Featured Newer 4br home in an established Elk Grove neighborhood | Charming starter home or investment in Tahoe Park | Penthouse loft in Old Sacramento | Spotless 3br La Riviera townhome close to Sacramento State | Former model 4br home in Tiffany West | New in 2007! Tri-level 3br condo in Regency Park | Nearly 4,000sf 5br in Bridgeway Lakes with a pool | Affordable mobile home living in South Sacramento
Search North Highlands homes | [under $100,000] [$100,000s] [$200,000s] [$300,000s] [$400,000s] [over $500,000] | North Highlands condos | North Highlands multi-family (2-4 units) | North Highlands apartment buildings (5+ units) | North Highlands JUST LISTED homes & condos | North Highlands homes built since 2005 | North Highlands vacant lots & land | North Highlands commercial properties | North Highlands foreclosure listings | About North Highlands foreclosures and REOs
Explore Anatolia | Antelope | Arden | Auburn | Cameron Park | Carmichael | Citrus Heights | Curtis Park | Davis | Del Paso Heights | Downtown Sacramento | East Sacramento | El Dorado Hills | Elk Grove | Fair Oaks | Galt | Gold River | Granite Bay | Greenhaven | Laguna | Land Park | Lincoln | Meadowview | Midtown Sacramento | Natomas Park | North Highlands | North Natomas | North Sacramento | Oak Park | Old Sac | Orangevale | Rancho Cordova | Regency Park | Rio Linda | River Park | Rocklin | Rosemont | Roseville | Sacramento | South Land Park | South Natomas | Southport | South Sacramento | Tahoe Park | The Pocket | UCD Med Center & Elmhurst | West Sacramento | Woodlake
Before you write an offer, is that condo FHA approved?
Thursday, March 26, 2009
If you're using an FHA loan to buy a condominium, are you making sure that condo you're interested in is FHA approved?
It can be challenging knowing which condo developments (and not just in ) are eligible for FHA financing. The bad news first: there are a surprising number of condos for sale that an FHA buyer can't purchase because they don't meet HUD guidelines. The good news: you can check to see if a condo development is FHA approved online and sometimes condos can get what's called a "spot waiver".
Ask your REALTOR® if he or she knows whether that condo is approved for FHA financing before you write the offer. To make sure, share these links:
LINKS
Search for FHA-approved condos
More info about HUD/FHA condo guidelines
Labels: Anatolia, Arden, Citrus Heights, Downtown, Elk Grove, Laguna, Midtown, North Highlands, North Natomas, Rancho Cordova, Roseville, Sacramento, West Sac
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 8:35 PM,
, links to this post
FAQs: What is the California foreclosure timeline or process?
Tuesday, December 2, 2008
Q: What is the timeline for the foreclosure process in California? When does the process start and end?
A: This is a question I get asked a lot by both people who are experiencing a financial hardship as well as those interested in investing in preforeclosures and who want to know what the foreclosure process looks like.
Rather than a lengthy written answer, I wanted to share a video I found online from a company that assists home owners and REALTORS® with the short sale process. Take a look:
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Winn Park, Woodlake, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 2:53 PM,
, links to this post
FAQs: What is Median Sales Price?
Sunday, November 2, 2008
Q: What is "median sales price"? Why did the median price spike in Sierra Oaks in the middle of 2006?
A: Your question strikes at the heart of so many people's questions about home values, Kelsey.
The median resale price (sometimes called "median price" or "median home price") refers to the price at which half of all homes (in a given area for a certain time period) sold for more and half sold for less. If the sampling of sales isn't large enough—say for instance it's for a small geographic area or short time period—then that number can be skewed by a couple properties and may vary dramatically from period to period.
In May of 2006, Sierra Oaks (95864) had an unusually high number of homes selling for over $1 Million. While million-dollar homes aren't unusual in the area, there were four homes that sold in that price range in one month compared to the 1-3 that sold other months.
If you look at a larger area or longer period, you'll get a truer picture of things--but median resale price is an imperfect number and is a "snapshot" of what types of homes are selling at any given time, not necessarily of actual home values. This is why Sacramento's median resale price has dropped dramatically in the last several months as real estate investors and first-time homebuyers have flooded the market but the number of move-up buyers has been low (note: foreclosures and short sales don't fuel the move-up market because banks don't buy a property after selling and short-sellers are typically exiting the ownership market).
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 9:50 AM,
, links to this post
FAQs: Can I write offers on more than one house at a time?
Monday, October 27, 2008
Q: Can I write offers on multiple houses without losing my deposit if more than one of those offers is accepted?
A: Great question, Tony--and one I get asked often.
While you can potentially "get away with it" because of the many contingencies you're afforded within the purchase contract, writing offers on multiple properties at the same time would probably be considered acting in bad faith because you don't actually intend to purchase all the properties you're writing offers on. Chances are you're writing multiple offers with the hope that at least one of them will go somewhere--which is definitely a reality in the current market, especially in competitive price ranges.
When my clients ask this question, my response is simple: let's write and submit one offer at a time and, as each offer expires, we can move on to the next offer. If your agent is using a CAR purchase agreement, the default expiration of your offer is probably 5pm on the third day after you submitted your offer. Banks may (and often do) drag their feet and take longer than three days to respond, so technically your offer may expire even while it's being considered by the bank. If you choose to accept a response after your offer is expired, that's great--but nothing precludes you from writing another offer in the meantime if your original offer's expiration date has come and gone. Further, you can adjust the day and time that your offer expires by writing in something else if three days is longer than you want to wait.
Labels: Anatolia, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, David Taylor, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 7:59 PM,
, links to this post
Home-Buying 101: Short Sales explained
Friday, August 1, 2008
Searching the MLS for a home in the North Highlands area lately? If so, you've probably noticed a large number of homes listed as short sales (they may be referred to as active short sale or short sale contingency or even just "AS" or "ASC")—and they're often some of the lowest priced homes in any given neighborhood. Here are some of the most common questions I get:
Q. What is a short sale?
A. The term "short sale" is used to refer to a property being sold for which the seller owes more than it will sell for in the current market. This is more common in neighborhoods that have seen significant price declines since the peak of the market in 2005, but any seller can end up in a short sale situation if they've borrowed more money against the home than it's currently worth (such as when a home owner has borrowed money and "overimproved" a home for the neighborhood it's in).
Q. How do short sales work?
A. Short sales work like this: a seller has a financial hardship (death of a spouse, loss of a job, job transfer, hospitalization, or sudden change in monthly mortgage payment) and needs to sell a home. Because they owe more than the home is worth, the seller is requesting that the bank(s) that they have a mortgage through accept less than they're owed. Most banks won't even entertain the notion of a short sale if there aren't any buyers ready to purchase the home for the current market price so, as part of the process, the seller puts the home on the market and begins accepting offers. The seller will typically accept the best offer and submit it to the bank for approval.
Q. Are these deals too good to be true?
A. The short answer is: Yes, in many cases these deals are too good to be true. Many home sellers who are in a short sale situation are selling because they're falling behind on payments or are in preforeclosure. For this reason, they're feeling a lot of time pressure to get the home sold before a bank forecloses, so they price the home lower than anything else in a neighborhood to just try to get offers to submit to the bank(s). This leads to multiple offers but doesn't guarantee that the bank will accept whatever sales price the seller accepts. The seller doesn't usually care what the home sells for because he or she won't be making any money on the sale.
Q. Do banks really go for this?
A. Sometimes. No bank is ever eager to accept less than they're owed because they're losing money in the process, and banks aren't in the business of losing money. Of course in many cases the alternative is foreclosing on a home, and that can be a lengthy, expensive process that results in the bank owning a property—and banks are often even less eager to own the home so may be willing to negotiate if they see that it's in their best interest.
But there are some big challenges when buying a short sale. For instance, unlike a foreclosure where the bank owns the property free and clear and can sell it for whatever price they want, in a short sale situation there may be other parties with a financial interest in the property. If a seller has experienced a financial hardship, there may be unpaid taxes, utilities, or contractors who've done work and are seeking payment—and any of these can result in liens against the property. In a short sale, the seller MUST prove to the bank that there is a financial hardship that requires the home be sold and all parties must agree to accept little or no payment and sign off on the sale of the property. Add to this the fact that there may be a second mortgage that will likely be completely wiped out and it becomes challenging getting everyone with a financial interest to authorize the sale. This is often a grueling, months-long process that can ultimately be for nothing if one or more parties deny the short sale request, and this is a major reason why a lot of homes that are listed as short sales eventually come off the market and reappear later as bank-owned REO properties.
Q. What do the terms active short sale and short sale contingent etc. mean?
A. An active short sale is just another way of saying that the home is active on the market as a short sale. A home listed as short sale contingent means that the seller has accepted an offer and submitted it to the bank. Until the bank responds (and this can take months), the listing agent is obligated to continue to market the home as "for sale". Once the bank has accepted an offer, then the property will be marked as "pending" and the normal escrow period begins.
Q. I've called several times about a home that's for sale online and the agent keeps telling me it's already sold. Why is it still showing up online?
A. In the Sacramento area, if a property is being sold as a short sale, until the bank accepts one of the offers that has been submitted the listing agent is required (by the rules of the local MLS) to identify it as short sale cont and it will continue to appear online on searches because the home isn't yet technically in escrow. While this may seem confusing, your North Highlands REALTOR® can help you figure out the status of properties you're interested in.
To summarize, when you see a property for sale that's listed as a short sale this means you should expect a much longer than average escrow period (so don't plan on buying a short sale if you're on a tight timeline), a counter offer on price from the bank (even if the seller has accepted your price), and the possibility that the bank will reject the short sale entirely. If you can find a great home that's either a traditional sale or a foreclosure (also called an REO), consider going with these options first. Good luck and happy house-hunting!
More questions about short sales or other homes? Give us a call at (916) 444-7577 today!
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Home-Buying 101, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 1:50 PM,
, links to this post
"Buy and Bail" is Mortgage Fraud
Wednesday, June 18, 2008
A Sacramento homeowner was recently quoted in the Wall Street Journal talking about her plans to purchase a "second home" and then let her current home—purchased in November 2006 for much more than similar homes are currently selling for—fall into foreclosure.
"I can find the same exact house as what I live in right now for half the price."But this practice, referred to in the mortgage market as "buy and bail", is considered by many in the real estate industry to be mortgage fraud. Fannie Mae, established in 1938 as a government agency but now a privately-held lending institution that provides financing to most of the nation's largest home mortgage lenders, is tightening regulations to prevent these abuses of the system. Individual lending institutions are reviewing their own lending practices and underwriting requirements and are watching for borrowers that are at risk of engaging in buy-and-bail.
Legitimate borrowers planning to take advantage of the current sluggishness in the real estate market to buy a second home or move-up property can expect tighter loan standards and will likely need to produce additional evidence.
Thinking about renting out your current home and moving up to something better? Here's what your lender will probably request from you:
- Supporting evidence to back up the claim that the current home will be rented out, including a signed lease agreement;
- Proof of income to support principal, interest, taxes, and insurance on both the current residence and the new property being purchased;
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, condos, Del Paso Heights, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Lincoln, Meadowview, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Rancho Cordova, Regency Park, Rio Linda, Rocklin, Rosemont, Roseville, Sacramento, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 3:04 PM,
, links to this post
New! Search homes and condos quickly by ZIP Code
Saturday, May 31, 2008
Now you can quickly and easily search by ZIP Code with just a click! It's easier than ever to pull up homes and condos in your preferred ZIP Code by simply clicking the » By ZIP Code NEW! link under Quick Property Searches from the menu at the left. You can scroll through the list of available ZIP Codes in Sacramento, Placer, Yolo, and El Dorado Counties to bring up a convenient list of the first 200 homes and condos for each ZIP. And, as always, you can get news listings matching ALL your search criteria sent to your email inbox daily by clicking on the link under Resources for Buyers.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 10:42 PM,
, links to this post
NEW! North Highlands foreclosures available online
Sunday, April 20, 2008
This is a quick update: I just added a new link to North Highlands foreclosures, now you can view bank-owned and REO properties in North Highlands and other areas, including Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown Sacramento, East Sacramento, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown Sacramento, North Natomas, North Sacramento, Oak Park, Orangevale, Rancho Cordova, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sacramento, Tahoe Park, the UCD Med Center, the Pocket, West Sacramento, Woodlake, and even Woodland.
Foreclosures (also called REOs or bank-owned properties) represent some of the best deals in the local real estate market. Still not sure how to buy a foreclosure property? You can and review a glossary of terms, plus request additional info and get new foreclosure listings as they become available.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park,