Two years ago when a client told me they wanted me to short sale their home and their lender was Wells Fargo, I would visibly cringe.  Dealing with Wells Fargo in those days was a nightmare.  They didn't have sufficient staffing to handle the requests, their process was weak and it took so long that when you got the approval the buyer had moved on so you had to start all over and nobody at Wells cared.  Today they are one of the fastest, they make status update calls to you and often you can deal with the negotiator through email. 

There flaw is bizarre.  When they have more than one loan on a property they have not figured out how to let one negotiator manage their interest.  You have to deal with two different departments, each with their own interest so they double the work for themselves and believe it or not the junior lien  holder part of Wells Fargo often kills the deal because they demand more money than the other department is willing to pay for the lien release.  They should be embarrassed!

If you want to read more about short sale negotiations, check out my weekly real estate column, "Getting Short Sales Done," over at Rocklin and Roseville Today and reprinted at Sacramento Today.

It is always fun to get away for a few days and even better when you return and appreciate home.  Last week we traveled to Elizabethtown, Kentucky to visit Michael's son Mark and his family.  I enjoyed spending time with them and seeing Kentucky. 

I heard about the terrible ice storm they had this past winter but until I saw the devastation it caused I didn't understand the impact.  Kentucky is trees; almost every road is cut through a forest of trees or rolling green hills surrounded by trees.  Almost every one of those trees was damaged.  Now you see broken limbs jutting out in odd directions or piled high on the ground.  The cleanup is going to take a long time and the effects will be seen for many years to come. 

We did do some work on the Bourbon Trail and I enjoyed that but they need to learn from California wineries how to do tastings!  I am not much of a bourbon drinker so was interested in learning what I tasted and why I enjoyed one more than another.  Hard to do when you drive for 30 minutes and get one sip.

The real estate market where I was in Northern Kentucky or "Kentuckyanna" is doing alright.  They didn't have the huge run-up in the early 2000's so have not seen the kind of large price declines we have had here in the Sacramento area.  Interestingly, people there seem to take a longer view of real estate and their home values.  They are not as concerned about the value today, because they, on average, live in the same house longer than we do in California. 

If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away?  Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale.  If you do one of these things how bad will it be for you?  Will you get sued by your bank?  Will you ever be able to get credit again?  How much will Uncle Sam and the IRS want from you?  It may not be as bad as you imagine.  Check out my weekly column, "What are the consequences of walking away?" over at Rocklin & Roseville Today and find out.

Other Items:  Happy St. Patrick's Day!  I hope you have the luck of the Irish today and all year long!

I have been reading reports about a new California bill that may require banks to wait longer before foreclosing on mortgage obligations.  Last year it was taking some banks up to 9 months before they even started the foreclosure process.  Today they are responding much faster to delinquent loans so this bill may be helpful to Sacramento homeowners who want to qualify for a loan modification, refinance program or who want to avoid foreclosure by doing a short sale.  Check back in the next day or so and I will provide more information.

This morning I read an article in the Sacramento Bee about the former executives of Countrywide that got rich on bonuses and golden parachutes after they made tons of questionable loans which we are all now paying for.  Believe it or not they have taken their wealth and created a company that buys up bad loans from failed banks.  They are paying pennies on dollar for these loans and making a killing on collecting.  The economy is in the tank, the everyday guy is suffering and these guys are making millions again!

Why do I feel that when this is all said and done the people that will have prospered are the ones who helped create the problem and the borrowers who made risky and poor financial decisions to buy homes they couldn't afford? Those of us that bought homes we could afford and are making our monthly payments, even when our income has declined and other costs have skyrocketed, will maybe just be lucky get through this recession.

Today, another Washington scheme was announced called the "Making Homes Affordable" initiative.  I am not saying the housing market and homeowners shouldn't get help but there are now so many plans and programs it is confusing and most of my clients, who we help avoid foreclosure, say when they call their lenders and ask about these Government sponsored plans the answer is generally something about we don't care what you read, send us money or we will foreclose. 

There seems to be a breakdown in the communication between Washington and the lenders.  Why when we are giving banks billions don't we get commitments to follow the program?  You don't need to be a rocket scientist to understand "make loans and help borrowers." 

If you want a bit more detail on the latest plan to help you keep your house, check out my column, "Dizzy in Sacramento" over at Rocklin & Roseville Today.

In the past two weeks we have seen the Federal stimulus bill, the Homeowner Affordability and Stability Plan and our new California budget which as some provisions to help the housing market.  What are these, how do they work and have we finally got all the players headed in the same direction?  Take a look at my local real estate column, "Stimulus, Recovery, Stability coming to Sacramento?" over at Rocklin & Roseville Today.

I have had a number of emails in the past few days from some of my readers and I apologize for dropping off a bit in the past few weeks.  We have been very busy and I have been feeling a bit under the weather but hopefully I will get back to a more normal schedule and get a few more posts up over the next few days. 

Here is the view from a listing I have coming on the market soon.  This is a unique home in Auburn only minutes from the freeway but a world away from the city and people.  There is nothing "track" about this home and it will take a equally unique buyer to make this work.  This is not a family home and is best suited for a working couple who want an alternative style home or it could be a great weekend escape pad for someone from San Francisco or the Bay Area. 

If you or someone you know might be interested in learning more about this unique property let me know and I will send you more information.

Over at Rocklin & Roseville Today my weekly column this week is, "What is likely to be in the final stimulus bill?"

There have been some significant changes with lenders that are catching financially strapped homeowners unaware and reducing their alternatives to avoid a foreclosure.  If you or someone you know is not making their monthly mortgage payments and thinking they can wait several months before asking for a loan modification or doing a short sale, those days are over.  Check out my column over at Rocklin & Roseville Today or at Sacramento Today, "Short Sale Market Changes in Sacramento." 

This past week has been very busy and adds to my belief the real estate market is weather driven or at least it seems that way to me.   Every time we get some warm sunny days, I am too busy to spend much time outside!  It is nice to see the Sacramento real estate market continuing being active, even if the transactions are always difficult to get closed.

During the past week I have taken three new listings.  The first is a very nice home in the Natomas area of Sacramento.  This home is just a year old, has tons of upgrades and has been very well cared for.  If you or someone you know is looking to buy in this area take a look at 510 Dnieper River Way.

The second listing is also in the Natomas area but since we have some additional work to complete before it is ready to show it is not officially on the market but keep an eye out for it.

The third listing we took this week is unique for a couple of reasons.  First, this is a spectacular home on 2 plus acres in Newcastle and it is one the seller never anticipated having to sell so it has been painstakingly remodeled and shows like a dream.  These sellers thought they were working with their lender and anticipated a loan modification that would allow them to stay in their home.  When negotiations failed the lender quickly filed a notice of default and has set a sale date for later this month.  I don't normally like to work under such pressure but we have had success with this lender and feel if we can get an offer in quickly, we have a chance to delay the sale and avoid foreclosure.  For this reason we have priced the home super aggressively.  Take a look at 1001 Kentucky Greens Way, and let me know what you think.

I am looking out the window and seeming clouds moving in.  Would you know, just as I am catching up!

What do I need to know about buying a short sale listing?  This was essentially the question one of my readers sent me last week.  I have written a number of articles including "Six Steps to a Successful Short Sale" and "Short Sale Success," on using short sales to avoid foreclosure but have not spent much time addressing the buyer in a short sale transaction. 

If you or someone you know is considering buying a home in the Sacramento and Roseville area you will more than likely look at one or more short sale listings.  What should you know and be prepared for if a short sale turns out to be the home of your dreams?  Check out my Rocklin & Roseville Today column, "Short Sale Question & Answer," and read what I have to say on the subject.

Other News:  Getting some rain last week was great but I am enjoying the sun this week and using its energy to keep up with everything that is going on in the Sacramento real estate market.  We have some new listings that will be on the market in the next week or so plus several clients who are actively looking for homes. 

A total of 523,624 California properties received foreclosure filings, including default notices, auction sale notices and repossessions in 2008. This was a 110 percent increase from 2007 and almost five times as many compared to 2006.

The city Stockton registered the highest foreclosure rate in California and the nation with a 9.46 percent of its housing receiving a foreclosure filing during the year. Other California cities in the nation's 100 largest metropolitan areas in 2008 included Riverside-San Bernardino at number 3, Bakersfield at number 4 and our own Sacramento at number 9.

Sacramento foreclosure filings impacted one in 19 properties or 5.2 percent of all homes. This compares to a rate of one in 54 across the country.

If you or someone you know is struggling to make ends meet and are unable to continue to make mortgage payments on a home where the value is now less than the loan amount, call us. We can help you avoid foreclosure and get you back on the road to financial independence. We have been helping stop Sacramento foreclosures for two years and have an experienced team to guide you through the Short Sale or loan modification process.

If you are interested in learning more about short sales see one of my articles on the subject, "Six Steps to a Successful Short Sale."