Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

Delightful Foothill Farms Ranch Home Offered as a Short Sale at $169,000

Tue, 09 Mar 2010 09:17:14 -0600

Before I tell you about my new short sale listing in Foothill Farms, let me sidetrack for a moment here to say I hate wearing contact lenses. For those of you who wear them, how do you manage? I've had 20 / 15 vision all of my life, but soon as I hit my mid-40s, print began to shrink. My husband has no empathy for me because he's been blind as a bat for as long as he can remember.

The worst part is getting up in the morning and discovering that when I put on my reading glasses, everything on my monitor is blurry. My first thought is I'm having a heart attack. But then I realize that I forgot to remove my contact lenses the night before and went to sleep wearing them.

Here is a delightful 3 bedroom, 2 bath home located just south of Greenback and a few blocks west of Garfield in Foothill Farms. It has a 2-car garage that faces east and the home faces south. The reason that orientation is important is because the back yard faces north, so you can entertain in the summertime without being hit directly by the sun.

It has 1,400 square feet, according to the Sacramento County Assessor's office, but it feels much bigger inside. The layout is attractive, it's a good flow. It has hardwood flooring throughout except for the ceramic floors in the kitchen and baths. Two of the bedroom floors are covered in carpet, but there could very well be hardwood underneath.

Not only do you get a breakfast nook in the kitchen, but there is a formal dining area off the other end of the kitchen, which overlooks the back yard. The back yard has fruit trees, a lawn and a couple of patios, one of which is uncovered. Of course, it has central heat and air.

Right off the entry way is a den with built-in cabinets and bookcases flanking the entry to the kitchen. You could use this room as an office or a family room. If you're looking for all the charm of a home built in 1957 but with modern updates, this Foothill Farms ranch may be just the home for you.

5411 Leader Avenue, Sacramento, CA 95841 offered exclusively by Lyon Real Estate as a short sale at $169,000.

Call your Sacramento short sale agent Elizabeth Weintraub for more information at 916 233 6759.

Photos: Elizabeth Weintraub

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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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

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.

Do Home Sellers Want the Cheapest Agent or the Highest Price and Best Service?

Sun, 07 Mar 2010 09:36:47 -0600

I used to be an Estee Lauder girl. Devoted to the line. Couldn't wait for Free Gift With Purchase. But I am now a traitor. I have deflected to Chanel. I used to be a huge fan of Chanel Allure. In fact, one of the sentences I practiced over and over in my head when I first visited Paris was how to ask a shop-owner if she carried Chanel Allure and how much it cost. Yet, I never really used Chanel makeup products. All of that changed last week.

An agent in my Lyon Real Estate office also works at Macy's. Her name is Linda Loli. She's a veteran in the Chanel department, and her make-up always looks great. Sometimes I stop to chat with her while I am downtown at Macy's. She suggested I make an appointment to look at Chanel's product line, so I took her up on it. It's been years since I bought a lot of make-up. And let's face it, I'm not getting any younger; what was a good look in my 40s looks rather silly as I approach my 60s.

Linda says Chanel is the best, and I believe her. In comparison, I'd say Estee Lauder is an A-minus. But I wouldn't have downgraded Estee Lauder if I hadn't tried Chanel. It makes a foundation that doesn't dry out my face and is a liquid-based pressed compact. Chanel also makes a lipstick that doesn't come off. No joke. One end of the tube is a stain, which makes your lips feel yucky, but the other end is a sealer, which gives your lips shine and moisture. You can eat lunch, and your lipstick still looks fabulous. It's an incredible product that I've been wanting for years. Rouge Double Intensite, Ultra Wear Lip Colour.

There's a reason I'm mentioning this to you, a parallel coming up. See, yesterday I received a referral call. A previous client had referred a home seller to me. He wasn't trying to do a short sale. The guy wanted to sell his personal residence as a regular seller. About half of my real estate business in Sacramento is regular real estate sales. Because he had equity, he wanted to get the most bang for his buck, meaning the first words out of his mouth were about finding an agent who charges the lowest amount of commission. He almost apologetically explained that he was planning to interview agents, maybe 3 of them, and wanted to know if that approach was OK with me.

Sure, I responded, because after you speak with several other agents, it will be apparent you're not going to find a better Sacramento agent than me. I welcome comparisons. I say this not out of arrogance but because I believe it. I know lots of agents who don't believe this about themselves. To many, the thought of competition is frightening . . . and it often shows, which is why they lose listing presentations.

Then the seller said he wanted to compare commissions and fully intended to choose the listing agent who charged the least. Well, I charge the most. And I told him that. I justify it because I focus on getting my sellers the highest price and providing the best service. I protect my client's interests. Would he rather get $10,000 more for his home or hire an agent who charges him $1,000 less? His choice. I don't throw my clients under the bus.

I'll give you an example. Last week I received a Request for Repair on my East Sacramento listing. The home inspection noted a Zinsco electrical panel and mentioned that some of these electrical panels could be faulty or dangerous. The home inspector suggested the buyer hire a licensed electrician to inspect it. Instead of getting a professional's opinion, the buyer's agent issued a Request for Repair and asked the seller to replace it. I advised the seller to reject the request and asked the agent to get it inspected by a electrician.

Next go around, the agent submitted an invoice in the sum of $1,800 to replace the 100-amp panel with a 200-amp panel. Nope, the seller will not replace the panel nor will the seller upgrade the panel. I didn't ask the agent to send me a bid; I asked for proof that the panel needed to be replaced. Was the panel faulty? Apparently not. The agent could not produce an electrician's report that said the panel was faulty. And by the way, dear buyer's agent, we issued a Notice to Perform yesterday and expect the release of contingencies today. An hour later the contingency release arrived in my email. Matter dropped.

Do you think my seller is sorry that he hired a real estate agent who charges the most? I don't think so. Just like I don't care that Chanel doesn't offer "free gift with purchase." I'd rather pay a fair price for an excellent product without the hype, smoke and mirrors. I suspect my sellers want the same thing.

Photo: Big Stock Photo

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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.

Here is the 5-Year Real Estate Market Trend for Sacramento in Square-Foot Prices

Mon, 08 Mar 2010 08:59:37 -0600

One of my Sacramento short sales is on the market after previously selling as a short sale, meaning this is the second time around for that home. (It wasn't my previous sale, in case you're curious.) That's because we've had two big downturn waves in Sacramento. There was the beginning, in August of 2005, when the phones stopped ringing. But the second wave of price declines, which nobody is talking about, hit again at the end of 2007, when people figured the market was finished falling -- i.e., because prices could not go any lower -- yet, prices continued to fall.

I was wondering why none of the sellers I helped to do a short sale in 2006 or 2007 was buying again after a short sale in 2008 or 2009. I imagine this is why. They're a little gun shy to enter the marketplace. These are people who were probably promised they could refinance or sell at a huge profit, and it didn't work out. They had the rug pulled out from under them.

To confirm my suspicions, I turned to Trendgraphix to see if the data mirrored my thoughts. Sure enough, you can see it in the square-foot prices. The chart above shows the average square-foot-price in Sacramento from February of 2005 through February of 2010.

Laid out below is the data table from the above chart. The square-foot-price in July of 2005 was $230. By the end of 2007, it appeared to level a bit. Then wham, the rollercoaster plunged. The square-foot price fell from $210 in August of 2007 to $162 in January of 2008. As of last month, that price per-square-foot has dipped to $120.

Just from my own experiences as a Sacramento short sale agent, I could feel the market beginning to recover about this time last year. It's still a little wobbily, but it remains fairly constant. Still, if I'm expecting my former short sale sellers to buy another home shortly, I don't think it's going to happen for a while. I suspect they are sitting out this perfect storm.

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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.

Touring Homes in Fair Oaks is Like Stepping into a Thomas Kinkade Painting, Plus You Get Chickens

Sat, 06 Mar 2010 09:49:48 -0600

One of my favorite streets in Sacramento County is Winding Way in Fair Oaks. Yesterday was the perfect spring day to show homes in Fair Oaks to my doctor client, which meant traveling down Winding Way. It was like driving through a fairy-tale land. The curves and dips of the road added to the scenic beauty. Many fruit trees are in bloom this time of year. Row upon row of flowering trees bordered Winding Way. It was magical.

We looked at four homes. The first was magnificent. Qualify construction throughout: glazed Italian kitchen cabinets, marble entry with columns; each bedroom featured nooks, angles, under-window bench seating, crown molding, an extensive amount of detailing. It was easy to see that the present owners had put a lot of thought into the remodel. The grounds were meticulously maintained, manicured, with rose bushes, fruit trees, and we came upon a bubbling brook beyond the pool.

The second home required a gate code for access. The gate swung open and we were greeted by a boxer, who almost poked his nose through my open car window. I drove past a few homes and stopped at our destination. Because I didn't see a place to park, I left my car on the private driveway, turning to my client to joke, "It's OK; I'm in real estate." He laughed. "I get to park in the middle of the street, too," he said, "Because I'm a doctor." Hey, I did not know that doctors and real estate agents shared a common right.

This home was a bit odd. The dining room flooring was planked wood but the kitchen was laminate and sloped. In fact, the living room floor sloped, too. The view wasn't as inviting as the first home. We didn't make it through the rest of the home but instead navigated our way around the boxer who was waiting at the gate for us, nice doggie, nice doggie, jumped back into my car and headed off down Winding Way.

Some of the homes in Fair Oaks are built as gated communities. Builders picked up 5 to 10-acre parcels, plopped 5 to 7 homes on them, and put a gate around the homes. The third home was one of those. It had half-timbering on a brick exterior, sort of like it couldn't decide whether it was a Tudor or French Normandy or maybe a castle. Across from it sat a Mediterranean monstrosity. The interior was a mix of styles and it had a confusing layout.

One more home to see. This was a newer home built in the early 2000s. The square footage was not pulled from the assessor's records, so I suspected it was smaller than noted. The room sizes were not as grand as the first home, although the waterfall off in the distance reminded me of Lassen Volcanic National Park. Lots of oak trees. I pointed out that the style of the home was a bit too "countrified" for my client. We left. He's probably going to buy the first home.

As we drove through the historic district of Fair Oaks, my client asked about the history of the Fair Oaks chickens. Those chickens have been in Fair Oaks a long time, and I couldn't remember the back story. I know that the chickens and roosters cause a lot of ruckus during outdoor weddings, sometimes crowing very loudly right in the middle of "I do's." So I later Googled it. According to the San Francisco Chronicle, an artist named Hugh Gorman brought 4 chickens to Fair Oaks in 1977, and he eventually released them into the wild. They reproduced, other chickens joined them -- some were Easter escapees from the feed store and some that people abandoned on the edge of town -- and they've been in Fair Oaks ever since.

I have to say that I've got one of the best jobs in the entire world. Who else gets to drive through enchanted lands and tour luxury homes? That experience yesterday was like stepping into a Thomas Kinkade painting. It's a nice break from the stressful day-to-day challenges of selling Sacramento short sales.

Photo: Big Stock Photo

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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.

A LAND PARK TUDOR IS BACK ON THE MARKET AS A SHORT SALE, WHY?

Fri, 05 Mar 2010 09:10:26 -0600

Sometimes I wonder if I'm no better than a Labrador. I might be subject to labrador attention deficit disorder. You know how a dog's attention can suddenly be diverted, right? You're playing with the dog, tossing a ball, when SQUIRREL. The dog's head jerks in the direction of the squirrel, ears up, and you're no longer important.

I am usually working on 2 or 3 different projects when my daily autoprospecting email arrives in the morning around 5 AM. This is a system that shows me every listing that is emailed to my buyers. Pretty soon I'm clicking on the new listings, looking at photos, analyzing the locations, and an hour has gone by. Shiny new listings. I get engrossed. Seduced by hardwood floors and square footage. I can't help myself.

This morning, one of my Land Park short sale listings showed up in my autoprospecting list. This is a beautiful tudor that was remodeled a few years ago. We were about 2 weeks away from short sale approval with Chase Bank when I received an email yesterday from the buyer's agent informing me the buyer was canceling due to health problems. Well, unless she's dying, I don't know why she can't buy the house, but it's not really my concern. My job is to put it back on the market and get it sold again.

The funny thing is I received an email from Chase yesterday. The negotiator said she had good news. She had complained that many of her short sale files were taking too long to approve. So, Chase is now allowing management to approve short sales. The negotiator had 8 on her list that have been sitting since January and now her manager plans to approve all 8, including this one. She promised to send a response in a few days. And now we have no buyer. This is the way life works, though. Yin and yang.

Because the offer we submitted to the bank was higher than the list price of $325,000, we are changing the price in MLS today to $349,000. This is still a terrific bargain for a home in Land Park that last sold for more than $500,000. Ordinarily, if the bank had a problem with the price, I would have heard about it by now. This is a 3 bedroom, 2 bath, built in 1926. It has wood floors, an updated kitchen with granite counters and breakfast nook, remodeled baths, plus a formal dining room with built-ins. There is a partial basement, attic and a bonus room off the garage. It has newer AC and a very pretty covered patio for entertaining.

1000 Fremont Way, Sacramento, CA 95818, offered exclusively by Lyon Real Estate as a short sale at $349,000. MLS #90085352.

Call your Land Park agent, Elizabeth Weintraub, for more information at 916 233 6759.

Photos: Big Stock Photo and Elizabeth Weintraub

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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.

Why a Sacramento Short Sale Investor Might Offer to Pay 100% of Sellers' Closing Costs

Thu, 04 Mar 2010 09:55:27 -0600

Those short sale flipper investors are really getting active now. As a Sacramento short sale agent, I have been receiving a lot of calls lately from investors and their agents asking if they can lowball some of my short sale listings. It's not that I have anything against a guy trying to make a buck. Buy low, sell high is the name of the game in real estate. But I do object when those offers affect my sellers' chances of closing escrow.

My sellers don't hire me to make money for investors. They hire me to protect their interests, get them the highest price possible and to close the short sale in a timely manner.

A new twist that seems to be developing among short sale flippers is to submit an offer at list price with the buyer paying all of the closing costs. It is customary for the seller / short sale bank to pay those fees. One might, at first glance, wonder what's wrong with that; full-price offer and the short sale bank pays no closing costs except commission. I'll tell you. When the buyer pays title and escrow fees, the buyer chooses the title and escrow company. Generally, the escrow officer is a person the buyer knows, and this person may or may not share certain information about the transaction with the listing agent. It means the buyer controls the transaction.

Why would a buyer need to control a transaction? Because there might be something going on that the buyer doesn't want the listing agent to know. It could be anything. It could be the buyer is planning to do a double escrow, that is, turn around and resell the property to an end buyer, and close both escrows concurrently without disclosing this plan to the seller. Many short sale banks prohibit resale within a certain number of days, and they try to hold the parties accountable. If a buyer agrees not to sell the property within a particular time period and instead immediately sells it, that action might be considered mortgage fraud.

It could also mean the buyer has signed an all-cash offer but is actually borrowing the funds from a private source, which may or may not be qualified to make such a loan. If the loan doesn't fund, the escrow doesn't close. Or, the buyer may be counting on transferring funds from escrow #2 to close escrow #1. So, if escrow #2 falls out, so does escrow #1. The seller has a right to know if the purchase is contingent upon resale, but often those intentions are not disclosed.

The title companies I work with in Sacramento typically will not open a short sale escrow on behalf of strangers. The liability is too great. The potential for fraud is too high. They work with me because they trust that I am ethical and are assured that I won't any allow hanky-panky to go on in my transactions if I can help it. I advise my sellers to just say no to those short sale flippers.

Photo: Big Stock Photo

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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.

Here is a Rosemont Short Sale at 8961 Rosewood (95826) Listed at $140,000

Sun, 20 Sep 2009 09:27:49 -0500

Short commute to downtown Sacramento. If you don't want to take the freeway, you can hop on Folsom Boulevard and take it all the way to downtown.

This is a super cute Rosemont home with an open floor plan. Big dining room and family room -- 3 bedrooms and 2 baths. One bath is updated. It has vaults, a somewhat newer roof and a generous-sized kitchen.

The backyard deck might need to be replaced, but it has a trellis overhang and mature landscaping. There is even a space behind the garage for a vegetable garden. Fruit trees, too.

It's offered as a short sale by your Sacramento short sale agent, subject to lender approval.

8961 Rosewood Drive, Sacramento, CA 95826

Offered exclusively by Lyon Real Estate as a short sale at $140,000.

For an appointment, please call Elizabeth Weintraub, 916.233.6759.

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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.

Have You Ever Considered Buying a Halfplex in Sacramento's Pocket Neighborhood?

Wed, 03 Mar 2010 08:34:49 -0600

I always ask my first-time home buyers if they would consider buying a halfplex, townhome or condo. Many buyers prefer single family homes, but sometimes a planned unit development can fit the bill and be less expensive to purchase. Especially if that halfplex, townhome or condo comes with a yard.

Much depends on how the layout is set up. Generally, the units are attached by a common wall. If that wall is part of the garage, you may never hear or see your neighbors. Some attached housing complexes belong to a homeowner's association and some do not. For example, I have a listing at 420 8th Street in downtown Sacramento that is a halfplex, and there is no homeowner's association fee to pay. It's listed at $329,000. What can you buy in the downtown area of Sacramento for $329,000 that is a three-bedroom, two-bath home?

My new listing in the Pocket is a halfplex, and this home does belong to an HOA. However, it's affordably priced at $150,000 as a short sale. The homeowner's association fee is about $250 a month, but after the new road is paved, the buzz about the community is that fee may go down.

This is a three-bedroom, two-bath home tucked away on a cul-de-sac in the Sagewood subdivision. It has a concrete tile roof, built in 1985, a big front yard and a very pretty patio in back with 3 decks. It's just like living in a single-family home for half the price. The living room, kitchen and master suite feature soaring ceilings. There is a fireplace in the living room. An added benefit is the beautiful parquet wood and tile flooring throughout, which is great if you have pets.

The homeowner's association has a pool; it pays for roof and exterior maintenance, too. Come check it out. This will go into MLS today.

1048 Johnfer Way, Sacramento, CA 95831 is offered exclusively by Lyon Real Estate as a short sale at $150,000.

Photos: Elizabeth Weintraub

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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.

Another Elk Grove Short Sale Closed With Bank of America

Tue, 02 Mar 2010 08:39:18 -0600

I am tickled pink that another of my Elk Grove short sale listings finally closed escrow yesterday. I had put this home on the market on August 3, 2009, at an offering price of $190,000. It was a double Countrywide short sale, meaning it had 2 loans that had originated with Countrywide and are now serviced by Bank of America.

The seller had paid $422,000 for this home in 2005. You can see the value has fallen by about 50% over the past 5 years.

Because this home had a fabulous view from the second floor, we received 9 offers. It's a Kimball home with peach and pear trees in the back yard.

The winning offer was $215,000. The buyers hired a very smart real estate agent who was savvy enough to run the comparable sales and write a clean offer. Plus, the buyers were patient. Their agent informed them that this could be a long short sale process due to the double Countrywide loans.

You can do the math on this closing and see it took 7 months to close. Now, part of that problem was the file had been initially submitted to Bank of America through its old process, which involved faxing 100 or so pages of documents that the bank would eventually misplace. Halfway through the short sale, Bank of America allowed the file to be uploaded to Equator. It zipped along from that point.

See, the secret to successfully closing short sales is to contact the bank every single week and request an update. Even if there is nothing to update. With some of my short sales, I have almost daily contact with the bank. Success is due to persistence. Organization. The bank notes in the file how often the agent calls, and files with activity tend to receive priority. I sometimes get emails from other Elk Grove short sale agents asking me how to pull their short sales out of that dark hole at Bank of America, and that's what you do. You call or email the negotiator and politely push.

Yesterday morning, Bank of America approved the HUD. Along with the HUD approval, the bank sent an arm's length affidavit to be signed. Why didn't Bank of America send that document months ago? Oy. To close this, I had about 2 hours to get that affidavit signed by me, the buyers' agent, the buyers and the seller who lived back East. Thank goodness I wasn't out showing homes in Land Park yesterday morning and was at my home office to hammer this thing closed. By 11:30 AM, the buyer's lender had funded and we closed in the afternoon.

Photo: Elizabeth Weintraub, Elk Grove short sale agent

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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.

This Wachovia Short Sale in Lincoln Crossing Can Close Escrow Quickly

Mon, 01 Mar 2010 09:12:04 -0600

Buyers who need to close escrow by June 30th to qualify for the first-time home buyer tax credit are reluctant to buy a short sale. That's because so many of those short sales take 90 days or more to get approval. If a buyer closes escrow on July 1, the buyer loses out on the $8,000 home buyer tax credit. However, this Lincoln Crossing home is a Wachovia short sale, which means it can close way before the tax credit expires. In fact, if a buyer bought this new Lincoln Crossing short sale today, which is March 1, I'd venture to guess it would close about mid-April.

Sure, you may hear horror stories about short sales, and many of them are true. The worst short sale in this Sacramento market, hands-down, no-holds-barred, is a double Countrywide. A double Countrywide short sale is two loans that originated at Countrywide, now held by Bank of America.

That's one of the reasons why I take all my Sacramento short sale listings for 12 months. It's my standard of practice. I'd say 90% of them close before that, but at least I don't have to track when the listings expire as I have enough other pressing issues to contend with on these short sales. Clients also prefer one-year listings because they know I will not abandon them 6 months down the road if those short sales take longer to get approved.

With a Wachovia short sale, the listing period is not a concern. Wachovia has its act together and has streamlined the short sale process. If a buyer is lucky enough to find a Wachovia short sale in Sacramento or Placer County, it's a double blessing. Not only will that short sale move as smoothly as silk, but the sales price is likely to be very attractive.

Check out this Wachovia short sale in Lincoln Crossing. This is a 4-bedroom two-story, with 2 full baths and 1 half bath. The living room / dining room has Berber carpet, a chandelier and no furniture. That room has never been used.

You'll find an island in the kitchen, with a hanging pot rack over it. The pots do not stay, but the rack does. The seller says when the home was purchased in 2006 from Centex, all the upgrades were purchased as well, except the flooring in the kitchen does not extend all the way into the family room. That's because the builder had already installed Berber carpeting in the family room. But the kitchen definitely sports all the bells and whistles -- granite counters, stainless appliances, cherry wood cabinets, wood-like flooring and a pantry closet with a frosted door. There is also a breakfast area.

The family room has soaring ceilings that reach all the way to the second floor. There is a fireplace with gas logs. It's a great room concept, meaning it's open to the kitchen. This type of layout lets family members interact during meal preparation. A mom can watch her kids in the back yard while she's making lunch. A guy can cook dinner in the kitchen and still speak with his roommate who may be watching TV in the family room.

The home has 2,248 square feet, according to the county assessor. All four bedrooms are upstairs. The master suite overlooks the massive back yard and affords views of the terrain beyond the home. It sort of makes you feel like you're out in the country. Yet, the train is close, as is the Highway 25 Bypass that's being built. There is something soothing and comforting about hearing a train at night, approaching from the distance.

As an added bonus, buyers for this Lincoln Crossing home qualify for membership in the HOA. The homeowners association has a pool, spa, gym, clubhouse and offers recreational activities. It also tries to ensure conformity within the community, meaning you won't find cars stranded on the street or forgotten trash cans at the curb, like other parts of Lincoln. The HOA dues are reasonable at $115 per month.

1046 Ashford Lane, Lincoln, CA 95648, is offered exclusively by Lyon Real Estate as a Wachovia short sale at $199,000.

For more information, please contact your Sacramento short sale agent, Elizabeth Weintraub at 916 233 6759.

Photos: Elizabeth Weintraub

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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.

This Single-Story Pool Home in Roseville is Offered as a Short Sale at $303,450

Sun, 28 Feb 2010 08:51:05 -0600

A certain number of buyers prefer a home with a pool, while other home buyers can take it or leave it. I suspect that's because some of those take-it-or-leave-it buyers have never owned a home with a pool and might think that taking care of a pool is too much of a hassle.

Well, if you've got deciduous trees over or near the pool, it can be more work than a pool that is located right out in the open. Or, if the pool is older, it might need to be resurfaced. But overall, pool maintenance is inexpensive. I know of clients who pay $40 a month for a pool service to maintain their pools.

The other thing about a pool home is many owners who truly love their pools focus on an outdoor lifestyle. They love to entertain poolside. If you're one of those people, then this pool home in Roseville is for you. The pool area sports 2 tiki huts, an outdoor kitchen with a refrigerator, built-in stereo and a built-in propane barbecue grill. You can view the pool area from the entry, through the living room / dining room windows or from the great room concept, which is a combination family room / kitchen.

This is a Centex home in Westpark, built in 2007, and it's a highly desired single-story, boasting more than 2,000 square feet. It has 3 good-sized bedrooms, a den near the entry and 2 baths. You'll be amazed at the quality and number of upgrades throughout the home -- upgraded carpeting; tiled floors in the kitchen, entry and bath; granite counters and stainless appliances in the kitchen; cherry wood cabinets throughout.

The master suite features a huge walk-in closet with adjustable closet organizers. Storage in this home is abundant. You'll find extra storage in the hallway. Even the 3-car garage has custom built-in storage units.

2336 Lockton Drive, Roseville, CA 95747, offered exclusively by Lyon Real Estate as a short sale at $303,450.

Call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759 for more information.

Photos: Elizabeth Weintraub

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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.

Seven Red Flags About Program 3648 and Program 3648 Short Sales

Sat, 27 Feb 2010 09:18:48 -0600

Due to my high visibility online as a Sacramento short sale agent, I receive a lot of email spam, much of it centering on short sales. When I received an email from Program 3648, I deleted it, and all those that came after it. I mean, who calls itself Program 3648 -- is this the X-Files?

But on Wednesday, I stopped to read one of these emails. The email aroused my suspicions because it talked about Administration Policy and promised full commissions on short sales, while naming a bunch of major lenders. I know that full commission is an impossible guarantee. Red flag. I also noted the email was absent a company name but sported a Washington, D.C. address, made to look like it could be a government-sponsored entity. #2 red flag.

So, I decided to check it out and signed up for the Program 3648 webinar. It started out innocent enough. To qualify for the program, an agent must:

Be full-time
Have short sale experience
Be able to handle at least 15 short sale listings
Possess a proactive approach
Maintain a proper mindset

That last 2 requirements were a bit peculiar because every successful short sale agent I know has those qualities. To push a "proactive approach" or "proper mindset," well, those are not things one would promote to an experienced real estate agent. It's insulting. But it's new information to an inexperienced agent. #3 red flag.

Program 3648 also sports a little icon as its logo. It looks suspiciously like a government symbol with an eagle in the middle and lettering so tiny you can't read it, but it's not a government entity. #4 red flag.

Basically, this is how the program was laid out. An agent pays an upfront fee, signs a 6-month contract and agrees to pay a triple-digit monthly fee to Program 3648. In return, the agent receives training on how to become a short sale listing agent . . . Wait. Didn't they just say they wanted experienced short sale agents? #5 red flag.

The agent will receive a list of 150 leads. These leads consist of homeowners who are 30 days or more behind in their mortgage payments. If an agent wanted to find a list of homeowners who have a Notice of Default filed against their homes, this information is available for free in the Sacramento County public records. The idea is agents then call or send direct mail to the homeowners, in essence, the program purports to turn real estate agents into telemarketers. #6 red flag.

What busy and successful short sale agent would want to do telemarketing? Probably none. But a brand new agent who has no business might be tempted to sign up for this program.

Program 3648 also provides all the short sale negotiation for the agent. Gosh, I hope Program 3648 is a licensed real estate broker because only real estate brokers or lawyers can collect a commission, regardless of what they call it, to negotiate a short sale.

But the weird twist is the listing agent somehow charges the short sale buyer 1% of the sales price and makes the buyer pay its negotiation fee, 20% of which is rebated to the listing agent. Why would a buyer agree to pay a commission of 1% to the listing agent and the listing agent's third-party negotiator? #7 red flag.

I disconnected at that point. How many red flags does an agent need? I can already hear the lawyers at Lyon Real Estate having conniption fits over this.

Photo: Big Stock Photo

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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.

Elizabeth Weintraub Picked Up 2 More Awards from Lyon Real Estate for 2009

Fri, 26 Feb 2010 09:36:36 -0600

Lyon Real Estate always puts on a great annual awards ceremony. Even during a time when many real estate brokerages are hurting financially, closing up their doors, Lyon still takes care of its agents. Granted, yesterday's awards ceremony was not on par with the Cirque du Soleil act we enjoyed a few years ago, but it was still enjoyable.

They opened the presentations with a video, based on our theme of Winter Olympics. The Olympic flame was passed from one office to another, and we got to see our office mangers prancing through cubicles and running down sidewalks carrying a flaming torch. I didn't know every manager, but then I believe we have 15 branch offices in the Sacramento area. When the video finished, Lyon Real Estate's CEO Mike Lyon and President Jean Li entered the ballroom of the Radisson, arms held high, each clutching a flaming torch. They ran the perimeter, sprinted up the podium and lit the bowl on fire.

While everybody was laughing and applauding, I was wondering where in the world do you find a flaming torch? I mean, is there a store that sells Olympic torches? Or do you have make your own? What if you accidentally set something on fire? We have a very creative marketing team at Lyon Real Estate.

Then the awards ceremony began. Shortly after he handed out a few awards, Mike Lyon surprised the crap out of me. He said the next award was Best Improved Overall, #1 in Closed Units. It was given to the agent whose closed transactions in 2009 most improved over 2008. Now, 2008 was a tough year for many agents. The number on the screen showed that this agent had closed 19 transactions in 2008. I heard agents gasp. I guess that's a good number when you figure that about 85% of all the agents in Sacramento don't even close one transaction every two months, or 6 a year.

However, when I saw the number on the next screen, my heart skipped a beat. It said this agent had closed 43.5 transactions in 2009. Were they talking about me? I figured that I would rank high in the company, but I had no idea that I would be awarded Best Improved Overall, #1 in Closed Units. They keep this stuff a secret until the awards ceremony. But there was my name on the screen. OK, I am so NOT going to cry. Besides, this isn't the Oscars. (Hey, there's a theme for next year.) Do not cry, do not cry. Somehow, I made it up and back to my seat. No tears.

I also picked up an award for ranking in the Top 10% of all Lyon Real Estate agents. That brings my total awards to three for 2009. Gosh, the way 2010 is going, I imagine I'll rank even higher for this year. I wonder if all of this hoopla matters to the public? Probably not. I think buyers and sellers of homes in Land Park and those short sale sellers throughout Sacramento simply care that their agent is efficient, honest and gets the job done.

So, I grabbed my awards and sneaked out the back door. After all, I had a closing for a home in Land Park in an hour. Better put my nose back to the grindstone. Party over.

Photos: Best Overall Improved, #1 Closed Units in 2009, Lyon Real Estate, Elizabeth Weintraub, by Adam Weintraub.

Top 10% at Lyon Real Estate in 2009, Elizabeth Weintraub, by Adam Weintraub

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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.

Selling Homes in Land Park and Sacramento Short Sales Earned Weintraub an Award

Thu, 25 Feb 2010 09:19:23 -0600

The last time I won a third-place prize, I was probably about eight. Somewhere, I have an old newspaper. My mother was an editor in the 1950s at the Circulating Pines, which was a local newspaper in a suburb of Minneapolis. She put a story and a photo of my brother and me on the front page. I am holding in my lap a long-haired black cat named Spittsboo, sitting on the front steps of our childhood home in Circle Pines, Minnesota, next to my brother. He is holding a salamander on his shoulder.

I placed third in a pet contest. Well, it was actually my cat, not me, who placed third in a division for longest-haired cat. My cat didn't have to do anything except sit there to win. My brother's salamander won first place in the reptile division. That lizard didn't have to do back flips or jump through a flaming hoop of fire to win, either. I'm pretty sure the thing just sat on my brother's shoulder.

I mention this because yesterday I was given an office award at my office meeting for ranking among the top 3 agents in sales for 2009. My office in Midtown Sacramento has 80 or 90-some real estate agents. I didn't enter this contest. It's something that Lyon Real Estate does. It recognizes its top producers every year. My sales production generally ranks among the top 15 agents in my office -- some kind of benchmark Lyon uses -- but since I don't rate myself by comparing myself to other agents, I never really paid much attention to which agent wins what award.

So, it was a surprise when my name was announced and I was handed the award. I considered not writing about it because lots of agents in my office and elsewhere in Sacramento did not fare very well last year. It was a down year for many real estate agents. The market in 2009, like the past 4 years, was dominated by foreclosures, short sales, investors and first-time home buyers, which left a lot of agents out in the cold. The Internet also pushed some agents out of the business because they refused to embrace online technology.

While it is painful to see agents who are suffering, I've decided that my empathy for them should not overshadow the fact I enjoyed an outstanding year in 2009. It's quite an honor to receive such an award. On the other hand, I didn't compete for it or enter a contest. I just did my job, which is primarily selling homes in Land Park and representing sellers of Sacramento short sales.

This afternoon, Lyon Real Estate is hosting its Annual Awards Ceremony at the Radisson. The theme is . . . dum, dum, dum . . . The Winter Olympics. My office is supposed to represent Cross Country Skiing. I guess I could wear a mink hat and go as a spectator. No, on second thought, I should probably wear a wool hat and some sort of spandexy outfit, which I don't have in my wardrobe. I'm likely to win something at this awards ceremony, but it's been hush-hush, like our office awards. I don't want to appear ungrateful, but I am not planning to dress up like an Olympic athlete. But hey, it doesn't mean that I don't support those who do or that I am not a team player.

Hmmm, on reflection . . . maybe it does.

Oh, well. Rebels make good real estate agents, don't you think? We buck the system. Write our own rules. We're independent and don't blend well into the shadows.

After the awards ceremony, I am meeting a buyer who is closing on a home in Land Park. We're going to sign loan docs at my office and complete our final walk-through. At least my hair won't be messed up from wearing a wool hat.

Photo: Adam Weintraub

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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.

Putting Together the Pieces of a Short Sale Puzzle is Rewarding

Wed, 24 Feb 2010 09:01:53 -0600

Some mornings it's difficult to select one topic to write about. That's because so many things happen to this Sacramento short sale agent in one day. Since I generally write about my previous day's experiences, to pick just one situation is hard. I don't have time to write another book.

Do I write about the agent who sent me an offer on a short sale and included a copy of an earnest money deposit check dated in January? When I see red flags like that, I check my Supra website to see if the agent had even shown the property. Nope. When I asked the agent to promise in writing that the agent will not write any other offers for the buyer and will withdraw outstanding offers upon seller's acceptance, per the seller's instructions, the agent hesitated, saying the buyer would like to view the home one more time.

Yeah, right. It would be a good idea for the buyer to eventually view the home.

Or maybe I should write about the potential seller with a Wachovia short sale situation, who, for some reason, needed to put a home in Sacramento on the market immediately? This seller requested listing paperwork, which I prepared and emailed. The seller had refinanced the home and was most likely mortgaged over basis. When I suggested to the seller that tax advice was very important and to call an accountant for such advice, I was shot down and pretty much told to mind my own business.

Which I decided to do by not working with that seller. Good idea to mind my own business.

There was also the seller who wanted to do a short sale on a rental because the negative cash flow was never ending. The seller felt that continuing to make mortgage payments every month was a huge financial drain on resources. The rental is a condo in Sacramento. When I inquired about the status of the homeowner's association payments, the seller hadn't made a payment for almost two years. Well, the bank is unlikely to pay those delinquent HOA dues. I asked if the seller was making more money in 2010 than at the time of loan origination. Affirmative.

So, there is disposable income then? All of a sudden, the seller switched gears and retracted that statement. The words of Hugh Laurie from that TV show HOUSE entered my head: Everybody lies.

There are only so many hours in a day. It was more important that I work on bringing two short sale banks to an agreement over a seller contribution through a mutual compromise. Equally important that I get an extension and postponement of trustee's sale on another pending short sale escrow. And extremely important that I get MGIC to back-off on its unreasonable demands and let the seller's bank approve the short sale like it wants to do.

Not to mention, I have to occassionally stop what I'm doing and pet the cats. My cats don't lie to me.

Photo: Big Stock Photo

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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.