New Listing 5430 Jacinto Ave, Sacramento

New short sale listing -- ONE LOAN -- the best kind of short sale to put an offer in on.

Well maintained home in desirable neighborhood near the greenbelt, trails and schools. Home features lots of natural light, spacious and open living areas, vaulted ceilings, kitchen island, backyard patio cover and much more. Home has 3 bedrooms, 2.5 baths and 1435 square feet.

For details and photos, click link below:
http://www.postlets.com/res/3518482

Waiting for Loan Docs

When you get toward the end of escrow, the last thing everyone is waiting for are the infamous buyer's loan docs. I call the lender, "where are the loan docs." Lender says, "they are at title." I call title, title says, "we don't have them." Buyer calls me, "where are my loan docs." And so the story goes with multiple calls to all concerned.

Loan docs arriving mean buyers are days away from owning a home, and a seller almost free of the home. But the endless hunt can be exhausting. Of course, once everyone signs -- buyer and seller -- then the "did the loan fund," game starts. Basically a repeat of the above. In the end, it's always the same, a closing of a deal...and a happy ending.

It's the Banks vs. the Banks

Nearly all delays in a home sale closing escrow have to do with a bank causing a delay. The ironic part is that the typical seller in our area is a bank, who then fights with the buyer's lender, a bank.

I am in contract right now where a bank seller of a home took three weeks to respond to a low appraisal and in return, gave my buyer three extra business days to close escrow. The buyer's lender is now taking an additional nearly three weeks to close escrow. In the meantime, seller's listing agent and buyer's loan officer are having a not-so-nice spat via email over when this thing will close.

All the while, my buyer is left in limbo through no fault of her own. Banks on both sides I think forget sometimes that while they are pushing paper and crunching numbers that there are real humans on the other sides of these transactions.

New Year, New Market?

Not bloody likely. The banks are still trickling in their foreclosed properties, plenty of home owners are still short selling and equity owners are still staying put. However, our median resale home prices have been inching up every so slightly, but still up. A definite positive sign. And with the extension of the first time buyer tax credit, which is also including move-up buyers, we still have plenty of buyers out there fighting for homes. Considering this has been our market for the last few years, this may be the new "normal" market.

Despite all this, it's still fun, exciting and rewarding to be part of this craziness.

Where's the "wave" of Foreclosures

The "experts" have been predicting for some time now that there is a huge wave of foreclosed homes yet to hit the market. Each month, there is still no wave. It looks as if the banks are trickling in their properties slowly, which is keeping this a seller's market and buyers scrambling for homes.

Despite this trickle, I do know there are a lot foreclosed homes out there still needing to be sold. Two of my own short sale listings have crashed and burned and are now both owned by Bank of America. I Love B of A, the best real estate brokerage in the country. I'm really looking forward to the day when all banks do is take our money and lend it. Let's get them out of the business of real estate.

Finally Got an REO account

We have joined the ranks of REO listing agents. I guess now we have to stop bashing them...well maybe not all of them. The best part about this is that we do NOT have to evict anyone. They are former apartments converted to condos and the people who are currently renting the foreclosed units will continue renting through their leases.

These condos are more proof that this whole foreclosure thing is not over. Our listing includes 39 units, which are being phased in 12 units at a time. We may be bouncing at the bottom of the market, but I think we'll be here until 2012. It will coincide with the Mayans "end of the world" prediction. Though hopefully, it will instead be the end of this crazy market.

Wanna buy a condo?

Top Ten REO Agents in Sac Region

Today's front page of the Bee lists the Top Ten REO Agents in the Sacramento Region. With the exception of a couple of these agents, I HATE, I repeat HATE showing these agents' listings. It is near impossible to get someone on their "Team" to call you back. It's hard to even find out if your offer was ever received, until 5 days later when you get an email that says, "multiple offers, highest and best requested." At which point you give your highest and best, only to be beat out by the other 42 cash offers. Poor first-time buyers with FHA loans are delegated to short sales.

Okay, now I'm being a bit sarcastic and melodramatic, but all you non-REO agents representing buyers know exactly what I'm talking about. And all buyers, have heard all this repeatedly with each offer you put in by your Realtor.

Someday, the banks will no longer control every aspect of our market except to make loans. That will be a sweet day.