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Foreclosures in Natomas, in Sacramento ZIP 95835 - 08/31/08 08:13 PM
For months, I have been advising investors to buy foreclosures in Natomas for a long-term investment. That's because the name of the game is cash flow, and prices are finally low enough to let these homes produce an income. Most of the bank-owned homes were built between 2001 and 2007, which means the electrical, mechanical and plumbing systems -- if they haven't been ripped out -- are newer, so the homes most likely will require less to maintain than an older home. Today I showed an investor several homes. He kept saying to me, "There are so many homes on the
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The Sacramento Market Has Bottomed Out - 08/30/08 09:33 PM
Anybody who doesn't realize that the Sacramento market has reached the bottom either isn't paying attention or is watching TV soaps. The activity this August has been nuts. Ordiinarly, I will see a spike right after Labor Day, but instead this year it happened mid-August. It's frightening to think what will happen after Labor Day. Buyers are demanding deals and concessions, banks, reos and sellers are listening. Mutiple offers are the norm. There is no freakin' inventory. We had 14 months of inventory last December and now Sacramento County has shrunk to 3.7 months. Pretty soon those pending sales and closed
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At The Kitchen in Arden Park, Sacramento, It's All About the Fresh Ingredients - 08/30/08 11:40 AM
If you're feeling in an extravagant mood and find yourself watching too many episodes of Iron Chef -- perhaps daydreaming of becoming a panelist at Kitchen Stadium (not gonna happen, the show is over) -- then I've got just the place for you: The Kitchen in Sacramento, located in the Arden Park neighborhood near Arden Fair. Chef Noah Zonca and Executive Chef Randall Selland have hit on a winning concept. Like Selland's restaurants in downtown Sacramento, Ella, and Selland's Market Cafe in East Sacramento, the focus is on fresh ingredients. Only One Seating Per Evening at The Kitchen Although I hear
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In Sacramento, When Does Three Right Turns Equal One Left Turn? - 08/29/08 02:52 PM
When I turned 18, I bought my first car: a 1960 Chevy station wagon for $75. All my friends were waiting in my apartment for me to pull up in front. My apartment had a big glass window that overlooked the street, so they could see me coming. I spied a bunch of smiling faces when my car turned the corner, but pretended I didn't see them. I gently eased the car into a parking space in front of my apartment. Then, to show off my new-found sophistication, I decided to back up a little and straighten out the car. I
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How Many Homes Should An Agent Sell Annually To Be Considered Successful? - 08/29/08 01:36 PM
It's easy to see how some agents can sell more than 100 homes a year. They hire assistants and other agents to help by forming a team. It's just a personal quirk of mine, but I would never lead a team. For one thing, I don't want to be responsible for another agent's success. For another, I prefer to employ a hands-on approach when serving my clients, from inception to closing. I would also be concerned that another agent would not perform to my standards or worse, disappoint a client, and I couldn't risk that happening. Teams work for others,
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When that Midtown Sacramento Home is "Just Right," You Know It - 08/28/08 10:16 AM
It doesn't matter whether I'm showing homes in Land Park, East Sacramento or Midtown, when I spot the perfect home for certain buyers, I instinctively know which home is the right home. I suspect most agents have this built-in intuition. That's because we tour homes weekly, if not sometimes daily. It's not until the second or third visit, however, that the "perfectness" of a home might strike. Of course, the homes in these Sacramento neighborhoods are unique. Each has its own vintage details, filled with a sense of history and purpose. In a way, the homes speak to you. One
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Guess I was on CBS Radio and Didn't Even Know It - 08/27/08 03:13 PM
My managing broker called me into her office to chat today after our weekly meeting. She said an agent at another Lyon office called her because that agent's client was irate over something I said on a radio interview. I was sort of puzzled because I haven't done a radio interview for several months. Then it dawned on me. My managing broker had asked me earlier this week if I would call back a reporter who had actually called her from New York. She knows I give a lot of interviews. I recall the reporter asking me if it was OK
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Buyer Sues Lender Over Short Sale - 08/26/08 08:32 PM
I'm certain there are plenty of real estate agents, present company included, who are tickled pink over this development. Seems a lender agreed to a short sale and then tried to back out of the contract. Sound familiar to anyone? Aurora Loan Services, based in Littleton, Colorado, has been sued by a buyer, Ribsy Productions, a Solana Beach, CA-based real estate company, for reneging on a short sale. The property is located in Tucson, Arizona. Apparently, Aurora agreed to a short-sale offer of $158,000 on a $587,000 secured loan. That's a 73% drop in the mortgage balance. Somewhere along the line,
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Sacramento Bee Cuts Staff in Half -- Are Newspapers Going to the Dogs? - 08/26/08 10:27 AM
Last night my husband rushed in the door at 6:40 and turned on the TV news. This would not be unusual for most people, but we don't ordinarily watch the 6:30 news broadcast. Well, unless one of us is on the news, and this was one of those times. Except we turned it on too late to catch his interview with Channel 3. They wanted to know if he thought the Sacramento Bee was in danger of going out of circulation because the Bee just announced that it was offering buy-outs to 55% of its staff. 200 of its 240 full-time
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Are Sellers Really Saving Any Money By Hiring a Discount Broker? - 08/25/08 03:38 PM
This poor seller from another state just called me to ask if she could hire me to handle her contract negotiations. Seems she has received an offer directly from an out-of-area selling agent on a home she owns in Midtown Sacramento. To save on the commission, a friend who "understands real estate" advised her to hire a discount broker to list her home. Now, this friend is out of town, and the seller has nobody to advise her. It's bad enough that she's not here locally and doubly bad that the offer came from a buyer's agent who doesn't work in
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Being Organized and Detail Oriented Can Keep You Focused, Even at Burning Man - 08/25/08 09:43 AM
I am a stickler for details -- some people might say it's anal to be obsessed with keeping paperwork organized and compartmentalized, but it's actually the way I keep myself sane. It's the decades-old former escrow officer in me, I suppose. All my real estate papers for each client are hole punched and secured to its respective section in a file folder. I can tell at a glance if I'm missing an important piece of paper. But it's not just real estate files that I keep in this manner. I have a file for my short sale book that has sections
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Your Best Landscaping and Plant Source for Land Park Gardens - 08/24/08 10:30 AM
In my spare time -- which I've had very little of lately -- I love to garden. It's enjoyable to watch the fruits of your labor blossom and thrive, despite the somewhat unusual weather conditions, cool one day, hot the next. Many mornings begin with cool Delta breezes lowering the temperature to the 60s. I do most of my gardening in the morning, before the heat of the day rolls in. But lately, I've been too busy, which means I've basically blown off tending to the garden for the past six weeks. It was a jungle out there. The yellow
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When Somebody Makes a Difference to You, Let That Person Know - 08/22/08 08:51 PM
Like most positive-thinking people, I forage through my day of highs and lows with the hope that the day will be mostly highs. Sometimes, in this line of business, the challenges can be intense, and juggling a bunch of escrows can be exhausting. Still, I love this business more than anything, except for my husband and my cats. But every once in a while, you get a kudo out of the blue before it's due, something you did not expect. Nowadays, people are quick to point fingers and complain, but it takes a rare person to point out something worthwhile another
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CalHFA Announces New Program for REO Homes - 08/21/08 06:07 PM
The California Housing Finance Agency is making funds available for first-time home buyers to purchase select REO homes at discounts at a minimum of 12% below market value and at low, fixed-interest rates. All the ZIP codes in Sacramento are eligible for this program, but to find the specific list of homes for sale, you need to check CalHFA's Web site. The sales price limit is $580,000. It's called the Community Stabilization Home Loan Program. The program is funded by the sale of $200 million of tax-exempt bonds at no cost to California taxpayers. When the money is gone, the program
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Is the Government Doing Enough to Bail Out Banks and Resolve the Housing Crisis? - 08/21/08 12:59 PM
This is one of those occasions when I wish that I had a blog feature that would let me create polls. I'm wondering how others think the government is doing with regard to resolving the housing crisis, the foreclosure mess, the subprime mess and failed banking institutions. I see that California has SB1055 on the governor's desk for signature. The version of this bill would let struggling borrowers off the hook for paying taxes after a short sale (on the amount of debt forgiveness), much like the federal government has already done. There is a $250,000 cap on debt forgiveness that
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Weird Recorded Telemarketing Calls: Government is Banning Them, Too. - 08/21/08 11:58 AM
Aren't you sick and tired of being startled by your home telephone when it rings? And when you pick it up, there's some recorded message about your VISA account, which turns out to be a sales pitch? When my home phone rings, it always makes me jump because it's a sound I hear so rarely. Everybody calls my cell. I have a land line on my desk at my home office. When it rings, first I have to untangle the cords that are buried and intertwined in the mess of papers and whatnot, and then remove my Bluetooth earpiece so I
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When Was the Last Time You Received a Letter? - 08/21/08 12:46 AM
In the mail, I mean. So many people use technology nowadays to communicate that the good old U. S. mail is becoming a thing of the past. Well, I'm still on everybody's junk mail list because every time I buy something online, my name and address goes into databases, and then they sell my name to every other company on the planet. Still, receiving a letter is rare. I get text messages and emails on my BlackBerry throughout the day, but when I open my mail slot at home, I find nothing but direct mail solicitations. Even my sister in Minnesota
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So Channel 13 in Sacramento Calls Tonight for an Interview About Midtown - 08/19/08 09:13 PM
TV reporters are looking for "sound bites," just in case you're ever wondering why they would call. If you have the "right" sound bites, they will interview you. They don't care if you are a real estate agent or a home owner, they want to present the picture they have decided to present on camera. I know this, but I often forget it when I talk about real estate, which is a huge drawback for me. Darn. Journalists, those who write for newspapers, are more interested in the facts, They want to know about your existing deals, whether they can talk
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How About This New Show on H&G TV: Cancel This Escrow - 08/19/08 09:33 AM
I'd like to see a new show on H&G TV called "Cancel This Escrow." They could film three different buyers during the escrow period -- after the contract is signed but before the deal closes -- and viewers could guess which one of them is likely to have cold feet and cancel. I mean, all three of them could threaten to walk away from a home closing, but only one of them actually will. Then we could listen to their excuses for buyer's remorse: The palm tree tree in the back yard doesn't have any flowers. The garage floor has four
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Have You An Interesting Short Sale Story to Share for Publication? - 08/18/08 09:59 AM
As some of you know, I am in contract with a publisher to write a book about Short Sales. My deadline for completion is the end of October, but I am hoping to finish this project sooner. The book will be published in January.If you have an interesting story to share -- whether it's a success story or a nightmare -- I am welcoming contributions to include in my book. If you are a real estate agent, I will give you credit in the book -- your name, company and city -- and disguise those facts that would name an actual
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Every Once in a Blue Moon, You Run Across a True Gemstone! - 08/18/08 01:16 AM
Because of the buyer's market in Sacramento, I've been working with more home buyers this year than home sellers. Ordinarly, it works out to about 50% sellers and 50% buyers in any given year, but for 2008, my percentages have been running about 15% sellers and 85% buyers. I love negotiation, too, but the best part of my job is finding that perfect little gem that is hiding among the sea of homes on the market. I don't want my buyers to get a so-so deal. Even if they don't particuarily care, I want them to have a fabulous deal. To
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Even If It's Painful, Agents Should Always Tell Buyers the Truth - 08/17/08 10:14 AM
I know a lot of agents who are afraid to lose the sale. It's tough out there right now for many real estate agents. Some are struggling, doing lower-priced deals, getting paid half as much and some aren't doing any transactions at all. For these agents, I suspect it's even harder to tell a potential home buyer that perhaps buying a home is not the best direction for them to move. Yesterday, a buyer was ready to go into contract. He had a viable counter offer in front of him at a price that was agreeable. The counter offer contained two
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Buying a Home in Land Park: Is Your Equity Secure? - 08/16/08 11:04 AM
To understand what is going on in the marketplace, it's imperative to analyze the statistics. Because sometimes statistics all by their lonesome selves can be misleading. For example, in this morning's newspaper, the Sacramento Bee says 10,000 jobs were lost last month in Sacramento. The Sacramento Business Journal reported yesterday that the July Sacramento unemployment rate is 7.3% but that 2,900 (29% of those jobs) were in the leisure and hospitality area, and 2,400 of those were in the bar and restaurant business (when people cut back, they quit eating out). Moreover, the decline in jobs is seasonal, especially at
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The REO Buyers Got The Home in Natomas! - 08/15/08 12:53 PM
Managing expectations, whether it's your seller's or your buyer's, is a full-time job in this business. I don't like to see clients disappointed, but at the same time, I don't want to squash their enthusiasm or dreams. It's kinda tough. It's even tougher when you're dealing with a short sale or an REO because so much can happen that is unexpected. Part of my job is also to expect the unexpected and head it off at the pass before it happens. And that's where experience comes in because experienced real estate agents know how wrong so many things can go 20
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Oh, That Wild and Wooly World of REOs: You Never Know What Will Happen! - 08/14/08 11:07 AM
REOs buyers are some of the most patient buyers in the world, right next to those short sale buyers. While my heart goes out to them, I don't understand how they can withstand the pressure and wackiness of waiting for an answer to their purchase offer. In some ways, sending offers for bank-owned homes to listing agents is like dumping them into the great abyss. Last week, I wrote an offer for buyers on an REO home in Natomas (Sacramento). Let's say it was priced at $325,000, just to disguise which home I'm talking about. The buyers offered $300,000. The listing
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8812 Sawtelle Way #D - Sacramento, CA 95826 - 08/13/08 05:26 PM
An affordable and rare four-bedroom condo with three baths in East College Greens, this home is ready to move in. Boasts a large living room with separate dining area. The dining area overlooks the kitchen and back yard. It has a newer dual pane patio door and kitchen window, and a separate laundry room with guest bath on the main floor. Upstairs are four bedrooms. The master is enormous and overlooks the back yard. The master
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Land Park Neighbors -- Please Attend Hearing to Save Our Tower Theatre - 08/13/08 02:12 PM
The Land Park Community Association is urging all members to attend the Planning Commission hearing on Thursday, August 14 and support a limitation of new movie screens downtown. The Westfield Corporation has not agreed to limit its expansion of screens for the Downtown Plaza Expansion Project. An increase above four new screens will severely affect our historic Tower Theatre's ability to remain competitive. If you want to see the Tower Theatre stay in business, please support limiting the new movie screens at the Downtown Plaza. The city is recommending a limit of four new movie screens, bringing the total to 11
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Sacramento City Services Hotline Goes Live today - 08/13/08 09:03 AM
Today is the day that 311 goes live in Sacramento. This has been three years in the planning. If you want to know anything about the city of Sacramento's services, the number you dial is 3-1-1.It's simple. Ask a question about Sacramento, get an answer.Here are some of the questions you can get answers to: When does the zoo open? How can you report building code violations, which include graffiti, high weeds, abandoned cars, broken windows, taxi cab problems? How can you report abandoned or endangered pets? What about sewers, hazardous spills, plugged drains? How can you report knocked down traffic
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Kitchen Backsplash is Finished. Remodel is Completed. - 08/12/08 08:35 PM
This job couldn't have started out any worse. I chose marble for the backsplash, and natural stones are not identical to each other, which is what makes them unique. Each has its own qualities and, with this particular type of marble, there are shading differences between the 3 x 12 pieces. Some of the pieces were much darker than the sample I brought home, so the tiler had to hand sort each of them. OK, I asked him to hand sort them. I am so picky, let me say that I would not work for a person like myself if
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How Many Times Can Land Park Agents Set Off Alarms? - 08/12/08 01:26 PM
I think I am the worst when it comes to turning off alarms. If my sellers are agreeable, I generally ask them to program their alarms to be off during lockbox access hours. That's because I know there are plenty of other agents out there like me who, regardless of good intentions, can't seem to handle turning alarms off and on again without setting them off. It's a deficiency I have, and I'm not sure how to solve the problem. If your listing has an alarm set and I enter, you've got a 50/50 chance that I'm going to set it
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Attention Land Park Shoppers: When You Find a Home You Like, Make an Offer! - 08/11/08 11:42 AM
When I meet with new home buyers, I often give them a booklet I have prepared especially for them. In it, I include a 50-point buyer plan that details precisely what the home buying process will involve and what I will do for them. I also print out the Home Buying Path article I wrote that includes 18 steps to buying a home. Of course, I can't force anybody to read that stuff, but I hope that they will. Most of the time, buyers are too excited about looking at homes in Land Park to read through the booklet after
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Which Should an Agent Choose: A Million-Dollar Buyer or a $200,000 Buyer? - 08/11/08 02:52 AM
It's no secret that I've been pretty busy lately, juggling offers, interviewing prospective clients, taking listings, writing for my About.com site and preparing to write a book -- not to mention putting the finishing touches on the remodeled kitchen in my home in Land Park. In fact, I might have to cut back on my blogging for a while because something has to give, and it's not going to be my clients nor my homebuying web site. Oh, who I am kidding? I'll still find time to blog. Know why? Because I always have something happening to yak about. Let's take
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The Best Way to Find Homes in Land Park and East Sacramento - 08/10/08 10:19 AM
Since it was Saturday, I thought I would have a free day to work on my new short sale book, but you know how those assumptions tend to go, right? In real estate, we are always on call. OK, not all of us are. There are lots of real estate agents who turn off their cell phone Friday evening and don't flip the phone back on until Monday morning, but I'm not one of those. Listings in the Land Park and Curtis Park neighborhoods, including Midtown and East Sacramento areas often get the most showings on the weekend. First, a
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So an Escrow Closes EARLY and the Title Company Never Calls Me NOR the Buyer! - 08/08/08 08:45 PM
Maybe I'm just a lucky person, but in all my years in the business, I have never, ever, had an escrow close early and not have the title company call me on a Sacramento closing. This was one of those transactions where the buyers came in with their own lender. A hungry lender. A mortgage broker who probably hasn't seen a paycheck for a while. We specifically asked for closing to happen on Friday, August 8th. I was a bit astonished yesterday when I received an email from the mortgage broker saying, "Congratulations, we're on record." Or, maybe he meant, "Congratulations,
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Does Mikey Like the Kitchen? - 08/06/08 07:25 PM
I can't believe my husband walked almost two miles toting his luggage and carrying a computer from light rail to our home in Land Park. If it was me in that situation, I would have called a cab. So, he was pretty tired from his trip, dropped his luggage in the living room and headed toward the kitchen. But wait, I cried, didn't he want to first admire the marvelous pass-through into the living room. He hadn't even noticed it, if you can believe that. "There seems to be a hole," he said. He walked into the kitchen, eyes widening
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Day 15 -- Kitchen Remodel -- It's FINISHED! - 08/05/08 09:12 PM
Today has been a most excellent day. First, I got a book contract. OK, the downside is it has to be finished by November 1 for publication in January, which means I'll be working like a dog, but hey, I'm organized. Second, I got an offer accepted for a buyer in Midtown. Third, I have an appointment with a new buyer tomorrow morning and a listing presentation tomorrow afternoon. Business is fabulous. But wait, it gets better! I can crow a little, can't I -- that I finished this kitchen in 15 days? From demo to completion, I suspect I
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Huge Garage / Estate Sale at 2608 Portola Way on Saturday will Feature Mid-Century Items - 08/05/08 12:20 PM
My clients are hosting a HUGE Estate Sale this coming Saturday, August 9th, from 8 AM to 5 PM at 2608 Portola Way in Curtis Park.Here is a link to the craigslist ad if you want to check out some of the merchandise in advance: Mid-Century Estate Sale at 2608 Portola in Curtis Park. The owner of Portola Way has been collecting high-end (and some average) designer Danish Modern and Mid-Century furniture, art, and miscellaneous pieces for years. This sale is to clear out the last three-plus years of collected goodies at super low prices! Prices range from $1 to $2,000, so
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How Much Would You Pay This Painter? And I use the term "painter" loosely - 08/05/08 09:36 AM
How much would you pay this slacker? Let me back-track. He came over to begin a job a week ago Saturday that I wanted finished that weekend. This was Day 6 of my Land Park home kitchen remodel. He argued with me because I wanted a primer and two coats of paint when he wanted to do one coat.He hung around for 3 to 4 hours, taping things off and making a general mess of stuff, including painting over the door trim and baseboards, which I had already painted and finished. Then he abruptly left, promising to return on Monday.
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Day 14 of Kitchen Remodel: Counter Tops Installed - 08/04/08 09:27 PM
The counter top dudes were right on time this morning. Laid cardboard all over the kitchen floor and drop cloths from the door to the kitchen. They started in cutting the plywood and screwing it into place. After they finished with the screws, one of the guys grabbed a sander and started grinding out half-moon circles around the screw holes, which caused sparks to fly everywhere. It looked like the Fourth of July in the kitchen. I had to double check the refrigerator to make sure there were no burn marks on it from the sparks. Somehow, through all the
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Sacramentans are Paying 1% More for Gas - 08/04/08 12:13 PM
I was astonished to read in the paper this morning that we in Sacramento are paying more for gas than we really should. Apparently, gas pumps are supposed to deliver gas at 60 degrees, because that's what the prices are based on -- 60-degree gas. However, a state study says our gas averages 72 degrees per year, and in August, it's 82 degrees! One month, the gas registered at 92 degrees in Sacramento. The California Energy Commission says gas expands 1% for every 15 degrees. At a buck-ninety-nine, that's not a big deal. But with gas prices over $4.00 a gallon,
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Kitchen Remodel Day 12 and Day 13 - 08/03/08 07:18 PM
Many people don't know I wear contacts. That's because until I turned 40, I never needed vision correction. But that darn newspaper print kept getting smaller, and I could no longer read the fine print on the back of cans of paint. Oh, sure, I tried bifocals, but I don't like them. As a result, I wear monovision, with one contact lens at a plus 375 and the other is for distance at plus 125. If I'm not wearing my contacts, I do use reading glasses -- which is what I was wearing while lying in bed this morning to
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Land Park Has Fast Growing Fast-Food Chains - 08/03/08 10:23 AM
I bring home take-out a lot, and not just because my new range and oven is sitting in my living room during the remodel. Basically, it's a time-related issue. I rarely have time to cook, especially during the week, plus my husband is the actual in-house cook. And some nights he gets home from work totally exhausted to find me sitting in front of my computer yelping about where's my dinner! So, he drives over to Broadway and brings home Pad Thai from Taste of Thai or Scallops in Lobster sauce from Fortune House. However, I don't have the patience to
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Traffic Jam in Land Park From I-5 - 08/02/08 04:53 PM
Warning. There are orange cones blocking lanes and work is still in progress on the ramp from southbound I-5 at the Biz 80 / Highway 50 interchange. When I headed out to Natomas from my home in Land Park this morning, I saw the cars lined up going in the opposite direction. I thought it would be cleared up by the time I returned four hours later, but it was still severely backed up. If you're trying to get into Land Park from southbound I-5, I suggest you stay in the left lanes right after the J Street exit. The three
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Day 12 Kitchen Remodel - Some Appliance Installs & Backsplash Chosen - 08/01/08 10:17 PM
My day started off really crummy. After I booted up my Mac, I opened Parallels to check MLS. Staring me in the face was a screen asking me to reinstall Windows XP. See, this is why I despise Windows. Since I didn't have time to work myself up in lather over the reinstall, I booted up my PC laptop. It asked to verify Windows XP. Call me silly, but I see a pattern there. Perhaps I forgot to update something. I verified my Windows XP and, during the start-up phase, my screen turned into a bunch of scribbly lines. Shut
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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE
Sacramento,
CA
More about me
Top 1% at Lyon Real Estate #00697006
Address: 2801 J Street, Sacramento, CA, 95816
Office Phone: (916) 233-6759
Cell Phone: (916) 233-6759
Email Me
Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Guide at About.com. Sacramento short sale agent.
Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying guide for About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
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