Real estate blog entries tagged with ask erin by Erin Stumpf (Attardi), 916-342-1372 / DRE# 01706589 Sacramento, CA (Coldwell Banker)

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ask erin: Short Sale Sellers: The Importance of Providing Inspections and Disclosures in Advance... - 02/02/09 12:43 PM

Short sale sellers take note! It is of critical importance to obtain a pest inspection and fill out all of your disclosures in advance of putting your house on the market and entertaining offers from interested buyers.Sometimes short sale sellers will object to getting a pest inspection in advance because of the $85 - $100 inspection fee, but once I explain the downside of not getting this inspection, they quickly change their minds.Because short sales are 99% of the time sold "as-is" with no repairs of any kind, it is critically important to provide the buyer with as many disclosures and … (1 comments)

ask erin: Ask Erin: What happens with unpaid utility bills on bank owned properties in Sacramento after they are purchased? - 01/07/09 06:01 PM

With so many REO properties on the market for sale in the greater Sacramento area, I feel it is my moral obligation to warn buyers about the ramifications and potential consequences of previously unpaid utility bills.When a property owner goes into default, along with not making the monthly mortgage payment, many owners stop paying their property taxes, and they also stop paying their utilities - like their water, gas, and electric bills.When property taxes go unpaid, the county that collects the property taxes will record a lien against the property. When a title company later does a title search to see … (4 comments)

ask erin: Ask Erin: When I buy a bank owned REO property, what disclosures will I receive? - 10/23/08 11:51 AM

When purchasing a bank-owned REO property in California, you as the buyer should be aware that you will received limited disclosures from the bank / asset manager seller.You should ask your agent to provide you with an REO Advisory, which is a standard California Association of Realtors form (Form REO) that details what the seller is and is not required to give to you. Lyon Real Estate agents are actually required to use this form when listing or selling bank owned property. Language straight from that form reads -"Disclosures: Seller is NOT EXEMPT from common law and statutory duties concerning fraud … (3 comments)

ask erin: Ask Erin: Buyer Investigation, Inspections, and Request for Repairs - 08/30/08 01:44 PM

This is a long-winded blog...needless to say I have been dealing with literally 5 separate requests for repair during the last week, so for me this is a timely post. On 3 of them, I am representing the buyers, and on 2 I am representing the seller. Buyer Investigation, Inspections, and Request for Repairs are all inter-related, and kind of a broad, sweeping topic that I am often asked about. In real estate transactions in California, the seller has the duty to disclose any and all known material facts and defects affecting the subject property...the buyer has the right to investigate … (5 comments)

ask erin: Ask Erin: Does a Converted Garage Add or Reduce a Home's Value? - 08/04/08 06:29 AM

I was having a conversation with a prospective listing client in Land Park this last week regarding if having a converted garage adds or reduces the value in a home. To clarify - this would be a garage that has been converted in to living space. Let me start by saying that not all garage conversions are created equally. I have seen conversions where you would never know that a garage existed in the space prior to the conversion. The old driveway was demolished, and landscaping was planted in its place. The garage door was removed, and in its place siding … (4 comments)

ask erin: Sacramento Neighborhood Zip Codes - 08/01/08 02:17 PM

I am often asked what zip codes certain areas in Sacramento fall within, so I figured I would post a pretty comprehensive list. You will notice that some zip codes are repeated a few times, as different neighborhoods occasionally fall on a border or are just large generally speaking.Antelope - 95843Arden /Arcade - 95815, 95821, 95825, 95841, 95864Arden Park - 95864Campus Commons - 95825Carmichael - 95608Curtis Park - 95818Citrus Heights - 95610, 95621Del Dayo - 95608Del Paso Heights - 95815, 95838, 95833Downtown Sacramento - 95811, 95814Elk Grove - 95624, 95757, 95758Elmhurst - 95819, 95817Elverta - 95626East Sacramento - 95816, 95817, 95819Fabulous … (3 comments)

ask erin: Ask Erin: So What Exactly is Considered a Fixture? - 07/21/08 12:04 PM

At the 11th hour of one of my current transactions (I am representing the buyer), the seller made a claim that he wanted to take some backyard items with him. What were the items? One was a free-standing fountain, and the other was a metal-framed arbor (an 8-foot around, gazebo shaped trellis thing is the best way I can describe it). Neither was bolted to the ground. The fountain had a hard-wired electrical connection, and sat on a special pedestal surrounded by shrubbery and stonework that complement it. The arbor sat on a customized brick foundation, and was adhered to the … (6 comments)

ask erin: I've been quoted in an Associated Press article about Foreclosures!! - 06/06/08 09:21 AM

Last week I was interviewed by a journalist with the Associated Press. I get interviewed about once a week because of my high search engine rankings, but this is the first time I have actually been quoted in an article...at least that I actually know of! The journalist mis-quoted me a little bit (he says "market price" in the quote instead of "listing price"), but I suppose that is bound to happen with any interview. Perhaps I should get used to it?He also interviewed one of my clients and used her quotes as well...they also sent a photographer out and did … (8 comments)

ask erin: Change your HVAC Filters!! - 06/05/08 11:15 AM

I spent yesterday afternoon at a home inspection at a property I have in contract. The home inspector tested the central heat and air conditioning system, and noted that there was not a significant change in temperature after letting the system run for 20 or so minutes. This was a matter of obvious concern to my client (the buyer), as repairing or replacing a central heat & air system is not inexpensive.Today I met an HVAC contractor at the house, and he was able to diagnose the problem in about 30 seconds - the filter had not been replaced in a … (2 comments)

ask erin: The Sacramento Bee Chimes in... - 05/22/08 03:38 AM

The Sacramento Bee published an article yesterday about the increase in the volume of closed real estate transactions...finally! As I have been saying for about the last two months now, there are several micro-markets in Sacramento that are really hot in certain price ranges. I am working with several buyers right now that have been in multiple offer situations...some of them got the property in the end thanks to some create manuevering on my part...and some of them have submitted 6+ offers, all coming up short. It is the wild west right now!

… (1 comments)

ask erin: Property Tax Reassessment - 04/29/08 04:25 PM

Want to make an appeal to get your property taxes lowered? Starting in mid-May, the Sacramento County Assessor's office will be reviewing property values. Under California tax law per Proposition 8), if the market value of your property falls below the Proposition 13 assessed value as of January 1, the Assessor is required to enroll the lower of the two values. Download the Sacramento County application, Placer County application, Yolo County application, El Dorado County application, to have your property tax assessment reviewed. … (3 comments)

ask erin: Hot Markets... - 04/27/08 07:17 PM

I have gotten into several debates over the weekend, both in person and online (on other blogs and forums) regarding the state of the market in certain areas and price ranges. Folks, the market is blazing hot in nice areas under $300k. Allow me to illustrate...above is a Trendgraphix chart that shows months of inventory in 95608 (Carmichael), 95610 & 95621 (Citrus Heights), 95628 (Fair Oaks), 95662 (Orangevale), 95821, 95825 & 95864 (Arden), 95826 (Rosemont), 95827 (Lincoln Village), 95831 (Pocket), 95841 (Arcade), and 95843 (Antelope) for all listings under $300k. FYI generally 6 months of inventory represents buyer/seller equilibrium. I have … (1 comments)

ask erin: Ask Erin: The Comeback of FHA Loans - 04/15/08 07:38 AM

If you talk to most loan officers who have been in the business for a while, they will tell you that aggressive conventional loan programs have been far more popular over the last decade than FHA loans.Given what is going on in the real estate market, and the death of the majority of the aggressive loan programs - FHA is making a comeback. Not only is it making a comeback, but the program has evolved over the last several years...For those of you not familiar with FHA's requirements...allow me to dispell a few myths. Basically anyone can qualify for an FHA … (1 comments)

ask erin: New Legislation Proposal: Loan Officers to be Licensed - 02/06/08 11:49 AM

The proposed "Secure and Fair Enforcement in Mortgage Licensing Act", aka SAFE, would establish national licensing standards for mortgage brokers and loan officers. In California (not sure about how other states handle lending practices), there is no current licensing requirement for loan officers. The loan officer that I normally refer my clients to, Marlena Olson, actually does have a Real Estate license issued by the California Department of Real Estate...however she is the exception to the rule...
I think this legislation is long overdue. It will ensure that all mortgage professionals are trained in legal aspects of lending, ethics, and consumer protection. … (13 comments)

ask erin: The Death of 100% Financing... - 01/11/08 11:07 AM

100% Financing is on its deathbed. I predicted this in a past blog a few months ago (click here), and I hate to say it, but we are returning to the world of a minimum of 3 - 5% down. Speaking with my go-to loan officer the other day, it appears that the zero-down programs of yesterday are all making the migration to 5% down starting on January 15th, which is the end of next week. That's right - if you have not closed escrow on your loan by then, your zero-down program will sunset (no longer be available).If you meet … (7 comments)

ask erin: Ask Erin: Online Mortgage Brokers vs. Local Loan Officers - 11/24/07 04:57 PM

Just within the last few weeks I started working with a client who had been communicating with both E-loan and Quicken prior to being referred to me. My client was giving me the details of her "pre-qualification" and things just did not add up. Sure enough, the numbers that she had been given were incomplete. The payment they quoted her did not include any taxes or insurance...and they had not discussed any closing costs with my client. In fact she had no idea what closing costs even were! They also wanted her to pay $500 BEFORE they gave her a good … (4 comments)

ask erin: Ask Erin: To list, or not to list? - 11/19/07 03:03 AM

I met with a prospective seller over the weekend who must sell...and he asked me if now was really that great of a time to be listing property. Luckily it seems that inventory is decreasing slightly, and sellers who are simply testing the waters are letting their listings expire and not re-listing them right now. However, contrary to popular belief, the holiday season is not a bad time to list your home.
Let's face it; serious buyers are in the market during the holidays. I can not even tell you how many ready, willing, and able buyers I have had … (6 comments)

ask erin: Ask Erin: Advertising Property - 11/16/07 04:22 AM

I have been asked a lot lately by my seller clients - how will you target specific market segments when you market my property? Like - I think my property would be great for a family...Or this would be great for a single person...Or this would be great for a member of the church down the street...etc. How will you market my property to {fill in the blank}?
The answer is - very carefully! Questions like this set off alarm bells for me when I hear them. Certainly I can market listings in ways that will reach different audiences, but using direct marketing language where these "groups" are concerned … (5 comments)

ask erin: Ask Erin: Closing Costs - 11/09/07 05:33 AM

I spoke at length with a prospective first-time buyer yesterday. Even though she had been communicating for quite some time with an online Loan Broker, this broker (who shall remain nameless) had not gone over in any detail with this buyer what closing costs are. By the way everyone - that by itself should be a HUGE red flag!
Anyway. There are fees involved in the sale and purchase of real estate - these are referred to as "closing costs." In general, there are certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or … (1 comments)

ask erin: So your house didn't sell... - 11/05/07 02:02 PM

You put your house up for sale and what happened? The listing expired without a sale. And now you're wondering what went wrong... Like all homeowners, you hoped your house would sell quickly. Some houses do. But - as you've found out - some don't sell. In some tough markets, as many as a third to half of the listings expire unsold.
Don't get spooked by the death of the first listing...but do ask yourself one key question: Are You Committed To Selling? First, take a step back and review your decision to sell. Do you still want to move? Although you … (4 comments)

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