...I want to accomodate but I don't want it to become invasive. Can I put a limit to the number of daily showings? What kind of notice am I entitled to move out?
Hi Mary
As a short sale listing agent I can tell you that your situation is not at all uncommon.
Overall it appears that you were not in receipt of all information; only as it unfolded, which is not your fault. You are to be commended for accomodating your landlord because many tenants make it difficult for the landlords to smoothly close the sales under these conditions.
Notice I say "smoothly". The reason is this, although you can make it difficult, California tenant/landlord law states that once the property goes into escrow to exchange ownership, you can then be given a 30 day notice to vacate. The outcome of fighting that is just futile.
You are doing the best thing for your family by cooperating. As far as showings, you can use your one good card and let the listing agent know what is more comfortable for you. Keeping in mind of course that the goal is to be able to have the property shown.
I usually work with the tenant and offer them showing options:
1. Call tenant to schedule appointment, allow min 24 hr/ 2 hrs/etc
2. Showing only on ____ from __ to __
3. Make offer contingent upon showing (if tenant is irrate and not cooperating)
You can hold your landlord to this because, afterall, they want the property shown and you hold that power.
Below is the link to the CA tenant/landord publication I referenced earlier.
http://www.dca.ca.gov/publications/landlordbook/catenant.pdf
In addition, when looking for a new property, to assist in avoiding renting from someone in possible foreclosure trouble, ask the owner when was the last time they refinanced and how much do they owe on the property. If they say they refied within the past five years, that could spell trouble. Most people who have refied/purchased in the past five years are now upside down and facing foreclosure. Stick with homes that are older than five years, or recently purchased (within the past few months). These homes, where the loan is affordable, are a safer rental bet. No guarantee, but some guidelines that may save you from a repeated occurance.
Let me know if I can be of further assistance!
Keisha a.k.a. "The Short Sale Lady"(tm)
Tuesday, March 16, 2010
Monday, February 8, 2010
What the heck is a short sale contingency? And is it true that you can count on more than a year for an offer on a short sale to be accepted?
A "Short Sale Contingency" is a status which means the bank has received an offer and is reviewing it for possible acceptance.
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.
Web Reference: http://www.SacramentoShortSaleLady.com
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.
Web Reference: http://www.SacramentoShortSaleLady.com
Thursday, February 4, 2010
How do I buy a foreclosure?
The Sacramento, CA area industry standard is as follows:
1. Know what you can afford - Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as "proof of funds".
2. Find a good REALTOR - There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.
3. Identify your "Must Have's" and "Can't Stands" - Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.
4. Check MLS (MetroList Services, Sacramento service provider) - I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as "Bank Owned" and "REO's" (Real Estate Owned, a terminology the banks use to identify what's on their books).
5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want.
Happy House Hunting!!
1. Know what you can afford - Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as "proof of funds".
2. Find a good REALTOR - There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.
3. Identify your "Must Have's" and "Can't Stands" - Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.
4. Check MLS (MetroList Services, Sacramento service provider) - I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as "Bank Owned" and "REO's" (Real Estate Owned, a terminology the banks use to identify what's on their books).
5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want.
Happy House Hunting!!
Tuesday, February 2, 2010
We Are Moving To Sacramento Without Ever Seeing It?...
Where are the safest, nicest areas to live in sacramento? anything close to the sacramento airport? we are moving without ever seeing sacramento.
Hi there,
We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of "nice neighborhood" actually looks like,
Sacramento is a very diverse city with neighborhoods ranging from not so good to "dynamite". There are Sacramento neighborhoods near the airport as well as neighboring cities.
If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can't stands, and then set out to make that happen for you.
Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.
So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).
Hope that helps! My best to you and happy house hunting!!
Hi there,
We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of "nice neighborhood" actually looks like,
Sacramento is a very diverse city with neighborhoods ranging from not so good to "dynamite". There are Sacramento neighborhoods near the airport as well as neighboring cities.
If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can't stands, and then set out to make that happen for you.
Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.
So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).
Hope that helps! My best to you and happy house hunting!!
Wednesday, January 20, 2010
The pros and cons of short sales vs equity sales...
The pros and cons of short sales vs equity sales...
(Digested Version)
Short sale: May have to wait 3 to 6 months for an approval from the bank but will get best value because banks make approvals according to appraisal on file and they do new appraisals every three months, standard.
Equity Sale: These are few because they are in competition with REO (bank owned) properties and short sales which both now make up about 85% of the market inventory. Also, the seller usually overprices their properties in hopes of getting more, so they are usually looked over because there is usually a short sale or REO property in the same, if not better condition, and at a lower price.
REO: Bank owned properties, the downside, they are bank owned and the seller may have left the property in horrible condition. They are now making efforts to prevent that by offering the seller's (or tenants) cash for keys to leave the property in good condition. In addition, FHA has recently announced that the 90-day flip rule (which was not allowing any FHA buyer to purchase any property that had not been on the market for a minimum of 90 days) is being postponed beginning Feb 1.
Alot of info to digest, but let me know if you have any additional questions!
(Digested Version)
Short sale: May have to wait 3 to 6 months for an approval from the bank but will get best value because banks make approvals according to appraisal on file and they do new appraisals every three months, standard.
Equity Sale: These are few because they are in competition with REO (bank owned) properties and short sales which both now make up about 85% of the market inventory. Also, the seller usually overprices their properties in hopes of getting more, so they are usually looked over because there is usually a short sale or REO property in the same, if not better condition, and at a lower price.
REO: Bank owned properties, the downside, they are bank owned and the seller may have left the property in horrible condition. They are now making efforts to prevent that by offering the seller's (or tenants) cash for keys to leave the property in good condition. In addition, FHA has recently announced that the 90-day flip rule (which was not allowing any FHA buyer to purchase any property that had not been on the market for a minimum of 90 days) is being postponed beginning Feb 1.
Alot of info to digest, but let me know if you have any additional questions!
Monday, January 18, 2010
90 Day Flip Rule Waived
90 Day Flip Rule Waived - Real Estate Investors Rejoice! If you're a real estate investor who has avoided deals because of the 90 day resale or flip rule, go find a deal! Friday, January 15, 2010, the FHA waived the rule, and will finance homes with no requirement for seasoning in a flip starting February 1st.
Saturday, January 16, 2010
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