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Sacramento CA Homes For Sale -  News You Can Use.

Hi Everyone

Happy New Year.  Hud’s new booklet is full of information for Sacramento home buyers.  My orginazation NAEBA got very good comments in this booklet.  This might be why I will be the only one to tell you about it.  Other real estate companies will want to keep it a big secret.  Now for the good parts of the boookelt.

In its first revision in over 10 years HUD’s Settlement Cost Booklet states:  “If you want someone to representonly your interests, consider hiring an “Exclusive Buyers Agent,” who will be working for you.”

The National Association of Exclusive Buyers Agents (NAEBA) views this as an important elementof the new era of home buying.

“We are pleased to see that the wisdom of having someone in your corner and on your side is being conveyed to buyers by HUD.  Because most real estate agents represent Sellers, HUD emphasizes, and the National Association of Exclusive Buyers Agents stresses, that it is a Buyers responsibility to find an agent who will represent their best interests in the real estate transaction,”  said Benjamin Clark, 2010 President of NAEBA.

NAEBA views HUD’s advice to consider an exclusive buyer agent as very timely given current market conditions.  Clark agrees,”We are encouraged by an increased movement among consumers to seek out Exclusive Buyers Agents.  Working on behalf of buyers is extreemly rewarding.  Consumers who hire an Exclusive Buyers Agent find that the whole process is more enjoyable because of the incredible trust between the buyer and their agent that doesn’t always exists in the traditional buyer/agent relationship.”

You can download a free copy of the new HUD booklet at:

http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20December%2015%20REVISED.pdf

Hope this year is the best for you and yours.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Well the latest report on when home prices will bottom out in Sacramento Ca is March 2010.  So say the experts that are smarter than I. (whoever they are).  Here is who they are:  First American Core Logic’s Loan Performance Home Price Index.  They say that home prices in 45 of the largest housing markets are expected to fall 4.2 percent before they hit rock bottom in March.

They also went on to say that by October prices are expected to be heading upward by about 1 percent compared to 2009.

Of course all such predictions are accompanied by something like EXCEPT.  You know something that will cover up their behinds in case their predictions don’t work out.  In this case their predictions will come to be if the “Shadow Inventory”  of homes owned by banks but have not yet been put on the market stay off the market.  Believe me folks there are a lot of homes out there in this “shadow inventory”.  Of course supposedly the banks and the government are working on loan modifications that would reduce this shadow inventory.  How much it would reduce it is yet to be seen.

Sincerely,

Wes Clark

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Sacramento Homes For Sale – News You Can Use

Hi Everyone

I am sure that everyone out there at one time or another wonders if REALTORS ever do anything worthwhile other than list and sell homes.  Well for your information I will continue this at another time and list all that they do for you, but for now here is one thing that is in the works right now.  If you have been looking to buy a home lately and have found a real nice home already fixed up for you and it is sitting empty.  You might lick your chops and say I would like to buy this house only to find out it won’t go FHA because of some rule called the 90 day rule.  Meaning this house won’t be sold to a FHA buyer until it has been owned by the owner for at least 90 days.  Well your California Association of Realtors, as a group of many Realtors, is asking the Federal Housing Administration is  to reexamine this rule.  Both the National Association of Realtors and the California Association of Realtors are working with FHA to address this issue.

I think it is a stupid rule and I hope they are successful in getting it changed.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

Here is some news about Sacramento homes for sale that are in or close to foreclosure.  Its not to often I get to report good news, so here it is.  Fannie Mae and Freddie Mac will not evict any one over the holidays.  From the 19th of December to January 3rd.  Both owners and renters living in properties foreclosed upon will not be evicted.

Also it has been reported that Citigroup Inc. will suspend foreclosure sales and evictions for 30 days, through to January 17, 2010.  This is only for their properties not loans it services on behalf of other investors.

It is expected that other lenders will follow in line shortly.  So if you are in this situation check with your lender and see if they have suspended foreclosures over the holidays.

Hopefully this will make at least one family happy over the holidays.  Happy Holidays.

Sincerely,

Wes Clark

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Sacramento Homes For Sale – News You Can Use

Hi Everyone

This post is about the high end properties for sale in Sacramento.  These homes for sale are in the upper end of the market and it is really a sad position to be in.  Sacramento homeowners who own homes over 1,000,000 dollar price range might be in worse trouble than the lower priced homes.  More that 12 percent of mortgages exceeding $1 million were 90 days or more past due in September, compared to 6.3 percent of loans less than $250,000.  The reason for the shortfalls is some of the rich are getting poorer and the poor are staying poor.  (Makes sence to me).

The lower end of the scale can HOPE for government help while the larger loans have no hope at all and it is hard for them to get refinancing.  So what is worse HOPE (not coming) or no hope at all.  It seems to be a wash to me, but what do I know.

The help is in the form of Short Sales (where did we here that before).  Anyway there is an increase of short sales in the higher end homes.

This is part of the report I read, believe it or not.  I am so sad.  It stated a lot of well to do people just can’t afford their second and third vacation homes anymore.  I am sorry but I have no sympathy for these people until after the lower end of the real estate market is stabalized then we can worry about them.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

When you start looking for a home for sale in Sacramento what do the so called experts tell you to do?  They give you a checklist of how to select a Real Estate agent.  Some agents think that having every designation under the sun qualifies them to be the best.  Some agents say I work for the biggest real estate company, therefore I am the best.  But getting back to the checklist, it might surprise you to know I only have three things on my checklists that I consider relevant.

  1.  How well will you, your wife and the agent get along together.  This is the most important item on my checklist.  When I have a new client possibly interested in my services I prefer our first meeting be a nice conversation over a cup of coffee or tea.  We sit down ask each other questions and you find out about me and I get a better idea of how I can help you find the home you are looking for at the price you want to pay.  This saves us a lot of wasted time.  If you think that I am not the agent suited for you thats fine, we part ways and all we lost was a few minutes and of course I am out the cost of a couple of cups of coffee.

2.  The next most important item is that the agent MUST be an Exclusive Buyers Agent.  This is the agent that only looks out for your interest and he/she and the company they work for NEVER takes listings, they never represent sellers.  This is the only way you can be sure your agent is on your side during the negotiations.

3.  Speaking of Negotiations.  Ask your perspective agent what kind of training he/she has in Negotiations.  You will probably never see this on any other checklist, but what are you hiring me to do.  Thats right you want me to find your home and negotiate the sale.  Most agent only do half of this, they will help you find a home, thats it.  A little bit of information for you.  I recently attended two solid days of training on Negotiations.  This two day course certified me as a Certified Negotiation Expert.  The only reason I bring this up is this is fairly new training.  It has been offered here in the Sacramento area only twice.  My class had 18 people in it, I don’t know how many passed the course but 18 attended.  I don’t know how many was in the first session but if we assume 18 then that means 36 people have taken the training in Sacramento.  So what are the odds that your perspective agent has had any training in Negotiations.

So in recap my checklists cosists of getting along with the agent (feel comfortable with him/her).  Use only an Exclusive Buyers Agent ( you need someone you can be sure to represent only you).  If you want someone to negotiate for you make sure they have had the right training, don’t trust the negotiations to just anyone.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

Here is something you would not even think of.  Home Owners walking away from their homes and mortgages could be a big help for the economy.  Sounds stupid I know but somehow it could be true.  This is according to some analysis (whoever they are).

Ownership of homes has dropped to 67.6 percent as of September.  Homeownership peaked out at 69.2 percent in 2004.  So what contributed to this decline.  Yep! foreclosures caused it. The experts expects 21 million homeowners to be underwater (owe more than house is worth).  We are talking big dollars nationwide.  If only 20 percent of these homes underwater defaults then the banks and investors lose approximately 400 Billion (that is spelled with a B).

There is no doubt these losses would be hugh to banks but the money that is freed up by the home owners, not needing to pay these mortgages puts more money back into the economy.  It is estimated that 5 Billion (again B word) a month would be freed up and and the consumers would buy other things.

So it is like this, the quicker the homeowners get rid of their debts the quicker the economy gets going in the right direction and start to stabalize.

What a crazy world we live in.  It is just unbelievable.  Hang in there folks, things will get better one of these days.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

Once again we need to talk about how the Loan modification is working for the homes for sale in Sacramento.  If the national figures are correct, then we are in trouble.  The latest report says that of the four percent of the home owners who signed up for the loan modification program, only about 31,000 have received them by the end of November.

Never guess who is doing the worst out or the larger lender.  That is right how did you know it was Bank of America. They did a whopping 98 modifications.  Amazing.  The leader of the larger lender was GMAC mortgage.  they had 7,100.  I am sorry but I fail to understand why this is such a problem for the lenders, especially with all of the incentives and the potential savings for the mortgage companies.

OK are you ready for the blame game.  The LENDERS have blamed their lack of success in part on the failure of the BUYER to complete the paperwork necessary for the process. What a bunch of crap.  A little effort and documentation written in language a home owner can understand without having a law degree might be helpful. Hope they get their stuff together soon.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

Here is something new being tossed around.  It just might be of interest to you if you already have a home.

President Obama has a new idea he is proposing.  The program is Cash for Caulking.  Basically this is a program to reimburse homes owners for installing energy efficient appliances, windows and insulation. Home owners would get a 50 per cent rebate on the above. The program would top out at 24,000.  Giving the homeowner a 12,000 rebate for the 24,000 they use to buy energy efficient appliances.  It also looks like their will not be any income restrictions.  I do not want to say anything negative about this program until at least I get my new refrigerator, washer, dryer and I will probably insulate my attic real good.  (you know get ready for old age etc.)  I guess we will have to wait and see if this program developes, then pick at it and find  the good, the bad and the ugly of it.  I will keep you posted.

Sincerely,

Wes Clark

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