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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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May 8th: Sacramento Green Home Expo (and a friendly mention)
Monday, May 5, 2008
Green Home Expo opens in Sacramento May 8th
Okay, so maybe you don't think of the North State Building Industry Association as a bunch of party people (and you obviously don't know them very well if that's the case), but they know how to put on a good (trade) show. This Thursday, May 8th, is the Green Home Expo at the Sacramento Convention Center. It's an all-day event with free trade show admission, and you can expect to see some of the latest green home tech. If you're thinking about starting a remodel or you just want to know more about the latest energy efficient, eco-friendly products for the home then check out the expo (and there are some really cool workshops being offered for a very reasonable price). You can find out more by clicking on the banner below.
PS - The convention center is an awfully big place to heat and cool. Maybe they'll open the windows. ;-) PPS - While you'll find a lot of groovy home products at the expo, you probably won't find an actual home. If you're looking for an eco-friendly home in the Sacramento area, please get in touch with me!Being a Green Nugget
Oh, and while I'm not in it for the glory, it's always nice to get a friendly mention from people who always have their "green" thinking caps on (made from organic cotton, of course)—and Levi Benkert and the awesome eco-urbanists at LJUrban are among the greenthinkiest (consider the term officially coined) people I know of locally. What's not to love about people whose aspirations are to dream big, live small, and do good?
Labels: Auburn, Central, Curtis Park, Davis, Downtown, East Sac, green, Land Park, Lodi, Midtown, Roseville, Sacramento, South Natomas, Woodlake
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posted by Rob McQuade @ 12:15 PM,
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NEW! Sacramento foreclosures available online
Sunday, April 20, 2008
This is a quick update: I just added a new link to Sacramento foreclosures, now you can view bank-owned and REO properties in Sacramento 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, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
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posted by Rob McQuade @ 9:52 AM,
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Understanding your credit
Thursday, April 17, 2008
I'm fortunate enough to host a great weekly real estate forum (the largest of its kinda in the area) that I created in early 2007. While it's only open to real estate professionals, a lot of the info that comes out of that group benefits my clients. This week we had Mark Wolff and Jay Broderick with the law firm Wolff & Wolff join us to talk about credit information and how consumers can protect themselves.
Here's a scary fact that Jay shared with us: a recent study showed that one in four consumers had errors on one or more credit reports so severe that it could cause them to be unable to obtain housing or employment. Additionally, 79% of credit reports had at least minor errors or inaccuracies.
Do you know what's on your credit reports?
The first key is to understand that not one but three major credit reporting agencies are monitoring our individual credit behavior. This includes payment habits, credit balances, loan types, and new credit inquiries (initiated by the consumer or by outside creditors for the purpose of evaluating creditworthiness). Creditors and individuals such as prospective employers that you grant permission potentially have access to information about how much and what types of credit you have, whether or not you're paying on time, what percentage of your available credit is used, your rent/mortgage payment history, and more—and they're using this information to determine not only if you should get that new platinum credit card but also whether or not you should have a home loan, what interest rate you'll get on that loan (remember that when you're considering buying a home in the Sacramento area), whether or not you should be allowed to rent, or even if you should be hired for a job.
Knowing what's on your credit report is critical.
The three major credit reporting agencies—TransUnion, Equifax, and Experian—are required to provide for FREE one copy of your credit report per year to you the consumer. The two easiest ways to access these reports are
- By phone. You can call toll free in the U.S. (877) 322-8228 to request a printed copy of your credit report from one or more of the agencies be mailed to you.
- By secure website. You can access information quickly and easily online (after verifying your identity) at http://www.annualcreditreport.com (Please note that the information provided online is not produced in the same format as a printed credit report, you may wish to order by phone for the most detailed information)
If you're having a hard time understanding what's on your credit report, a creditor or agency is unwilling to make a correction, or you need more assistance, I recommend you contact Jay Broderick with Wolff & Wolff for a consultation (there is a $50 consultation fee for a review of your reports and to determine a course of action). The number is (916) 714-5050 or you can email Jay at jaybroderick@wolffandwolff.com
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, credit, Elk Grove, Galt, Gold River, Land Park, Lodi, Modesto, Natomas Park, North Highlands, North Natomas, Old Sac, Rancho Cordova, Regency Park, Roseville, Sacramento, Southport, Stockton, West Sac
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posted by Rob McQuade @ 10:42 AM,
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Choosing a REALTOR® in the Sacramento area
Saturday, April 5, 2008
When choosing a REALTOR® to help you buy or sell a home or other property in the area, there's good news: you have options. With membership within the Sacramento Association of REALTORS® at more than 7,000 real estate professionals* (though this includes lenders, title and escrow professionals, and other affiliates), you the consumer have more options than ever when it comes to selecting a real estate agent. So how do you choose?
I. Select a knowledgeable professional who understands your needs
Looking for a Sacramento homes? You probably don't want a real estate agent whose focus is on vacant agricultural land. Ask questions. How well does he know the area? How familiar is he with current market conditions in the area? With the type of property you're looking for? I'm a fourth generation Sacramentan and host the largest weekly forum of its kind for real estate professionals within the greater Sacramento area.
II. Buyers: Choose an Accredited Buyer Representative (ABR)
If you're a buyer, one way to make sure you're receiving expert representation is to select an Accredited Buyer Representative or ABR. ABRs are professionals who've been certified by the Real Estate Buyers Advisory Council (REBAC) through advanced education and training and have met the council's criteria—and this is the only buyer representation credential recognized by the NATIONAL ASSOCIATION of REALTORS®. There are only 34 ABR designees** in Sacramento County despite association membership numbering more than 7,000. I'm proud to be an Accredited Buyer Representative and have been since 2006.
III. Sellers: Choose a REALTOR® with a comprehensive marketing plan
In an ever-changing real estate market, it's not enough to put a sign in the ground and post a listing on the MLS. Make sure your real estate agent has a comprehensive marketing plan that's tailored to your property. Ask for details about that marketing plan? What does your REALTOR® have to offer that will help your property stand out in a crowded marketplace? I offer my sellers the unparalleled access to the right buyers through the largest local network of neighborhood- and property-specific real estate websites: and I'm the only agent who can offer this.
This includes regional sites such as ForSaleinSacramento.com, ForSaleinRoseville.com, ForSaleinElkGrove.com, ForSaleinWestSac.com, and ForSaleinCitrusHeights.com; smaller neighborhood-specific sites such as ForSaleinDowntown.com, ForSaleinMidtown.com, ForSaleinEastSac.com, ForSaleinLandPark.com, and ForSaleinArden.com; property-specific sites including SacramentoCondoLiving.com, MidtownLoftLiving.com, and SacramentoGreenProperties.com; and even project-specific sites like SutterBrownstones.com,
RiverfrontPlazaCondos.com, 1600H.com, and 800JSt.com. And this is just a sample of my own personal websites and doesn't include the video, viral marketing, mailings, or network of independent resources I use to market listings!
IV. Talk to people you trust and ask for referrals
"Rob was great. He was very patient in dealing with questions and quirks."
-Marlis R. (home buyer in Elk Grove)
"Thanks for doing such a great job. You guys are awesome!! I appreciate being kept informed..."
-Reiko M. (condo seller Downtown)
"Dear Mr. McMartin, I want you to know how much I appreciate Rob McQuade. He is an excellent Realtor and also a good person. He was aware of every detail along the way, he took the initiative to keep in close contact so I would stay informed. He was so competent and knowledgeable. I don't know how he managed to be so professional while also being understanding and patient. His judgment and advice on pricing the house, improvements needed to sell quickly and fairly was impeccable. I could not have had a better REALTOR® and I was so pleased with not only the end result, but the entire process. Thank you."
-Jeanne N. (home seller in East Sac/McKinley)
* According to the Sacramento Association of REALTORS® as of April 2008.
** According to the Real Estate Buyers Advisory Council (REBAC) website as of April 2008.
Labels: Anatolia, Arden, Curtis Park, Downtown, East Sac, Galt, Land Park, Lodi, Midtown, Modesto, Natomas Park, North Highlands, Old Sac, Regency Park, Sacramento, Southport, Stockton, West Sac
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posted by Rob McQuade @ 2:39 PM,
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New form makes loan terms easier to understand
Sunday, March 30, 2008
It's not often that I can thank the federal government for simplifying things, but the proposed Good Faith Estimate (GFE) form released by Housing and Urban Development (HUD) turns what once read like stereo instructions—sometimes missing stereo instructions—into a much clearer picture of what you can expect from your home loan.
HUD's new, four-page Good Faith Estimate (you can preview it in PDF format here) more clearly explains to a prospective borrower the terms of the financing they may be committing to. While it still remains an estimate, the GFE now spells out which terms a) may not change, b) may change by not more than 10%, and c) may change prior to closing—and does so in plain English.
The new form doesn't solve all the problems a borrower can face, but it increases transparency and makes it easier to compare apples to apples—the rates, fees, and other costs being charged by various lenders.
Watch for the new form soon, and take the opportunity to ask your lender questions. Information is power!
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Downtown, East Sac, Elk Grove, Galt, Land Park, Lodi, Midtown, Modesto, Natomas Park, North Highlands, Old Sac, Regency Park, Roseville, Sacramento, Southport, Stockton, West Sac
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Favesposted by Rob McQuade @ 12:46 AM,