Real Estate News
What Do Pigs in Perfume Have in Common with FHA?
September 21st, 2009 categories: Real Estate News
How do FHA home buyers feel about paying more for home appraisals?
How do FHA home buyers feel about appraisals taking longer than their disclosure time period?
This is the way the government has of stepping in and protecting the home buyer. HVCC (Home Valuation Code of Conduct) has been a nightmare these past few months as an attempt to solve a problem with appraisals and streamlining them.
What the government did was create a bureaucratic mess creating a company known as AMC to distribute appraisals jobs. Of course, AMC isn’t doing this for FREE. They take a hefty cut and guess who pays for that cut?
You got it, the home buyer. There have been petitions signed by Consumers, Realtors and Lenders as well as Appraisers to stop government interference.
I will continue to sign the petition to reverse this incredible mistake and I hope you, as the consumer who has a lot to loose will too. I know it’s defeating to sign to let your voice be heard when no one seems to be listening but that seems to be our only choice.
So, I ask that you take the time to click and sign the HVCC petition to permanently reverse yet another government mistake.
The few who abused the system, need to be prosecuted, fined, have their licenses removed but not pass on this abuse to the home buyer and have them pay for it. Every time, we see the government get involved in Real Estate, it becomes a slow down of bureaucracy.
Do banks and the government belong in Real Estate? No, we can all see what happens when they do.
These past few months while living through the HVCC ruling many home buyers, real estate agents and lenders have had to deal with the fallout. After all the petitions signed to stop HVCC we now have a new pig in perfume who is adopting much of the same ruling, FHA.
Yes, there are many loans that have not been effected and unless and until one of yours is effected due to the HVCC ruling, it’s hard to relate. One of my home buyers was effected. Many others haven’t been but that doesn’t stop me from signing and disagreeing with the HVCC guideline.
Has anyone ever heard to prosecuting those your offend rather than throwing the baby out with the bath water?
Home buyers and Sellers alike should be damn mad and protest this. We do NOT need to boggle down the system, we do NOT need to have home buyers pay for others mistakes and we don’t need government to create yet another time consuming bureaucracy for real estate all in the name of protecting the home buyer.
There is a simple solution if the REAL goal is to protect the home buyer…go after the people who cheat, lie and abuse the system…prosecute, fine and remove licenses!
Do YOU want government interference?
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.If you have a real estate question that you would like an answer to by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers be sure to check out 
and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice
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Sacramento Real Estate Trends for 2009-2010
September 14th, 2009 categories: Real Estate Market, Real Estate News
Seems there is a rumor that Real Estate is turning around in Sacramento. I keep hearing that from people I run into and it surprises me. That is not what I am finding. Home sales were down last month for a very good reason.
Most homes for sale are Short Sales and they take feverishly long to close. Foreclosures are down simply because of the bill passed to contact each and every homeowner having trouble paying their mortgage to try and work out a loan modification therefore the banks are not foreclosing on homes a fast as they previously were.
Have defaults on mortgages gone down? No. That’s why I don’t see a turn around in the Sacramento Real Estate trend…we still have a way to go, I’m afraid.
Six states accounted for 62% of the total foreclosure activity in August and yours truly, California ranked as one of the highest according to Realty Trac.
Sacramento Foreclosure Rankings for August – (these are just a few)
- 95823 had 319 foreclosures
- 95828 had 282 foreclosures
- 95757 had 279 foreclosures
- 95758 had 275 foreclosures
- 95624 had 258 foreclosures
- 95835 had 232 foreclosures
- 95648 had 215 foreclosures
- 95630 had 164 foreclosures
- 95820 had 163 foreclosures
- 95833 had 144 foreclosures
- 95747 had 137 foreclosures
- 95678 had 134 foreclosures
- 95608 had 115 foreclosures
- 95765 had 105 foreclosures
- 95677 had 84 foreclosures
- 95661 had 67 foreclosures
- 95746 had 53 foreclosures
Carmichael, CA had 532 foreclosed homes which sold for an average price of $195,081. One in every 514 homes received a foreclosure filing for August 2009. Click to view current Carmichael bank owned foreclosed homes for sale
Elk Grove, CA had 3,742 foreclosed home with the Average Sales price being $228, 616. One in every 254 homes received a foreclosure filing in August 2009. Click to view current Elk Grove bank owned foreclosed homes for sale
Folsom, CA has had 641 foreclosures with an average sales price of $284,546. One in every 250 homes received a foreclosure filing in August 2009. Click to view current Folsom bank owned homes for sale
Sacramento, CA had 13,399 foreclosed homes with $136,849 as the average foreclosure sales price. One in every 131,620 homes received a foreclosure filing in August 2009. Click to see current Sacramento bank owned homes for sale
Roseville, CA 1,769 foreclosed homes which sold at an average of $260,629. One in every 426 homes received a foreclosure filing in August 2009. Click to view current Roseville bank owned homes for sale.
Lincoln, CA has had 1,208 foreclosed homes with an average sale price of $279,779. One in every 35 homes received a foreclosure filing in August 2009. Click to view current Lincoln bank owned homes for sale
Rocklin, CA has had 735 foreclosed homes selling at an average price of $260,478. One in very 214 homes received foreclosure filing in August 2009. Click to view current Rocklin bank owned homes for sale
Are you interested in knowing what States are improving and which States are expected to have further decline in real estate value? Check out 10 Housing Market to Rebound Soon.
The top 10 cities with home prices expected to level off this year and start increasing next year are:
- Baton Rouge, LA
- Buffalo – Niagara Falls, NY
- Dallas – Plano – Irving, TX
- Fort Worth – Arlington, TX
- Houston – Sugar Land – Baytown, TX
- Little Rock – North Little Rock – Conway, ARK
- Omaha – Council Bluffs, NEB, Iowa
- Pittsburgh, PA
- San Antonio, TX
- Syracuse, NY
The largest 10 real estate markets were prices are expected to continue to decline through 2010 are:
- Fresno, CA
- Las Vegas – Paradise, NV
- Miami -Miami Beach – Kendall, FL
- Orlando – Kissimee, FL
- Phoenix – Mesa – Scottsdale, AZ
- Portland – Vancouver – Beaverton, OR, WA
- San Jose – Sunnyvale – Santa Clara, CA
- Stockton, CA
- Tacoma, WA
- Tucson, AZ
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 by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice
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Time Is Running Out for Home Buyers
August 17th, 2009 categories: 1st Time Home Buyer, Real Estate News, Real Estate Tips
Sacramento, CA
Not much time is left for First Time Home Buyers to take advantage of the $8,000 tax credit. The clock is ticking.
As of today, August 17, 2009 First Time Home Buyers have 105 days until the 1st Time Homebuyer tax credit ends.
This is like money falling from the sky and many of my first time home buyers have been lucky enough to have taken advantage of this.
Click if you are one of the lucky First Time Home Buyers who needs the First Time Homebuyer tax credit form 5405.
With anything there are rules,and this home buyer tax credit is no exception. Let’s go over the rules for the 1st Time Home Buyer Tax Credit and see if you qualify.
1. This tax credit is for 1st Time Home Buyers…who is a First Time Home Buyer?
Anyone who has NOT owned a house in the past 3 years
2. The house you buy MUST be your primary residence…what is a primary residence?
The place you live most of the time and where your bills typically are mailed.
3. Can I use the $8,000 tax credit as my downpayment on a house or condo?
No, you must have 3.5% of what you are paying for the house as your downpayment. You can use the $8,000 toward your closing costs and you can add it to the 3.5 % money that you already put down on the house or condo.
The tax credit does not have to be repaid as long as you live in the house or condo you buy as your primary residence for 36 months.
There are income restrictions so it is always best to contact your tax consultant and ask if your income would qualify for the 1st Time Home Buyer tax credit.
For more information from a reputable safe site please read HUD’s explanation when using tax credits as a 1st Time Homebuyer.
Considering how long it takes to close on a Short Sale and as a Short Sale agent, I recommend you don’t delay or you may not be able to use this $8,000 tax credit in time. With most of the listings on MLS being Short Sales, you really don’t want to put off getting your first home or condo.
We don’t know if the $8,000 tax credit will be extended at this point so give your Realtor a call and get started finding your first home or condo so that you can take advantage of your own little stimulus package!
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.
. and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate | Discussion: Comments »
Government Throws the Baby Out With the Bathwater
August 5th, 2009 categories: Real Estate Market, Real Estate News
Home Buyers need to know what is happening in Real Estate right now where the government has once again stepped in where they should not have tread. This effects EVERY home buyer and home seller so be sure and let your voice be heard.
HVCC (Home Valuation Code of Conduct) concerns appraisals. Washington Mutual, from what I have been told, pressured appraisers back in the day and were instrumental in getting appraisers to value property to the value the bank wanted, Fannie Mae and Freddie Mac thought they would come to the home buyer’s rescue with MORE rules after just one man from New York pressured for a change.
These are some of the pitfalls that have occurred due to the governments “HELP”:
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Raised appraisal costs for the home buyer
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Encouraged the use of inexperienced appraisers
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Developed unregulated, unlicensed middle man, “appraisal management companies,” AMC who now take 50% of what appraisers USE to make
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Delayed closings on properties
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Home Buyers losing out on purchasing property
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Out of area appraisers
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NO communication when, we ALL should know communication is KEY in undertanding
Yes, you as the home buyer are paying more money for an appraisal, since the government has designated a 3 rd party who now makes money to refer an appraiser to the property needing an appraisal.
No longer is there a relationship with a bank or mortgage broker with the appraiser. Now, it may be someone who just got in the business, someone who lives outside the area, a good appraiser or a not so good appraiser and in the meantime, the appraiser makes less money and really has no vested interest in doing a good job or not.
We are seeing appraisals come in that have no bearing to the comps in the area as well as appraisals taking much too long and many home buyers unable to purchase a house due to the appraisal.
No longer may the lender speak to the appraiser or know who they are much less appraisers calling both the listing and selling agent to help with any comps they know of in the area. If a mistake has been made on the appraisers part, too bad…another property goes south.
Government needs to stay out of real estate. They have made a mess. Enforce and prosecute those who are licensed and punish if you find they have encroached where they should not have tread but don’t throw out the baby with the bath water. This only makes for more problems which is evident today all over the country.
If you are a home buyer or thinking of being a home buyer, click to sign the petition that many Realtors ® and Mortgage Brokers are fighting on your behalf to stop this madness! Request for Permanent Reversal of HVCC Petition. Let’s get back the licensed experienced appraisers and stop the middle man who takes their money and forced the good appraisers out of business.
HVCC has directly impacted my home buyers and this ridiculous rule by the government needs to be stopped by one Attorney General from New York, Andrew Cuomo.
We need to be able to communicate with the appraiser and get back experienced licensed appraisers in order to sale real estate and close the deals. Be pro active and help stop the insanity and sign the HVCC petition.
Read The HVCC-Definition of the Problem-Top 10 List of Problems with the Home Valuation Code of Conduct.
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 by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers as well as providing excellent service as a relocation agent. Be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice
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This Sacramento Realtor Was Wrong
July 29th, 2009 categories: Living Green, Real Estate News
Back in April, I wrote an article, How To Be GREEN and Increase the Value of Your Home where I also provided videos of a company that I was excited about after watching them locally on Sacramento TV Channel 13, Good Morning Sacramento.
The Eagle Shield company, I thought provided an excellent resource for being “green” and at the same time per their advertisement the cost of my SMUD bill would be significantly reduced with their product. It was to be a win, win…
I promised that I would let you know how I felt about the product and how much it reduced my SMUD bill.
First let me say, Eagle Shield was “Johnny on the spot” and very convincing that not only would my energy bill be reduced but that the life of the A/C and Heater would be greatly increased due to not having to work as much.
The bad news is that my SMUD bill was significantly higher this year than last year at this same time. And unfortunately, that’s before any rate hike by SMUD.
But, worse than that I found the company, Eagle Shield to be non-responsive to complaints. After many calls for several weeks, a salesman came out to check the work and of course was not authorized nor did he have any idea why the bill was higher.
For weeks I have been told the manager Kim at Eagle Shield would call but to this date she has not.
Did I mention that no one ever did the 15-Point Energy Audit that they advertise? Eagle Shield not a company that stands behind their product nor do they follow through with what they advertise.
Since Eagle Shield’s product runs between $3,000-$4,000 and obviously has not worked for me, I can not recommend it. Don’t waste your money.
I would strongly advise homeowners consider more insulation rather than this Eagle Shield product called reflective insulation that they over promise and under deliver as well as very poor customer service. I have been extremely disappointed in the product and the company, Eagle Shield.
In the next few years we will be bombarded with companies on the “GREEN” wagon and I suggest that you tread very lightly before jumping on any of their wagons. Not everything advertised as “Green” is “Green.”
Hope this helps save someone else from falling into the Eagle Shield trap. I have filed a complaint with the Better Business Bureau to help other homeowners who may be considering Eagle Shield.
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 by Gena Riede, Sacramento Realtor ® specializing in helping home buyers and home sellers be sure to check out and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Voice
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Is Sacramento Real Estate Bumping the Bottom?
July 15th, 2009 categories: Real Estate Market, Real Estate News
Sacramento, CA
Each of the home buyers that I have been working with wonder if “Games” are being played by agents and the banks.
Phone calls I receive from other home buyers tell me their Realtors tell them to offer more money than what the houses are listed for.
Appraisals are not coming in at value.
There are two reasons for this phenomenon, appraisers being used are out of the area where the house is located (although if they are good at their job, this should not present a problem), and the other reason is home buyers are driving the prices up.
Do you have some of the same questions below…
- Has Obama’s hold on Foreclosures caused a false sense of bottom?
- Have investors and home buyers worried that there won’t be anymore foreclosures?
- Are home buyers driving up the value of homes?
- Will loan modifications end up foreclosures in the years to come?
- Will the banks trickle out the foreclosures or let them infiltrate in mass?
- Will unemployment continue to rise past 11.1% in Sacramento?
- Will the new Short Sale and Foreclosure be caused from unemployment?
- Is the new foreclosure a 20 year loan with fixed rate?
What I have been noticing are investors paying cash and paying more than the property is worth thereby driving the prices upward. My guess is that these are first time investors.
Even Sacramento Short Sales have gotten into the game with multiple offers jacking up the true value of the property. Some listing agents are notorious for underpricing a house in order to receive multiple offers…a bit of a bait and switch, I’d say. As a Short Sale listing agent are you REALLY surprised that buyers are writing more than one offer?
We have houses where agents are removing the key from the lockboxes so other buyers don’t have the opportunity to view the property and the saga goes on…
Agents not returning phone calls, not properly updating the MLS and a few agents not apparently knowing how to handle a Short Sale.
This causes much trepidation with home buyers. Oh, and did I mention that come banks when accepting the home buyers offer are reducing the contingency period to 5 days, the appraisal to 10 days and charging $200 per diem for every day not closing on time?
It’s the Wild, Wild West in Real Estate these days…
In my opinion we are at a false bottom just bumping along the bottom and not quite there, yet. There are plenty of foreclosures yet to come. The projection of an upward swing, I believe won’t happen until the end of 2011. I’d love to be wrong but that’s the way I see it.
And frankly, if we have more Sacramento layoffs past the 11.1% figure (this figure does not even reflect all the furlough State workers), I believe we will see more foreclosures from homeowners loosing their jobs who have good mortgage loans with fixed interest rates. You don’t qualify for a Loan modification if you don’t have a job.
Did you happen to see the Sacramento Bee story: Interactive: California wave of lost jobs:
Layoffs from Jan 2008-May 2009
- Sacramento County 4,713
- Placer County 2, 188
- El Dorado County 212
- Yolo County 1,757
Check out the Unemployment in California as presented by the Sac Bee just through May 2009.
What are your thoughts, when do you see the bottom happening? Do you think we will see a turn around in 2011 or sooner?
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.
. and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate | Discussion: Comments »
Cross Your Fingers Sacramento Home Buyers
July 8th, 2009 categories: 1st Time Home Buyer, Home Buyer, Real Estate News
Sacramento, CA
Sacramento Home Buyers are waiting for Capitol Hill Senate and House to extend the 1st Time Home Buyer tax credit scheduled to end November 30, 2009.
Not only are we hoping that the first time home buyer tax credit is extended for first time home buyers through 2010 but also make it available for ANY home buyer. On top of that we are also hoping that the income limits will be removed.
It’s my understanding that Senate Georgia Republican Johnny Isakson Senate Georgia Republican Johnny Isakson has introduced a bill to double the home buyer tax credit to $15,000 for any home buyer regardless of their income.
Senator Isakson has a real estate background and people need to listen to him…
Apparently, sources say that it is unlikely we will see anything happen until the Fall where the original $8,000 First Time Home Buyer tax credit may be extended.
Increasing the tax credit amount, allowing ALL home buyers not just 1st Time Home Buyers and having no income barriers is going to be a monumental battle.
So, keep those fingers crossed and write your Congress person to gain support. Senator Isakson’s bill will help stimulate real estate which in turn will stimulate the economy.
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.
. and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate | Discussion: Comments »
Sacramento Short Sales are the New REO's
June 18th, 2009 categories: Real Estate News, Short Sale
Sacramento, CA
Real Estate is changing.
We will see many more Short Sales rather than Bank Owned homes (REO’s) for sale.
With the 90 day moratorium on Foreclosures, this should result in many more Short Sales for sale in and around Sacramento.
The new California Foreclosure Act extends the original 3 month notice of sale after filing a notice of default, for another 90 days. This delays foreclosures coming on the market by 90 days. The extra 90 days may not have a huge impact on foreclosures but it will give the homeowner extra time to save their home possibly with a loan modification.
To see if you qualify for a loan modification, just click on a reputable Government website where help is FREE at Making Home Affordable.
Since the unemployment figures continue to rise and distressed homeowners are finding it difficult to keep up with their mortgage payments there will be more homes for sale.
Some of the homeowners will be working toward a loan modification while others will opt for a Short Sale and get out from under their mortgage.
Investors are eager and anxious as are first time home buyers since it is not rocket science to know that rents will be climbing and now is the time for investors as well as those home buyer who are currently renting.
Homeowners are realizing that it is better on their credit to list the house as a short sale rather than experience a foreclosure.
Typically, with good credit a homeowner who hires a Realtor ® to list their home as a Short Sale will have to wait 2 years before qualifying to buy a house again versus 3 years if their home was a foreclosure. This is always subject to change so you need to consult a professional for the latest guidelines.
With the onset of the current administration and several years of the banks finally figuring out that they lost more more money on Foreclosures, Short Sales are the new game in town.
Many of the banks SAY they have been working on streamlining Short Sales so hopefully, home buyers will not be experiencing the long delays of years past.
Not only does it require a knowledgeable Realtor ® to close a Short Sale but it also requires a cooperative bank/lender/servicer or third party.
Remember, once the homeowner accepts the home buyer’s offer on a Short Sale, the MLS will show Active Short Cont. Agents that don’t keep the MLS up-to-date are not a service to anyone. It is important that we all make this as easy as possible for both the homeowner and home buyers.
The accepted offer is sent to the bank, any additional offers are merely BACK-UPs.
So, get ready…get set
SHORT SALE is the new game in town
Click below on each link to see ALL the Short Sale homes for sale in a few neighborhoods.
Auburn CA Short Sale homes for sale
Carmichael CA Short Sale homes for sale
El Dorado Hills CA Short Sale homes for sale
Elk Grove CA Short Sale homes for sale
Fair Oaks CA Short Sale homes for sale
Folsom CA Short Sale homes for sale
Granite Bay Short Sale homes for sale
Lincoln CA Short Sale homes for sale
Natomas Short Sale homes for sale
Rancho Murieta CA Short Sale homes for sale
Rocklin CA Short Sale homes for sale
Roseville CA Short Sale homes for sale
West Sacramento CA Short Sale 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.
. and read what other home buyers and home sellers have asked Gena Riede, Sacramento Realtor ® specializing in Short Sale homes for sale and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate
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Rules for $8000 First Time Home Buyer Tax Credit
June 1st, 2009 categories: 1st Time Home Buyer, Real Estate News
Sacramento, CA
This is a great time for Sacramento First Time Home Buyers.
Money is falling from the sky!
$8000 tax credit for 1st Time Home Buyers is a great way to start the year!
There are some stipulations and there will be SCAMS out there trying to scam their way to you so KNOW your rights and understand the rules so you are NOT a victim.
Don’t believe people just because it is what you want to hear. KNOW what the facts are and don’t be taken advantage of. Remember, to use a reputable Lender and stay away from those INTERNET lenders. Read the U. S. Department of Housing and Urban Development letter for an understanding of the rules.
As a home buyer you can NOT use the $8000 as part of your mandatory 3.5%down payment with FHA. You MUST have 3.5% down from other sources. You can use the $8000 toward your closing costs and you can add it to the 3.5 % down payment making for more down.
The ONLY way you can use this money at the time of close is by being given a second or what we call a bridge loan from any Federal, State or local agencies and any FHA mortgagee or FHA approved nonprofit organization.
Remember, it is FRAUD if anyone tells you that you can use the $8000 before you close on the house you are buying unless it is given to you as a loan through the entities I mentioned above. It is very specific.
Remember, you need to buy a house BEFORE December 1, 2009 to claim the tax credit on either your 2008 or 2009 tax return. This applies to any first time home buyers closing on a purchase after April 8, 2008. And a first time home buyer is anyone who has NOT owned a home in the past 3 years.
This tax credit does not have to be repaid as long as you live in the house and it is your primary residence for 36 months. You can claim up to 10% of the purchase price but only up to $8,000 or $4,000 for married individuals filing separately.
However, if your adjusted gross income is more than $75,000 or $150,000 for joint filers than you may find this tax credit does not apply to you. Always check with your tax consultant.
You can wait and get your $8000 tax credit after your home or condo closes.
What a nice gift that would be! Need carpet, want to paint, need appliances or furniture? This could be a God send for all those little things you might like to have when you move into your new home.
Better yet, with this economy, put it in the bank and save it for a rainy day!
Remember, the scammers will be out there like flies to honey so BEWARE!
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.
. and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate | Discussion: Comments »
B of A Short Sale – Buyers Need Epidural
May 27th, 2009 categories: Real Estate News, Short Sale
Get ready, get set…more short sales and foreclosures (later rather than sooner) are coming.
All of the “stated income” loans (the lie to get a better rate loan)and “pick a payment” loans that Lenders hustled are about to show their face.
If course, we have Obama’s Making Homes Affordable plan by the use of loan modifications that is suppose to decrease the amount of foreclosures but I am very skeptical about this plan working.
In comes a flood of Short Sales.
After waiting patiently since March home buyers I am working with were horrified as I was to hear Bank of America REFUSE to pay any closing costs on a short sale. This house has been on the market since July 2008.
Yes, I said 2008! And my home buyers made an offer in March 2009. Can you believe it? The buyers have offered $35,000 less than the appraised amount. Not a bad offer.
And to make matters worse, my home buyers are willing to pay the closing costs BUT the bank STILL won’t accept their offer! WOW!!
My first time home buyers will need an epidural before this is over!
It does make one wonder what the bank bailout money has been used for…are they REALLY interested in selling? What exactly is their motivation? Will the banks get more money from the tax payers?
Do we feel sorry for you B of A? hmmmmmmm
And if that isn’t bad enough, now we have our own esteem Gov. Arnold Schwarzenegger granting a 90 day foreclosure moratorium. Say, I have a question…do you like dragging the economy in the gutter for a longer period of time? Seems that’s the aim of our CA legislators!
Even Corbett who wrote this ridiculous foreclosure moratorium bill said she wanted to write a more aggressive bill but couldn’t…hey then don’t write one and Arnold what were you thinking when you signed it?
This bill is full of false hope for the homeowner losing their home. Worse yet extending the length of time for CA recovery by not letting these homes go into foreclosure and quickly selling them.
Thanks California legislators for making sure that we can endure this economy EVEN LONGER!!!
For those home buyers who would like to take a look a short sales and foreclosed homes for sale just click the links below. Remember, you can’t be a toast watcher and make offers on Short Sales.
Click below to see homes for sale
Short Sale homes for sale in Sacramento
Foreclosure homes for sale in 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.
. and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate | Discussion: 6 Comments »
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