Archive for September, 2011|Monthly archive page

9 Surprising Facts About Short Sales

In blogPost, forFront on September 25, 2011 at 2:03 pm

What is a short sale?  A short sale refers to selling short; that is, selling a home for less, or short of, what you still owe on the home.  Sometimes when a borrower is financially strapped, the lender will allow the borrower to sell the home for less than the unpaid mortgage.  This allows homeowners to avoid the terrible long-term effects of foreclosure.

  1. During the second quarter of this year, 25% of home sales in California were short sales.
  2. Homes sold as short sales tend to retain values better than foreclosed homes because they are often occupied until sold.  This helps keep up the value of neighboring homes.
  3. Borrowers often qualify for new mortgages sooner after a short sale than after a foreclosure.
  4. Short sales are not short in time: during the second quarter the average short sale took 245 days.
  5. When short sales fail to complete, it is often caused by having junior liens on the property.  Junior lien holders may not agree to the short sale if they will not be getting an adequate amount for their lien out of the sale.
  6. If you get a seller to accept your offer on a short sale home, that does not mean that the lender will accept it, and the lender must.
  7. Sometimes the seller is not behind on his payments when a home is offered as a short sale.  The seller may simply owe more than the home is worth and a discounted price may bring the asking price in line with other homes of its kind in the neighborhood.  This may cause the lender to agree to the sale.
  8. Sellers receive no cash from a short sale.
  9. As of July 15, 2011, homeowners have expanded protection against personal liability after a short sale.

Call Wieland Realty today if you are looking to buy a short sale property or are thinking of short selling your home.

Do this BEFORE you start looking for a new home

In blogPost, forFront on September 16, 2011 at 12:53 pm

When you ask a realtor to show you a home, you may be asked this question: “Have you been preapproved?”

That question may stump you for a minute.

Here’s what you need to know:  As a potential homebuyer, you may fit one of these descriptions–
You are so excited to purchase a new home that you have no idea how much you can afford to spend.
You have talked to a lender and have received a verbal “ballpark estimate” of how much you will be able to borrow for your new home.
You have spoken with a lender and have received a written letter containing a Good Faith Estimate that spells out the terms of the loan, the interest rate, the type of the loan, and the closing costs.

If you fit description #1, we at Wieland Realty will help you find a lender who will work closely with you.

If you fit description #2, we at Wieland Realty will help you find a lender who will work closely with you.

If you fit description #3, we at Wieland Realty will kiss your feet! (just kidding).

Actually, if you fit description #3, we will not waste your time showing you homes that are not in your price range.  Description #3 is of a buyer who is Preapproved.  With a Preapproval letter in hand from your lender, doors to your dream home will open.

Description #2 is a prequalified buyer, but not a Preapproved buyer.  Not to worry.  At Wieland Realty, we are able to help you find a lender who will work with you to help you get approved for a loan that meets your needs.

In today’s market, many sellers are asking realtors to show their home only to Preapproved buyers.

Don’t know where to start?  Call 916-572-7375 or e-mail Wieland Realty on the Contact link today, and we will help you out every step of the way.

Will your home be ready when you are?

In blogPost, forFront on September 11, 2011 at 5:34 pm

Woohoo!  Credibility!  I have always loved decorating.  I learned to sew as a kid so I could make curtains and Roman shades, not dresses.  I rearrange my furniture so often that my husband has fallen over the glass coffee table several times in the dark.  I have copies of Metropolitan Home magazine going back more than twenty years.  Decorating table tops, rooms, and homes is a great love of mine and now I get to connect this passion to real estate.  I am now certified by the Academy of Staging and Redesign to offer Home Staging Consultations to any client of mine who is wanting to sell his or her home.

Staging a home helps to sell the home.  It is as simple as that.  Did you know that
63% of buyers pay more for “move-in ready” homes?
A staged home, on average, sells for 17% more than an un-staged home?
the #1 factor in pushing price to a maximum for a quick sale is home staging?

Just what do I mean by “staging?”  Staging simply means preparing the home for sale.  Each home is different, though, and staging can mean different things for each home.  Some homes are in disrepair.  I can suggest repairs that should be made in order for your home to compete successfully in the market.  Some homes need to be cleaned, de-cluttered, and freshened.  I can advise you on some simple steps that you should take to make your home ready for potential buyers.  Some homes need to have furniture rearranged and accessories displayed to their best advantage.  I can provide possible changes that would make your home more comfortable, functional, and attractive to possible buyers.

Today I visited several homes that are for sale here in Sacramento.  One of the homes was empty, had brackish water in the pool, indentations and stains in the carpet left by heavy furniture, and terrible marks and scrapes on the wall apparently left by bookshelves that had been removed.  A second home that I visited was freshly painted inside and out, the lawn was green and freshly cut.  On the kitchen counter was a tray with a wine bottle and glasses.  There were matching towels hung neatly in the bathrooms and a bowl of green apples sat appealingly on the table.  Guess which house I immediately liked the best?  Guess which one buyers will immediately like the best?

Staging your home for sale does not have to cost a fortune.  Depending on what needs to be done, there may be lots of elbow grease involved or just a fun morning of placing furniture and accessorizing.  Some repairs and sprucing up can mean a couple of trips to the hardware store, but, over all, staging is totally worth the effort.

Don’t know where to start?  That’s where I can help here at Wieland Realty.  As my client, you are entitled to free staging advice from the smallest change in a room to big changes like curb appeal and the over all feel of your entire home.  I would love to help.  List your home with me and let’s get started.
Please call 916-572-7375 or click the Contact link above.

Wish You Could Look Inside Some Beautiful Old Homes?

In blogPost, forFront on September 5, 2011 at 12:47 am

Are you one of those people who walks the dog in the evening and pretends that you are not looking in the windows of the houses you are passing?

Do you watch a lot of House Hunters and Property Virgins just so you can see lots of homes for yourself?

Do you go to Open Houses in your neighborhood, even when you are not looking to buy?

Well, here’s your chance to see the insides of some beautiful, historic homes in Sacramento.  The Sacramento Old City Association is holding it’s annual home tour on September 18 from 10 a.m. to 4 p.m.  This year’s tour will feature homes in the Marshall School Neighborhood.  This midtown neighborhood is an area between E Street on the north and J Street on the south and 24th Street on the west and the freeway on the east.

Check out the house that I researched this year to find a little of the history of this magnificent home.  It is located at 2630 I Street and is a real beauty.