Ever put an offer on a Sacramento Bank Owned Home that had code enforcement issues?
I wanted to share with you some of my notes from our meeting last night at the Elk Grove Real Estate Investment Club.
Now I want to stress to you these are my notes... In fact I am leaving the Sr. Code Enforcement Officer's name out of this post because I don't want to misrepresent what he said...so read at your own risk!
So if after that disclaimer you are still in... let's get started!
Mr. Sacramento Code Enforcement Officer said that he has seen an improvement over the last six months with the responsiveness of the banks when dealing with properties with code enforcement issues. He thinks this is due to banks hiring local agents to sell their assets who keep better care of the homes since they are actually in the same town...imagine that!
I wondered what would trigger the Sacramento code Enforcement crew to be called to a particular property. Mr. Code Enforcement Officer said that 95% of the issues they investigate are due to consumer complaints. These complaints mostly involve break-ins and vandalism to vacant properties. He estimated 60% or so of the complaints involved Sacramento Bank Owned Homes.
The first step when a complaint comes in is to investigate who is responsible for the subject property. So they will pull from several different database sources to try and tract down the owner's contact information. I would imagine that when dealing with a Sacramento bank owned home, it may prove to be more difficult to track down contact information for the asset manager (if not currently listed on the market).
Once the owner has been identified, they make an attempt to get the owner involved to secure the property.He stressed that they would prefer that option rather than the alternative. If they cannot get the owner on the phone, they will order the home to be boarded up (if a health and safety issue) at a cost to the owner. This cost is passed down in the form of a lien called a NOPEA (Notice of Pending Enforcement Action) against the property. This lien will cloud the title so that the county can be paid back at the time of sale. He estimated that the cost involved would be approximately $3,000 -$4,000 by the time you add up all of the staff time. I was really impressed by his concerns of keeping the costs down for the owner. He said it does not help anyone if they slap the property with outrageous fees. Their goal is to get the property fixed and habited, not create a bigger problem by hindering the sale of the home. I could't agree more!
We asked him about homes that are purchased with a second unit that was potentially non-permitted and not on record with the county. We referred to it being grandfathered in... He called it legal non conforming use. He mentioned if the structure was fairly new (less than 5 years) you could have issues. If it was older than 5 years old, as long as you left the unit alone and did very little rehab to it (check with the county for the actual percentages) there would be no issues.
If you would like to run your questions by a Sacramento Code Enforcement officer you can call (916) 874-7908 and speak with the officer of the day.
Another fact I found interesting... There are currently 90,000 units in the County of Sacramento. Yet there are only 6 enforcement officers on staff!
One last tidbit of information...
Did you know that the county of Sacramento will adopt a new rental inspection property as of the first of the year? Yep that is right! This really is a post of its own so subscribe to this blog below to make sure you get the details about this new program in my upcoming blog. You can receive any new posts to our blog via email by clicking the link below.
If you own property in the unincorporated areas of Sacramento County this new ordinance will affect you! I can tell you on its surface, it appears that this new ordinance will be much more landlord friendly when compared the City of Sacramento's rental inspection program. This is my opinion by the way!
I would recommend that you check my notes directly with the county at (916) 874-6444.
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
 |
Subscribe to our Blog Feed! >> |
 |
Follow us on Twitter.com! >> |
 |
Visit Our Website! >> |
Do you realize that you have approximately 30 days to find a Sacramento home and get into contract so that you can benefit from the First Time Home Buyers tax credit?
Most escrows these days are taking between 30 - 45 days to process. Last year we could easily get a deal closed in 3 weeks start to finish. This year because of new disclosure rules and the lovely HVCC process, it has added several days to get a loan closed.
This deadline is a big one and many other Sacramento First Time Home Buyers will find themselves in the same race.
Do you realize you have a matter of days before you need to find a home to benefit from the BIG tax benefit?
That is right... I figure you have approximately 32 days from today to find a Sacramento home and get into contract! What!!! Yep... and that is the best case scenario since I am basing that number on a 30 day escrow!
This will be a challenge... not impossible... but defiantly a challenge.
Here are some tips to make sure you can find a home in time:
1. Get pre-APPROVED!
It will be important to have all your ducks in a row before you go out and look at homes. You want your mortgage professional to scour through your tax returns, bank statements, retirement accounts, credit report, and employment history to make sure your qualify. You want to know exactly how much you qualify for and find out is there are any red flags that need to be addressed! If you spend 10 of your 32 days looking at a home you can't qualify for... that will get you nowhere fast!
2. Work with an Real Estate agent who knows the market!
You want to work with someone who gets deals closed. Working with an inexperienced agent can take extra time you don't have. I don't want that to sound harsh, but it is true. I see it happen every day. I have got agents calling me to help them negotiate the deal, ask me how fill out a contract, and some who screw up the deal once we are in contract because they don't know what they are doing! You want to work with someone who closes a lot of deals in your area because they will have the contacts and the systems to get you into a home quickly.
3. Have your Sacramento Real Estate Agent put you on an email list that will notify you as new homes come on the market in your target area.
Take these emails seriously! You should open these emails every morning when they arrive and make yourself available at the drop of a dime to view homes that interest you.
4. Get the home under contract quickly (that is Investor talk for getting an accepted offer).
The inventory of homes in the Sacramento area has decreased over the past couple of months. This means there are not an unlimited amount of Sacramento homes for you to choose from. Think about it...this means that every other First Time Home Buyer and Investor in our area is bidding on the same limited amount homes. This is not a deal breaker, but it may mean that you don't get the first home you put an offer on. In fact, I would plan on that!
5. The minute your offer is accepted... tell your mortgage professional!
Why?... Because we need to go back through your file and request updated information from you. Usually this will consist of updated pay stubs and bank statements. Before your file is submitted we need to collect the items from you, get the executed contract (signed by both the Seller and you the Buyer), and order a preliminary title report.
The biggest thing you should keep in mind is every day counts when you are dealing with such a short deadline! If you are short by one day and do not get your escrow closed by November 30th... Your $8,000 is gone.
IT IS NOT TOO LATE! But you need to act quick!
Join our VIP Home Buyers Program!
We will help develop a plan to get you into a home and reach the finish line on time! Our program will match you with a Top Real Estate Agent in our area who has a great track record for getting homes sold.
We don't just write you a pre-approval letter and send you on your way. This will be a team effort to make sure your family gets into a home in time. In fact, we have talked our VIP many times into a deal where there were multiple offers on a property. Now I can't promise that we can do that in every case, but I can tell you we will go the extra mile for you from start to finish.
Don't waste another minute ... Call Todd at (916) 687-6868 ext.1 to schedule an appointment to come in to our office and get started!
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
|
Subscribe to our Blog Feed! >> |
|
Follow us on Twitter.com! >> |
|
Visit Our Website! >> |
Please join us at the Elk Grove Real Estate Investors Group TUESDAY NIGHT - September 29th!
We have a special guest this month for our Elk Grove Real Estate Investors meeting!
Join us and meet a Sr. Code Enforcement Officer for Sacramento County. We will pick his brain and find out how to get the scoop on potentially distressed properties in our market place.
Find out...
Visit the Elk Grove Real Estate Investor Group website >>
MEETING LOCATION
9275 E. Stockton. Blvd., Ste. 100
Elk Grove, CA. 95624
Networking - 6:30pm
Market Update - 7:00pm
Main Speaker - 7:15pm
Members are FREE!
Guests are $15
Join us and meet other Sacramento Investors who are actively investing in the Sacramento Real Estate Market!
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
The First Time Home Buyer Tax Credit goes away December 1st. Read our post about how to get into a home in time! >>
|
|
Receive our Blog by email! >> |
|
|
Follow us on Twitter.com! >> |
|
Visit Our Website! >> |
I just wanted to do a quick post to thank Amy Coleman with Keller Williams Realty for taking time out of her busy schedule to be our speaker at the Sacramento Investors Forum at the Rental Housing Association last night!
She did a great job giving us insight into the world of Sacramento Short Sales.
Did you know 18% of the homes on the market in Sacramento today are Short Sales?
That number is up from last year and in the coming months...I would suspect that number is going to jump BIG TIME!
Here is her contact information just in case you wanted to contact her:
Amy Coleman - Keller Williams Realty
(916) 283-7500
Questions@ThinkColeman.com
Thank you to the Rental Housing Association for hosting this event and their continued support!
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
Have you made on offer on a Sacramento home that has been red tagged by Sacramento County?
Join us on September 29th and meet a Sr. Code Enforcement Officer with Sacramento County and get your questions answered!
Find out more>>> www.ElkGroveREI.com
|
Subscribe to our Blog Feed! >> |
|
Follow us on Twitter.com! >> |
|
Visit Our Website! >> |
Sacramento Short Sales are the next up-and-coming way for Investors to get a deal in today's Sacramento Foreclosure Market!
When looking for our next speaker for the Sacramento Investors Forum at the Rental Housing Association, I ran a report through our local Multiple Listing Service (MLS) to determine which real estate agents closed the most Short Sales in our market this year.
The proof is in the pudding for me.... if you did not get it closed... it did not count in my book. Keep in mind these number are based on MLS data as of 8/12/2009. Also note... only listings that were identified as Short Sales are reflected in my assessment.
I thought you might be interested to know who I came up with...
Here are the Top 10 Real Estate Agents based on closed Short Sale transactions in 2009 for Sacramento, El Dorado, and Placer counties.
Drum roll please!....
#1Pearl Ahlquist - Sellstate Realty First
#2 Amy Coleman - Keller Williams Realty
(916) 283-7500
Questions@ThinkColeman.com
www.SacramentoHouseFinder.com
#3Bethany McKeighen - Maximum Real Estate
#4Crisel Centeno - Elite Real Estate Associates
#5Jose Casillas - Su Casa Realty
#6 Donna Burnett - Keller Williams Realty
#7Oscar Terrazas - American Home Real Estate
#8 Helena Riley - Century 21 Haley & Assoc.
#9 Rick Stalker - Century 21 Haley & Assoc.
#10Ed Kittle - RE/MAX Gold
I invite you to join us for the Rental Housing Association Investors Forum on Wednesday, September 5:30pm.
You will be introduced to Amy Coleman who is 2nd in line on the list! She will share with us insights into how the Sacramento Short Sale Market works and what you should expect when making an offer.
She will answer questions like...
Make sure to register quickly! Last month we had more registrations than our classroom could hold!
In order to register... Download and fax the registration form directly to RHA. Register NOW >>
This event is free to the public but their members get priority registration... so hurry it up!
We look forward to seeing you there!
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
Do I have you excited about Sacramento Real Estate Market yet?
Enlist for our next Sacramento Investor Boot Camp and Foreclosure Tour!
We will take you out in the streets and look at the opportunities in our Sacramento Real Estate Market.
www.SacramentoInvestorBootCamp.com
|
Subscribe to our Blog Feed! >> |
|
Follow us on Twitter.com! >> |
|
Visit Our Website! >> |
 |
|
|
We are committed to operating in a professional, ethical and organized manner and are always focused on the success of our clients. Visit us online at www.SuperiorLoanTeam.com and see the difference!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
