I thought I’d change up the blogging today. I usually blog about Real Estate because that’s what I do but today I am going to blog about Sacramento. The weekend is almost here and the weather is nice. There are so many things to do here in Sacramento. If you live here or planning to visit one place I enjoy is the railroad museum. I enjoy walking inside and looking at all the trains. You can even walk through a train, and see the sleeping and dining areas. I think I had more fun than my kids did.  The Railroad Museum is in Old Sacramento, The streets are cobble stone and the original buildings from 1850’s are still standing. It is a great day trip for the whole family or a date. I hope you enjoy Sacramento as much as I do.

If you do could be receiving a letter offering a principal reduction.

This is because of the $25 billion mortgage settlement, which can save homeowners about 30 Percent of their monthly payment. But of course there is a catch you must fall into these circumstances.  

Eligible homeowners are those who:

• Owe more than the property is worth.

• Were at least 60 days behind on payments as of Jan. 31.

• Make a monthly payment of at least 25 percent of gross household income.

• Have a loan owned and serviced by Bank of America, or serviced by Bank of America and owned by an investor who has given the bank permission to reduce principal.

A common thing to ask for in Sacramento on the RPA-CA is to ask for seller to contribute towards closing costs on an FHA loan. So we got an offer, an estimated HUD and submitted the offer to the bank. We got approved well weeks later and last week we were supposed to close when it came to light that Penny Mac DID NOT approve seller contribution. Finding this out last minute, Buyer freaked out and wanted to cancel the deal. While the agents who are involved also freaked out because there was so much time invested into this deal, buyer called his Lender which in turn called Penny Mac and the next morning I received a new short sale approval letter approving sellers contribution to buyer.

We are now signing today and closing tomorrow.

That was a challenge but we all got through it

 Always ask a question if you have one

 2.  Anticipate human error 

People make mistakes  

3.  Review loan documents in advance

It’s because of number 2 

4.  Take a check

Bring a certified check  

5.  Take the day off

You do not know how long it may take so take the day off so you don’t feel rushed 

6.   Expect the unexpected — including typo

Again number 2 always look at everything twice.

Do blogs get you business? Do they help your business? Every time I get ready to blog I wonder if anyone reads them anyways. Trying to think of new topics can be a bit challenging but I do it because I hope people are reading them.

Does anyone have some topics in the Sacramento area Real Estate market that they needed answers to?

Just reply to blog I will be happy to answer any questions.

 -If you haven’t it’s a great time to change your thermostat to a programmable one.  This can help save money because it will go on and off at the set temperatures.

 -Always a good idea is to check and maintain the weather-stripping around doors this will help keep the cool air conditioned air in and the hot air out.

 -Replace or repair new screen doors helps keep your house looking good and keeps the bugs out.

 -If you have a Chimney, Cap the chimney to help keep any animals from nesting.

 -Have gas appliances tested

 -Clean and maintain your Entryway to your house.

 -Check for falling fences and replace if needed

 -Pressure wash your sidewalks because months of falling leaves can leave your sidewalks stained.

In 2006 home prices were up and everything was great. People were getting loans, buying houses, and spending money but then it all went downhill. That down has brought us here. Short Sales. So many people are upside down in their house that Short sales are how many people are getting out of the bad loans they are in. But dealing with Banks is not an easy task. Bank of America has realized this and is trying to improve their system. Many agents are familiar with Equator it was created to make things easier but somehow it creates more work for the agent because we end up having to upload many documents multiply times. However Bank of America has been made aware of this issue and starting April 13^th Equator will change. They have set up team leads to help make sure you receive better service and are working on the response rate. Right now it stands between 87-92% that the negotiator gets back to the agent with 48 hours.

That means that 8-13% of the time your negotiator does not get back to you.

Hope this change will improve the whole Short Sale process because Short Sales are here to stay.

 My answer was yes. For a few reasons, HOA dues are collected from the whole “development” this is where they get the money for landscaping, club centers, etc. So by not paying it will affect the other homeowners. Another great reason to continue paying is that HOA s’ can lien your property which can stop a Short Sale from closing.

 Whatever you decide talk to a Tax professional and/or Real Estate Attorney.