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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?
Asked by an anonymous web visitor in East Sacramento
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
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posted by Rob McQuade @ 2:53 PM,
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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?
Asked by Kelsey, a home buyer in the Arden area
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
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posted by Rob McQuade @ 9:50 AM,
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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?
Asked by Tony, a home buyer in Natomas
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
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posted by Rob McQuade @ 7:59 PM,
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Contemporary loft living in Old Sac at the iLofts
Tuesday, October 14, 2008
Just Listed LOFT! Penthouse iLoft in Old Sacramento
When the owners of one of the top-floor lofts at the iLoft project in Old Sacramento called a few weeks ago, my immediate reaction was one of excitement: the iLofts in Old Sac are a one-of-a-kind loft project from D&S Development, a local developer known for its one-of-a-kind developments.
The unit, iLoft Penthouse 302, is a cozy retreat from "ordinary": a mix of old and new, the loft features exposed wood beams and brick and the historic windows that look out at Old Sac contrasted with rare marble flooring, designer lighting, and a modern kitchen with high-end cabinetry and a gourmet Viking range. Views are of the Tower Bridge, the Ziggurat in West Sacramento, the lights at Raley Field, and historic Old Sacramento's vibrant entertainment district. And you'll have the best seat in the house for fireworks.Whether you're looking for everyday living or a home away from home, this penthouse loft is a chance to own a truly one-of-a-kind space in Old Sacramento convenient to Downtown, the State Capitol, dining, entertainment, and nightlife.
For more information about this loft, click here. Thinking about buying this or another loft in Sacramento? Give the loft expert a call... Rob McQuade with McMartin Realty at (916) 444-7577 or (866) 720-CITY (2489).
Labels: Central, Central City Loft Living, Central City Lofts and Condos, Curtis Park, Davis, Downtown, East Sac, El Dorado Hills, Land Park, Midtown, Old Sac, Roseville, Sacramento, West Sac
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posted by Rob McQuade @ 5:29 PM,
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Yes.
Saturday, September 20, 2008
If you've picked up the latest issue of Sacramento Magazine you may have noticed the question asked on the cover:
LOFT LIVING, CONDO CULTURE: Can it thrive here?
Yes. In fact, in order for Sacramento to continue to grow in a healthy way, lofts and condos need to be a part of that mix of well-executed housing options. Large single-family homes on quarter-acre lots aren't a practical option in a dense urban core and smarter use of space means sharing: walls, walkways, common amenities, and a belief in a sense of place.
And the "well-executed" part is the key, as some Downtown and Midtown projects have demonstrated.
Among the more successful projects: the Sutter Brownstones have done well in this market because they have the hip, thoughtfully designed styling people want while giving owners a sense of community; the L Street Lofts may not be selling as quickly as investor Resmark Equity Partners may want, but the top-notch location and solid design mean they're selling—unlike recent projects like the Whiskey Hill Lofts (they've been turned into rentals) and Alchemy @ R Street (on the market as short sales as of this writing).
So what are the markings of a well-executed project? In the central city where buyers are more demanding, it means a mix of striking design (this isn't the 'burbs), quality materials and finishes, smart pricing, and convenience (neighborhood amenities, parking). Missing any one of these can make for a real challenge when it comes time to sell, missing more than one can be disastrous. People buying in these urban neighborhoods are doing so because they're unwilling to compromise on what they want—having multiple urban projects to choose from means they shouldn't have to.
Oh, by the way... Flip to page 127 and you'll see my nearly-life-sized head staring back at you (you coulda warned us, SacMag)! Of course I'm sporting a beard right now, maybe looking a little "Pacific Northwest" in honor of west coast cities like Portland and Seattle that have shown us how to execute on that need for urban infill. But I WAS FEATURED IN SACRAMENTO MAGAZINE!
Okay, maybe "spotlighted" is a better word. But still.
Too cheap to pick up your own copy? You can check out the article here: Up in the Air - Marybeth Bizjak, Sacramento Magazine (October 2008)
Oh, and a quick thanks to Marybeth Bizjak and the fine folks at Sacramento Magazine for puttin' my mug—and opinions—in the middle of the current issue. Please, no drawing pirate moustaches.
Labels: Central, Central City Loft Living, Central City Lofts and Condos, Curtis Park, Downtown, East Sac, Land Park, lofts, Midtown, Oak Park, Old Sac, River Park, Roseville, Sacramento, UCD Med Center, West Sac
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posted by Rob McQuade @ 5:36 PM,
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Penthouses at Capitol Park: Living the "sky life"
Friday, August 22, 2008
Sacramento has a serious shortage of high-rise living options, so every new addition is a welcome one—especially when it means views of Capitol Park.
Situated atop the Marriott Residence Inn Sacramento Downtown at Capitol Park, the Penthouses at Capitol Park offer Sacramento's only highrise living overlooking Capitol Park and the Capitol grounds (contrasted with the condos at 500 N which offer a more affordable alternative a few blocks away). The 30 penthouse units occupy the top three floors of this 15-story business-class hotel.
These unique luxury condos offer spectacular park and city views and are steps to the state Capitol Building and all of downtown. Convenient to dining and entertainment (across the street from The Park Ultra Lounge, Mason's and Ma Jong's, blocks to Mikuni's, PF Chang's, Bistro 33 and more), the Convention Center, Memorial Auditorium, and of course the Capitol and Downtown Sacramento's business district, these condominiums include high-end finishes and the hotel amenities. Whether you're a lobbyist or legislator, business leader or entrepreneur, local celebrity or part-time Sacramentan, the Penthouses at Capitol Park offer a premium address, top-notch amenities, and defining Sacramento views that can't be found anywhere else!
Features include ceilings up to 10', elegant wood cabinetry and raised panel doors, granite slab counters in kitchen and baths, tile flooring in the entry and kitchen/baths, solar window shades, designer lighting, GE Profile appliances. Also available on-site at the hotel are free wifi in the lobby, heated swimming pool and spa, 24-hour fitness center, dining and lounge, ATM, and outdoor terrace area. Hotel services provided for a fee include valet parking, concierge, laundry and dry cleaning, and room service.
To see penthouse units currently for sale, visit the Penthouses at Capitol Park
Labels: Central, Central City Lofts and Condos, condos, Downtown, Midtown, Old Sac, Sacramento
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posted by Rob McQuade @ 9:16 AM,
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Sacramento unveils 311 for expanded info by phone (and email)
Wednesday, August 13, 2008
Not sure where to go for specific services with the City of Sacramento? What used to be known as Sacramento City Operator is now Sacramento City 311 which means you can dial 311 from a land line or most cell phones within the limits of the city of Sacramento 24 hours a day, seven days a week—even on holidays— to get assistance from a live person (you can even email 311@cityofsacramento.org or use 311 online).
Get answers to questions, request City services, and get help on any municipal issue (besides police and fire) including: Code Enforcement (abandoned cars, graffiti, substandard housing, etc.); Animal Care (injured, stray, aggressive animals, etc.); Development Services Help Line (all calls for DSD are first routed to 311 for triage); Street Maintenance (potholes, cracked sidewalks, lighting problems, etc.); Facility Maintenance (work order requests related to repair/maintenance of City buildings); Citywide Directory Assistance and information about all things related to City services; Request a City crew for drains, water, solid waste, along with general inquiries; Making utility payments by credit card
Sac City 311 is a centralized call center for the City of Sacramento that is intended to make life a little easier for its residents, businesses and visitors. Sac City 311 call center works to answer questions as quickly as possible with minimal transfers.
Frequently Asked Questions
What is 311?
Sac City 311 is an easy to remember phone number that residents, businesses and visitors can use to request service, report problems or get information from local government. Sac City 311 is your resource for connecting with the City of Sacramento. Sac City 311 handles requests for building permits, stray animals, utilities services, and much more—Sac City 311 is ready to help! The 311 customer service agents undergo extensive training to ensure each caller gets a courteous, quick and accurate response. 311 provides a single point of contact for City of Sacramento government services.
Why was 311 created?
The Sac City 311 service is part of an ongoing effort by the City of Sacramento to make access to City government easier and more responsive to the needs of residents, businesses and visitors. Now there is no need to search the phone directory for the right City department—let Sac City 311 take care of that for you.
How does 311 work?
A courteous Sac City 311 customer service agent will assist you in finding the appropriate government service you need. If you need information, agents will either provide it directly or connect you to the appropriate department for your answer. If you need a service, agents can automatically route a work request to the proper department for a City crew to respond.
Who can call 311?
Anyone within the Sacramento City limits can call 311 free of charge from a land-line telephone or cable line. 311 works on most cell phones as well. Cell coverage is determined by individual service providers.
What if I need to call 311 from outside city limits?
Callers outside the City limits can reach Sac City 311 by calling (916) 264-5011.
When do I use 311, and when do I use 911?
The 911 service is for emergencies, such as house fires and crimes in progress, that require an immediate response by police, fire crews or an ambulance. For all other City services, call 311.
Will a 311 agent be able to respond in multiple languages?
Yes, through the use of a third-party translation service, Sac City 311 agents can respond in over 150+ languages and dialects.
Will a 311 agent be able to respond to calls from hearing impaired individuals?
Yes, TDD/TTY callers can dial 311 and then press 3, or dial (916) 808-8563.
Labels: Central, Curtis Park, Del Paso Heights, Downtown, Elmhurst, Greenhaven, Land Park, Meadowview, Midtown, Natomas Park, North Natomas, North Sac, Oak Park, Old Sac, Pocket, Regency Park, River Park, Sacramento, South Land Park, South Natomas, South Sac, Tahoe Park, UCD Med Center, Woodlake
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posted by Rob McQuade @ 11:50 AM,
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CalPERS home loans trump minimum wage for State employees
Thursday, August 7, 2008
Working for the State of California may not seem all that appealing when the annual tradition of stalled budget negotiations means minimum wage for state employees (except those who are exempt from the governor's recent executive order), but there are some benefits to civil servants that just might make it worthwhile, like the CalPERS Member Home Loan Program (MHLP).
CalPERS (the California Public Employees Retirement System) draws its membership from employees of the State of California as well as public sector employees in may city and county government agencies, including employees of the City of Sacramento, Sacramento County, Placer County, and many other counties and local municipalities. If you have a CalPERS member number, you should be eligible for the Member Home Loan Program—and membership has its privileges, including:
60-Day and 90-Day Rate Protection
At the time of your loan application, you can lock in your interest rate for 60 or 90 days and get protection against market fluctuations. Other loan programs that offer shorter lock periods can leave you with a higher rate at close of escrow—resulting in higher monthly mortgage payments.
Two FREE CalPERS Float Down Opportunities
With the 60-day and 90-day interest rate locks, you’ll receive the lowest CalPERS interest rate on three key dates—date of loan lock-in, date of loan approval, and date the loan documents are drawn.
30-Day Rate Lock
You can choose to lock your interest rate for 30 days instead 60 days. Although the float down feature is not available with this option, you’ll get the benefit of a competitive 30-day rate.
Low-to-No Down Payment Programs—CalPERS Special Loan Programs
CalPERS offers several financing options that have either low or no down payment requirements. The MyCommunityMortgage™ and Flexible 100™ require little to no down payment.
Interest Only Feature
If you are just starting off, would like greater purchasing power, or like the idea of lower initial monthly payments, CalPERS' Interest Only Feature could be right for you. With initial interest-only periods of 7- to 10-years, these fixed rate and adjustable rate mortgage loans are available for home purchases or refinancing.
100 Percent Financing Options
CalPERS offers options to purchase a home with no out-of-pocket costs for the down payment. CalPERS' 100 financing options could let you secure up to $500,000 for a down payment. CalPERS even offers down payment assistance on jumbo loans.
Savings From Our Partners
To provide you with more comprehensive service during your home buying process, a number of affiliate relationships have been established. Check out additional savings on services related to purchasing or refinancing a home here.
No Prepayment Penalties
Any CalPERS Mortgage Loan gives you the option to make early principal payments with no penalty. This feature of the program not only gives you the ability to build equity in your home but, because these payments are immediately applied to your loan's principal balance, it also saves you money.
For more information or to take advantage of the CalPERS Member Home Loan Program (MHLP), call (916) 444-7577 and we'll connect you with an independent mortgage professional who can serve your needs.
Labels: Antelope, Arden, Central, Citrus Heights, Curtis Park, Downtown, East Sac, Elk Grove, Elmhurst, Greenhaven, Laguna, Land Park, Midtown, Natomas Park, North Natomas, North Sac, Old Sac, Rancho Cordova, Regency Park, River District, Roseville, Sacramento, Southport, West Sac
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posted by Rob McQuade @ 11:43 AM,
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Home-Buying 101: Short Sales explained
Friday, August 1, 2008
Searching the MLS for a home in the Downtown Sacramento 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