Sacramento Real Estate Views

Have You Received a Notice of Default?

Time Is Of The ESSENCE!

If you’ve received a Notice of Default and are in the beginning stages of the foreclosure process, you have a small window of opportunity to sell your home short and avoid the trustee’s sale.

If you don’t get the documents to the bank very early in the process, they could deny your sale and your home could go to auction.

Once the house sells at auction, you’re rights to stay in the home are gone and you’ll need to move almost immediately upon the close of the auction.

My recommendation is to have the required documents to the bank 30 days prior to the trustee’s sale to make every attempt to get a postponement.

What You’ll Need To Get It Done

Selling your home short is a stressful process but foreclosure is worse.  You can make it easier by being prepared upfront before you communicate with your bank about your desire to sell your home for less than you owe.

Your lender is going to require that you substantiate your reason to sell short and they are going to want all of your personal financial information upfront as well as documentation regarding your situation and the listing of your home.

Here is a brief list of what is commonly asked for from most lenders.

List of Required Documents

Most lenders, with few exceptions, will request a list of documents from you much like the list below.  This information is personal but you’ll want to provide everything as concisely as possible so that you’ll be considered for a short sale.

Selling your home short is a far better option than going through the foreclosure process.

• Bank Statements – If you’re are employed, you’ll need two months. If you’re self employed you’ll need 4 months.
• Financial worksheet monthly expenses – The lender or bank is going to want to know where your money is going.
• Copy of your homeowners insurance policy.
• A hardship letter signed and dated – Lenders need to see why your can no longer afford your home.
• Two recent pay stubs.
• Two of your most current year tax returns.
• 1099’s or W-2’s for the last two years.
• Proof of occupancy – utility bill of some kind.
• 4506T request for tax transcripts

At the same time you send in these documents, you’ll want to also show that the house has been listed for sale and that you have a contract pending their approval of the sale as well as all of the buyers documents.

Loan Modifications

What I’ve found is that the larger lenders want their borrowers to go through the loan modification process first to find a solution rather than go directly into a short sale.  Once you’re in the loan modification process, everything from a foreclosure sale perspective stops.

While this isn’t always the case that they want you to go through the loan modification process, it doesn’t hurt even if your intention is to sell short regardless of the outcome.

At this point, lenders/investors haven’t been willing to reduce principal loan amounts to keep people in their homes.  Reducing principal loan amounts is the only viable solution for the homeowner for the long term but for the banks, they’d rather foreclose or sell short than to lower the principal loan amount.

This makes NO SENSE but there must be a reason for it on their level.  I know no one who has any rational idea of why this is.

Now What?

After you have all of your very personal information together, you’ll need to have someone knowledgeable about the process put the house on the market and help negotiate the sale for you.

You don’t want to do this on your own as it is VERY frustrating and could stress you beyond your rational limits.

It’s always better, especially if it costs you nothing, to have a Realtor handle the short sale for you.

We have a professional negotiation team handle all our short sales and we close a very high percentage of them as a result.  We keep you updated weekly so that you know every step of the way where we are in the process.

Looking to sell short?  If you’d like more information on how we handle short sales, please fill out the form below for additional information and we’ll get back to you promptly.

Thanks for visiting!

I Need Short Sale Info!

1. Your Name(required)
2. Email (email required)
3. Phone(required)

 

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Tags: Rocklin, Roseville, sacramento, short sale

Time to Sell Short in Rocklin Decreases

Quarter over Quarter Results

The time it takes to get a short sale* closed in Rocklin has decreased by 68 days from the first quarter to the second quarter of 2010.

That’s a 32% decrease in the time it takes to get a borrower on their way out of a bad financial investment.

With the government providing a solution to the failed loan modification program, short sales have become easier than ever to get closed.

The HAFA program has put the banks on notice that the government would rather not see any more foreclosures.  Due to this, banks are approving short sales even with an notice of default filed and a trustee’s sale scheduled.

Now, we’re also seeing some lenders, most in fact, approving short sales without the borrower being late on ANY payments.

Wells Fargo/Wachovia has come out and told me personally that a borrower doesn’t have to be late to be considered for a short sale.

On their portfolio holdings, Chase has said that they don’t want ANY foreclosures.  None!

While the individual borrower is not portfolio, I can tell you that Chase is pretty easy to work with in approving short sales.  So is Bank of America.

This is the best possible scenario for homeowner who can see that the underwater mortgage they are holding onto is a bad investment.  You can now get out of that bad investment without completely destroying your financial situation.*

Values Hold Steady

So far, values have held steady in the Rocklin area this year.  This appears to be the direction the market is going in the short term.

Don’t look for wild or even gradual appreciation anytime soon.  (for an appreciation scenario, click here)

For the next few years at least, it appears that, unless something crazy happens with our local and statewide economy, that our market will stay steady if not lose a little more value now that the homebuyer tax credits have expired.

This makes holding onto a mortgage that is underwater an even worse decision.  If the market were looking to appreciate in the short term, then we’d have a “wait and see” attitude toward it.

No economic analyst worth their weight in tomatoes is saying that real estate values will increase in the short term, 2 to 4 years, and when they do begin to appreciate, it won’t be 8% or 10% per year but more like 2% to 5% per year or around the national average.

Not good for those who purchased from 2000 to 2007.  Unfortunately, a large part of the new homes sold in Rocklin per purchased in that time frame.

Are you thinking about selling your home short? or If so, please fill out the form below and we’ll get back to you promptly.

Thanks for visiting!

I Need Short Sale Info!

1. Your Name(required)
2. Email (email required)
3. Phone(required)

 

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*Selling your home short comes with financial consequences.  Before making a decision to sell your home short, please consult your personal financial advisor.

Tags: Rocklin, Roseville, sacramento, short sales

Mortgage Rates Are Still Going Down

How Long Can This Last?

Honestly, I thought we’d seen the last of rate declines in 2006.  This is making that look ridiculous!

Rates are now the lowest that they’ve ever been or at worst are tied for the lowest rates have ever been.

On Thursday, FreddieMac.com came out with a report citing the interest rates averaged about 4.68% down from 4.71% the week prior.  That is SO low!

I had a potential client of mine tell me on Saturday that he got a quote for a conventional 30 year fixed rate mortgage, 20% down, at 5.5% and his credit scores were very good.  This seems as if it too high and I advised him to get a second opinion as you should if your quoted interest rate seems too high.

As of just now, rates are at 4.68% for a 30 year fixed rate mortgage. That will change so follow up with your lending resource for an update on rates. If you don’t have a lending resource, please let me know and I’ll be happy to refer you one of mine.

From FreddieMac.com

1)  Interest rates have never been this low since they started tracking it in 1971. (Wow!)

2)  Last year at this time the rates for the 30 year product was 5.53%

3)  Low mortgage rates and low housing prices are producing highly affordable housing conditions nationwide.

4)  New and existing home sales were 36% higher than in January and pending sales have gone up every month for the last 9 months.  7 of those months were THE MOST AFFORABLE HOUSING MARKETS ON RECORD SINCE 1971.

Now that’s news!

From Our Local Lenders

Pat Murphy, Guild Mortgage, 916-212-9451

pat@patmurphyloans.com

“Rates are starting to creep up a bit but are still under 5% at 4.875% this morning!  Yes, funds are available for many loans.  Yes, opportunities to buy have never been better.  Yes, you can often refinance.  Yes, you can!  Let’s find out exactly what you are entitled to!

Contact me for Free Advice – Honest Loans”

As always, please keep in mind that rates are subject to change in any moment.  They are very liquid and change moment by moment.  For the most up to date rates, please give Pat a call.

Thanks for visiting and Happy Holidays to all!

Tags: mortgage rates, Rocklin, Roseville, sacramento

What’s Your Home Worth?

Values Have Declined Dramatically

Over the past several years, home values all over the Sacramento, Placer and El Dorado Counties area have declined sharply.  While the declines are now slowing into single digits, we’re still losing value especially in the above $300,000 communities.

This fact makes it difficult to know what your home is currently worth.  We’re here to help.

Professional Home Valuation

We provide a professional home valuation reports based on the most recent comparable sales of homes within a 1 mile radius of your home within the shortest time frame possible.  Only the most recent comparable home sales, generally within the last 60 days, are relevant to the value of your home.

Accuracy

We make every effort to be as accurate as possible.  It makes no difference if you’re planning on selling or are just curious about the value of your home, the report will be identical.

Our home valuation reports are only valid the day they are produced as our market is constantly fluctuating. (We’re required to include this “disclaimer”.)

What you will not get from us is an inflated estimate of the value of your home.  All reports we create will be substantiated by hard numbers with the high value and the low value removed to obtain a solid, average value of your home.

We have nothing to gain by reporting your home value higher than it actually is.

Help Us Help You

For valuations beyond the average value described above, we need as much information as possible to make the most accurate assessment of the value of your home.  Please include:

1)  Pools and spas

2)  Flooring; tile, laminate, hardwood, carpet

3)  Large lot sizes

4)  Location description

5)  Unique amenities

This information will help us to get as close as possible to the most accurate value of your home.

A visual inspection of condition / amenities are available upon your request and would be best to ascertain the closest value range possible.

Email or Written Report?

We deliver our reports within 24 hours*.  Please indicate in the form below if you’d like an email delivery or a written report delivered to your home.

Information Privacy

We will not under any circumstances:

1)  Sell your information to 3rd parties.

2)  Solicit you beyond a follow up call to insure that you received your report and to answer any questions unless you request to be included in our newsletter.

We respect that you may not want to hear from us and that’s ok!

All that we request is that if you do plan to sell your home, please give us an opportunity to earn your business if you don’t currently have a Realtor to refer to.

Please fill out the form below and we’ll be back to you in 24 hours*.

Thanks for visiting!

*24 hour response times don’t include holidays.  Requests received during holidays will be processed the very next business day.

Home Value Request Form

1. Contact Information
2. Your Name (required)
3. Email (valid email required)
4. Phone (required)
5. All personal information is kept strictly confidential.

Home Characteristics

1. Tell Me About Your Home or Investment
2. Complete home address (required)
3. Property type? Primary Residence Investment Land Other
4. Investment property only N/A Single Family Home Duplex Triplex Fourplex More Than Four Units
5. Do you own this home?
6. Yes No
7. Approximate square footage of your Home(required)
8. How many bedrooms? 2 3 4 5 6 (required)
9. How many bathrooms? 1 2 3 4 5 (required)
10. Condition of Your Home or Property. Poor Fair Good Excellent
11. Recent Upgrades, Repairs or Amenities Please Be Specific
12. When is the best time to reach you? As Soon As Possible Morning Mid day Evening By Email Only (required)
13. Are you working with an agent now?
14. Yes No
15. How would you prefer your report to be delivered?
16. By Email To My Home
17. Anything Else I Need to Know?
18. Thank you!

 

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Tags: antelope, auburn, carmichael, citrus heights, fair oaks, folsom, granite bay, home values, Lincoln, natomas, newcastle, orangevale, penryn, Rocklin, Roseville, sacramento

Homes for Sale in Carmichael – $250,000 to $350,000

http://www.idxcentral.com/metro/idxsearch.cfm?idxid=rsaxe&pg=results&from_price=250000&to_price=350000&sqft=0&bed=0&bath=0&comarea=any&ptype=House&rows=10&do=any&acmin=0&acmax=99999&ybmin=0&set=any&cs=sa&ziplist=95608&stories=any&pool=any&horse=any&sort=pricea&lo=any&loid=any&la=any

Tags: homes for sale carmichael, sacramento

The Secret To Buying A Home In Sacramento

Multiple Offers Making It Tough On Buyers

With some buyers making 15 to 30 offers on existing homes throughout the region without getting one accepted, buyer frustration is at an all time high.

I’ve made offers for some of my clients $15,000 to $20,000 over list only to get beat out by either another offer or the listing agents client. ( call me if you have a question on this )

There is one sure fire way to still get a great deal on a home and not compete with anyone in the process.

Sound too much like 2007?  Well it’s here and it’s a strategy that I’m advising all of my clients to consider.

I’ve worked with two buyers who have taken this advice and have been able to comfortably buy a very nice home, in better shape than ANY foreclosed or short sale home on the market.

What is this $64,000 idea?  Read on!

Read the rest of this entry »

Tags: new homes rocklin, Roseville, sacramento

Local Events This Weekend – 8/7 & 8/8

Sacramento

Screen on the Green
Sat, August 8th at sun down
Grant Park: 21st & C St (Midtown)
Screen on the Green features family-oriented films on four
consecutive Saturday events in neighborhood parks. All events are
free and open to the public. This week’s movie: Bee Movie
http://www.sacscreenonthegreen.com/#

SOFF – Sacramento Outdoor Film Festival
Sat, August 8th 5:00p
Cesar Chavez Park: 901 J St
Sacramento Outdoor Film Festival in Cesar Chavez Park beginning
Aug. 8 and continuing each Saturday night in August. There will be a
beer garden, hotdogs, popcorn and video game competitions. The
park opens at 5 p.m. and the movie shows at dark. This week’s
movie: Rebel Without a Cause. Free Admission.
http://sacoutdoorfilmfestival.com/

The Fire Spectacular
Sat, August 8th 3:00p
Stellar Studios: 202 23rd St
Sacramento’s 2nd Annual Fire Festival celebrating Fire Dance, ART,
and Music! The Fire Spectacular 2009 Theme: The Ocean’s Song.
$10- $25. (916) 505-5115 . For tickets and schedule of events visit:
http://www.sacredfiredance.com/888.htmlr

Placer County

Museum Tour
Sat, August 8th & Sun, August 9th 10:00a to 4:00p
A-Tisket, A-Tasket. Bring your picnic basket and visit one or all 18
museums from Roseville to Tahoe. The tour promises to be a
family-friendly event with many hands-on activities for all ages. It is
a chance to take a trip back in time and get a better understanding
of Placer County’s rich, colorful history. Visitors will learn more about
the pivotal role our county played in important events such as the
California Gold Rush, construction of the First Transcontinental
Railroad and the development of the recreation industry in the Sierra
Nevada. Call 530-889-6500 for a Trail Guide and information. Free.
http://www.sacbee.com/ourregion/story/2077075-a2077240-
t46.html or www.placer.ca.gov/museum

Roseville

Poppy State Cat Show
Sat, August 8th 9:00a to 5:00p
Placer County Fairgrounds: 800 All America Blvd.
Opportunity to see over 200 cats, representing over 40 breeds, up
close and personal. Talk with the owners about their cats, ask those
questions you’ve always had about the various breeds, perhaps
purchase a new friend, root for your favorite cat as it is judged by
the 6 judges. The show hall is air conditioned and should be a cool
place to be on a hot August day. People food and cold beverages will
also be available. $7 adults, $5 Children, Seniors, Military,
$15 Families. (530) 417-4405 http://www.catshows.us/poppystate/

Auburn

Reptile Faire
Sat, August 8th 10:00a
Placer Nature Center: 3700 Christian Valley Rd, Auburn
These scaly, cold-blooded creatures are back for this annual event!
Meet turtles, lizards and snakes of all sizes, shapes, and colors.
Learn about the care, needs and history of different reptiles. Many
are available to touch! Free. http://www.nwf.org/naturefind

Movies

New Movies

G.I. Joe: The Rise of Cobra PG-13
Julie & Julia PG-13
A Perfect Getaway R

New DVD Releases

I Love You Man R
17 Again PG-13
State of Play PG-13

Weekend Sports

League/Teams

MLB

SF Giants vs. Reds
8/7 @ 7:15p; 8/8 @ 3:33p; 8/9 @ 1:05p

Starting Pitchers – 8/7 – Tim “the freak” Lincecum – 8/8 – Barry  “mr. second half” Zito

A’s @ Royals
8/7 @ 5:10p; 8/8 @ 4:10p; 8/9 @ 11:10p

Starting Pitchers – 8/7 – Vin Mazzaro – 8/8 – Brett Anderson

AAA – Pacific Coast League

River Cats vs. Oklahoma City Red Hawks
8/7 @ 7:05p & 8/8 @ 7:05p

River Cats vs. New Orleans Zephyrs 8/9 @ 6:05p

NASCAR Sprint Cup Series

Centurion Boats at the Glen
8/9 @ 1:00PM ET
Watkins Glen Int’l
Watkins Glen, NY

PGA Tour

PGA WGC-Bridgestone Invitational
Purse: $8,500,000
Defending Campion: Vijay Singh
8/6 to 8/9
Firestone South Course
South Akron, Ohio

Info Courtesy of Pat Murphy, Guild Mortgage, 916-212-9451, pat@patmurphyloans.com

Got questions about a home loan?  Pat has been a wonderful resource for me, she can help you as well.  Please tell her that I referred her if you do call.

Thanks for visiting!

Tags: placer community events, sacramento