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Monday, June 29, 2009
Some Lenders Exempt
Not all California lenders are created equal when it comes to the state’s newly implemented foreclosure prevention act launched early last week. It is being reported that 7 lenders have been provided immunity, and several others have made application to become immune.
Among the first 7 qualifying and found exempt from the act are:
· Bank of America Home Loans
· CitiMortgage
· Carrington Mortgage Services
Among qualifying criteria for bank exemption is participation in the "Making Home Affordable" program promoted by the Obama administration.<... Read more
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Sunday, June 28, 2009
Latest Statistics for 4 Counties
The sales statistical graphs linked below are for the counties of Sacramento, El Dorado, Placer and Yuba. They compare May 2009 to the year prior (May 2008), as well as data for April 2009 vs. April 2008.
California began a 90 day moratorium on foreclosures which began mid-June. Inventory in many areas is shrinking.
Many bank owned properties are receiving multiple offers from Buyers as prospective homeowners see opportunity in the marketplace.
... Read more
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Monday, June 22, 2009
Obtaining a Lower Tax Assessment on Your Home
Recently, GreatWest GMAC Real Estate Professionals have heard from folks interested in possibly obtaining lower property tax assessments on their homes. Generally, these folks are individuals who purchased homes in the last few years, at the height of the market, and now find their homes valued less than they paid for them.
The link below is to the County of Sacramento Assessor’s Office. If you think you may qualify for a reduced assessment, you will be able to easily find the necessary information to more easily procure reassessment.
Be forewarned that like loan modificati... Read more
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Monday, June 15, 2009
Safety Tips
During a recent news segment a security expert demonstrated a striking example of how tech gadgets kept in your car can make you a victim for car theft, and even home burglary. The main target was a GPS left firmly mounted on the dashboard, while the owner was at a shopping mall, a gym, or involved in other activities. The thieves broke into the vehicle, and when they did, also found a set of keys.
They started the car and pressed "Home" into the GPS device, which guided the culprits right to the victim’s home. Once in the driveway, all they needed do was use the garage d... Read more
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Tuesday, June 9, 2009
Don’t Push the Envelope!
Fighting your inner demons may be difficult, BUT don’t be afraid to open the envelope.
Not long ago a GreatWest GMAC Real Estate Professional recalled that she had gone to the home of a client to perform a listing presentation for a possible short sale.
During the presentation and while looking at paperwork the client had, the agent noticed there were several recent envelopes the client had from the mortgage company. Most of the envelopes were not opened.
When the agent asked why they had not opened the envelopes, the client stated they knew they didn’t have the m... Read more
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Wednesday, June 3, 2009
Improved Housing Numbers Reported
The Associated Press reported Monday that the number of homebuyers in the country, who purchased previously owned homes posted a monthly jump - the largest in nearly eight years. Hopefully, this provides a significant sign that the housing market Is showing some recovery.
According to The National Association of Realtors (NAR), the seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3. This far exceeded forecasts by analysts, and represents the largest jump since October 2001, when pending sales rose 9.2 percent.
The news is encouraging, an... Read more
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Sunday, May 24, 2009
So You Think You Want To Purchase A Fixer
It isn’t unusual for GreatWest GMAC Real Estate professionals to be approached by home buyers interested in procuring a “fixer-upper” home. Certainly in our current market with many bank-owned homes available, finding such a property shouldn’t be difficult.
However, there are certain things to be considered prior to purchasing that can help safeguard any investment of money, time and effort.
(1) As in all home purchases, it is all about location, location, and location. It is wise to talk with neighbors, who can provide a history of the neighborhood and any problems or nuis... Read more
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Sunday, May 17, 2009
Navigating These Economic Times
The other morning a GreatWest GMAC Real Estate professional was brainstorming with another Realtor. Both agreed that in addition to helping buyers purchase property, and sellers to sell their homes, they had voluntarily taken up the shield, for helping past clients, friends and family, to stay in their economically challenged homes during these difficult times.
Currently, they were averaging one or two calls a day, running the gamut consisting of the following:
(1) A friend, who bought a house in the 1990s, built up equity, then put on a second mortgage to finance an improve... Read more
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Sunday, May 10, 2009
Signs Point to Sacramento Housing Recovery
Many GreatWest GMAC Real Estate Professionals have been noticing that the Sacramento housing market has been stabilizing. About 80% of the foreclosure market is completed, and sales have doubled in number since a year ago. It appears that the housing market declines of the past months have began to slow, rather than continuing to dive over a cliff.
The Wall Street Journal released a few days ago, with the headline, “First Housing Markets to Heal? - Analyst Bets on Sacramento, Washington” (article linked below).
According to analyst, John Burns, Sacramento’s new home supply ... Read more
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Sunday, May 3, 2009
First Time Buyer Mistakes
GreatWest GMAC Real Estate professionals continue to be cognizant of mistakes that first time buyers can make. If you are getting ready to purchase a home, here are some of those pitfalls you should avoid:
(1) They don’t ask enough questions of their lender and miss out on the best deal. It is vitally important to be actively working with a professional lender, who has well educated you about the mortgage programs available to you, so that you are ready to act, when a home to your liking is found.
(2) They don’t act quickly enough to make a decision and someo... Read more
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Tuesday, April 21, 2009
Avoiding Loan Modification or Foreclosure Scams
GreatWest GMAC Real Estate professionals are continuing to hear from troubled homeowners, who are hoping to get a better mortgage, or take advantage of the lower interest rates currently available.
However, the news media has provided many reports about foreclosure scams, and many folks are a little gun-shy of beginning the process that could improve their financial lot.
There are a number of qualified, honest and caring professionals trying to help with loan modifications. But the question remains – How do you identify a legitimate agency from a scam?
There have be... Read more
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Sunday, April 19, 2009
Questions and Answers Surrounding Short Sales
As homeowners grapple with declining home values, and in some instances, mortgage payments that have dramatically increased, GreatWest GMAC Real Estate professionals are increasingly be queried about Short Sales.
Often a seller will become concerned because they are unable to make house payments, but do still have an ability to make all or part payment of the negative equity. They may hope to also hope to preserve their credit score. They wonder if a short sale will be right for them.
The answer is, probably no. Sometimes if a seller is able to pay back all or part of the ne... Read more
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Wednesday, April 15, 2009
Looking For the Free and Discounted Stuff on Tax Day
USA Today is reporting that a number of restaurants are offering free food and discounts today (tax day), to add a little comfort food to the sometimes uncomfortable tax day activities.
•Free gift cards. T.G.I. Friday’s will give Wednesday customers $5 Bonus Bites gift cards for food and beverage purchases of $15 to $25 and $10 cards for those who spend more than $25. Members of the 1,000-outlet chain’s frequent-customer program also will get double points
•Free sweets. Snack chain Cinnabon will give out Tax Day Bites, free bite-size cinnamon rolls usually known a... Read more
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Saturday, April 11, 2009
Sales Statistics by Community - February 2009
The following link provides real estate sales statistics for the various communities, towns and cities within the Greater Sacramento area, as well as in the Counties of Placer and El Dorado. The data is for transactions through the month of February 2009, and compares to the same month, a year prior.... Read more
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Monday, April 6, 2009
Don't Put All Your Investment Dollars in the Same Basket
With Easter swiftly approaching, perhaps it is a good time to remind that it isn’t always a good idea to put all one’s eggs in the same basket - Whether it’s real eggs; or investment and financial eggs.
The expression "Don’t put all your eggs in one basket" generally means not risking the loss of everything by placing all your financial investments or future goals on one and only one option.
The perils of putting all your eggs in one basket ought to be obvious once the basket falls off the wagon, or experiences some unfortunate event. Wherever the bask... Read more
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