- Sacramento Real Estate Adventures - Your Sacramento Real Estate and mortgage blog!

This great house in Carmichael closed without much stress at all... Yes it was a short sale!

I sold this home to an investor after the short sale was approved by Bank of America. It took about 3 months to get all of the numbers finalized, because there was a mortgage insurance company involved.

My clients were able to wait it out and they picked up a great house in great condition! They are going to have instant cash flow from this super clean investment home. In fact, they were able to pick this one up for less than appraised value.  All the inspections came out pretty good considering the age of the house and nothing big came up during the transaction.

I have to say this is one of the more relaxing short sale transactions that I have been involved with in 201 as an agent! See just goes to show you a short sale … doesn’t have to be that painful!

If you know of someone who is struggling to pay their mortgage. I ‘m here to help! A short sale could be a way to get from under that payment you can no longer afford! Contact me and we can sit down and discuss if it makes sense to short sale your Carmichael home (or Sacramento for that matter)! Or you can call me at (916) 585-3858 and we can talk right now!

I'd love to help you through this mess! I'd love to apply for the job of being your Carmichael short sale real estate agent!

My investor got a great deal on this Homepath home in Sacramento! They purchased it as a rental property and were able to put as little as 10% down using the Homepath loan program.

This investment home is super clean! It's located in a good area for the price range, in great condition, nice hard wood floors, big yard with fruit trees, and a great floor plan.

The issue with this one was the illegal garage conversion. Previous owners had abandoned the 1 car garage and had converted it to an extra room. Things like this create headaches and financing becomes challenging. The appraiser most likely is going to call it and require that it gets converted back to a garage before the loan can fund.

Here is where the HomePath mortgage saves the day!  This mortgage program does not require an appraisal. This means nobody is coming to create a mess with the transaction!!! 

So why is this loan program offered?  Well there is a catch!!! Come on... there's always a catch! You can only use this program to buy Fannie Mae approved homes. Basically they are breaking their own lending rules, by not requiring an appraisal, in order to get their inventory of foreclosed homes sold.

My client is going to get a great return on their investment, because they were able to purchase it for very little money down.

Looking to invest in the Sacramento real estate market? I can help you too use the Homepath mortgage to put as little as 10% down on an investment purchase!

Call me! I'm here to help!

As far as I am concerned any time you buy a home in the Sacramento Real Estate Market... it's an investment!

Whether you live in it or buy it for a rental... You have purchased a piece of real estate that will provide you a return over the next several years.

This weekend I did inspections with one of my first time home buyer clients! I took some time while I was waiting for the inspection to shoot some video. I wanted to share with you a great little neighborhood in Sacramento I sell homes in.

When I am working with an investor or first time home buyer who needs to keep their price range in the $100k range,  I prepare my clients for a rough road.

There are a couple reasons...

1.  This is a very competitive price range!

2. Inventory is down... Making getting an offer more of a challenge!

3.  It's tough to find a decent area in this price range you would feel safe in at night!

4. Will the condition of the home allow you to get a mortgage for it?

Watch this video and get some insight to the challenges investors and first time home buyers are having in this price range. See homes that I sold in the neighborhood and find out why I sell so many home here.

Thanks for watching another Sacramento Real Estate Adventure! I look forward to helping you invest in the Sacramento Real Estate Market!

Happy New Year! 2012 Is going to rock!

This past year in the Elk Grove real estate market was definitely not for the kind at heart!

As I reflect about 2011, I realize this year was all about KEEPING THE DEAL TOGETHER!!

Most home purchases and sales I was involved with in 2011 was like a chess game. We always had to think several moves ahead in order to avoid delays and bumps in the road. I learned more than ever how to fine tune my leverage skills.

I laugh about some of the ways I got offers accepted this year! Even some of the things I had to do to get a deal to close. I wore many hats in 2011 that’s for sure! Landscaper, appliance installer, junk hauler, courier of loan paperwork, negotiator, counselor, verbal punching bag when needed, referee, and don’t forget just an overall superwomen!

It’s exciting to be making history with my clients. They are going to look back at our “war stories” during this crazy real estate market and laugh! I admire so many of my clients who are buying as much investment property as they can. Then there are those who realized that they could be paying a mortgage instead of paying rent. I’ll show them later how to turn that home into a rental and build a portfolio of investment homes of their own.

There were a lot of GREAT BUYS this year! That shopping spree is going to continue into 2012.

If you want to buy a home or investment home this year, let me know and I will start watching for you.  If you are thinking about selling, please call me and me we will discuss your options. If you are upside down… The Mortgage Debt Forgiveness Act expires this year and your options could be limited! So call me and let’s get it figured out!

If you know someone who wants to buy or sell or needs to short sale... I would very much appreciate your referrals!! I promise to provide them with a high level of service and as you know THEY CAN TRUST ME!

I want to thank my clients for trusting me in this tough real estate market. I them all continued success in 2012 and I am so excited about the possibilities for all of us!

New short sale in Sacramento just went on the market!

Super cute starter home or cash flow property looking for a buyer! Updated kitchen cabinets and granite countertops galore! Both bathrooms have been updated and feature modern fixtures. Large backyard with a shed is ready for a garden.

4931 76th Street, Sacramento, CA 95820 - $65,000
2-3 bedrooms
2 bathrooms
1180 Sqft
Built: 1952 

See more pictures of this short sale listing at my website >>

This Sacramento short sale is super clean and ready for a buyer! For the price, it would be tough to find a home in such great shape!  If you are looking for something different, don't forget you can search for all home for sale in Sacramento... not just my short sale! 

Contact me today to schedule an appointment to see this home! I am here to help you buy a home this year!   

Erin Newington
Short Sale Real Estate Agent
Keller Williams Realty
(916) 585-3858
           

 Having paying your mortgage? I can help you short sale your home! Contact me and we can sit down and discuss your needs! 

I have several out of town clients I am working with who want to utilize the Homepath loan program to get into a Sacramento investment property.

Leverage is important when buying an investment property in Sacramento. The less money you have into a deal, the higher return on investment you will get. Not every investor wants to leverage their money though. Many park their cash in an investment with long term growth potential in mind. But for those that like to leverage real estate... the HomePath mortgage program is the way to go.

The best program that I know of for investors right now is the Homepath Mortgage Program. It allows investors to put 10% down on a purchase of a single family home... and there is no mortgage insurance!

It's the best thing going right now for Investors... but there are some rules!

Do I need to buy a specific home to qualify for the mortgage program?

YES... that's the biggest kicker of the program. You can only take advantage of this loan program if you purchase a Fannie Mae owned home. These are homes that have been foreclosed and Fannie Mae is marketing the home for sale to re-coop their loss. To get a complete list of homes available in your area check out www.Hompath.com

How much is my down payment?

The biggest benefit of this program is you only have to put down 10%.  There is no other mortgage program like it being offered that I know of.  This can make a big impact to an investor's return.

Do I need to pay for mortgage insurance?

If you put less than 20% down on any new mortgage, you will be required by the lender to pay for mortgage insurance. This insurance policy protects the lender because the less money you put down, the more of a risky loan they are funding. The Homepath program does not require mortgage insurance. This means you improve your cash flow every month because you don't have that expense.

What is the interest rate like?

Typically Homepath rates are higher than a mortgage where you are putting 20% down. But the increased interest rate is offset by the fact that you only have to put down 1/2 as much money.

What are the condition of these homes?

For the most part these homes are in great shape. Most of the time the place has been newly painted on the inside and the carpet has been replaced. There are homes that are not in as good of shape... but that is typical for bank owned homes.. it's hit and miss.  These homes are sold as-is. 

If you are looking to leverage your next Sacramento investment property purchase... Homepath homes could be for you!

I am a local Realtor... who can help!

Search for homes for sale right now in Sacramento >>

I'm getting ready to vent ... So keep that in mind when you read this!

I am in the middle of a short sale in Elk Grove that has proven to be a nightmare.  Most parties involved are working diligently to get this deal closed. One hurdle after another has come up and we have been able to overcome them to keep this short sale transaction moving forward.

Transactions are tough to close right now. Various challenges come up including lending guidelines that get in the way, property condition issues, short sale approvals, and keeping buyers motivated... Just to name a few. That doesn't mean deals are not getting done... Just that it takes a full team effort to get the homebuyer into their new home (or the seller out).

There is a team member that I cranky about on this particular transaction.

I've got a listing agent who is hustling and doing what it takes!  In fact, he is going above and beyond to get this deal done. I've got a transaction coordinator who has dealt with various hiccups and has had to modify and adjust. I am the agent representing the buyer and am hustling in any direction needed to make sure we are on track.

Then there is the lender involved! Ahhhh this one is driving me nuts.

We had another hurdle present itself this week. When I called this loan officer to present the latest challenge...His answer ticked me off!

The conversation went a little like this...

ME: Hey this is Erin!  We have an issue...  Can you do this in the time-frame given?

LOAN OFFICER? Well I don't know Erin. Ummmm Hmmmmm I don't think I can do it. Well... Ummmmm  I don't know.... Hmmmmmm  What do you think? Yeah ...let me know what you come up with. Ummmmm Good luck

OK maybe I am being too picky here... I'm probably a little too High D for my own good! I was in the mortgage business for 5 years, so sometimes I think I have a standard that is too high for other loan officers.

If I call you with an issue... Don't sound soooooo laid back like you have your feet up on your desk drinking a beer. If you can't do it... Just tell me no I can't do it in the time-frame given. BUT here is an alternative solution. I will call this person or I will attempt this to overcome the issue in another way. If I do this and then that... I think we can pull it off.

I want solutions not excuses. Do I expect you to be Superman? Maybe a little :) I do expect that you do your job and bring the same intensity that every other "team member" is bringing to the table. You should be monitoring the transaction from your end and offering solutions... LIKE EVERYONE ELSE!

Getting deals to close these days is a team effort and for some transactions it takes everyone involved to sprint to the finish line. It's our job as the professionals to get the buyer into a home with as little bruises as possible. There are some transactions that are especially tough. These "war story" deals remind us all what we are made of!

If you are not willing to jump through a burning hoop... on one leg.... with one hand tied behind your back.... Maybe you should find another job. That's the real estate world we live in right now!

I will carry this particular loan officer on my back across the finish line whether he likes it or not! These buyers are getting this home!

The truth is this is nothing new having a joker involved in a real estate transaction. I just needed to vent!

OK I'm done:) I feel better! 

If you want an Elk Grove Realtor who will work hard for you.... I'm your girl... believe me!

Are you waiting to buy a home in Elk Grove because you think prices may still come down? 

Some buyers I meet with really want to get into a home this year... BUT they are holding off on buying because they speculate prices may come down again.  I get it! Homebuyers want the best price possible for their Elk Grove home purchase. But are they waiting for something that will never happen?

The reality is trying to time the bottom of the market is near to impossible. Have we had downturns in the real estate market before?... Sure! Trying to predict and time our real estate market is unrealistic because there are so many other factors involved this time.

I can say that if you are looking to buy a home in Elk Grove under 250k... There is a ton of competition!!!  Competition means there is demand for these homes.... DEMAND KEEPS THE PRICES STABLE.

But instead of debating this with my buyers... I show them why waiting may not benefit them!

Have you watched the news or read reports about our economy lately? Artificially low historic interest rates have one way to go in my opinion...and that's up! Last week my loan officer said they dipped to high 3's%!!! That's just nuts! The likely-hood of rates staying at that level until this time year is slim to none.  But again... no one can predict this.

Here is a chart displaying the average interest rate for the last 10 years according to data from Freddie Mac.

As you can see, interest rates were above 5.5% for most of this 10 year time period. So the likely-hood of rates creeping back up to 5.5% is not unrealistic. One of the risks of waiting to buy a home in Elk grove is that interest rates will come back up.

Buy many buyers think that taking that gamble and waiting for prices to drop could ultimately benefit them. The purpose of this blog post is to show buyers... Waiting may not payoff!

So let's run the numbers... So we can take the emotion out of their decision to buy an Elk Grove home. 

What if prices came down another 10% and interest rates increased? How does that impact their home buying power? Take a look below... you might be surprised!

So do the results surprise you? This chart is just comparing the difference in mortgage payment for this scenario. There are, as of right now, lost tax benefits to factor into the decision as well. Also, rent for the most part, costs more than a mortgage payment for the same home (in many cases) in Elk Grove.

So why are you waiting to buy a home in Elk Grove? Really! Because someone told you prices will keep coming down?  Hmmm are you sure you want to gamble?

I'd love to help you get into a home this year... Or if you you are gambler... I'll sell you one next year! :)
It's your call... But be educated about your decision!

Serious about buying a home in Elk Grove this year? Search for homes for sale right now >>

Contact me though my website or call me at (916) 585-3858! I want to go to work for you and do what's in your best interest!

****DISCLAIMER****
All figures listed here are estimates. You should perform your own due diligence before buying an home in Elk Grove. There is no way for anyone to predict what interest rates or home values will do in the future.

OUR BUYER BACKED OUT BECAUSE THEY COULD'T GET THEIR LOAN APPROVED!

This home will sell this weekend! OPEN HOUSE SAT 8/13 and SUN 8/14 1-4pm! Come by and say hello!

10439  Danichris Way, Elk Grove, CA 95757

See more pictures of this home! >>

Absolutely stunning!!! This gorgeous home is immaculate and tastfully decorated. The rooms are large and inviting. The kitchen is amazing featuring Corian counters, a large island with a sink in it, a double convection oven, stainless steel sink, 5 burner cook top, tons of counter space, a pantry, built in microwave and down lighting under the cabinets. The laundry room is inside with cabinets and a sink. Take a look outside and you will be treated to a nicely landscaped and manicured lawn.

This one is an approved short sale for the listing price... We just need a buyer.  Offers to be presented this Sunday!  Come by and see if this home is the one!

Looking for something different in the same area?  Search other homes for sale in Elk Grove 95757

Are you looking to buy a HUD home in Elk Grove?

Many clients I speak with ask about the condition of these homes. The truth is they are in similar condition as a bank owned home. Some are in good shape and others are not.

There are incentives for buyers who want to purchase HUD homes that need work.  Join me for another video in my series... "How to Buy a HUD Home"...  to find out more!

During this video, I will share with you what you can expect when you tour a HUD home for sale. Get an idea of what these homes are like and what you should know before you make your bid on the home.

If you are interest to learn more about HUD homes, please give me a call (916) 585-3858!  I'm here to help you!