Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

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Stripping Assets from Homes in Foreclosure

stripping assets from foreclosed homesThere are times I am tempted to grab some readers by the shoulders and shake them, saying: "Think, that's all you have to do is THINK." Because I often get asked questions that no sane individual should ever ask.

A few months ago, a reader asked me if she could legally remove and sell the kitchen cabinets and built-in appliances while her home is in foreclosure. As pathetic as that question was, it raised questions. It made me wonder how severe are the penalties facing home owners who destroy the lender's security during foreclosures and, exactly who prosecutes these criminals? The answers were surprising but, in hindsight, predictable.

Read more about Stripping Assets from Homes in Foreclosure.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Foreclosure Drawbacks

Drawbacks to buying foreclosuresEverybody talks about the upside to buying foreclosures, but few discuss the dark side. There are pitfalls to buying a foreclosure. Agents may toss about the last sales price as an indication that now the home is priced competitively, perhaps even a bit under market. But that last sales price might have been inflated and the lender subprime.

Why do you care if it was a subprime lender? Because some made 100% loans based on puffed appraisals, and they lent money to unqualified borrowers who probably should not have ever owned a home. Some borrowers in that category have no idea how to maintain a home, so who knows if crucial components were repaired or kept in good running condition?

Read more about the Drawbacks to Buying Foreclosures.

© Elizabeth Weintraub


sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

How Do Foreclosures Work?

How Foreclosures WorkThere are several ways to deal with foreclosures: buy directly from the seller, buy at the trustee's / sheriff's sale or buy from the bank. Lots of investors like to negotiate foreclosures from a seller. That's because they can make up the back payments, pull it out of foreclosure and get a deed from the seller -- in the best of all possibilities, picking up the seller's equity for free.

That's not the type of investing that I can do personally because I don't have the heart for it. And in California, we abide by the Home Equity Sales Act, which is supposed to provide some protection from investors anxious to make a fast buck. However, trying to persuade a seller to deed over the property to you is only one way to buy a foreclosure.

Read more about How Foreclosures Work.

© Elizabeth Weintraub

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Buying Distressed Homes: Foreclosures, Short Sales & REOs

Buying Distressed Homes: Foreclosures, Short Sales & REOsThis is my "Lions and Tigers and Bears, oh, my!" photograph (to the left). Because I think that phrase amply illustrates how many buyers and sellers feel about distressed home listings such as foreclosures, short sales and REOs. The names sound ominous and perhaps a little frightening. Not to mention, there's a lot of confusion surrounding those terms.

Throw a few court decisions and Presidential bills into the mix, and it's even more confusing. For example, in California, agents are prohibited from representing investors who want to buy a home in foreclosure. The main hold back is a bond requirement that allows agents to represent investors -- as long as the agents comply with the Home Equity Sales Act provisions -- yet that bond is unavailable.

A recent court case struck down that requirement, and it's now going before the Supreme Court in January. Depending on the outcome, it could open the doors for California investors by allowing them to hire representation for buying foreclosures.

Read more about Buying Distressed Homes: Foreclosures Short Sales & REOs.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

1700 Markham Way, Sacramento, CA 95818

BEAUTIFUL LAND PARK TUDOR -- Offered at $559,000

Courtyard entry with professional landscaping. Corner lot on a desirable street. This home features three generously sized bedrooms, an updated kitchen with eat-in space, built-in hutch, travertine floors, granite counters, double sink with brushed nickel faucet and in-sink water filtration system, newer dishwasher and range, plus plumbed for icemaker.

Separate laundry room with 220 volts and gas hook-ups.

1700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfinished second floor, ready for master suite and family room. Basement. Two-car detached garage. Oversized raised and tiled patio with ceiling fan, built-in BBQ and separate outdoor fireplace

1700 Markham Way, Sacramento, CA 95818 1700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

 

 

Kitchen photos, granite counters, travertine and newer appliances:

 
1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Living Room and Dining Room with Crown Molding and beautiful in-laid hardwood floors.

1700 Markham Way, Sacramento, CA 95818 1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

 

 

 

 

Fireplace with marble surround. Dining room has built-in hutch with leaded glass.

1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Master bedroom and bath with jetted tub and separate shower. Bath is updated.

1700 Markham Way, Sacramento, CA 95818 1700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

Huge Yard with Courtyard entry, orange tree in back, plus extra RV space with cement pad behind garage

1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

1700 Markham Way, Sacramento, CA 958181700 Markham Way, Sacramento, CA 95818

 

 

 

 

 

 

 

 

 

Home was built in 1935, boasts almost 1600 square feet on the main floor. Spacious layout with a good floor plan. Second bath could possibly be added by turning around the shower and adding an entrance from the hallway. .18 acre lot.

Offered exclusively by Lyon Real Estate, Elizabeth Weintraub 916.233.6759.

2801 J Street

Sacramento, CA 95816 

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Short Sales and Foreclosures

short sales and foreclosuresNot all short sales are foreclosures nor are all foreclosures short sales, but most short sales start out as a foreclosure. Confused? You're not alone. In this market, it's hard to figure out where the line is drawn. On top of which, some lenders are willing to work with home owners and renegotiate the terms of their loans as long as the borrowers are not in default. In those situations, it is possible that a mortgage lender will forgive a portion or the mortgagor's debt.

However, not all lenders are willing to work with borrowers in this manner, and lenders are not required to do so. If renegotiation is permitted by the lender, it's a voluntary process.

If your lender is not willing to work out a repayment plan, modify the terms of your note and / or forgive part of the debt, a short sale or a foreclosure might be your only hope to get out from under the pressing obligations of owning that home.

Read more about Short Sales and Foreclosures.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

How Do Foreclosures Affect Market Value?

foreclosures affect market valuesIf you ask 20 different appraisers whether a foreclosure will affect the value of the surrounding homes in any given neighborhood, you might get 20 different answers, but they will all lead to the same conclusion. That conclusion is it depends.

I know, that's not what you wanted to hear. But each situation is different. Now, if you take an area where 50 of the surrounding 100 homes are boarded up and in foreclosure, absolutely, yes, those foreclosures will affect value. You can't drive by some neighborhoods in Sacramento without spotting abandoned mattresses in those yards, junk cars, old refrigerators -- you think I'm kidding, but I'm not.

Sometimes foreclosure activity triggers the thought in some people's minds that it's permissible to use that yard as a dumping ground. Moreover, vagrants break into vacated foreclosures and occupy them, sometimes leaving behind shredded sleeping bags and empty beverage containers.

A foreclosed home in any neighborhood is not a welcomed sight by the neighbors. Read more about how Foreclosures Affect Values.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Foreclosure and Short Sale Taxes

Foreclosure and short sale taxesWith the recent passing of the Mortgage Forgiveness Debt Relief Act of 2007, many home sellers are wondering if they will be required to pay taxes on the amount of forgiven debt arising from a foreclosure or a short sale. One of the provisions of this act requires that the home be a primary residence to be exempt. Another is the loan(s) must be purchase money, meaning money used to buy the home. It does not apply to hard-money loans or refinances, which may carry personal liability.

Also, investors are not exempt from taxation for mortgage relief. So, if you have rented out a home and the lender elects to let you do a short sale, as an investor, you may still be required to pay taxes on the amount of forgiven debt.

All short sale and foreclosure buyers should consult with a real estate lawyer and a tax accountant before letting a home go into default. Real estate agents cannot give legal advice because they are not licensed to give legal advice.

To better understand how taxation works on a short sale or a foreclosure, I talked to a former IRS special agent and tax lawyer, Julian Block, and he wrote an outstanding article about short sale taxes for me.

Read more about Foreclosure and Short Sale Taxes.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Qualifying for Short Sales

qualifying for short saleSellers call me from all over the country to ask about selling on a short sale, but many omit an important question -- that of qualification for a short sale. Some sellers believe that a short sale is the answer to their prayers and a way to protect credit, quickly sell a home that isn't selling and bail out of a potential foreclosure situation; some of which are true but some of those assumptions are not.

Not every seller can qualify for a short sale. The first place to start is with a call to your lender. It is possible that the lender might work with you to modify the terms of your note and rearrange your payment options. However, in many of those situations, you must be current on your payments.

In others, a lender won't talk to you about a short sale unless you are in default. Sound like a Catch-22? In some cases, it is.

Read more about Qualifying for Short Sales.

© Big Stock Photo

elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

Who Profits From Short Sales?

Short Sale ProfitsCan sellers make a profit on short sales? Who pays everybody involved in the transaction? When the seller signs a short sale listing agreement promising to pay a commission, who really pays the commission?

These are a handful of the questions I receive from sellers who are contemplating doing a short sale. But not one of them has asked me who profits from short sales.

Because you know with the amount of advertising and marketing about short sales, somebody is making a profit. Is it the seller? Is it the lender? Where does the money go?

I tracked down the answers.

Read more about . . . Who Profits From Short Sales?

© Big Stock Photo

 elizabeth weintraub sacramento real estate agent

sacramento short sale agentcerfified hafa specialist

---

Certified HAFA Specialistelizabeth weintraub

 

equator certified platinum reo elizabeth weintraub

Elizabeth Weintraub reviews My Sacramento Real Estate Listings

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 the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.