and Home Seller need to have the best of the best in this real estate market.

As a Realtor in the Sacramento and surrounding areas, I have had the opportunity to get to know many exceptional Realtors in California as well as other States.

If you are relocating and moving out of the Sacramento area give me a buzz to find out who an Oscar-winning Realtor is for the area you are moving to. That means, a Realtor who keeps up with market trends in her or his area and has experience that will serve you when buying a home or condo. If you are relocating, give me a call to find out who an Oscar Winning Realtor is for the state you are moving to.

Sad to say but there are those who are not so exceptional, the ones to avoid.

Its a tough time in real estate right now, as you well know. However, its a fantastic opportunity for those with extra money to buy houses and investment properties to hold. This is a time when new millionaires will be made.

But, please not with one of those get rich schemes Ive been seeing on TV. That is how many of the house flippers got themselves into a bind. It amazes me how many of these people there are that try to make money off of the consumer and teach the wrong things at this seminars.

Buy a house the right way. Work with an experienced Realtor who can guide you through the process, negotiate the best deal for you and make sure that you have a good loan.

Many of these get rich schemes are scams and many only hold half truths. Again, I caution if it sounds too good to be true, it IS!

There is more to real estate than just opening a door or just putting a for sale sign front of a house. I think everyone pretty much realizes that by now, at least I hope so. So, work with experienced professionals, to buy a house, sell a house and get a mortgage loan.

The First Time Home Buyer has an excellent opportunity to buy a house now, with some great mortgage loan programs available in Sacramento. It is NOT a good time to flip a house.

When we talk about First Time Home Buyers it is not just the person who has never owned a house. It is also those who owned a home at one time but have not been a homeowner for the past 3 years. If you havent owned a home for the last three years, you qualify as a First Time Home Buyer.

Credit score is important not only to qualify for a loan but your credit score also determines the interest rate you get on your mortgage loan. The only time credit score does not apply is for FHA loans.

The important thing to remember is that a loan is not JUST the interest rate, it is the whole enchiladas the type of loan, length, adjustments, penalties etc.

So, proceed with optimism but apply caution and deal with an experienced, trust worthy professional in real estate and the lending industry, chose wisely.

A reputable, professional is not in it for the short haul, the commission. They are in it for the long haul and expect to do business with you for many years to come.

Below are a few articles for home sellers and home buyers as well as those thinking of selling their house with real estate tips that I hope will help you. Enjoy.

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. Feel free to ask your Real Estate question by email.

More Real Estate Tips:

Real Estate Tips For the Home Buyer

What are the ABCs of Buying A HoUse?

Sacramento Realtor Talks to Home Buyers

If Mama Aint Happy, Nobodys Happy!

Baby Steps When Buying a House

When Should a First Time Home Buyer Buy a House?

First-Time Home buyers Should Take Advantage of the Buyers Market

New Home Buyer Information You Need to Know

Homeowner Tips and Home Buyer Tips

Sacramento Home Buyers, Sellers and Homeowners Ask Realtor

Ask Real Estate Question

Ask Your Real Estate Question

First Time Home Buyers in Sacramento-Congratulations! First Time Homebuyers Check-off List-Part 1First Time Homebuyers Check-Off List-Part II-Write An Offer

Important Buyer Information

Real Estate Tips For the Home Seller:

What Every Home Seller Should Know

Tips in Preparing Your Home For SaleChristmas in FebruaryFair Oaks California SellersHome Buyers and Sellers Talk About Realtor, Gena RiedeSelling Your Home?How to Sell Your House

Should I Remodel How Much Do I Get Back?

Sellers, Do You Know What You Should Expect?

What Sellers Need To Know About Receiving Offers

Zillow for a Zestimate Yes or No?

Authored by Gena Riede | Discussion: Comments »

Ask Gena Answers Homeowner Question

January 20th, 2008 categories: Ask Gena, Real Estate Tips, Realtor

Ask Gena Button Its Ask Gena, the Realtor a question time!

As always, names are never given nor specific addresses or areas.

You can rest assured that this is a place where your question can be posed with anonymity.

Now, lets get to our home owner question for this week.

Dear Gena,

After the recent weather that we had tree limbs fell on my roof and part of the fence is on the ground. I have had several people come and to look at the damage and give me bids. I have a couple of questions. How many bids should I get and is it really important to have a licensed person do the job?

Dear Unfortunate Homeowner,

Technically, you should get 3 bids and that way you will have a good idea as to how much it will cost plus the people giving bids should definitely be licensed. Remember, that when you hire someone to fix anything they can tell you they know how but if they have a license, then there is a better chance that they REALLY know how to fix what you need done.

More importantly, they need to be insured. What happens if they get hurt on the job at your house? Hiring a licensed contractor is in your best interest and will save you money in the long run.

Remember, that you should NEVER give more than 10% as a down payment. There should be a schedule of payments and no payments made until each portion of the work is completed.

Some of the things you need to be very careful about are liens. Liens can be placed on your home by people that were not paid by the contractor and by the supplier of the materials if they were not paid for. The contractor should be giving you, Notice to Owner. Remember that all changes or additions to your contract must be in writing. The contractor is required to let you know if they are insured and provide you with that information.

Things to Know When Hiring a Contractor:

Check out the License with the State License Board
Get 3 Bids
Building Permits
Read and understand the contract
Do you have a 3 day right to cancel
Contract should give start date and end date
Contract should give detailed description of work and materials used
If asked for down payment it should never be more than 10% or $1000 whichever is less
There should be a schedule of payments upon work completed
Notice to Owner should be given informing you about liens
All changes or additions should be in writing

Here is a website where you can check to see if the license is valid at the California Contractors State License Board

If you have a Real Estate question, check out and read what other home buyers and home sellers have asked.

Feel free to ask your Real Estate question by email.

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 Ask Gena Questions:

Sacramento Home Buyers, Sellers and Homeowners Ask Realtor

Ask Real Estate Question

Ask Your Real Estate Question

Authored by Gena Riede | Discussion: 2 Comments »

Do You Go All The Way?

December 30th, 2007 categories: Realtor, Sacramento

What is a Good Realtor?

Is a Good Realtor important when buying or selling a house?

How do I know that I have a Good Realtor?

These are important questions when buying or selling a house. You might think that any bloke can sell a house or can represent a home buyer in real estate. But, that would be a wrong assumption.

The way to answer this question is to simply give you a few examples of what I do as a Realtor representing a home buyer or seller.

Since I love what I do for a living and enjoy the people that I represent it makes my job a lot easier and no matter how much the house is worth, my clients receive the same special care and respect.

The first way that I represent a home buyer is to make sure that they have a reputable, honest lender. No matter what the lender has indicated that the home buyers can afford, the number 1 essential item is:

HOW MUCH DOES THE HOME BUYER FEEL COMFORTABLE SPENDING

Its great to own your own home or condo but its not great to be house poor. So, I listen to what the home buyer wants to spend and what they want in their new home or condo.

There is never pressure from me. The home buyers that I represent move at their own pace. When it comes time to write the offer on the house that my home buyers want, I provide the home buyer with a detailed Comparative Market Analysis and we talk about what the offer should be. Within the offer I make sure that I have requested as much as possible for my home buyers.

I suggest that the home buyers take a dry run from the house to their job site, and make sure that this is a commute that they will feel comfortable doing. I also suggest talking with the neighbors. Many times, I will make the first move and introduce them. Although neighbors come and go, its nice to get a feel for the neighborhood prior to buying.

Then, my team of reputable professionals are called in for assistance with the home inspection if my buyer does not have one of their own and I make sure that repairs are followed up with. Now, you may think that this is something that is always done but Im here to tell you that many times, there are assumptions made that work has been accomplished when in fact, it has not. Im a stickler about that and do follow through.

I attend all signings. This is important and I dont miss my signings. Very few agents go to the signing at the Title Company but I have found errors at signings so I made the commitment a long time ago to attend each and every signing.

Now, obviously there are many important features that go into buying a house but these are a few highlights of my real estate commitment to the home buyer. The home buyers that I represent have me for life. Our relationship does not end when I hand over the keys.

Last year we had a freeze and I made sure to call each of the home buyers who had pools to instruct them on what they needed to do during the freeze. You see I am their Realtor for life and plan on being there when they need me I made a commitment and I go all the way and see it through.

When representing a Seller, the obvious is to show the Seller just what homes in the neighborhood are selling for and sometimes actually viewing a few homes helps Sellers to narrow down the selling price, since the price is key to selling their home. Looking at the house through the home buyers eyes is essential when preparing the house for sale.

I help the Seller with positioning and honing in on what is needed in order to sell. Sometimes just a few suggestions is all that is needed and other times, a home stager must be called in who can bring in furniture for vacant houses.

Depending on the Sellers preference, I will hold Open Houses and notify Realtors that the house is on the market.

Due to my presence on the web, my Sellers get excellent coverage of their home for sale. I am an excellent negotiator and will make sure that my Sellers get the best price through my negotiating skills.

Once again, I attend all signings so that errors are not made.

You will find that there are agents who will represent both the home buyer and the seller I do not do that. I made a commitment a few years back that I would not handle both sides. It is my opinion that if I represent a Seller by listing their house for sale, then my commitment is to them. When representing both sides of a transaction, the agent becomes neutral and that in my opinion means that no one is represented.

Trust, compassion, skill, communication, knowledge and commitment are key in my business plan. And the bonus is,

wonderful life long friendships.

I am truly blessed to be a Realtor for Life who goes all the way for my clients.

Testimonials from Home Buyers and Seller:

Home Buyers and Sellers Talk About Realtor, Gena Riede

Home Buyer in Sacramento Buying in Granite Bay Speaks Up

About Gena Riede

Authored by | Discussion: Comments »

Questions for Sacramento Real Estate Realtor

November 26th, 2007 categories: Real Estate, Real Estate Tips, Realtor

Ask Gena Button

Good Morning Sacramento! Hope you had a safe and enjoyable Thanksgiving.

Now, its time to get to those burning Real Estate questions that you have sent in to Ask Gena.

Seller Asks: Does it make any difference if I stay in my house or leave when the agent is showing my house?

Dear Seller,

To be real honest with you, yes it does. The difference is whether or not the Home Buyer looking at your house, feels comfortable or not.

Most Home Buyers when looking at homes for sale, want to be able to point things out whether they be positive or negative about a house to their Realtor. If the Seller stays in the home, the Home Buyer does not feel at ease talking frankly with their Realtor nor do they feel comfortable opening cabinets and drawers while you are anywhere in the house.

You want the Home Buyer to feel comfortable and start thinking of your house, as their home…so give them the space they need.

My suggestion would be to leave your house even if its just for a walk around the block. Good luck and I hope your house sells quickly.

Home Buyer Asks: Is this really a good time to buy a house? Arent homes going to go down more? Should I wait to buy a house?

Dear Future Home Buyer,

Love that question! I know its scary especially with the turn in the Real Estate market and so many homeowners losing their houses but YES, yes, yes, yes .it is an excellent time to buy a house.

Can I say that we have hit rock bottom? No, I cant and no one can. But, by the time you find out that the bottom has hit, Real Estate will be going back up and you will have lost out on one of the greatest opportunities you could have. Be sure to read my article, When Should a First Time Home Buyer Buy a House?

There is another very important key factor here in timing your Real Estate purchase and that is interest rate and available mortgage loan programs. Depending on how well you have managed your credit, there are some excellent loan programs for you with interest rates that coincide with your credit score.

With that said, and an excellent Realtor negotiating money back and credits from the Seller, this is an excellent time to buy a house.

And there is still time to get that home and be in for the holidays! If you are interested in buying a house in the Sacramento or surrounding areas, it would be my pleasure to help you with the purchase of your new home or I can refer you to an excellent Realtor in your area.

If you have a Real Estate question, just email me and I will address your question here on Ask Gena. Your identifying information is kept in strict confidence.

Other Ask Gena Questions and Answers:

Sacramento Home Buyers, Sellers and Homeowners Ask Realtor

Ask Real Estate Question

Ask Your Real Estate Question

Authored by | Discussion: 4 Comments »

Sacramento Home Buyers, Sellers and Homeowners Ask Realtor

October 12th, 2007 categories: Real Estate, Real Estate Tips, Realtor, Sacramento

AskGenaButton Got a Real Estate question? It’s Ask Gena in Sacramento time once again.

We have several Real Estate questions from our readers so let’s get right to them.

Buyer Question: I’m trying to understand this as a hopeful buyer…If an ad says “subject to short sale” and bank approval, owner motivated” if they are asking say $150,000, can I just offer like say $130,000? Will the bank take lower offers, or are you stuck with the asking price? I’m new a this and on an extremely limited budget. Thanks.

Dear Potential Short Sale Buyer, there is no quick answer to your question. All banks are different depending on how much is owed on the property in short sale and if there is a second on the property. Meaning if there are two different loans. One may agree and the other may not. Typically, whatever the house is listed for (in this case–$150,000), what is owed is more than likely much more. The bank has a bottom line that they will accept and if they don’t get it, then they Foreclose on the house (this is what we have been noticing so far in the Sacramento area). The banks gather all of the offers and do not respond in a timely manner so if you have the time and the patience go ahead and make your offer but do so with the help of a professional, full time Realtor who can guide you with your offer.

Homeowner Question: I’ve heard that I am suppose to have my air conditioner and heater checked each year. If it’s working is it necessary to do that?

Dear Homeowner, yes you should have your heater and A/C checked twice a year. The reason for twice is that in the winter the A/C can not be checked, only the heater and vice versa. This keeps everything in working condition and reduces your utility bills as well as keeping you up and running when you need your heat or air conditioning working. Remember, to change your air filter at least every 3 months. Many heating and air companies offer programs where you pay a yearly fee and get service twice per year. This ends up being cheaper in the long run.

Seller Question: My house has not sold. I haven’t heard from my agent. Do I have to stay with my agent?

Dear Seller, this is a tough time in Real Estate. Your house must be in good condition, meaning it needs to “shine.” Have you taken a look at the other homes in your area and compared your home with the others? It’s important to know what your competition looks like and how much money they are listed for sale.

I’m sorry that you haven’t heard from your agent. It’s important to have a good working relationship and good communication between each of you. No, you don’t have to stay with the agent. I would suggest that you call your agent and sit down and talk. You did sign a contract and there is a final date on that contract. You can ask the agent to take your house off the market and see if the Broker will release you from the contract date.

Remember, that price is very important in this Real Estate market and it is important that the price of your home reflects what is happening in your area. Good luck.

If you have a burning question or even a small question, feel free to either ask right here or send me an email. All identifying information will be kept in strict confidence.

New Home Buyer Information You Need to Read

October 8th, 2007 categories: 1st Time Buyer, Home Buyer, Real Estate, Real Estate Tips, Realtor, Sacramento

Transfer Tax A Midtown Downtown Home Buyer who recently bought his house is the focus on todays Sacramento REAL Estate article.

Let’s call the new First Time Home Owner, Joe. I dropped by to see how Joe was getting along in his new house in Midtown last week and I think he is very glad I did.

Joe suggested that we have dinner at Waterboy at 2000 Capitol Ave which was positively delicious. Waterboy changes their menu each month and uses fresh local produce during the meal preparation…yum and it’s good for you, too!

During dinner Joe told me that he had received his tax bill that need to be paid by October 10th. As a new First Time Homeowner, I was surprised that he would receive his Supplemental tax bill that soon and thought it quite unusual. So, I pressed the conversation, more.

Joe repeatedly told me that the tax bill he received was called Transfer Tax and not Supplemental. I asked if he was sure about the name TRANSFER TAX. Joe was certain that this bill was called Transfer Tax and it was in the amount of $1300 +. The amount was a dead give away…Joe was correct it was the Transfer Tax.

Read the rest of this entry »

Authored by | Discussion: 6 Comments »

Sacramento Real Estate, Prepare for the Eye of the Storm!

August 31st, 2007 categories: Mortgage, Real Estate, Real Estate Market, Realtor, Sacramento

Real Estate in the Sacramento and surrounding areas will see the eye of the storm of Foreclosures over the next 24 months.

I was privileged to be a part of a conference call with Brian Brady, America’s Mortgage Broker, where he outlined what to expect in the months ahead with Real Estate and the Mortgage Industry.

This is not meant to alarm but to inform so that you can better prepare and know what to anticipate in the Real Estate and Mortgage Lending fields.

Here is what I gleamed from Brian and those that attended. This storm is a category 5 and will have devastating results. Like with any storm, it is vital to prepare and be aware of its approach.

The adjustable loans that were handed out like candy will have all surfaced their ugly heads during this time. This phenomenon is not just prevalent in Sacramento and the surrounding areas but all over the United States and overseas.

This is an ugly time in our history but it will pass. There is wreckage in its path where home owners will be forced to start again and prices of homes will go down, yet again. It is a cleansing of the Real Estate market and Mortgage Lending.

Along with this storm is the Mortgage Melt-down. This storm that is fast approaching our Sacramento Real Estate area, is the repositioning of Mortgage Loans. Fewer home buyers will qualify for loans in the coming year.

Higher FICA score cut offs and no loan exceptions will prevail. Which means, that there will be fewer Home Buyers that will qualify for a loan.

Wallstreet is not buying loans and this effects everyone. You ask, what does this mean to me? Good question.

If you are a Seller, be armed with this information. Dont sell your house before you get a loan approval to purchase elsewhere. You may find yourself with the new restrictions unable to purchase a replacement home. If you dont have to sell, then dont.

Homes for sale must be priced downward, since there will be fewer home buyers who will qualify, otherwise you will not sell. If you want to sell your house, you must be aggressively priced for the Real Estate market. Since most home buyers will be unable to obtain full loans, Sellers may need to be creative and carry-back paper.

Home Buyers, it is not the time to sit back and wait, you may find that you are out of the Real Estate market all together. Fewer of you will qualify for a loan. Many loan programs will no longer be in existence and with the credit changes, you may find yourself out of the Real Estate market all together.

For those with stated income, loans will be more expensive even with 720 and higher FICA credit scores. With 115 Mortgage companies out of business so far this year, Wall Street not purchasing loans and tightening of lending practices, many home buyers will not qualify for loans.

The day of 80/20 loans will be fewer and far between and there will be no exceptions.

PMI is deductible for most homeowners, earning less than $100K for loans originated in 2007. It is likely but not definite that the deductibility will be extended for loans originated next year. Please check with a Tax Specialist (like a CPA or EA) for a definitive answer.

Also, there is a FHA Reform bill in the House, 1852, FHA Reform Bill 5121 that if passed;

will increase the current limit on FHA mortgages for higher cost areas
revise current condominium requirements
make more availability for seniors on reverse mortgages
increase loan maturity to 40 years in order to lower home owner payments
and give more flexibility in setting down payment requirements.

To sum up, if you are a home buyer thinking of purchasing a house, I would personally get going on this while you can and get qualified with a reputable Lender. With all the tightening of loans, it may become an impossibility or very costly to you the longer you wait.

If you are a Seller, make sure that your Realtor gets the Home Buyer Lender approval before accepting any offers on your house. Double check the Lender approval for that Home Buyer. Theres nothing like finding out that the Lender has gone out of business and there is no one to fund the loan. Be diligent. Keep track of the Mortgage Lenders that have gone out of business at Implode-o-Meter.

The storm is fast approaching!

Realtors, make sure that your Home Buyers have loan approval before taking them out to show houses. No point in wasting your time or theirs. Full underwriting approvals last 60“120 days, make sure your Home Buyers have the documentation letter prior to showing them houses.

For those Homeowners who have an adjustable loan and plenty of equity, you may want to talk to your Lender now, about refinancing out of that adjustable loan. Consult a reputable Lender for advice.

Hang-on tight, if you dont have sell, dont. After the storm passes, the Banks will want to see one-year of stabilization and then we may see the Banks ease up a bit.

Authored by | Discussion: 8 Comments »

Home Buyers and Sellers Talk About Realtor, Gena Riede

June 6th, 2007 categories: Home Buyer, Real Estate, Realtor, Relocating, Sacramento, Seller

Home Buyers and Sellers in Sacramento Home Buyers and Sellers know that hiring an experienced Realtor is key especially in todays Real Estate market.

I often site examples of why every Home Buyer and Seller should take the time to investigate who they are relying on with the most expensive asset that they will own or do own, their house.

I have been blessed with excellent Home Buyers and Sellers throughout my career and thought I would share with you a few of what Home Buyers and Sellers that I have worked with have to say about my services.

Recently, a current Home Buyer wrote an article for my blog. Listed below are the testimonials from past clients:

GreenBar

We have worked with numerous Realtors throughout the country and internationally as well. Gena is, without a doubt, on e of the best professional Realtors we have encountered. She is a delightful person, an excellent listener, and a true professional. Gena knows the Real Estate market as well as the financial complexities that come with buying a home. After listening to our requirements, Gena located the house we had only hoped for in just one week. The house had everything we wanted “ ranch style, 3 car garage, on a golf course, a little land, a view of a lake, an oak tree and most importantly within budget. Searching for a house can be a stressful, tedious chore. Gena made it an experience to enjoy. We will certainly use Gena again when we are in need of her professional expertise and we recommend her highly without reservation.

Sincerely,

Suzanne Grybas and Phil Grybas

Senior Vice President and CFO Surewest Communications

GreenBar

Gena is a Realtor that sincerely cares about her clients. She stays on top of all transactions, is very dependable, and continually keeps her clients informed. Gena has high ethics, gives honest opinions, and gives her clients excellent advice on how to prepare their home for sale.. She is always available to answer questions or address concerns. If we still lived in the California area and were interested in buying or selling a home, we would definitely hire Gena Riede again. She is a top-notch Realtor!

Helen & Oliver

GreenBar

Gena Riede helped us buy our first house four years ago. She was extremely thorough in her search to help us find the perfect place to call home and worked diligently to profile us with comprehensive information on everything from mortgage to location information. We were so thrilled with how she handled all of the details from start to finish that when we were ready to move again, we called Gena to help us sell and buy our next home. She has also continued to be an excellent resource for us even after we are settled in our home, providing numbers of people who can provide services such as painting or keeping us up to date on the current real estate trends. We recommend several friends to Gena who have successfully also bought and sold home through her. She is a very dedicated, supportive, enthusiastic, informative, and intelligent Realtor and anyone utilizing her services is very fortunate.

Erin & Mike T.

GreenBar

Thanks Gena for all your help the past few years! When we were ready to purchase our first home, you helped my wife and I find the perfect place. And when we needed to sell a few years later, again, you were there to help us through the process and get our home sold in a timely manner. We couldnt be much happier with the service you provided.

Thanks Again!

John & Christy D.

GreenBar

We always knew that we had a strong player in our court with Gena Riede. We were first-time home buyers, and she led us through the maze by educating us, and advocating for us with each offer we made. We always felt we were in such capable, strong hands. Thank you, Gena!

Hugs,

Lisa

GreenBar

Gena represented my wife and I in the purchase of our home in El Dorado Hills. Gena is a very respectful and a responsive person to your Real Estate needs 24/7. Gena gets answers to your Real Estate and Financial questions immediately.

My wife and I relocated from San Jose and closed our Real Estate purchase in 30 days.

When we decided to move again, we will seek Genas advice and expertise and will ask her to be our Real Estate Realtor/Broker.

Sincerely,

Mr. & Mrs. Cousineau

El Dorado Hills, CA

GreenBar

Gena is the first and only Real Estate agent we have met that fully understands every aspect of the buy/sell process “ “ I know that may sound silly, but in a sea of agents Gena Riede really stands out from the crowd. We never doubt her advice for a moment! Plus, her customer service attitude and work ethic go unmatched.

Angela & Tom

GreenBar

In selling my home, I could not have asked for a better Realtor than Gena Riede! I was impressed by her enthusiasm, thoroughness, and complete availability during the whole process. She was totally involved, every step of the way, to ensure that things went smoothly, and the sale was completed with very little effort on my part. I didnt realize that selling a home could be so easy!! I cannot recommend Gena highly enough!

All the best!

Joseph Hoffman

GreenBar

We have known Gena Riede for four years and she has helped us buy our first home, sell our first home and purchase our second home. Not only is Gena professional, very knowledgeable and a real advocate for her clients, but she has quickly become a part of our family because of her kindness and compassion. The most impressive thing about Gena is that her job doesnt end when you have signed the papers and have moved into your new home. Gena always makes herself available to her clients in order to answer questions or help in any way she can. Gena truly cares about her clients and doing what is in their best interest.

The Lucchesi Family

GreenBar

I have used Gena Riede for both buying and selling a home. Because Gena was on-the-ball for me when I was buying my first home, I did not hesitate to call her when I was ready to sell. During the selling transaction, we ran into a few obstacles due to the buyer and buyers Realtor, and Gena was quick to do all in her power to move the deal along in the speediest and smoothest way for me. I recommend Gena to any one out there considering buying or selling a home!

MS-a happy client

GreenBar

In 2002“2003, my husband and I sold 2 homes with Genas assistance. She was always there with her assistance and very candid with suggestions to improve the sale ability of our homes. She kept in contact and kept us updated continuously. When we decided to purchase a home in the Foothills, we, of course went back to Gena. When we plan to sell our current home, we definitely plan to go back to Gena Riede!

Connie & Brian

GreenBar

Gena is the ultimate professional. She has assisted me with two different Real estate transactions and both times went above and beyond the call of duty to ensure that my best interests were at the forefront and that my needs and desires were met. She spent countless hours working out details of contracts and helping facilitate parts of the processes that would have otherwise fallen through the cracks. If I had not moved out of state the last time, I would always rely on Gena Riede for my Real Estate needs.

J. Thompson

Learn more about Gena at