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

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sellers: New Listing - 3420 65th Street, Sacramento / Tahoe Park, CA 95820 - 05/21/10 12:14 PM

Adorable 3 bedroom, 2 bathroom, 1,173sf (per assessor) home within close proximity to Tahoe Park! You will love the spacious layout, separate living and family rooms, updated kitchen, freshly painted interior. Backyard is a gardener's dream with lush roses, planter beds, and a separate garden area, a gazebo, and shed/outbuilding. NOT a short sale or foreclosure! Offered at $159,000 - Don't wait! For more photos and detail, visit http://www.3420-65thStreet.com.

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sellers: SB 401 - State of California Mortgage Forgiveness Debt Relief Extended! Is your short sale affected? - 04/14/10 04:17 PM

When the State of California lawmakers passed SB 401 and sent it to Governor Schwarzenegger's desk for signature, I immediately started calling my MANY past closed short sale sellers from last year, and 2010 to date. What is SB 401? It is legislation that cancels the State of California taxation of forgiven mortgage debt...meaning many short sale sellers just got a BIG break! In a nutshell (and completely over-simplified), if a homeowner does a short sale and owes $300,000, and the NET proceeds from the sale that a bank will accept in a short sale equal $200,000, the seller of the … (3 comments)

sellers: State of CA Legislation would eliminate 1031 Exchange Tax Deferment for Investment Property - 04/07/10 04:30 PM

The State of California is in a financial pickle, and it looks like legislators are trying to get a little creative to generate new sources of income to balance the budget... There is a bill, introduced by Assembly member Juan Arambula of Fresno, that seeks to eliminate the state tax benefits of the 1031 Exchange. In very simplistic terms (I'm not a CPA and do not give tax advice) a 1031 Exchange is a tax deferment mechanism for real estate transactions. An investment property owner can sell an investment property and purchase another of 'like kind', and essentially defer taxation of … (3 comments)

sellers: Attention Renters - Is your Sacramento Landlord facing foreclosure or in default on their mortgage? - 04/01/10 12:25 PM

I received a call today from a very nice lady who is planning to move to the Sacramento area, and wants to rent in the Land Park area prior to purchasing a home there. She was full of questions about the neighborhood, schools, parks, shopping, etc...and then she among other things, she asked "Oh - and how do I know for sure if my potential landlord is facing foreclosure?"In the State of California, tenants are entitled to certain rights in the event they are renting a foreclosed property (thanks to 2008's SB 1137), but who really wants to go through that? … (1 comments)

sellers: Sacramento Home Buyers having trouble getting into contract on a house? The solution may be a more creative Realtor! - 03/15/10 08:51 AM

If you read my blog post about my little vacation from last week, you will know that I closed a buyer transaction in Garden of the Gods. I wanted to share a little success story about how this transaction came to be, but wanted to wait until after the close of escrow as to not jinx the outcome!If you are a Sacramento area home buyer, you will know that certain price ranges and certain neighborhoods are extremely competitive - often with properties getting multiple competing offers. My buyer clients were planning to relocate from the bay area to Sacramento, and specifically … (0 comments)

sellers: Buying or Selling a Wachovia Bank Short Sale in Sacramento? It's your lucky day! - 02/09/10 04:30 PM

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. The last short sale lender profile I did was for Bank of America. I figured this time I would profile a lender at the opposite end of the spectrum: Wachovia.Let me just tell you - if you are a Sacramento buyer or seller dealing with Wachovia Bank on a short sale, you have stumbled upon the golden goose!Wachovia has one of the smoothest short sale approval processes I have witnessed. They actually have a local … (0 comments)

sellers: Erin Attardi's Sacramento Short Sale Experiment, Part V - 01/26/10 06:02 PM

Time for my fifth 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 IV and Part V, so that we can see if a trend has truly emerged and also see what the YTD totals for 2009 are. For those of you not following along at home, or perhaps if you are reading this for the first time, my … (0 comments)

sellers: Sacramento Real Estate Statistics - December 2009 - 01/26/10 01:21 PM

Hmm. Is it just me, or do the median price statistics in Sacramento County sure seem to look pretty flat for the last year? If you look at the median price in December 2008 vs. that of December 2009, you will actually see an INCREASE of about 5.1%! Perhaps now we have enough data to think this little trough we saw from last January to April was not a fluke - and stability is here to stay? Time will tell. I can tell you that most of the transactions I have been representing for both buyers and sellers, (in all price … (2 comments)

sellers: HUD's proposed changes to FHA lending programs...and what this means for Sacramento home buyers and sellers... - 01/20/10 12:26 PM

The US Department of Housing and Urban Development (HUD) announced today that it is planning to make some changes to its FHA loan program. Hmm...the announced changes include:
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. Per HUD's press release, "the first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge." This change will supposedly take place this coming Spring 2010. Eventually, they plan to shift this from an up-front fee increase to … (0 comments)

sellers: Short Sale Sellers - think twice before you list your short sale with a family member Realtor.... - 12/30/09 05:05 AM

If you follow me on Facebook or Twitter, you will already know that I am experiencing a little frustration regarding a short sale I am negotiating for another agent. Because I am so well-versed in short sales and they require a special expertise, there are several other Lyon Real Estate agents who engage me to negotiate their short sale listings...our arrangement usually is that I am paid a percentage of the listing agent's commission from the transaction, and just deal with the lender loss mitigation reps. The other agent is responsible for all other pieces of the transaction like dealing directly … (6 comments)

sellers: Buying or Selling a Short Sale with a Fannie Mae loan? Fannie Mae will no longer be postponing Trustee Sales! - 12/19/09 05:32 AM

I received an alarming email yesterday from my favorite Escrow officer...she forwarded me a memo from their legal department:"One of our escrow officers received a correspondence yesterday on a FNMA (aka, Fannie Mae) short sale escrow that indicated that FNMA has implemented a new policy effective today, 12-15-2009 that they will no longer postpone trustee sale dates. FNMA is requesting that the short sales are closed before the sale date. If they can not close the short sale before the Trustee Sale date, the property will go to Trustee sale and be foreclosed."What exactly is a Trustee Sale, you ask? A … (4 comments)

sellers: Doing a short sale with Bank of America? Here's what a Sacramento home buyer or seller can expect... - 12/13/09 08:52 AM

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 … (3 comments)

sellers: Sacramento Short Sale Sellers - PLEASE get tax and legal advice! - 11/25/09 01:53 PM

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 … (1 comments)

sellers: California Legislation is Approved by Governor Schwarzenegger - 10/15/09 01:04 PM

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. … (0 comments)

sellers: Sacramento Home Buyers - Check for Registered Sex Offenders using the Online Megan's Law Database... - 09/22/09 04:07 PM

Did you know that there is a paragraph in the California Residential Purchase Agreement (in paragraph 5C) that informs prospective home buyers that information is available to them pertaining to the proximity of registered sex offenders to the property they seek to purchase. The paragraph reads:"Pursuant to Section 290.45 of the Penal Code, information about specified registered sex offenders is made available to the public via an Internet Web site maintained by the Department of Justice at http://www.meganslaw.ca.gov. Depending on an offender's criminal history, this information will include either the address at which the offender resides or the community of residence … (2 comments)

sellers: Sacramento Short Sale Extension drama ends happily - with a closed escrow!! - 09/09/09 11:39 AM

I am happily eating a celebratory frozen yogurt right this second...I just received confirmation from Placer Title that one of my short sale listings has closed! If you have been reading my blog over the last couple weeks, you will know that I have been feverishly working to get an extension on a Natomas short sale that was supposed to close by August 31st, but the buyer could not perform and get her lending in time. There was a Trustee Sale set for September 8th (yesterday), and I had been repeatedly told by the short sale lender (Aurora Loan Servicing) that … (3 comments)

sellers: Happy short sale buyers FINALLY close escrow after quite a roller coaster ride! - 09/08/09 05:12 PM

If you follow me on Facebook or Twitter, you will already know that one of my buyer clients closed escrow last Thursday on a short sale.Just one of many transactions in the life of Erin Attardi, right? I wish. This was a unique and crazy transaction...even by short sale standards!My clients randomly found this house back in March when happened to drive by it the first weekend it was on the market. It was being held open, so they went in, checked it out, and absolutely fell in love with it. I received an excited phone call that afternoon, and a … (4 comments)

sellers: So Close, Yet So Far Away...the short sale approval extension drama continues... - 09/04/09 12:29 AM

I did the happy dance in my office briefly today! This morning, after multiple phone calls, hair pulling, sleepless nights (yes, I have literally been having nightmares about this short sale transaction), I received a written short sale approval extension for my transaction that was supposed to close on 8/31! WHEW!So of course, I excitedly emailed it to the buyer's loan officer, buyer's agent, the seller, the escrow officer at Placer Title...this short sale extension is valid through 9/18/09! YAY! Mission accomplished, right?WRONG. A few hours later, I received a call from the buyer's loan officer that there is one sentence … (1 comments)

sellers: In Search of the Elusive Sacramento Short Sale Approval Extension... - 09/04/09 12:27 AM

If you read my post last week regarding the fact that short sale approval extensions are just not guaranteed, keep reading...and if you did not read that post, keep reading anyway.Approval for this particular short sale expired yesterday on 8/31/09. The buyer has not been able to perform and close her loan. In fact, as of yesterday (and thus far today), the buyer's loan documents have still not been received by Placer Title. UGH.A Trustee Sale (foreclosure...the end of the line...auction on the Sacramento County Courthouse steps) had been scheduled for 9/8/09 - next Tuesday, right after the Labor Day holiday.Well … (0 comments)

sellers: Quoted in a Sacramento Bee article about Sacramento home buyers starting their search online... - 07/30/09 11:52 AM

If you follow me on Twitter or Facebook, you will already know that earlier this week I chatted with Jim Wasserman of the Sacramento Bee for an article he was writing about home buyers who use the internet to start their home search.You can view the article that appeared on the front page of today's Sacramento Bee here.It's funny to see a 20-minute conversation distilled down to a couple sentences. Most of my clients initially find me online...this year's closed transactions to date are of similar proportion to last year in 2008. Today's article focused mainly on home buyers, however many … (0 comments)

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