Posts Tagged Fresh Perspectives

This Baby Giant Anteater at the Sacramento Zoo Looks Just Like an Alien

A couple of days ago, a baby giant anteater was born at the Sacramento Zoo in Land Park. This was a first for the Sacramento Zoo. I was mesmerized by the photo of the giant anteater and thought about going over to the Zoo to see if I could snap a photo. But the infant is confined to close quarters in a den with its mother, Amber, so the best that I can do is give you that link where you can see the actual photo for yourself.

The baby giant anteater looks just like an alien. And you know I’ve seen my fair share of aliens. So, I know exactly what they look like. Just kidding, I have no idea what an alien looks like, but if aliens were to come to Earth, I bet they would resemble giant anteaters. Neither the Sacramento Zoo’s website nor the Sacramento Bee article disclosed the gender of this newborn giant anteater. I wonder why.

I was thinking about this as I showed homes in Land Park yesterday. Did you know that a mother anteater is pregnant for 180 days? That’s as long as a listing agreement. Well, I do take one-year listing agreements, but those are generally short sales. My regular contract period for a traditional sale is 6 months. Not that it takes me 6 months to sell homes in Land Park, but it could take 45 days to get an offer, depending on the price range, and another 45 days to close. I am required to get a listing extension if closing runs over that time period, so being the efficient person that I am, I make my listing agreement durations longer than necessary to avoid additional paperwork.

It was cold yesterday, too. And wet. My feet were freezing. It was my own fault for not wearing boots and choosing ballerina flats instead. Two of the homes I showed had no heat. So, while my buyers were wandering around in the back yard in the rain, I grabbed a cellphone call. Sometimes I look at my phone when it rings to see who is calling, but I was too cold to take it out of its holster; I answered the call on my Bluetooth Jawbone.

The caller was a home seller in Iowa. She had been doing research online and said every website she went to led her back to me. That’s the downside of enjoying a strong Internet presence. Strangers from all over the country call me. This woman could not sell her home. Buyers had been telling her over and over that although they liked the home, the bedrooms were too small. What could she do to sell it?

I tried to explain that homes with undesirable features tend to sell for less than desirable homes. I asked her to think about why she bought the home in the first place because, whatever the reason, that’s why a buyer will purchase it now. I suggested she lower the price.

Turns out she built the home. Well, lady, I hate to say this, but you built your bedrooms too small.

Photo: Big Stock Photo

sacramento short sale agent

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub’s personal views and do not reflect the views of Lyon Real Estate.

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Selling Short might get another advantage

When a homeowner sells their property “short,”  that amount of money that was forgiven by the lender is considered income and typically taxed.   Well, currently the Federal Government is not taxing that money to the short seller but the state of California is.  On Monday, Legislation to prevent the state from taxing forgiven mortgage debt cleared the state Assembly.  The legislation could potentially offer tax relief to thousands of Californians who sold their home through short sale in 2009.  The measure passed 47-27 and is now being sent to Governor Schwarzenegger.

Schwarzenegger’s office signaled later that he may veto the measure. 

Currently, the fed’s tax relief is in place through 2012.  California was forgiving the “income” in 2007 and 2008 but since falling on major budget deficits, the state has since been taxing the amount of money the seller/homeowner was forgiven.

Doug’s take: I can definitely see both sides of this one.  It is a huge help for struggling homeowners that have to sell short to get the tax break.  I know, i have many short sale clients currently and in the past.  They all tell me how tough it is going to be to pay that tax on the forgiven amount.  It would be a much needed break for those in the difficult position of losing their home and have to do a short sale.

On the other hand, the state is in financial ruin as well.  The state needs all the tax money it can get.  We’ve all been effected by the deficit.

My suggestion is meeting in the middle and only taxing half as much as would normally be taxed.  It would be a win-win in my opinion but then again politics are not that easy.  We’ll just have to wait and see how it plays out.  I know my past short sale clients will be anxiously waiting.

If you have any questions about selling your home as a short sale, i’m here to help.  Give me a call or email and i’ll put my short sale experience to work for you.

clear skies,

doug reynolds

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Home Home Affordable Foreclosure Alternatives Program « Logan Utah Real Estate Blog

There is another new Federal Government program out their designed to reduce the consequences and liability of people trying to avoid foreclosure by selling their homes as short sales, or else voluntarily giving up their homes with a Deed in Lieu of Foreclosure. This program is called the Home Affordable Foreclosure Alternatives Program. Say that five times fast.

This program will be implemented on April 5th. It is supposed to “streamline” the short sale process, and remove the ability for banks to seek a deficiency judgement for the amounts they are actually owed from the borrowers. According to the official HMPadmin website:

The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.

With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.

HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.

While personally I think it is wrong for Government to relieve individuals of the responsibility of paying back debt they rightfully obtained, this should be a good thing for the housing market and real estate industry. Lengthy short sales are a huge problem with the way real estate works,  if that can somehow be shortened, real estate transactions will be far less complicated.

via Home Home Affordable Foreclosure Alternatives Program « Logan Utah Real Estate Blog.

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Short Sale approvals – 3 approved in 1 day!

Working with short sales

Working with short sales

It’s great to wake up in the morning and realize all of your hard work really does pay off!
Yesterday we received 3 short sale approvals…of course, we had been working on all of these listings for over 3 months! And a lot of hard work, persistance and patience finally has paid off. Two of these short sales were with Bank of America and on the new Equator system and one is with Aurora. Of course, the Aurora short sale took the least amount of time. The great thing was we still have buyers! This is huge, as so many times the buyers have walked by the time a short sale has been negotiated with the bank. The key to keeping the buyers engaged in the process seems to be great communication with the selling agent. We keep the buyer’s agents updated each and every week while we are negotiating with the banks, even if we have to tell them there has been no change. A conversation with the agent asking them to pass along the information to their buyers seems to keep everyone on te same page and it’s critical.

Is the Bank of America Equator system helping? It seems to me that it is. Although it’s still a process, Bank of America is now not losing everything we send to them as it is uploaded onto the system. We can see on the system what is going on. Once we had a negotiator assigned to the property instead of the general negotiator it took approximately 25 days to get an answer back…that’s not bad considering Bank of America was taking about 3 months for this process before.

Now we move on to the closing process on all 3 of these transactions….our work is not done. Now we need to get through the inspections, appraisals, buyer’s loan process and then close. Still work to be done, but I can breathe a sigh of relief now that we have our short sale approvals!

For more information on Short Sales

If you are a seller and wish to contact us for a FREE consultation regarding your options or a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.

Search all Elk Grove homes here!
Search all Sacramento homes here!

Lori Mode of Keller Williams Realty, Elk Grove
Certified Distressed Property Expert
DRE License #00935148
www.AllElkGroveHomes.com
(916) 230-0371

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