Land Park, East Sacramento
and Curtis Park Specialist

BUYERS AND BUYERS AGENT – A HEADS-UP

BUYERS AND BUYERS AGENT – A HEADS-UP

If you have not heard, the latest Dodd-Frank law will go into affect on August 1st.  As with most new Dodd–Frank laws, the details are still being worked out.  Right now, here are the sketchy details: Prior to loan docs being drawn, there will be an automatic 3 business day period where NOTHING will be happening.  The docs will be ready to send to title, the buyer will be ready to sign, the lender will be ready, along with the buyers agent, to go to title to sign, and there we will all sit, waiting for the 3 days.  If anything on the document that is replacing the HUD (yes, the HUD is going away on August 1st), changes during this period, a new 3 day waiting period begins. Lenders will no longer be able to get minimal information and then issue a pre-qualification letter.  Prior to the letter being issued, buyers will be required to sign lender disclsoures and provide additional information. Along with the HUD, the Truth in Lending is going away.  They are being replaced, but with totally different docs.  The opinion of one lender is that the HUD is vastly improved, but the Truth in Lending? Not so much. So, what’s the lesson in all of this?  First of all, I know there are many more details I am not yet aware of that are coming.  Secondly, it is a time to start setting expectations.  This may mean more time in escrow.  It will certainly mean buyers agents should advise their clients to work with a lender earlier so when the Pre-Qual or Pre-Approval are...

WHAT IS IT ABOUT THE LAND PARK NEIGHBORHOOD?

I grew up in South Land Park Terrace…about a quarter mile from Land Park.  In 1979 I moved to Land Park and have lived in the same house since.  My husband and I raised our three children here.  They all now live either in Land Park or South Land Park Terrace!  Why do we love Land Park? Maybe it’s William Land Park – a 236 acre, tree canopied park adjacent to the south end of the neighborhood of Land Park.  On any given day, people are visiting the Sacramento Zoo, Fairytale Town or Funderland.  They are playing soccer on one of the 3 soccer fields.  They are playing baseball on one of the 5 baseball diamonds.  Maybe they are playing a round of golf on the 9 hole golf course.  They could just feel like fishing or relaxing next to one of the 3 ponds.     It could be that we can go jogging, bicycling or just walk our children and dogs anytime of the day and visit with friends we run into. It also could be the local businesses in Land Park.  Vic’s is the ice cream parlor we all remember as children.  Taylor’s Market is the local corner grocery store known for their old fashioned butcher shop.  If you are getting a sweet tooth, Freeport Bakery is a short walk away and has won numerous awards as the best bakery in Sacramento. I guess we love Land Park because it has everything we want to live a wonderful...

IT’S A TOUGH TIME FOR BUYERS!

I recently received a phone call from a woman who had read an ad for a listing I have.  I had to tell her it was already sold, and explained that I have to turn in the ad 30 days before it comes out.  It had sold 3 days after it came on the market with multiple buyers and over the asking price. Her immediate reaction was from the gut and frustration.  “What do I have to do to get a home?”  I felt so badly for her, because I have buyers experiencing the same issue.  There isn’t a perfect answer.  We, as Realtors can advise in order to put the odds in our buyers favor, but sometimes nothing they do will ensure they will be the selected buyer. However, the Realtor and their buyer, working as a team, should continue to put their best foot forward. Here is the advice I gave that woman. Have a Realtor working on your behalf – in this market, you can’t do it on your own. Listen to what your Realtor says – they have experienced this market and will give you the best advice. Be preapproved from a reputable lender. Be prepared to offer over asking.  Your Realtor should be able to advise you as to the best price.  Often times on this one, my buyers ask me how much over asking.  My answer is, at what price will you regret not offering it and at what price would you say, I wouldn’t have paid that much anyway?  That is your price range. Consider offering to pay the seller’s closing costs....

SELLERS, PLEASE CONSIDER ALL YOUR OPTIONS!

A local high-end neighborhood newspaper was issued this weekend.  I didn’t need to know their schedule to know that it had come out – I knew by the number of calls I received about an affordable listing that I had. To most, this would be great.  However, with all things great, it takes time to issue.  To be precise, ads must be turned in 30 days before publication.  What does this mean for the general public? In Sacramento, it means that the great property you are getting excited about is probably sold by the time you read the ad. I would love to tout this is the reason to have a great Realtor working on your behalf.  If you did, odds are you would have known about this listing the day it went on the market.  You would have been one of the 5 offers I received.  You would have been in the running to be in escrow and closing on your home. Unfortunately, there is more to this story than I would like to profess.  We are finding that within 12 hours of a property hitting the MLS, it is sold.  The market really isn’t that quick.  This really translates into the listing agent or a co-worker in the office already being in escrow before it hits the market. The seller never had a chance for multiple offers and the accepted price being higher than the list price.  The seller never had a chance to have their closing costs paid for by the buyer.  The seller never had a chance to have a shortened recording period and the...