What Do I Need to Disclose? - 06/30/08 12:26 PM
Often, when GreatWest GMAC Real Estate professionals sit down with a Seller, the Seller will ask - "What do I need to disclose, when selling my house?"
Or - they will be more specific, "Must I disclose the real reason I'm selling my home is because of noisy and obnoxious neighbors?" 
One Seller questioned a GreatWest GMAC Real Estate professional, about a ghost or two, which were "residing" in the home, and wanted to know whether this needed to be disclosed.
In California, we are a long way from a couple decades ago, when Residential Purchase Agreements were one page, with … (2 comments)

How to Improve Credit to Qualify for a New Mortgage - 06/29/08 07:19 AM
IMPROVING CREDIT TO QUALIFY FOR A NEW MORTGAGE 
It isn't unusual for GreatWest GMAC Professionals to come across clients, who would like to purchase a home, but are a tad skinny on qualifying for a new mortgage. 
It is interesting to note that in fairly short order, a buyer can improve their finances enough to more readily allow for easier qualification of a home loan. 
For instance, if you are someone, who has a few credit card or consumer bills coming in each month, there are steps you can do which will help allow for a swifter loan payoff, or more … (2 comments)

Cheap Gas on the Net - 06/28/08 01:20 AM
I was doing a little exploring on the internet while looking for the cheapest gas to fill up the car.  There are several resources available which may help you as well.
Here are a few that I found:
Gasbuddy.com (by state and province): 
http://www.gasbuddy.com/GB_StateList.aspx 
Internet Auto Guide (cheap gas near you):
http://www.internetautoguide.com/gas-prices/index.html 
GetMobio (cheap gas prices on your cell phone): 
http://www.getmobio.com/learn/cheapgas
Motor Trend (cheap gas prices):
http://www.motortrend.com/gas_prices/index.html 
Fuel Economy (government website on gas prices): 
http://www.fueleconomy.gov/FEG/gasprices/states/index.shtml
I hope this helps!Myrl Jeffcoathttp://www.myrljeffcoat.com
 
… (2 comments)

Amortization Table - 06/27/08 07:33 AM
Here's a little amortization schedule.  It's not as sophisticated at many calculators that are available on-line, but it can be printed off, and easily carried in a wallet, or purse.
AMORTIZATION TABLEMonthly Payments (Per $1000 in Principal)-------------Years------------  
Courtesy of: Myrl Jeffcoat, RealtorGreatWest GMAC Realty  3604 Fair Oaks Boulevard, #120Sacramento, California 95864916-635-0420
 
… (4 comments)

Sales Stats for El Dorado & Placer Counties - 06/26/08 06:50 AM
Here are the latest Sales Statistics for El Dorado & Placer counties through the month of May.  They reflect numbers of sales for May 2008 as opposed to May 2007, and also for April 2008 vs. April 2007.
For El Dorado County, the numer of sales is slightly down from a year ago, and prices are 17.2% lowe for single family homesr.
For Placer County, the number of sales is down 19.9% from a year ago, and prices are 21.4% lower than a year ago
Also included in this Chart are the statistics for Condos and Townhomes.Myrl JeffcoatGreatWest GMAChttp://www.myrljeffcoat.com
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Sacramento Sales Numbers are UP - While Prices are Down! - 06/25/08 11:34 AM
Here are the latest Sales Statistics for Sacramento County through the month of May.  They reflect numbers of sales for May 2008 as opposed to May 2007, and also for April 2008 vs. April 2007.
Interestingly, the number of sales is up (+34.4%) for Single Family Homes in May.  BUT, the prices are significantly reduced over a year ago (-32.1%).
Also included in this Chart are the statistics for Condos and Townhomes.Myrl JeffcoatGreatWest GMAChttp://www.myrljeffcoat.com

… (0 comments)

What's Up With Reverse Mortgages? - 06/24/08 10:10 PM
Not long ago, a GreatWest Real Estate professional lamented, that after being in the business of selling homes to folks for a couple of decades, something was beginning to happen.  The agent was noticing more and more of those "kids" they had sold homes to in the early 1980's were ringing them up and asking, "What's up with Reverse Mortgages???"
Of course, those "kids" in the early 1980s, are now approaching retirement age!
Until recent years, most real estate professionals wouldn't have wished a Reverse Mortgage on anyone-they were simply dreadful!
In the past, they were set up for those who … (1 comments)

Holding Title in California - 06/23/08 11:46 PM
HOLDING TITLE IN CALIFORNIA One of the decisions that you will be asked to make as you are completing the purchase of a property, is how you are going to hold title to the property (the vesting). The vesting will appear on the Deed of Trust and the Grant Deed, which are recorded documents. Usually, your escrow officer or lender, or possibly both, will ask you how you want to hold title. The manner in which you hold title may have significant legal and tax consequences. Some of the issues that you should consider will be explored in this article.
SOLE … (0 comments)

Effective July 1st 2008 - Cell Phone Law - 06/22/08 09:34 AM
Cell Phone Law - Effective July 1st 2008 
QUESTIONS?
Wireless Telephone Laws FAQs Two new laws dealing with the use of wireless telephones while driving go into effect July 1, 2008.  Below is a list of Frequently Asked Questions concerning these new laws:
Q: When do the new wireless telephone laws take effect?
A: The new laws take effect July 1, 2008
Q: What is the difference between the two laws?
A: The first prohibits all drivers from using a handheld wireless telephone while operating a motor vehicle. (Vehicle Code (VC§23123).  Motorists 18 and over may use a hands-free device.  Drivers … (13 comments)

What to Do If You Are Divorcing and A Chilly Housing Market is Forcing You to Stay Under the Same Roof - 06/21/08 08:37 PM
Increasingly, GreatWest GMAC Real Estate Professionals are hearing of a trend - which could remind folks of the movie, "War of the Roses."
Current real estate market conditions have some divorcing couples looking to separate their lives, but realizing they can't afford to live apart until their home is sold. 
Unlike a few years ago, when many homeowners had loads of equity to share, and really good credit, current times are providing many glimpses of reversal of fortune.
If you are one of those couples, and need to continue co-habiting until you get the house sold, and shore up your financial … (2 comments)

IMPROVING CREDIT TO QUALIFY FOR A NEW MORTGAGE - 06/20/08 11:17 PM
It isn't unusual for GreatWest GMAC Professionals to come across clients, who would like to purchase a home, but are a tad skinny on qualifying for a new mortgage. 
It is interesting to note that in fairly short order, a buyer can improve their finances enough to more readily allow for easier qualification of a home loan.
For instance, if you are someone, who has a few credit card or consumer bills coming in each month, there are steps you can do which will help allow for a swifter loan payoff, or more readily get yourself out of debt.
One of … (1 comments)

5 Common First-Time Homebuyer Mistakes - 06/19/08 05:35 PM
5 Common First-Time Homebuyer Mistakes
They don't ask enough questions of their lender and miss out on the best deal. They don't act quickly enough to make a decision and someone else buys the house. They don't find the right real estate professional who is willing to help you through the homebuying process. They don't do enough to make their offer look good to a seller. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years. Reprinted with permission from Real Estate Checklists and Systems (www.realestatechecklists.com)
… (3 comments)

Number of Sales Increase - While Prices Dip Dramatically - 06/19/08 12:34 AM
Here are the latest statistics for Sacramento County and the Surrounding Areas by zipcode.  These reflect sales activity through the month of May.
Today, in the Sacramento Bee, as well as other news media, it was reported that the number of sales in the Sacramento Region had increased significantly, as banks dramatically reduce prices on properties they own.  Overall, prices have dipped dramatically over a year ago.
http://www.webstarmagic.com/gmac/stats_zipcode.htm
 
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How High Tech is Your Home? - 06/17/08 03:35 PM
If the latest technology or entertainment options are important in your new home, add the following questions to your buyer's checklist.
Are there enough jacks in every room for cable TV and high-speed Internet hookups? Are there enough telephone extensions or jacks? Is the home pre-wired for a home theater or multi-room audio and video? Does the home have a local area network for linking computers? Does the home already have wiring for DSL or other high-speed Internet connection? Does the home have multi-zoning heating and cooling controls with programmable thermostats? Does the home have multi-room lighting controls, window-covering controls, or … (0 comments)

Selling Your Home in a Market Laden With Foreclosures - 06/15/08 05:48 PM
Most home sellers in Northern California, understand this isn't a joyous time to be marketing property.  Foreclosure numbers continue to rise, and are causing distress for sellers not in the same financial crisis as some homeowners, who are either trying to weather dramatically increased mortgage payments, while finding themselves owing more on their mortgage than the house is now worth.  Still others face the specter of foreclosure.
"Pricing on residential real estate is collaterally controlled presently, by the incidence of foreclosure rampant in many of the country's neighborhoods," states T. Sami Siddiqui, Broker-Owner of GreatWest GMAC Real Estate. 
Buyers are bottom … (2 comments)

7 Reasons For Owning Your Own Home - 06/14/08 04:10 PM
Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. Gains. Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. And while there's no guarantee of appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORSÒ found that a typical homeowner has approximately $50,000 of unrealized gain in a home. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home. Savings. … (3 comments)

Six Month Comparison of MLS Statistics in Sacramento County & West Sacramento - 06/12/08 11:06 PM
 
While creating this graphic to track the last 6 months of Listing & Sales data in our local area, I was encouraged to note the numbers of properties listed came down, while the numbers of pending sales, and closed escrows went up.  Visually, you can easily see the improvement.  It's certainly not a robust market - but it surely looks as if the worst has leveled off, and some improvement is being shown.
… (5 comments)

Statistics for Sacramento County & City of West Sacramento - 06/11/08 06:29 PM

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BUYING A GREEN HOUSE - 06/10/08 01:32 PM
Can you remember when buying a green house was meant for the purpose of housing a few special or beloved plants? 
However, increasingly the reason for buying a "green" house is understood to mean acquiring an energy efficient home for our families.  The terms, "special" or "beloved" now describe the saved green in our wallets, because of living greener and energy efficient, while we are hopefully leaving fewer carbon footprints behind.
The pain at the pump caused by rising gas prices, is working as motivation to our searching ways to become energy efficient in all sectors of our lives - not … (0 comments)

Foreseeing Trends - 06/07/08 08:04 PM
In Charles Dickens book, A Tale of Two Cities, the opening paragraph reads, "It was the best of times, it was the worst of times, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, and we had nothing before us, we were all going direct to Heaven, we were all going direct the other way-in short, the period was so far like the … (1 comments)

Dueling Real Estate Trends - 06/05/08 10:59 PM
Great West GMAC Real Estate professionals are sometimes asked by clients to answer questions regarding what is trendy in housing.  Or they will ask, "Are we going big, or moving smaller?"
In a recent quest to track information on real estate statistics and trends, Sami Siddiqui, broker for Great West GMAC Real Estate noticed contradiction among the pundits of "what's hot - what's not" in the real estate marketplace.
One pundit seems to imply the Mc Mansion is very much alive and doing well.  And predicts homes built in the future will taut a bathroom for every bedroom, massive kitchens, and … (0 comments)

Hidden Home Defects to Watch For - 06/04/08 10:49 AM
No home is flawless, but certain physical problems can be expensive. Watch for:
  
Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics. Shifting foundations. Look for large cracks along the home's foundation. Drainage. Look for standing water, either around the foundation of the home of in the yard. Termites. Look for weakened or grooved wood, especially near ground level. Worn roofs. Look for broken or missing copings and buckled shingles as well as water spots on ceilings. Inadequate wiring. Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a … (0 comments)

How Much Mortgage Can You Afford? - 06/03/08 07:23 PM
Home ownership not only provides a great shelter for you at tax time.  If you are in a higher income bracket that shelter can become even more valuable to you.  It can also make good financial sense.
 So, you may be asking, "How much of a mortgage payment can I afford?"
Rent:_____________________
Multiplier:  X  1.32
Mortgage Payment:_____________ 
Mortgage Interest and Property Taxes continue to remain tax deductible.  Because of these deductions, a home buyer can usually afford a mortage payment-including taxes and insurance, that is approximately one-third more than their current rent payment.
There is more information and assistance available via … (2 comments)

Questions & Answers Regarding "Short Sales" - 06/02/08 09:05 PM
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 negative … (2 comments)

10 Things to Take the Trauma Out of Home buying - 06/01/08 05:26 PM
1. Find a real estate professional who's simpatico. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the practitioner you choose is both skilled and a good fit with your personality.2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.3. Don't ask for too … (1 comments)

 
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Myrl Jeffcoat

Sacramento, CA

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