Sacramento

Sacramento Home Buyer Asks Good Question

August 18th, 2010 categories: Ask Gena, Real Estate Tips, Sacramento

This week I called home buyers who registered on Sacramento Real Estate Neighborhoods which is where home buyers search for homes for sale and get the latest MLS listings for sale on their email each day.

One of those phone calls to a potential home buyer brought up an interesting burning question that other home buyers might have…

Let’s call this home buyer, Ted.  Ted said that he had been defeated earlier this year since he placed on offer on many homes and they always sold for more than the asking price.

Yes, Ted that did happen for many home buyers.  It was called “supply and demand.”  But, never fear, now with inventory high this is less likely to happen again to you.

Now for Ted’s BIG burning question…Ted said he was taking this time to save money for his down payment on a house since he only had 10% and was VERY concerned about having to pay mortgage insurance (PMI) for the DURATION of his mortgage loan.  Note: This would have been a Conventional Loan.

PMI is extra insurance lenders require when a home buyer’s loan is for MORE than 80% of the appraised value of the house or condo the home buyer is purchasing.  This is done just in case the home buyer defaults on their loan and protects the lender.

Ted WON’T have to pay PMI for the duration of a 30 year mortgage.  First of all the value of the home Ted buys will increase in value.  As soon as the appraised value of Ted’s home reaches that 80% mark either through home prices increasing or due to home improvements, Ted’s PMI will be eliminated.  Ted wants to make sure however, that he does not take out an equity line of credit for those great home improvements.  Otherwise his request to terminate the PMI might be rejected.

There is a caveat to eliminating PMI,  the homeowner must be current on their home mortgage and not been delinquent.  Most lender must eliminate PMI as soon as the borrower pays the loan balance down to 78% of the value.  For those homeowners who are considered high risk, the elimination of PMI is automatic at 77% of the home value.  Loan payments must be current.

Here is an example of when you may cancel your PMI

$200,000  Present Value of Your Mortgage

    x 1.25

$250,000  Minimum Value Your House Must be to Cancel PMI

Of course, if the appraised value of your home exceeds $250,000 you should contact your lender immediately to have PMI removed.

For further information about your PMI, contact your lender directly.  And if you are a Sacramento home buyer be sure to take a look at ALL Sacramento homes for sale at Sacramento Real Estate Neighborhoods and give me a call so we can get started finding YOU just the right home.

Authored by Gena Riede | Discussion: 3 Comments »

Bank of America: Hire American!

August 12th, 2010 categories: Real Estate News, Sacramento

Bank of America certainly does not live up to its name–and I would be hesitant to recommend their banking, investment and mortgage services to any of my Sacramento real estate homebuyers ever again. 

I don’t know how you feel about all the outsourcing of American jobs to other countries,  but since I live in Sacramento and we have double digit unemployment, it makes my blood boil to see critical employment that affects all our lives outsourced to foreign shores.

Bank of America received $45 Billion from TARP (a loan funded by our tax dollars) and they did pay it off early for their own political reasons–but I digress.  Let me get to the point of this article.

I recently met with one of my clients, whom we’ll call Emily, to discuss what she should do with her Sacramento home. She owed more than it was worth, having refinanced it through Bank of America in 2006. In those days, it had been a nice neighborhood with lots of promise. Today, it’s a high crime area that has had a recent murder.

Emily is fearful of opening her home to traffic; she also has an obligation to disclose neighborhood hazards to potential home buyers. She asked me what she should do. I suggested she attempt a “deed in lieu of foreclosure” and allow Bank of America to re-sell the home, as they would not have the same burden of disclosure to potential home buyers and REO’s sell much faster than short sale homes for sale because fast decisions and home sales can be accomplished–which isn’t always the case with a short sale.

Taking my advise, Emily immediately called Bank of America and explained she had experienced a drastic cut in income and could no longer afford the mortgage for this home. She also was adamant about not doing a short sale. She asked for the the “Deed-on-Lieu” department and assumed that they would jump at the opportunity to save $50,000 in foreclosure costs, when she was perfectly willing to hand over keys to the home–which was still in good repair.

The call was immediately transferred to a worker in India by the name of Juvvala, who asked Emily in broken English how much income she grossed and how much she netted. Looking at her 2009 tax return in front of her, she rattled off the appropriate numbers to this outsourced employee and he immediately argued and told her the figures couldn’t be right. This all occurred on speaker phone, and I could not believe what I was hearing. Emily insisted the numbers came from her filed tax return and were correct–and again explained why she believed Bank of America should do a deed-in-lieu versus short sale or foreclosure. Juvvala, after a lengthy conversation, finally told Emily he couldn’t promise anything, but that  she would receive Bank of America’s decision in the matter within 30 days.

In the meantime, Emily has been receiving calls from Bank o f America letting her know that she has missed a payment and that the call could be monitored and recorded.  Each time Emily explained that she is waiting for a reply on a Deed-of-Lieu.  These collection calls, she says,  have been from the U.S. and she found each caller to be very polite, understandable and cordial in offering help.  These Bank of America callers said they were not able to see where Emily was working on a Deed-in-Lieu because apparently that information is on another database–and as a result, the collections department for Bank of America is working in the dark.

Today, Emily received yet another call from a very nice Bank of America employee telling her she was late paying the house payment and she once again informed the caller that she was waiting to hear if her Deed-in-Lieu proposal had been accepted.  She pressed the issue to see if the U.S.  B of A employee could give her an update.

This is where the story gets interesting! 

The U. S. employee transferred Emily to what she thought was the Deed-in-Lieu department of Bank of America–but it wasn’t.  It was a friendly U. S. department for Short Sales. But, this nice man would transfer her to the Deed-in-Lieu department, for sure.

He did, and guess where Emily’s call ended up?  That’s right, India.  This time, Emily spoke with a woman named Malik who told her that according to the information on her screen, Juvvala had spoken to Emily about a deed-in-lieu on July 20th, but the call was disconnected and no further action was taken.

Since I was present during that call and I can tell you, the phone was never disconnected it appears that Mr. Juvvala, an outsourced employee of B of A, was too lazy to write up the conversation.  Had Emily continued to wait, which a lot of homeowners would do, she would have been foreclosed upon.  How many foreclosures have happened with B of A due to outsourced employees who simply took the easy way out and typed into their screen that the call was disconnected? How many never follow up–resulting in neighborhoods and lives being ruined?

My suggestion? Bring these jobs home and give them to American employees who care about our country, and use ONE database that allows one arm of Bank of America to see what the other is doing. All too often, short sales are ready to close and banks foreclose at an even lower price than what was offered.

It is insanity–and it feels like India is holding America hostage–and Bank of America is hiring them to do it.

Bank of America and its shareholders, as well as the American public , should know that this is not acceptable.  India is holding America hostage and Bank of AMERICA is hiring them do it.
 
(As a side note,  Emily reports that when she speaks with Bank of America workers in India there is no monitoring or recording of the conversation…is anyone in charge, does anyone care?)

Is this Bank of AMERICA or Bank of AmeriCAN’T?

Authored by Gena Riede | Discussion: 4 Comments »

Wildhawk Golf Club Sacramento Homes

August 11th, 2010 categories: Golf Course Homes, Sacramento

The Wildhawk Golf Club is an 18 hole golf course surrounded by homes in the Silver Springs neighborhood of Sacramento right off of Vineyard Rd.

As you travel on Calvine Rd and turn north onto Vineyard Rd from Elk Grove, to the right is Silver Springs where home buyers will find some lovely estates with plenty of wide open spaces and an established neighborhood.  To the left are the  Silver Legends homes which are on traditional sized lots.

A little bit further on Vineyard Rd is the Wildhawk subdivision both on the left and the right of the street with the homes on the right being those homes closes to the Wildhawk Golf Course.  Some of the homes in Wildhawk are on 1 acre lots with the homes closest to the Golf course on 1/2 acre lots.

Currently, I have a home in the Wildhawk area for sale as a Short Sale.  Within a week a home buyer placed an offer and the bank approved the Short Sale in 34 days.  This new home buyer is getting a very nice house, close to the elementary school and the golf course.

Be sure to check out the homes for sale in the Wildhawk area with zip code 95829 by clicking on Sacramento Real Estate Neighborhoods, leave your email address so that when a home comes on the market for sale, you will be notified.

Authored by Gena Riede | Discussion: 2 Comments »

July 4th 2010 Fireworks Around Sacramento

June 28th, 2010 categories: Fun Things, Sacramento

Can you believe it’s time to celebrate July 4th once again? Boy, the Summer sure is going by fast!

It’s a day to show your patriotism, and fly the American flag so get yours out and place it in your yard or window this 4th of July.

Now, for all the fun and firework displays throughout the Sacramento and surrounding areas for you and your families.  Have fun and stay safe!

Cal Expo Fireworks

As always, Cal Expo and the City and County of Sacramento will have one of the largest fireworks displays with FREE admission and an $10 parking fee this year (sorry, it went up).  Bring your blankets and lawn chairs.  Gates open at 4:30 pm and fireworks begin at 9:30 pm.  Click to view the map with directions to Cal Expo .

Carmichael, CA July 4th Parade & Fireworks

This year attend the Firecracker Breakfast as the Elks Lodge on Cypress Ave from 6:30-9:30 am, Parade, an outdoor BBQ, live music and dancing, swimming, kid games and more.  FREE  fireworks at La Sierra Community Center  at 5325 Engle Rd. begin at 9:15 pm

Citrus Heights Fireworks at Sunrise Mall

FREE annual parking lot fireworks show at Sunrise Mall  starts about 9:30 pm

Elk Grove Spectacular Fireworks

Don’t miss the 14th Annual Salute to the Red, White & Blue with fireworks display at Elk Grove Regional Park . Festivities begin at 3:00 pm with live music, food, entertainment, cake decorating and children’s area.  Fireworks begin at 9:30 pm with FREE admission and parking $10.  Elk Grove is celebrating it’s City’s 10 year Anniversary so all transit service is FREE to the public on July 4th.

Folsom Pro Rodeo and Fireworks

Nightly fireworks at dusk after roping and riding events at the Rodeo July 2, 3 and 4th.  Click for directions to Russell Arena.  If you buy the Buckaroo Pack for $60 you get 4 rodeo tickets, 4 hot dogs and 4 sodas along with the firework show.  And if you’ve never been to the Cattle Drive down Sutter St., you’ve missed a bit of history that’s repeated every year so go check it out on July 1st.

Rancho Cordova Fireworks

Parade is on July 3rd at 10:00 am starting on Coloma Rd at Cordova Lane  with home town flavor along with Carnival & Fireworks at Hagan Park  at 9:00 pm.  July 4th FREE admission ($10 parking) for the Star Spangled Weekend with food, music, fun and Fireworks beginning at 9:00 pm at Hagan Park on Chase Drive.

Galt

July 4th Fireworks Show at 10:00 pm Veterans Soccer Field

Roseville Family Fun

Royer Park ( 298 Park Drive ) will be celebrating Family Fun Festival with music, food and fun stuff for the kids from 11:00 am – 2:00 pm with fireworks at Sierra View Country Club  (105 Alta Vista Ave.)

Fireworks Show at 9:30 pm, Placer County Fairgrounds at Washington Blvd and American City Blvd.

River Cats at Raley Field in West Sacramento

The River Cats will be celebrating Independence Day after the game on July 3rd with Fireworks.  The game on Saturday starts at 6:35 pm with gates opening at 5:00. Click to view the map to Raley Field .

El Dorado Hills

1st Annual July 4th Celebration, July 3rd Celebration from 4:00-11:00 pm.  Latrobe Rd and Town Center Blvd at El Dorado Hills Amphitheatre.

Davis, CA Fireworks

Davis starts off with a kids parade on C Street between 1st and 2nd Streets at 9:00 am.  Breakfast with all you can eat pancakes at the Davis Senior Center for $3.  T-Ball game begins at 8:30 am.   The Davis Bike Club will race at 7:45 am. Mens Slow pitch baseball tournament begin at 9:00 am  Free swimming at Community Pool between 1 and 5 pm.  Then it’s entertainment with Fireworks starting at 9:30 pm until 10:00 pm at the Davis Community Park on Oak Ave and W. Covell Blvd.

Tahoe’s Fireworks

Star Spangled Fourth – Lights on the Lake where Hwy 50 meets the Lake starting at 9:45 pm  The beaches fill up quickly so get there early.

Lights on the Lake

Happy 4th of July!  HAVE FUN and stay SAFE.  See you back here on Sacramento Real Estate Voice.

 

Previous July 4th Fireworks:

Best July 4th 2009 Fireworks and Fun Around Sacramento

Where Are Fireworks Around Sacramento?

Celebrate July 4th in Sacramento, CA

Authored by Gena Riede | Discussion: Comments »

Do You Know What HomeBuyers MUST Have?

June 25th, 2010 categories: Sacramento, Sacramento Real Estate Videos

If you are a Sacramento home buyer or you are relocating and thinking about buying a home or condo there are a few things you need to know that are MUSTS for buying a home for sale.

I have shared one of the major biggies with home buyers in a previous video that you can watch called, Why Home Buyers End Up With NO House.

There is one more requirement Lenders have before they will fund your loan that you as a home buyer must be sure to put in place.  Without this,  the bank you are hoping will lend you the money, WON’T.  Your Realtor ® can help you with some of the questions that may be asked so always lean on your agent to help you through this process.

Hope I’ve peeked your interest to watch the video and find out what you MUST have if you are expecting to get a loan for that home or condo you are buying.  

If  you are in the beginning stage of home buying, be sure to check out all the homes for sale at Sacramento Real Estate Neighborhoods and sign-up to receive the newest listings on your email.

For More Helpful Videos:

Click Sacramento Realtor Helps Home Buyers and Home Sellers

Authored by Gena Riede | Discussion: Comments »

Showing Land Park and Curtis Park Homes

June 23rd, 2010 categories: Curtis Park, Land Park

I had the pleasure of choosing homes for sale in Land Park and Curtis Park to show a home buyer relocating from Indianapolis to the Sacramento region.  It was a pleasure to show most of the homes which were prepared and ready for showing.  We saw several homes which have made the top list to show the home buyer’s wife when she arrives to stay for a month.  It will be at that time the list will more than likely narrow and perhaps additional homes for sale added.

It seemed almost like clockwork or  preplanned while viewing a home in Land Park the home buyer said he would love to have citrus trees …  the next house on my list to show had several citrus trees! Amazed him as much as it amazed me…perfect timing.

And like so many, there was only 1 listing agent who contacted me to ask what the buyer thought about their seller’s home for sale.  

As a listing agent, I usually give 24 hours before contacting the selling agent who showed one of my listings to ask what their buyers thought of the property and any feedback they have for the home seller.  This is relatively easily done since the lockboxes if programed correctly will give the name of the Realtor, the agency and the Realtor’s phone number along with the date they showed the home for sale and the time of day.  Just another way of being the best you can be for your home seller as a listing agent.

If you are a home buyer relocating to Sacramento and would like to know more about Curtis Park and Land Park be sure to click on each of those cities as well as the links below and find out more about the neighborhood as well as a few videos of the neighborhood and then, let’s go see some homes for sale.

As always, you may look for Curtis Park homes for sale and Land Park homes for sale by clicking on Sacramento Real Estate Neighborhoods.

Other Curtis Park and Land Park Articles:

Sacramento Real Estate Got the Scoop

Freeport Bakery is Your Tasty Neighbor in Land Park and Curtis Park

Land Park Distinguished Neighborhood in Sacramento

A Hidden Treasure in Sacramento, Land Park

Land Park Home of the Best Neighborhood Park

Land Park an Outstanding Neighborhood in Sacramento

Authored by Gena Riede | Discussion: Comments »

Sacramento Memorial Day Holiday

May 31st, 2010 categories: Sacramento

Sacramento Memorial Day, a time to thank those you gave the ultimate sacrifice for all of us and say a little prayer for those you are fighting the battle today so that you can enjoy this holiday weekend with your family and know that you are safe.  Give a shout out to a Veteran today!

As reported by the Sacramento Bee, here are the observances for Memorial Day.

Authored by Gena Riede | Discussion: Comments »

Land Park and Curtis Park April 2010 Market Statistics

May 17th, 2010 categories: Curtis Park, Land Park, Statistics by City

Land Park and Curtis Park had 102 homes for sale in April with 26 homes receiving offers from home buyers 16 homes sold in Land Park and Curtis Park for the month at an average sold price of $411,688.

Previously in March 19 homes sold and the average sold price was $374,996.

Since January 1, 2010 through April 30, 2010 54 homes have sold in the Land Park/Curtis Park area.

As always you can take a look at homes for sale in Curtis Park and Land Park by clicking on Sacramento Real Estate Neighborhoods  chose Land Park//Curtis Park and put your criteria in that you want for your next home.

Other Land Park and Curtis Park Articles:

Land Park A Distinguished Neighborhood

Curtis Park Homes in Sacramento

Land Park Home of the BEST Neighborhood Park

Land Park An Outstanding Neighborhood in Sacramento

Sacramento Real Estate Got the Scoop

Freeport Bakery is Your Tasty Neighbor in Land Park and Curtis Park

A Hidden Treasure in Land Park

Authored by Gena Riede | Discussion: 2 Comments »

Showing Homes For Sale in Folsom CA

May 14th, 2010 categories: Sacramento, Sacramento Real Estate Videos

I have been showing homes for sale in Folsom and working with  Bay Area home buyers who have very specific needs that they want in their new home.  First of all they do not want the garage showing in the front of their home but rather would like to have a side loading garage. But most of all they are looking for a kid friendly neighborhood close to parks and conveniently located within a homeowners association having a pool.

What I have been noticing is that some listing agents omit the subdivision name within the MLS along with many of the wonderful amenities that Folsom neighborhoods offer.  This limits what the home buyers see. 

As a Realtor ® one of the real estate tips I have and also provide my home sellers is a printout of the agent portion of the MLS which shows everything including what the offering commission is to the selling side.  Each of my home sellers receive the MLS printout, are asked to review it for any errors or omissions and then asked to sign the MLS form.  It’s always best to have more eyes looking over the details of your home for sale to catch any errors.

My home buyer is always amazed at the spelling errors found on the MLS so this is a good opportunity for the Realtors ® and agents to review what is put into the MLS and make corrections.

My Bay Area home buyer will be strictly looking today in the American River Canyon area to find their next home.

If you are interested in buying a home for sale in Folsom be sure to check out the latest homes for sale on Folsoms MLS or Sacramento Real Estate Neighborhoods for all the homes for sale throughout the area.

Other Folsom Articles for your reading pleasure:

Thinking of Buying A Home in Folsom?

All About Folsom

Folsom CA About To Grow

Will Sutter Street in Folsom Get A New Look?

Folsom CA Realtor

Folsom CA Overview

Real Estate Statistics for Folsom

Authored by Gena Riede | Discussion: Comments »

Elk Grove Realtor Shares Important Home Buyer Tip

May 7th, 2010 categories: Real Estate Tips, Sacramento

While showing homes for sale in Elk Grove to a home buyer, I thought it was important to let the home buyers know that the CA $10,000 home buyer tax credit does have some important issues to know and not take for granted.  There is just so much money set aside for this home buyer tax credit that the state of California is offering and when the applications for this money run out, the money is gone! 

Don’t wait to file your taxes next year or think this is something you can put off later.  Once you receive the documents from the purchase of your home or condo, it’ is important to file your application and prove the purchase in the application process with the state so that you can qualify for the $10,000 CA home buyer tax credit.

Remember, the early bird gets the worm!

For those of you lucky enough to qualify for both the State and Federal home buyer tax credit, here are the links to the appropriate government sites to get the information and application forms.

Here is the legal links to the IRS http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here is the State link http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

AB 183 when passed in California for CA home buyers allocates $200 million in tax credits.  This money is broken into 2 categories,  $100 million for first time homebuyers of existing homes and $100 million for new home sales.  The tax credit is the lesser of 5% of the purchase price of the home or $10,000 in equal installments over 3 years.

You have 14 calendars after you close on your house to submit the application by fax along with your HUD  statement you received at close  of escrow. Will there be new homeowners who procrastinate and don’t get the necessary documents submitted in order to get the home buyer tax credit?  YEP! It’s all up to you!!

For other home buyer tips be sure to read and watch:

Sacramento Home Buyers Find Homes in Multiple Offers

You Can’t Be a Toast Watcher and Buy A Short Sale

Sacramento Home Buyer Tip

Authored by Gena Riede | Discussion: 2 Comments »

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