Erin Attardi, Realtor in Sacramento, CA - Real Estate Blog

Sacramento Holiday Gift Ideas...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Mon, 14 Dec 2009 15:28:04 -0600

Whether you are planning to Celebrate Christmas, Channukah, or whatever else this holiday season, if your festivities involve gift giving, there are many Sacramento-themed gifts you can give! Here are my top 12 gifts that will make any Sacramentan's holiday, at any age or budget:

Dinner at The Grange and an overnight stay at The Citizen Hotel; This combo has become a favorite of mine! The food at the restaurant is outstanding, and the hotel is one of the finest in Sacramento. I highly recommend one of the penthouse suites with a view of downtown! Estimated cost: $200
A membership to the Sacramento County Historical Society; The mission of the Sacramento County Historical Society is to preserve the history of Sacramento County, and to promote public awareness of local history. As a member, you will receive a monthly newsletter and be invited to monthly meetings. Estimated cost: $35/individual membership.
A T-Shirt from the Hard Rock Cafe; Yep - if you forgot, Sacramento does have its own Hard Rock Cafe location at the corner of 7th & K Streets. Estimated cost: $25 - $50.
A subscription to SacTown Magazine; Read up on local goings on, Sacramento hot spots, restaurant reviews, articles of local interest, and more! Estimated cost for 12 month subscription: $12.
A California State University, Sacramento sweatshirt; My alma mater! Stay warm this winter while supporting our local CSUS Hornets! My CSUS sweatshirt was a Christmas gift from my mother during my freshman year...I still wear that thing even though it is totally faded and worn out...Estimated cost: $36 - $75.
Auto Detailing at Pavilion Car Care; They will make your care shine and your carpets fresh! Definitely the best car wash in Sacramento! Estimated cost: $45 - $299.
Tickets to go visit the Sacramento Zoo and Fairytale Town; Heck if you are going to visit one, why not visit both! Located at William Land Park, this is a great diversion for adults and children alike! Estimated cost per person/ticket: $13.
Bottle of wine from Revolution Wines; Revolution Wines is Sacramento's only urban winery. Tucked away at 21st & P Streets in midtown, they make their wine...their facilities also host tastings. Estimated cost per bottle: $10 - $25.
Massage from Arden Hills Resort Club & Spa; Arden Hills boasts not only a fitness / wellness center, but also an award-winning day spa. Why stop with just a massage? They offer more than 75 different treatments! Estimated cost/treatment: $40 - $440!
Dance lessons at The Sacramento Ballroom; Want to learn the Texas Two-Step, the Tango, or how to Swing Dance? They have classes for both singles and couples, from beginning to advanced levels! Estimated cost/lesson: $5 - $10.
Tickets to a Sacramento Rivercats game; See the Oakland A's affiliate play at Raley Field. I'm a SF Giants fan, but I do really enjoy these games (especially when they play the SF Giant's affiliate team, the Fresno Grizzlies)...many of these players are a phone call away from the major leagues! Estimated cost/ticket: $6 - $30.
A new home; Sure, I saved the best for last. Nothing says happy holidays like closing escrow on a Sacramento home...sorry if that was a little cheesy! Estimated cost: Priceless. =)

Doing a short sale with Bank of America? Here's what a Sacramento home buyer or seller can expect...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sun, 13 Dec 2009 16:52:01 -0600

So I have gotten to the point where I have closed so many Sacramento short sales, I figured I would share my experiences with different lenders...All lenders are radically different in the manner in which they process short sales. I think it is only fitting that I start with Bank of America (formerly Countrywide in some circumstances), since I have closed numerous short sale transactions with them. There are distinct differences in the process and the contact information if your loan is a former Countrywide loan, vs. a loan that has always been with Bank of America.

The following are the documents that Bank of America will require from the seller:

Last 2 months of bank statements
Last 2 months of paystubs (or proof of unemployment)
Last quarter of profit and loss statements, if self-employed
Most recent retirement earnings statement
Last 2 years of tax returns
Completed financial worksheet
Hardship Letter
3rd Party Authorization Letter

Along with those documents, the listing agent must forward the listing agreement, purchase agreement, buyer's pre-approval letter, copy of deposit check, and Estimated HUD-1 (summary of costs associated with the sale). 3rd Party Authorization letters should be faxed to 972-661-7800, or 805-520-5019 (old Countrywide loan). Bank of America's general short sale fax number is 866-706-7497, or 888-491-4947 (old Countrywide loan).

The 3rd Party Authorization letter should be faxed immediately once the property is listed. The rest of the documentation (seller's financial documentation and purchase documenation) should be faxed ALL AT ONCE when it is all assembled. Do not fax an incomplete file to Bank of America, as it will likely be shredded at the other end...yes your fax may be around 100 pages. Bank of America's document imaging process is long. You may find yourself faxing documents multiple times before they are imaged into their system. In my estimation, on average, it takes approximately 2 weeks for a complete short sale document package to be uploaded into their system.

Once you can confirm that the documents have been received and imaged into their system, you should call at least once or twice per week. Bank of America's Short Sale Support department telephone number is 800-846-2222, or 866-880-1232 (old Countrywide loan). When you go through their phone system, depending on call volume, you may reach another department. Generally, someone in the short sale support department will order a BPO (aka, broker price opinion) or appraisal prior to the file being assigned to a "Negotiator" for complete analysis.

There are several variables that may influence the time periods of your Bank of America short sale. The fastest Bank of America short sale approval I have received took about 60 days. The longest Bank of America short sale approval I have received took about 180 days.

The best case scenario is that Bank of America actually owns the loan, and there is no mortgage insurance. This will ultimately produce the fastest short sale approval scenario because Bank of America is able to make its own decisions regarding acceptable losses.

The worst case scenario is that Bank of America does not own the loan, and it is instead owned by a 3rd party. A 3rd party can be another bank (seems like many of their loans are owned by Bank of New York, or Deutsche Bank), a securitized investment pool, a government entity (Fannie Mae, HUD/FHA), or a mortgage insurance company. In this instance Bank of America is just the loan servicer and can not necessarily make decisions about acceptable losses. This will ultimately produce the slowest short sale approval scenario.

Unfortunately, you will not know until a mid-stage of the short sale which of these variables exists. The negotiation will go through several "phases"...it is not unusual for the loan to pass through several "Negotiators" and have several BPO's. Once assigned to a Negotiator, you should be able to obtain that person's direct contact information, including a direct telepone and email address.

Once approval is issued, Bank of America generally gives only 30 days to close. BE READY...sellers be ready to move out, and buyers be prepared to close asap.

Bank of America seems to be the culprit of some of the absolute weirdest short sales I have done. The approval documents have been "lost" and short sales that have shown as approved in their system have taken weeks to get to me, and then we only have had like a week or two to close escrow. They have also "misplaced" short sale payoff checks from escrow. UGH...the only thing predictable about Bank of America is that they are completely unpredictable. I have worked with them many times and pretty can guarantee you it will be a clumbsy process...

Click here if you are thinking about doing a short sale of your home. Click here if you are thinking about buying a short sale home.

Being Sick = LAME

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 05 Dec 2009 16:30:53 -0600

UGH...If you follow me on Facebook or Twitter, you will already know that I have been sick since last Friday. Finally went to the doctor on Monday, and without going into too much detail, I have been experiencing more pain in the last week than I have in my entire life. Thanks to my doctor (and a cocktail of antibiotics and painkillers) I should be back to normal soon. This photo is of one of my medicine bottles...I think warning #2 on the label is completely random and hilarious. Do foods really have "hidden sources of alcohol?"

Anyway, I have to return to at least light duty next week, as I have two new listings hitting the market. One is a short sale in Antelope, and the other is a regular transaction (yep, non-short sales, and non-foreclosures still exist!!) in Rosemont.

Sacramento Short Sale Sellers - PLEASE get tax and legal advice!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 25 Nov 2009 21:53:00 -0600

I can not emphasize enough that if you are planning to do a short sale for your home, PLEASE take a few minutes to speak with qualified tax and legal professionals.

I was contacted today by a potential short sale seller...she was looking for an short sale agent to list her Carmichael home and had discovered my website doing a Google search. She had already spoken to an attorney and thought she was well-armed with information, and was prepared to list her home in January.

As we started talking and I asked a few probing questions, it turns out the attorney she met with neglected to tell her about the possible tax ramifications of doing a short sale. I quickly referred her to a CPA so that she could research and strategize how to minimize any potential tax liability.

SELLERS - please gather this information in advance. If you are thinking about doing a short sale of your Sacramento area home, email me and I can refer you to qualified tax and / or legal professionals. Remember - real estate agents (unless he/she is also an attorney or CPA) generally are not licensed to practice law or give tax advice...

The Sacramento Short Sale Experiment - Part IV...the numbers don't lie!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Thu, 19 Nov 2009 19:59:37 -0600

Time for my fourth installment of Erin's Sacramento Short Sale Experiment! I am sure ya'll are just on the edge of your seats to find out just what has transpired in the world of short sales in our Sacramento metro area since the last time? I have deliberately allowed more time to pass between Part III and Part IV, so that we can see if a trend has truly emerged. For those of you not following along at home, or perhaps if you are reading this for the first time, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a "normal transaction") and to bank-owned resale transactions. My hypothesis at the start of this experiment: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). I have continued to list more short sale properties. Let's see how this new data compares to the "control data" for the experiment and also to last month...

95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 332 active listings there. 227/332 listings are short sales. The median price in that zip code in October 2009 was $230,000 according to Trendgraphix (an decrease over last installment). The result vs. the control data? Control data was 68.6% of all active listings in 95624 were short sales, vs. 72.5% last installment, vs. 68.3% this month. BIG DECREASE over the control data, but a more significant decrease over last installment. Number of YTD closed short sales - 203.

95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 156 active listings there. 105/156 listings are short sales. The median price in that zip code in October 2009 was $215,000 according to Trendgraphix (a significant increase over last installment). The result vs. the control data? Control data was 60.3% of all active listings in 95610 were short sales, vs. 68.5% last installment, vs. 67.3% this month. BIG INCREASE over the control data, and a slight decrease over last installment. Number of YTD closed short sales - 76.

95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 124 active listings there. 92/124 listings are short sales. The median price in that zip code in October 2009 was also $190,000 according to Trendgraphix (an increase from last installment). The result vs. the control data? Control data was 62.2% of all active listings in 95826 were short sales, vs. 63.3% last installment, vs. 74.1% this month = BIG INCREASE. Number of YTD closed short sales - 52.

95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 151 active listings there. 39/151 listings are short sales. The median price in that zip code in October 2009 was $260,000 according to Trendgraphix (a decrease over last installment). The result vs. the control data? Control data was 17.0% of all active listings in 95864 were short sales, vs. 21.6% last installment, vs. 25.8% this month. BIG INCREASE. Number of YTD closed short sales - 16.

95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 60 active listings there. 15/60 listings are short sales. The median price in that zip code in Octobet 2009 was $352,000 according to Trendgraphix (slight decrease over last installment). The result vs. the control data? Control data was 16.0% of all active listings in 95818 were short sales, vs. 21.7% last installment, vs. 25.0% this month. BIG INCREASE. Number of YTD closed short sales - 14.

95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 62 active listings there. 14/62 listings are short sales. The median price in that zip code in October 2009 was $348,000 according to Trendgraphix (a decrease over last installment). The result vs. the control data? Control data was 19.7% of all active listings in 95819 were short sales, vs. 13.9% last month, vs. 22.6 this month. BIG INCREASE. Number of YTD closed short sales - 9.

So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 5 of them experienced an increase in the number of active short sale listings...the majority of the zip codes posted pretty large proportional increases, and the one decreasing zip code I am tracking posted a pretty large proportional decrease. My phone definitely keeps ringing and I continue to receive emails - I am fielding lots of inquiries from homeowners looking for more information and insight from my short sale experience...buyers too are really curious about the short sale process since they are encountering so many short sale listings in our marketplace. Also (you will be aware of this if you follow me on Twitter or Facebook), I closed many of my own short sale listings since the last installment of Erin's Sacramento Short Sale Experiment...and I have one Natomas short sale closing tomorrow. Until next time!

Erin's Sacramento Short Sale Experiment, Part I
Erin's Sacramento Short Sale Experiment, Part II
Erin's Sacramento Short Sale Experiment, Part III

Appeal - please HUD, revise the new "Good Faith Estimate" to include the full PITI! Home Buyers will appreciate it!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 18 Nov 2009 21:20:58 -0600

I got a sneak preview this week at the new "Good Faith Estimate" that lenders will now be required to provide to consumers who are shopping for a mortgage loan. Starting January 1, the US Housing and Urban Development (HUD) will require lenders to use this new standard form.

What is a Good Faith Estimate? A "GFE" is an itemization of all of the costs associated with obtaining a mortgage loan. It breaks out different costs, like loan origination, appraisal fees, estimated taxes, and prominently displays the estimated interest rate, length of the loan, etc. It also shows the "fully loaded" estimated monthly payment (fully loaded = total monthly payment amount of loan principle, interest, taxes and insurance). You can get GFE from multiple lenders and compare them side-by-side.

The current GFE is one page and resembles a spreadsheet...if you have never looked at one, they can be a little cryptic to decipher. I often help my buyer clients understand what they are looking at as they shop for a loan.

Most of this new 3-page GFE document is written in plain english, and really describes what the items are, which is really nice. There are specific sections with checkboxes that are not noted on the current GFE - like for example if the loan has a "pre-payment penalty" or a "balloon payment." I think it will be very difficult for dishonest lenders to fudge different fees and terms on the new form.

The one short-coming I think the new GFE has (that I am sure will be addressed by HUD with a revision or Addendum soon) is that no where does it explain or show the "fully loaded" payment. It only shows the principle and interest monthly payment amount (and does not factor in the full payment with the monthly allocation of property taxes and insurance)...which is only part of the true picture.

Overall I give HUD a thumbs up with regard to this new GFE...but PLEASE - HUD make that revision so the full PITI payment is clearly defined on the form!

Sacramento Area Thanksgiving Holiday Volunteer Opportunities

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Mon, 16 Nov 2009 19:11:47 -0600

Every year I am asked where Sacramento residents can volunteer to serve a Thanksgiving meal, or where they can donate food or other items to those in need. For 2009 I decided to compile a list of shelters and other organizations that may need your help.

Loaves & Fishes; this year they will serving a Thanksgiving lunch on Tuesday November 24th. They are also seeking food donations, such as pies, turkeys, yams, cranberry sauce, etc. They are also gathering items for a Christmas Stocking giveaway and need items like chapstick, disposable razors, playing cards, gloves, etc. They are located at 1321 North C Street in Sacramento.

St. Philomene Sharing the Bounty Dinner; a holiday meal will be served on Tuesday, November 24th at 5pm in the parish hall located at 2428 Bell Street, Sacramento 95825.

Sacramento Area Emergency Housing Center; volunteers will be needed on Thanksgiving Day and Christmas Day and there are two shifts available- 7:30 am to 10:00am for Brunch and 3:00 to 5:30 for Dinner. SAEHC will provide the food, and just need some extra helpers in the kitchen.

Sacramento Food Bank "Run to Feed the Hungry"; there are several volunteer shifts for both pre-race and race day needs. The actual Run to Feed the Hungry race is early on Thanksgiving Day, Thursday November 26.

Salvation Army Thanksgiving Dinner; a holiday meal is scheduled to be served from 11 am to 1:30 pm on Thanksgiving Day, Thursday November 26th at the Salvation Army's Center of Hope, 1200 North B Street, Sacramento.

St. Ignatius Loyola Dinner; a holiday meal is scheduled to be served on Wednesday, November 25th at 6pm in the parish hall located at 3235 Arden Way, Sacramento 95825.

Folsom Turkey Trot; the 3rd annual Folsom Turkey Trot is a benefit race on Thanksgiving Morning, to help raise money for the local foodbank and a youth scholarship. Monies raised benefit the Twin Lakes Food Bank.

Please contact the individual organizations to see if you may volunteer for any of these programs. If you know of a program that is not listed, feel free to email me and I will post it.

My name is Erin Attardi, and I am a tech geek Realtor!...and I LOVE IT!!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 14 Nov 2009 15:27:20 -0600

Ok so if you were not already convinced otherwise, this should confirm once and for all that I am a Tech Geek Realtor.

Yesterday I received confirmation that I was awarded the top honor in the National Association of Realtors / HP Real Estate Technology Contest. You can read the press release here.

I am absolutely honored to have received this recognition! I wear my geek badge with pride!!

New Short Sale Listing - 14 Heron Crest Place, Sacramento / Natomas 95835

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 11 Nov 2009 18:42:37 -0600

Great Natomas Hampton Village 4 bedroom, 2.5 bathroom home! Great open floorplan, nice kitchen with tile countertops, extra storage under the stairs. Large backyard. Don't miss this one! Subject to lender approval of short sale. For more photos and detail, please visit http://14heroncrestplace.com/.

No Burn Days in Sacramento County - November 1 - February 28

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 07 Nov 2009 12:45:25 -0600

For the last few years around this time, I have posted information regarding the Sacramento Metropolitan Air Quality Management District's designated "Spare the Air" days where you can not burn wood in your fireplace.

Their "No Burn" days are still in effect this year too from November 1 through February 28. wood burning will be restricted or prohibited in Sacramento County when fine particle pollution is elevated.

You can actually sign up for email alerts from the Sacramento Metropolitan Air Quality Management District. If you do not want to sign up for their daily emails, you can Check Before You Burn each day to confirm if it is legal to burn in your indoor or outdoor fireplace, wood stove, pellet stove, fire pit or chiminea by calling 1-877-NOBURN-5.

Check Before You Burn is in effect in Sacramento County and all its cities including Citrus Heights, Elk Grove, Folsom, Galt, Isleton, Rancho Cordova, and Sacramento.

Obama signs HR 3548 - Extends and Expands Home Buyer Tax Credit...what does this mean for Sacramento buyers?

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 07 Nov 2009 12:07:42 -0600

If you follow me on Twitter, you will already know that HR 3548 has been signed by President Obama...There was language added into this bill that extends and expands the home buyer tax credit! As part of its plan to further stimulate the U.S. housing market, this legislation:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 (with another 60-day extension for buyers who are in contract as of this date, and who close escrow on or before June 30, 2010). A "first-time home buyer" is a purchaser and spouse may not have owned a residence during the three years prior to the purchase.
Expands the credit to grant up to $6,500 credit to non-first time buyers purchasing a new or existing home between November 7, 2009 and April 30, 2010.

There are many nuances to this legislation, so please speak with your CPA regarding your qualifications for these tax credits and your eligibility. Here is a Q&A from the National Association of Realtors regarding how to obtain the tax credit.

Tickets Now On Sale - 2009 Sacred Heart Holiday Home Tour of East Sacramento

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 07 Nov 2009 11:00:41 -0600

It's that time of year again!! Don't miss your chance to attend one of my favorite annual holiday events, the 2008 Sacred Heart Holiday Home Tour of the Fabulous 40's neighborhood in East Sacramento! There will be 5 homes on tour, each featuring unique architectural styles.

This year, the tour schedule is Friday, December 4th, 11 a.m. to 8 p.m.; Saturday, December 5th 10 a.m. to 7 p.m.; and Sunday, December 6th 11 a.m. to 5 p.m.

Time is running out to purchase your tickets in advance for only $20! You can order them online, or you can purchase them at the Sacred Heart School office, or several local retail locations (such as William Glen, Haus by David Randall, La Maison Marche, Collected Works, etc.). Tickets at the event will be $30. If you are interested in volunteering at the tour, click here.

This fundraiser benefits Sacred Heart Parish School, and is organized by the Parents of Sacred Heart School.

New Short Sale Listing - 3737 William Way, Arden / Sacramento, CA 95821

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 04 Nov 2009 22:14:13 -0600

Adorable Arden 3 bedroom, 1 bath, 1,225sf cottage! You will love the gleaming wood floors, cozy fireplace, updated kitchen has double oven, dishwasher, and cooktop, spacious bedrooms, covered patio, attached 2-car garage, and large backyard! Don't miss this one! Offered at $165,000, subject to lender approval of short sale. For more photos and information, please visit http://www.3737WilliamWay.com!

New Short Sale Listing - 7008 Bobby Street, Orangevale, CA 95662

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 04 Nov 2009 22:11:42 -0600

Adorable and affordable Orangevale 3 bed, 1.5 bath, 1,400sf home. You will love the separate living and family rooms, wood flooring, spacious kitchen, attached 2-car garage with LARGE lot! Great location near Casa Roble High School and Louis Pasteur Middle School. Offered at $189,000 subject to lender approval of short sale. For more detail and photos, please visit http://www.7008bobbystreet.com/.

New Short Sale Listing - 1305 39th Street, East Sacramento, CA 95816

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 04 Nov 2009 22:09:40 -0600

Fabulous East Sac home just on the Fabulous 40's border! Beautiful brick 2 bedroom, 1 bath home on a wonderful tree-lined street. Large living room with fireplace, large formal dining room and separate nook off kitchen. Classic features like lead glass windows and built-ins throughout. Nice backyard setting with deck. Enjoy the newer roof, central heat & air and partial basement for extra storage. Detached 1-car garage. Offered at $349,000 subject to lender approval of short sale. For more photos and detail, visit http://www.1305-39thstreet.com/.

New Listing - 6712 Goldenwood Circle, Sacramento, CA 95841

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Mon, 19 Oct 2009 23:09:29 -0500

Lovingly maintained 4 bed, 2 bath, 1,766sf Sacramento home has something for everyone - separate living and family rooms, updated kitchen with newer appliances, vaulted ceilings, 2-car garage with lots of storage. Stunning backyard with new retaining wall, sod, irrigation, lighting and more! Composition roof, located close to large park! Must see-don't wait! Offered at $219,000 subject to lender approval of short sale. For more photos and detail, visit http://6712goldenwoodcircle.com/.

Sacramento County Assessor's Office Sends Out Property Tax Bills this week...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Fri, 16 Oct 2009 18:34:43 -0500

Welp, Sacramento County property tax bills were issued this week...the Sacramento County Assessor's Office put out a press release today stating that over 170,000 of the bills issued reflect reductions in the assessed value.

The Assessor's office is still entertaining applications to appeal the assessed value of your home until November 30th. Remember, the bills that just came out reflect an assessment based on the value of your home back in January 2009 (9 months ago!).

To read up on what is required to submit an appeal application, click here.

California Legislation is Approved by Governor Schwarzenegger

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Thu, 15 Oct 2009 20:04:36 -0500

This week Governor Schwarzenegger signed several pieces of legislation into law that will affect real estate transactions in the state of California - all for the better!

SB 36, by Senator Ron Calderon (D-Montebello), creates licensing requirements for all residential loan originators.
SB 237, by Senator Ron Calderon (D-Montebello), creates a registration program for appraisal management firms.
SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a mortgage loan application.
AB 260, by Assemblyman Ted Lieu (D-Torrance), bans negative-amortization loans and limits mortgage prepayment penalties to no more than 2% of the loan balance.
AB 329, by Assemblyman Mike Feuer (D-Los Angeles), requires lenders to give more and clearer information to those interested in reverse mortgages, which let seniors borrow against their homes' equity.
AB 957, by Assemblywoman Cathleen Galgiani (D-Stockton), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the escrow company chosen by the bank seller.
AB 1160, by Assemblyman Paul Fong (D-Cupertino), requires that mortgage loan documents be written in the same language the verbal negotiations were conducted in.

How did that Sacramento Storm affect you?

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 14 Oct 2009 09:25:31 -0500

If you follow me on Facebook or Twitter, you will already know that I had a fun day yesterday due to that insane Autumn storm.

I got up around 7am to get ready for my usual Tuesday morning meeting - our Downtown Regional MLS Caravan meeting. I actually peaked outside and saw the heavy wind and rain and some ponding water in the backyard, but otherwise nothing too crazy.

About 45 minutes later, my husband went downstairs to let our hound doggies outside, and I heard him yell "Oh my god!!" I yelled back to him but he did not answer...I ran to our upstairs balcony, and saw that the tree right behind our garage had fallen! It narrowly missed our garage and broke some sprinkler valves. A few inches to the left would have resulted in some major damage! WHEW!

Well that was exciting... not much we could do, so I headed off to my meeting, and my husband, an electrical contractor, headed off to work. After my meeting, I actually had to meet my husband in South Land Park to look at an electrical escrow repair for one of my buyer transactions. The carnage as I drove through Midtown, Land Park, and South Land Park was incredible...limbs and debris everywhere! Luckily the house I have in contract was bone dry!

Went to my office but the power was out, so I decided to go home. On the way home, my husband called and told me that a 2nd large tree in the backyard had fallen. WOW! I use Twitter and Facebook from my cell phone, so I posted pics there...KFBK saw my posts and contacted me. Several people I know messaged me to say they heard my sound bite. So back to work today...I have lots of short sales to follow up with!

FHA Energy Efficient Mortgage Program - make your new home GREEN!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 10 Oct 2009 01:14:20 -0500

I am frequently asked about the FHA Energy Efficient Mortgage Program by buyers seeking to purchase homes in need of energy efficient upgrades. This programs allows buyers to finance the cost of energy efficient improvements through the mortgage loan. The buyer's loan can be increased according to EEM guidelines to cover energy improvement costs. Monthly mortgage payments increase slightly, but the buyer generally will save money on a monthly basis over the term of ownership of the home because energy bills (power / gas) are decreased...

A buyer can borrow up to 5% of the value of the property (not to exceed $8,000) above and beyond the contract purchase price of the home. Generally, regular FHA loan limits can be exceeded to accommodate an EEM, there is no additional downpayment required on the amount above the original contract purchase price, and there are no addition appraisal requirements.

So what types of improvements can a buyer make via the Energy Efficient Mortgage? A few examples;
-Replace a central heat & air system
-Add insulation
-Install dual pane windows
-Replace a water heater

If you would like to find out more information about the EEM and get pre-approved for your loan, you can contact Marlena Olson with the Vitek Mortgage Group at 916-486-6931.

Do the trees in Downtown San Jose really need sweaters??

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Thu, 08 Oct 2009 00:56:44 -0500

If you follow me on Twitter or Facebook, you probably already know that I am in San Jose this week for the California Association of Realtors conference. I was actually a featured speaker at the conference on Tuesday, and aside from that my mind is bursting with lots of great info and stuff to blog about over the next several days...but.......

I am staying at a hotel located two blocks from the San Jose Convention Center, where this conference is being held. The first morning on my walk from my hotel to SJCC, I noticed the strangest thing. The trees lining the streets of Downtown San Jose are wearing sweaters. WHAT!?

These clearly took some effort from someone...the sweaters had to be knitted, and then the two sides had to be sewn together on the tree. RANDOM.

Trulia - have I told you lately that I love you!?

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 07 Oct 2009 17:27:23 -0500

I mention my love for Trulia here from time to time - I am a Trulia "MVP"! Here I am with a few Trulia geeks at Lyon Real Estate's "Fun Realtor Education Day" aka FRED on Monday.

A bad escrow officer can cause LOTS of headaches in your transaction...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Thu, 01 Oct 2009 16:26:02 -0500

ARRGGHH! If you follow me on Facebook, you will know that I have been experiencing great frustration this week surrounding delays to the close of escrow. What was the problem, you ask? A completely incompetent (or lazy, apathetic...all of the above) Escrow Officer.

This Escrow Officer, who shall remain nameless along with her company, caused major frustration and unnecessary delays to the closing of the transaction. Just for the record, the escrow holder is a neutral 3rd party that handles the money in the transaction.

Loan documents were delivered by the buyer's lender the afternoon of Thursday, September 17th. The loan officer excitedly called me to tell me they had been sent to escrow. Great! I called and left a voicemail for the escrow officer that afternoon...no call back. I emailed her Friday morning...nothing. I called again on Friday afternoon and waited on hold 10 or so minutes for her. When she answered, she said she would prepare the documents and get the buyers in to sign their loan documents immediately. She also said she would send me the FHA Amendatory Clause document, which required my signature as the buyer's agent.

Immediately turned out to be Tuesday, the 22nd and Wednesday, the 23rd. My buyer clients were an engaged couple - one is here in Sacramento, and the other is relocating here from Daly City. They were in two different places, but no effort was made to get their signings accommodated...out-of-town document signings are common, and a mobile notary or another office of the same escrow company is used.

The loan documents were not couriered back to the lender until Thursday, the 24th, and not received by the lender until late on Friday, the 25th. By this point, the escrow officer still had not sent over the FHA document requiring my signature as the buyer's agent.

On Tuesday morning, the 29th, the lender issued its funding conditions. Among the funding conditions was a signed copy of the FHA Amendatory Clause. Tuesday morning I was at the Regional MLS meeting when I got a frantic email from the buyer's loan officer around 9:30am. She emailed me the Amendatory Clause because it was required to fund the loan. I raced back to my office, signed it, and emailed to back. Around 11am, I received an email from the escrow officer with a copy of the Amendatory Clause document...kinda late, doncha think?

The lender was able to fund the loan, and the funds were received by escrow at 2:25pm that afternoon. Great! The last time to be able to record the buyer's Deed of Trust with Sacramento County is 3pm! At 4pm, I received a call from this escrow officer stating they missed the recording deadline. No recording Tuesday, and I could not give my anxious buyer clients their keys to their new Natomas home. UGH.

I was promised that the recording would happen first thing on Wednesday morning. I should have received a call from the escrow officer around 9:30am to give me confirmation that the transaction was on record. Nada...finally around 11am I emailed her. I got an out-of-office auto-reply email that she was on vacation for the next week!! WHAT!? I called the office and spoke to her assistant. ARE WE ON RECORD???

Nope! This escrow officer had "forgotten" to request a payoff demand for the HOA transfer fees. They could not record without it. ARRGGHH!!! The escrow officer should have done this weeks prior! Several angry phone calls between myself, the buyer's loan officer, and the listing agent finally resolved this issue.

We finally recorded on Wednesday the 30th...about a week after we should have. WHAT A JOKE! Good thing my clients interest rate lock did not expire! Good thing this transaction madness was not happening at the end of November, when the first time buyer credit deadline could have lapsed! Good thing this was not a short sale close to expiration!

I have a great relationship with my go-to escrow officer. I know this madness NEVER would happen with her.

The Secrets to my Short Sale Success...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Mon, 28 Sep 2009 22:56:48 -0500

If you follow me on Twitter, you will already know that I had a chat over lunch today with the Director of Training for Lyon Real Estate, Michael Gray. He told me some pleasantly surprising news...I have the highest success rate at closing short sales of any agent at Lyon Real Estate! Yep, little old Erin Attardi. WOW! Not sure just how many agents are now at Lyon, but I think it is hovering around a thousand or so. We have 120 agents in my office in Sierra Oaks alone, and there are 18 offices!

So what are the secrets to my short sale successes? I will tip you off to a few...

The first thing, is that I am very selective when I choose to list a short sale. The seller MUST have a legitimate hardship. The seller must be prepared and willing to provide ALL of the documentation (like paystubs, bank statements, tax returns) the short sale lender will require. I turn down about half of the prospective short sale sellers who contact me - most of which do not have hardships, or they indicate to me they want to help them commit fraud, or they indicate they are not willing to provide documentation. I always look to see if the listings I decline end up on the market, and they almost ALWAYS do with other agents...those short sales have little likelihood of actually closing successfully.

The second thing, is that I am really NICE to the lender loss mitigation reps I deal with. These are people who get yelled at repeatedly every day, over and over again by frustrated borrowers and agents. I joke around with them, ask them about the weather, say please and thank you, etc... this works really well!! I have convinced certain lender loss mitigation reps to give me their direct phone numbers, fax numbers, email addresses. These guys actually LIKE to deal with me!

The third thing, is that I have developed a systematic method for negotiating short sales. I follow directions set by the short sale lenders really well and accurately. I am great at time management, and often find myself working with the same short sale lenders over and over again. The system itself is not one I am willing to share...and yes, I personally negotiate ALL of my short sales. I do not farm them out to a 3rd party.

I do lots of things to make my short sales successful...

Where in the World is Erin Attardi?...Back home in Sacramento now...LOL

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Tue, 22 Sep 2009 23:10:26 -0500

Yes I am ok...I got a few emails from my regular blog readers asking if I was ok, and why I had not written anything new lately (including my 4th installment of Erin's Sacramento Short Sale Experiment, which I will write a bit later this week). My answer? It's the end of the summer, and I have been playing! Even Realtors deserve a day or two off now and then, right?

If you follow me on Facebook or Twitter, you will already know I took two little excursions in the last week, and both coincidentally were to celebrate my parents' birthdays.

Before I left though on Friday the 11th, I helped throw a little fundraiser for the California Association of Realtors Housing Affordability Fund (CARHAF) with the Young Professionals Council's 2nd Annual "Bowling for the American Dream" fundraiser. What a blast! This year's event had a 1950's theme...the final total is not in yet, but we estimate that we raised about $3,000 for CARHAF!

So anyway, last Monday, to celebrate my Dad's 60th birthday, I got up really early and went fishing on SF Bay with my husband, dad, and brother. We caught 4 white sea bass (including a 51-incher by my brother), and 7 halibut. That was a great day! Our catch yielded over 100 pounds of meat! There was so much that although the guides cleaned our fish for us, we still ended up taking the fillets to a butcher for processing. Let's just say that if you have a good recipe for white fish, please email it to me!!

Then, first thing this last Saturday morning, my brother, mom and I flew to Los Angeles to see the San Francisco Giants play the Dodgers. Hmm...the Giants got absolutely slayed in both games we saw (Saturday and Sunday), but we still had a great time. Before we returned on Monday evening, we had lunch at this famous restaurant called The Ivy in Beverly Hills. Good times.

Back to work!!! (Un)fortunately, my summer travels are over...