Yoli and Sharon's Real Estate Reality Check

Sacramento: When estate vaues rise again, tax bills liely to rise faster

2011-08-24T15:10:00.000-07:00

When real estate values rise again, tax bills likely to rise faster

Published: Tuesday, Aug. 23, 2011 - 12:00 am | Page 1B

Hundreds of thousands of Sacramento-area residents have experienced one upside of falling real estate prices: lower property taxes.
When the market recovers, however, their tax bills could rise much faster than they fell.
That's because the normal limits on tax increases established by Proposition 13 no longer apply as long as a property's assessment remains below its maximum taxable value, generally its last sales price plus annual inflation.
In good times, Proposition 13 allows the assessed value of a property to rise by no more than 2 percent a year – even though the actual market value may have gone up much more. There are no such limits on properties worth less than taxable value.
How much could taxes rise?
That's not a question people are in hurry to ask. Home prices in the region are about 50 percent below the peak of 2006, and most resales in the Sacramento market are bank-owned or short sales. Recovery still seems out of reach.
Real estate sales data so far signal that property taxes will likely go down again, or remain flat, for the 2012 tax cycle, said John Solie, assistant assessor for Sacramento County.
When taxes do rise later this decade, the shock to owners will depend on the pace of recovery. In a slow upswing, owners might not notice, at least, not right away.
Over time, however, the shift to higher taxes is likely to produce a slew of appeals, assessors say.
"After the last recession we were going into a real estate market that was increasing 10 to 20 percent a year," Yolo County Assessor Joel Butler said. "People really felt it, and they talked to us about it.
"This recession is so different than anything we've ever experienced. I don't see us coming out like a lion, as we did last time."
In the 1990s, when the real estate market took a long dive, nearly a third of all Sacramento County properties had lowered assessments.
This time, the share exceeds 40 percent in Sacramento County, and it's still climbing.
Already in the four-county region – Sacramento, Yolo, Placer and El Dorado – the volume of reduced-tax properties exceeds 300,000.
"This is pretty unprecedented for property taxation since Proposition 13 passed, in any number of ways," said El Dorado County Assessor Karl Weiland.
"We've had three (significant) years of negative values," he said. "That has never happened."
Weiland said he believes assessors will take a conservative approach in restoring taxable values.
"This has been a topic of discussion among all assessors," Weiland said. "We're simply trying to formulate some idea as to how we're going to deal with this.
"Everybody is scratching their heads and saying, 'OK, we've dealt with the decrease in values, and we've followed the market down. Now we've got to figure out how we follow the market up."

Read more: http://www.sacbee.com/2011/08/23/3854636/when-real-estate-values-rise-again.html#ixzz1VzEh0010

If you live in the Greater Sacramento and surrounding areas, and would like a current estimate of value on your property, email us with your address, and we will be happy to send you copy based on Metrolist. (same stats that appraisers use)

2011-08-01T12:51:00.000-07:00

We are always on the lookout for the latest news on Short Sales. One thing is for sure, working with an experienced team can make the difference! We have been working with Short Sales throughout our Real Estate career since 1994.

(Original Article from http://abclocal.go.com/kfsn/story?section=news/business&id=8264936)

FRESNO, California (KFSN) -- California realtors are calling on lenders to do more to prevent families from going into foreclosure. This after a recent survey found more than half of Central Valley realtors characterized closing short sale transactions as "difficult" or "extremely difficult."

Sal Valencia said, "You can't do anything if they aren't willing to talk, not willing to respond, even acknowledge you."
Valencia has been trying to short sell his Central Fresno home since August of 2009.
"At the time there was a lot of things that changed in our lives that we couldn't afford our home anymore," said Valencia.
Instead of going into foreclosure - he chose another alternative. A short sale -- where homeowners with a proven hardship negotiate an agreement with their lender to sell their home for less than what they owe. But so far - he's run into a number of man-made roadblocks.
Valencia said, "The most difficult part is the lack of communication."
Don Faught, California Association of Realtors said, "Californian's are being victimized by a process that should be helping them."
At a news conference outside Valencia's home - a group of Central Valley realtors said he's not alone - calling the short sale process "broken."
Fresno Realtor, Patrick Prince said, "The vast majority of properties we put through into contract, the buyer cancels and moves on to another property before we can get a short sale."
They say the problem is with the lenders slow response times, repeated requests for documentation and poor communication with their clients. Some realtors even said the lender foreclosed on the home before the short sale was completed.
Prince said, "I think the process is similar enough among all the lenders that it could be streamlined across the board."
They're now calling for reform. Demanding the lender appoint a single point of contact for each transaction -- speed up the approval process -- and stop foreclosure proceedings while negotiating a short sale. Solutions they believe will help thousands of homeowners who face foreclosure each year.
Valencia said, "I'd hate for someone to go through this. That's the only reason I'm here."

California pending home sales rise in June, distressed properties remain flat C.A.R. reports

2011-07-27T14:30:00.000-07:00

For release:
July 20, 2011
California pending home sales rise in June, distressed properties remain flat C.A.R. reports
LOS ANGELES (July 20) – California pending home sales rose for the second consecutive month in June, while the share of distressed property sales was unchanged, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales:
Pending home sales in California rose in June, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 119.0 in June, an increase of 1.9 percent from May’s revised index of 116.8, based on contracts signed in June. The index also was up 4.4 percent from June 2010. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“Pending home sales have improved in the last couple of months and the next few months should bring continued gains,” said C.A.R. President Beth L. Peerce. “So much depends on the direction of the economy going forward. As for the makeup of the market, distressed sales continue to be a significant part of the market with the split between short sales and REO sales varying greatly across the state.”
Distressed housing market data:

The total share of all distressed property types sold statewide was unchanged in June from May’s revised 47 percent. The share also was unchanged from a year prior.
Of the distressed properties sold statewide, 19 percent were short sales, a decline from last month’s share of 20 percent and last year’s share of 21 percent.
At 27 percent, the share of REO (real estate-owned) sales was unchanged compared with May, but was up from 25 percent reported in June 2010.
Non-distressed sales made up the remaining share of home sales in June at 53 percent, unchanged from both previous month and year.

Multimedia:

View a video of C.A.R. Chief Economist Leslie Appleton-Young discussing highlights of the June existing home sales and price report, which was released July 14.
View a chart of pending sales compared with closed sales.

# # #

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	June-10	May-11	June-11
REOs	25%	27%	27%
Short Sales	21%	20%	19%
Total Distressed Sales	47%	47%	47%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County	June-10	May-11	June-11
Amador	44%	61%	51%
Butte	27%	44%	34%
Humboldt	20%	17%	29%
Kern	68%	66%	66%
Lake	62%	80%	86%
Los Angeles	47%	45%	47%
Madera	54%	85%	83%
Marin	20%	28%	26%
Mendocino	32%	51%	63%
Merced	53%	59%	64%
Napa	49%	43%	51%
Orange	33%	36%	35%
Riverside	69%	65%	61%
Sacramento	62%	65%	65%
San Bernardino	69%	69%	69%
San Diego	25%	29%	28%
San Luis Obispo	40%	40%	42%
Solano	66%	71%	72%
Sonoma	43%	48%	51%
Tehama	67%	62%	73%
CALIFORNIA	47%	47%	47%

*Note: C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Foreclosure myths, debunked

2011-06-29T16:29:00.000-07:00

Common myths regarding foreclosures. As always, never seek Real Estate/Mortgage advice from an unlicensed company or person. No monies should be exchanged upfront in a Modification or Short sale. Please feel free to contact us privately with any questions.

Reporting from Washington—

People fear foreclosure almost as much as they fear death. But unlike death, foreclosure can be prevented.

Unfortunately, just as some people ignore an illness' symptoms in hopes that it will just go away, some troubled owners are afraid to confront their problems and take the necessary actions to save their homes. But with so much misinformation flying about, who can blame them? Here are some common responses and misconceptions.
Dread: "If I tell the mortgage company I'm having a problem, it will speed up the foreclosure process."
Contacting your lender is an important first step, and the sooner, the better. It provides you with an opportunity to explain your situation and what steps you are taking to deal with it. Yes, your lender can be your adversary, but that's much later in the process. Right now, the lender can be your best ally. So call the lender early.
Fear: "If I miss just one payment, I'll lose my home."
The foreclosure process doesn't even begin until you are at least 90 days delinquent on your mortgage. But by that time, you are three months behind, and that's a deep hole from which to try to dig out.
It's much easier to get back on track after missing a single payment, so reach out to your lender and ask for help in making up your deficit. Even if you think you might miss a payment or two, let your lender know what's up. Lenders have a financial interest in keeping you in your home and may be willing to modify the terms of your loan or devise a repayment plan.
Regret: "I'll rob Peter to pay Paul until I can get back on my feet."
Many people try to ride out their financial difficulties by depleting their savings or even dipping into their retirement accounts. Although using your mattress money may be the right step, pilfering from your IRA or 401(k) plan should be the last thing you do, if you do it at all. Long before that drastic step, seek help. Otherwise, by the time you do seek help, you could be in even more desperate straits and your options will be fewer.
Ignorance: "What choice is there but to lose my home?"
There are plenty of choices, but most people don't know what they are. And they won't until they speak with a lender. Yet many delinquent borrowers think they can handle their problems on their own without help. Most can't.
Panic: "I'm receiving so many offers from people who say they are trying to help me save my home that they all must be scams."
Yes, there are a lot of dishonest people offering false promises. And if you take up with one, it could make your financial situation much worse. At the same time, lenders are hiring all sorts of companies to try to make contact with borrowers who won't answer their mail or pick up their phones. So how do you know the good guys from the bad?
Beware of cold callers who don't already have your loan number. If that's missing, the deal is probably bogus. According to Freddie Mac, one of the country's largest mortgage investors, the companies it hires to deal with delinquent borrowers will know that number.
Other tip-offs include upfront fees and pressure to sign something immediately. You shouldn't have to pay anything in advance. Pay only for services rendered. And don't put your signature on anything, especially something that's incomplete, until you have a chance to run it by a financial advisor, your tax preparer or someone you trust.
Terror: "My lender isn't responding to my inquiries."
Don't give up. Never give up. Again, this is a process, and it takes longer than you think. So be patient.
At the same time, keep detailed records of all your calls. Once contact is made, write down the name of the person with whom you spoke, his or her identification number, the date and time of your conversation and a summary of what was said. Also make copies of all your correspondence and other paperwork. Lenders tend to lose things.
Alarm: "To get my lender's attention, I should stop making my payments."
You don't need to be behind to get help. Millions of owners are in the same boat as you. Lenders are absolutely swamped. Even years into the housing crisis, they still don't have the staffing with the training and experience to handle the onslaught. So be patient — and keep trying and trying to reach your lender.
Keep making your payments, too — to your lender, no one else. If you stop, it will hurt your credit and increase the possibility that you will lose your home. And if someone wants you to mail the payments to him or her instead, you almost certainly will lose your home if you do.
Alert: "If I've been turned down for a loan modification, there is no point in seeking further help."
Just because you didn't qualify before doesn't mean you won't qualify now. Look at the federal loan-modification programs as well as your lender's. Besides, program parameters change all the time, so the rules might have been liberalized since you last sought help. Or your situation may have changed for the worse.
A housing counseling agency can help at any time, but it can be particularly helpful if you've been rejected. The Consumer Credit Counseling Service of Greater Atlanta says many owners are refused because they did not provide proper documentation or failed to consider all their expenses.
Also, the lender may have made a processing error or not followed the rules. You won't be able to spot these miscues, but an experienced counselor will. You can find a government-approved counseling agency at http://www.hud.gov.

Reported by the Los Angeles Times

Short Sales frustrating, but better than foreclosures

2011-06-21T10:03:00.000-07:00

We found this great article via the California Association of Realtors. Gives a great insight on what goes on behind the scenes as far as how the industry is making changes and streamlines in the daunting process of a short sale. If you have any further questions, or would like a private consultation, please feel free to contact us.

Yoli and Sharon,

Rebecca U. Cho, Staff Writer

Posted: 06/11/2011 08:01:10 PM PDT

Short sales have been anything but short in duration. As lenders grapple with the huge volumes of distressed properties and navigate the complex web of loan ownership created by bundling mortgages, transactions have stalled for months.
Real estate professionals and homeowners are frustrated - and the California Association of Realtors has been pushing to speed up the process. The trade group is working with lending institutions such as Fannie Mae to shorten the time brokers and agents must wait for approval on short sales.
Short sales, in which the lender agrees to accept the sale of a home for less than is owed on the property, help lenders and homeowners avoid foreclosures. And such transactions make up a significant portion of the housing market: 19 percent of total home sales in California were short sales in April, according to C.A.R. statistics on existing single-family homes.
Doug Shepherd, the president of the Inland Valley Association of Realtors, C.A.R.'s regional chapter, spoke on the present state of the short sales process and ongoing improvements in streamlining the process. Shepherd is also the owner of Shepherd Realty Group based in Riverside.
Q: Are short sales a relatively new type of transaction in real estate?
A: I started doing short sales in the early 1990s in the Inland Empire, the last time we had a real downturn, when they closed the Air Force bases around here and property values dropped. It occurs
often after a run-up on prices and when equities can't catch up. It's always been there. Q: Why are we experiencing big delays in short sales today?
A: Inefficiency and sheer volume. Because it's a national issue and the way mortgages are bundled today, who owns it? Bank of America services or collects payments on hundreds of thousands of loans in the United States. But they can make decisions on only 10 percent of loans. So on 90 percent of loans, people are making payments to BofA as the servicer, but someone else owns the loan. So it's this whole thing of who really owns the loan. Nine out of 10 times you're not talking to the decision maker.
Q: How has the short sales process been for real estate agents and Realtors?
A: It's very frustrating. And our national and state associations are trying to put forth some measures to help alleviate this. It's the time involved and the uncertainty. If I take five listings, it could be five different banks and each could have their own processes. So it's very inconsistent and time consuming. You can imagine you can open an escrow today and not see a paycheck until December or sooner. A buyer may say I don't want to wait anymore and you have to go out and find another.
Q: What kind of changes are the associations pushing for?
A: Fannie Mae and Freddie Mac are working with us. We're trying get a streamlined program or a consistent set of guidelines so a homeowner can say, "I can start this process, I know what to expect. I qualify or I don't."
Q: Do you see signs of improvement?
A: There's an online platform banks use now called Equator. It's streamlined, the homeowner or Realtor can go online and enter information rather than faxing over papers that get lost. Those kinds of things are speeding up the process for many institutions.
Q: What role are short sales playing in the housing recovery?
A: First and foremost they lessen the amount of distressed properties that are foreclosed on and come onto the community as vacant property. A homeowner in a short sale tends to maintain it before moving out. In a foreclosure, they may move out and get evicted and property may become a blight on the community, so it will pull down the community as well as the individual homeowner.
Another reason we want to do short sales is it's good for the homeowner, institution and community. It's good for the homeowner because it lessens the credit impact and allows them to be in control when they move and how they go about it. It's good for the institutions because they lose less money and don't have to take properties back. And it's good for the communities because the housing stock stays in a better condition

Successful Thinker's 1st Annual Mother's Day Shopping Boutique, May 1st, 2011!

2011-04-04T14:22:00.000-07:00

Mother’s Day

Sunday, May 1^st, 2011,

Shopping Boutique!

Noon – 4pm.

Shop till you drop and support local vendors and artisans!

Over 20 vendors including:

Jewelry, accessories, massage, cupcakes, make-up, handcrafted items and so much more!

Proceeds to Benefit

Elk Grove's Relay for Life

Location:

Hampton INN

2305 Longsport Court

Elk Grove, CA 95758

(Right off of Laguna Blvd. / Harbor Point, near I-5)

Contact Yoli or Sharon for vendor application or more information

sharoninrealestate@gmail.com

yoli.manzo@gmail.com

Reno Bus Trip with Yoli and Sharon

2011-03-02T15:56:00.000-08:00

Party People! It’s Reno Time!

Sharon Boatwright & Yoli Manzo invite you to day of
gambling, prizes, raffles, spirits and a chance to win some cold hard cash!
Date: Saturday, April 30,2011 –Bus Departs 8:00 am.
$40.00 per Person ( Great Value & Recession pricing)
We will be visiting the Silver Legacy. $10.00 Cash back & $3.00 food credit.
Returns approximately 7:30 ish. (Traffic Permitting)
6375 Riverside Blvd (corner of Florin & Riverside)
Yes, this will sell out quickly, get your money in today!
Sharon (916) 825-4315 Yoli (916) 997-6934

Checks payable to:
Manzo & Boatwright Partnership
Mail this form to Yoli or Sharon @
RE/MAX Gold
9280 W. Stockton Blvd #110
Elk Grove Ca 95758
Do it today!
All reservations are final, Sorry, No refunds or exceptions. Payment holds your seat
Must be at least 21

Sacramento Realtor Association's Realtor of the Month!

2011-01-19T16:42:00.000-08:00

Sharon Boatwright!

1. How long have you been a Member
of SAR?

Since 1996
2. What did you do before you were
in real estate?

I was employed by United Parcel
Service (UPS) for over 13 years and continue
to be a “Domestic Goddess.”

3. What do you like best about being
in real estate?

I have been a part of a team with
Yoli Manzo for over 13 years. I found it
helpful to come together as one for a
team concept. I also love the interaction
and relationships I have developed with
people from varied backgrounds and
cultures. Also, I enjoy knowing that I
am offering a service to help families’
dreams come true.

4. How have you adjusted to changing
market conditions in the past
couple years?

Education, education and more education.
I continually educate myself to
keep my skills sharp. I embrace change
and I stay ahead of the curve by education
through SAR and other industry
professionals. I love learning new and
exciting marketing ideas.

5. What have been some of your
favorite programs/committees/activities
at SAR?

Of course, SAR’s Leadership Academy.
I have also participated in CanTree,
Cultural Diversity Day, Master Club,
Lunch and Learns and SAR’s Real Estate
Finance Forum.

6. Why did you decide to join SAR’s
Leadership Academy?
I was highly encouraged by other SAR
Directors and past Leadership Academy
graduates to participate in this academy.
I have a new profound respect for
ALL benefits of SAR, leadership and staff.
The Leadership Academy has given me
an understanding of why we should
participate in our Association.

7. Technology has changed a great
deal in recent years – how have you
kept up-to-date?
Numerous classes provided through
SAR have allowed me to leverage
my time for clients and activities.
Technology has also allowed me to be
more efficient with my business and
use social media networking to conduct
business in today’s environment.

8. Words of wisdom for your fellow
real estate professionals?
“Maintain your HIGH Standards”

9. Hobbies or other activities?
I enjoy dates with my husband, Alex;
reading, movies, cooking, crafts, event
planning, spending time with my family
and activities with my church.

10. How long have you lived in
Sacramento?
Over 35 years

11. What are some of your favorite
places to visit?
Mexico, Hawaii and New York
12. What would you do if you weren’t
a real estate professional?
A profession that serves others...

13. What’s a good book you’ve read
recently?
“Getting to Happy” by Terry Mc Millian

14. What would people be surprised
to learn about you?
I was born and raised in Elmendorf,
Alaska. I have been married for over 26
years, raised two beautiful grown children
(Monniece and Alex). My husband and I
have also raised five foster children since
1990 and we own a catering company.

Foreclosure Rates Hold Steady

2010-09-24T14:21:00.000-07:00

Sharon and I get questions regarding foreclosures all the time. We came across this article today, and thought it was worthy to pass along.

In Sacramento, our inventory is still very low. Even though there are a lot of foreclosures and short sales listed, properties are still selling fast. Borrowing money is at an all time low right now. It is definitely a great time to purchase property!

NEW YORK (CNNMoney.com) -- The foreclosure crisis has entered a new phase: The number of properties entering the foreclosure process has dropped, and now nearly matches the number of repossessions.

The number of homeowners falling enough behind on their loans to attract initial notices of default was down 30% in August, RealtyTrac said Thursday. Eventually, that should translate into fewer people losing their homes.

But lenders repossessed more than 95,000 homes -- a record -- and that was up from 76,000 a year ago.

RealtyTrac spokesman, Rick Sharga, said the initial default rate should be higher, given the numbers of borrowers who have missed one or two payments. Normally, when a third payment is missed, lenders take immediate action.

"It appears that lenders are allowing delinquencies to go on longer before they issue notices of default," he said.

Lenders may delay filing for a couple of reasons. In some cases, a notice of default puts lenders on the clock; regulations force them to foreclose within a certain time frame, sometimes before they want to.

Second, borrowers might vacate their homes when they receive default notices, leaving the houses empty, subject to vandalism, and forcing lenders to take over the expense of maintaining them.

However, once lenders have begun the initial foreclosure process, they are moving quickly to repossession.

That's in part because as housing markets have improved, as it has in California, lenders are able to resell foreclosed homes more quickly and avoid further losses.

In other markets, according to Sharga, they may take homes back but not necessarily put them on the market again right away. That may represent a deliberate effort to manage the flow of foreclosures to prevent further erosion of home prices.

Not only would a flood of properties and lower prices hurt lenders' profits, it would leave more mortgage borrowers owing more than their homes are worth. As more homeowners plunge underwater, more would default, causing a new round of home price drops and still more foreclosures.

5 most affordable home markets

For the 44th straight month, Nevada led all states in the rate of foreclosure filings. One in every 84 households there received some kind of filing during the month, more than four times the national average.

The other "sand states," Florida (one in 155 households), Arizona (one in 165) and California (one in 194) followed in a familiar foreclosure pecking order.

All of the top 10 metro area hot spots recorded drops in foreclosure activity during August. In the worst hit city, Las Vegas, filings dropped 25% year-over-year but still came to one for every 73 households.

Modesto and Stockton, both medium-sized cities in California's Central Valley, closely trailed Las Vegas in filing rate. Rounding out the first five metro areas were Cape Coral and Miami.

5 Real Estate Scams You Need to Know About

2010-07-22T14:39:00.000-07:00

With so much predatory scammers around, we thought this was an excellent article to help you notice the red flags in all those "To Good to be True" offers.

Still in doubt? Feel free to contact us with any questions.

Yoli and Sharon
Your Favorite Real Estate Team.

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

By Melissa Dittmann Tracey | August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

Free Short Sale Workshop This Wednesday.

2010-07-20T14:21:00.000-07:00

Sharon Boatright, Yoli Manzo and Special Guest, Steve Beede, are hosting a Free and Informative Short Sale Workshop.

In the past, it was rare that a bank or lender would accept a short sale. However due to the overwhelming market changes, lenders have become much more negotiable when it comes to these transactions. Recent policy changes within many organizations have made the chances of getting a short sale approved even higher.

The following information describes the short sale process:
Home owners are "short" when they owe an amount on their property that is higher then the current market value.

A short sale occurs when a negotiation is entered into with the homeowner's mortgage company to accept less than the full balance of the loan at closing. A buyer closes the property and the property is "sold short"

At the class you will learn the Homeowner Consequences of Foreclosure vs. Shorsale.
As well as how the process works and receive a free list of all the items you will need to present your "Short Sale" request.

Seating is limited, so do email us for your reservation.
yoli.manzo@gmail.com or sharoninrealestate@gmail.com

Class is Thursday, July 22nd 2010, 6:30pm.
Remax Gold
9280 W. Stockton Blvd. #110
Elk Grove, CA 95758

Steve Beede, Attorney at Law, In 1994, Steve graduated law school and immediately formed his own firm specializing in real estate and business, BPE Law Group, which has since grown into one of the most respected firms in Sacramento handing cases nation-wide. In addition to leading his law firm and advising and representing clients world-wide, Steve is in demand as a seminar speaker, coach, and business consultant.

FREE HOMEBUYER'S CLASS: Thursday, June 24th 2010

2010-06-15T18:07:00.000-07:00

Presented by:

Sylvia Gomez-Waki

Senior Loan Consultant

Yoli Manzo

License# 01184359

(916) 997-6934

Sharon Boatwright

License# 01207889

(916) 825-4315

Realtors

Team Power For Working for You

· Get answers to questions like:

· How do I qualify & what documents will the lender need ?

· How much home can I afford?

· Is my credit good enough?

· Cal Pers loans

· Government sponsored programs Downpayment Assistance

· Choosing the right Realtor

· Secrets to buying foreclosed properties

We’ll help you with your

First Step

We know buying your first home is a big step and that you have lots of questions.

We are here to help!

You are invited to attend this free informative, no obligation, seminar offering

valuable insight into the step by step process of

the home buying experience.

Date: Thursday June 24th

Place: Summit Funding

9250 Laguna Springs Dr. #113

Elk Grove, 95758

Time: 6:00—7:30

Seating is limited

RSVP: (916) 997-6934

(916) 825-4315

Email:

sgomez@summitfunding.net

Licensed by Department of Real Estate #01220358

No More State Tax on Forgiven Dept in California

2010-04-13T13:15:00.000-07:00

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

Article by California Association of Realtors

No Junk IN our Trunk

2010-04-01T15:27:00.001-07:00

Saints in the City presents

"No Junk in Our Trunk Clothing Swap"

April 15, 2010

Sol Collective Art Gallery

FREE Clothing and Accessories

Doesn't that sound fabulous? It's time to clean out your closets, shoe bins, jewelry boxes and purse piles. Only keep in your closet what fits you well and what you love. Pass on the rest for someone else to love and you will get some new great things for yourself in return (well, new to your closet anyway). Start cleaning your closet now!!

Anything left on the racks will be donated to a local women's charity.

The clothing, accessories, shoes, jewelry, etc. is free, but, we do charge $20 to assist the Art Gallery and women shelter. Stay tune for more updated information on this great event…

Take advantage of these limited Home Purchasing Incentives!

2010-02-11T13:51:00.000-08:00

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

It is important to note that in order to be eligible for the lower cost up-front mortgage insurance, a lender has to order a case number from the FHA before April 5th. A case number can only be generated for loan applications where a property is involved and a fully executed purchase contract exists. Home buyers who have been pre-approved but are not under contract will not be eligible for the reduced premium effective April 5th.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

Call us today for more information!

Yoli and Sharon

We had a blast in San Francisco!!! Yoli and Sharon's Annual Shopping Trip.

2009-12-07T10:05:00.001-08:00

Hello Everyone,

Wow, what a wonderful day in San Francisco. We had a blast!!! Thank you for your support and encouragement and making this another successful bus trip.

We wanted to say thank you for all for your wonderful raffle prizes and gifts..Everyone was so excited. We hope that we can continue to support your businesses and thank you for supporting ours...

We hope to see you next year!!!

Please go to http://www.yoliandsharon.blogspot.com/ and enter for our drawing.......

One free ticket for our Reno Casino Bus or San Francisco Shopping trip..

Let us a comment about your favorite " Real Estate Team"..

Please forward to someone you know or would like to be a part of our guest list.

Please contact us on any of your real estate needs...

A recent client of Sharon & Yoli's, a local teacher, recieves an AWARD

2009-10-19T19:08:00.000-07:00

One of our favorite clients received a wonderful award as a teacher for going above and beyond, at a local Sacramento elementary School. Her award included a $1000 dollars of supplies from Office Max,Mrs Winquest also received her favorite leather desk chair! Congratulations Mrs Winquest,we are proud of you!

If you have a success story and would like to share it with your "Favorite Realtors". Please pass along to us story.

If you know anyone who needs to buy or sell real estate, please give them our contact information.

Another Sacramento King Ticket Give Away!

2009-10-14T01:24:00.000-07:00

Hey Sacramento,

It's that time again! Another giveaway from your favorite Residential Real Estate Team, Yoli Manzo & Sharon Boatwright!

We are giving away a set of two seats to the Sacramento Kings game. They are playing the Golden State Warriors.

The game is Saturday, October 17th, 2009.

All you have to do, to enter is leave us a comment. If you "follow" our blog (see follow button to the right of our blog) you get your name entered twice!

We will announce the winner on October 15th, so be sure to check back, so that you can claim your tickets prior to the game. We will make arrangements with you to pick up your tickets. (You must be available to pick up your tickets)

Please tell a friend and or feel free to share this blog to others.
If you or someone you know is in need of a Realtor, we would be happy to offer our guidance and services. We have been going strong since 1994, and have been representing everyone, from 1st time buyers, to Short Sale sellers, and REO's.

Yoli and Sharon Annual Shopping Trip

2009-10-08T22:29:00.000-07:00

It’s shopping time again with
Yoli & Sharon!
Your favorite Realtors! (Tell a friend!)
Join us for a day of Fashion, Shopping, Eating and Good Cheer!

Come take a ride with us to the world famous Union Square in San Francisco. We invite you to a wonderful day of pampering and shopping! Your trip will include: snacks, drinks, prizes, surprises, and round trip transportation. Very limited seating, so hurry and send your reservation today!

Date: Saturday, December 5th, 2009
Time: 8:00 am. till 8:00 pm. (traffic permitting)
Meet us at our office @ 7410 Greenhaven Drive #105, Sacramento Ca 95831
Cost: $35.00 (sorry, no refunds & due to the popularity of this event, seats will be reserved only when payment is received,
(we only have 50 seats!)
Checks can be made to
Manzo & Boatwright Partnership.
ReMax Gold
730 Alhambra Blvd. #150
Sacramento, CA 95816
Another Fabulous event by Yoli & Sharon!
Yoli Manzo (916) 997-6934
Sharon Boatwright (916) 825-4315
Www.yoliandsharon.blogspot.com

Sacramento Kings Game Giveaway

2009-09-29T09:27:00.000-07:00

Hey Sacramento,

It's that time again! Another giveaway from your favorite Residential Real Estate Team, Yoli Manzo & Sharon Boatwright!

We are giving away two sets of two tickets (two different winners) to the Sacramento Kings 1st Pre-Season game. They are playing the Portland Trailblazers!

The game is Wednesday, October 7th, 2009 at 7:00 pm.

All you have to do, to enter is leave us a comment. If you "follow" our blog (see follow button to the right of our blog) you get your name entered twice!

We will announce the winner on October 6th, so be sure to check back, so that you can claim your tickets prior to the game. We will make arrangements with you to pick up your tickets. (You must be available to pick up your tickets)

Please tell a friend and or feel free to share this blog to others.
If you or someone you know is in need of a Realtor, we would be happy to offer our guidance and services. We have been going strong since 1994, and have been representing everyone, from 1st time buyers, to Short Sale sellers, and REO's.

Thanks again, for your continued support and stay tuned for information on our upcoming San Francisco shopping bus trip in December. (tickets to go on sale real soon!)

First Time Home Buyer Tax Credit to be Extended?

2009-08-28T15:53:00.000-07:00

Lobbying intensifies to extend first-time home buyer tax credit
Trade groups for real estate agents and home builders are pressuring Congress to continue and even broaden the $8,000 credit, which is scheduled to expire Nov. 30.

By Kenneth R. Harney

Reporting from Washington - It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now?

Or will the credit get a second life and be extended for six to 12 months, taking pressure off buyers, real estate agents and escrow companies?

That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding in many local markets. The tax credit statute requires buyers to fully close on their purchases -- not just be in escrow -- no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a specific house and who haven't nailed down financing.

The process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months -- or a lot longer if things get off track.

Given the rapidly approaching deadline, what's the likelihood that Congress will allow at least a little extra time? Here's a quick overview: Although Congress is on its summer break, most members of the Senate and House use part of the August recess to meet with and listen to constituents in their home districts.

This year, the two biggest housing trade groups -- the National Assn. of Realtors and the National Assn. of Home Builders -- are spending the month mounting intense lobbying campaigns to make the case for extending the credit and maybe even expanding it. The effort is targeted first at the districts of members of the two tax-writing committees -- House Ways and Means and Senate Finance -- but is expected to cover most other members as well, according to officials of the two groups.

Delegations of home builders and real estate brokers already have begun descending on district offices, delivering what Jerry Howard, president and chief executive of the builders association, calls "the hard economic facts" -- the numbers of houses sold in each Congress member's district that are attributable to the tax credit; the economic ripple effects on local businesses, manufacturers and service industries; new jobs and income; plus the additional tax revenue that all this activity will help produce for local governments.

On a national basis, according to economists at the National Assn. of Realtors, the credit will be responsible for 300,000 to 350,000 additional sales of houses this year. Each home sale generates about $63,000 in downstream "ripple effects" elsewhere in the economy, they say.

If you accept the numbers, which some analysts consider a stretch, this means the housing credit provides a powerful, immediate stimulus bang for the buck. Failure to extend what may be one of the most effective pieces of the Obama administration's 2009 stimulus legislation would cost jobs, economic growth and tax revenue, the housing groups contend.

There are some signs that Congress may be getting the message. Bills are pending in both houses to extend the credit for another year. Senate Majority Leader Harry Reid (D-Nev.), whose state has been among the worst hit by the housing bust, reportedly favors an extension of the credit. He was quoted to that effect by the Las Vegas Sun on Aug. 5.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, is cosponsoring a bill with Sen. Johnny Isakson (R-Ga.) that would raise the credit amount to a maximum of $15,000. Meanwhile, the Realtors and the builders are pushing not only for extension of the credit, but for broadening it to cover all home purchases in 2010.

But can any of this happen before the Nov. 30 deadline? The key complicating factor here is Congress' heavy load of higher-profile issues that will get attention before anything else in September and October. On top of that, a tax credit extension would cost billions in lost revenue -- a big negative when the federal budget deficit is in record red-ink territory.

In the end, however, given the political economics of the housing credit, the odds favor some sort of extension, probably later rather than sooner.

kenharney@earthlink.net

Distributed by the Washington Post Writers Group.

Investors Drive Foreclosure Prices Up.

2009-07-24T13:40:00.000-07:00

Daily Real Estate News | July 21, 2009 | Share

Investors Drive Foreclosure Prices Up
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.

Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.

When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.

Experts say the problem is not unlike the situation at the height of the housing bubble.

"This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.

Source: The Associated Press, Jonathan J. Cooper (07/20/2009)

Both Sharon and I as well as our greater Sacramento Colleagues are experiencing this trend first hand. The Sacramento market is extremely competitive. We have been advising clients to view properties at least 5-10 thousand dollars under their price range, to all allow room for bidding.

Short Sales on the Rise in Sacramento

2009-06-22T16:05:00.000-07:00

Use of short sales on rise in Sacramento housing market

The below article is a very "fitting" piece on our current market here in the greater Sacramento area. Just this week, we are in the process of listing two short sales. It appears that the only seller in this market is the seller who "Has to sell" rather than the seller who "wants to sell". If you have any further questions on the short sale process, please feel free to leave a comment or you may email or call us. (our contact information is listed on the right of our blog)

Sacramento Bee

Published: Wednesday, Jun. 10, 2009 - 12:00 am | Page 14A
Last Modified: Wednesday, Jun. 10, 2009 - 6:52 am

For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.

Now buyers can hardly avoid them.

"When it's 50 percent of the inventory you don't have a choice," said a local Realtor

Banks, with their balance sheets battered after 40,000 capital-area foreclosures since early 2007, are finally warming up to short sales, a traditional marker of soured real estate markets. Increasingly, so are buyers. Some analysts believe short sales – those transactions in which banks accept offers below what they're owed to avoid the higher costs of foreclosing – may help avert a few thousand new foreclosures in the capital region.

"I still see a ton of defaults coming down the line … but a large percentage, 50 percent or more of these, will get done as short sales and keep the flow of repos to a manageable level," said Williams. "I don't see us getting flooded."

Industry analysts say half the for-sale signs in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties that aren't bank repos are short sales. They're especially prevalent in newer suburbs built during the housing boom. According to Sacramento-based Metrolist Services Inc.:

• 56 percent of Lincoln homes priced between $200,000 and $250,000 are short sales.

• 55 percent of Rancho Cordova homes priced between $200,000 and $300,000 are short sales. In Folsom, 46 percent of homes in that price range are short sales.

• 44 percent of Elk Grove houses priced from $300,000 to $325,000 are short sales.

All their owners owe more than their homes are worth. (Online evaluator Zillow.com says 68 percent of Sacramento-area households that bought in the past five years are in that boat). And most are believed to be in some stage of the foreclosure process.

Currently, nearly one in four sales pending – those expected to close escrow within weeks – are bank-approved short sales, according to Williams' analysis of Metrolist data. That's a rise from a January-through-June average of one in seven.

Bank repos, by comparison, are about 60 percent of area sales this year. But their share is falling now as the region's short-sale market share rises.

"It's a more cooperative solution," said David Sunlin, senior vice president with Charlotte-based Bank of America Home Loans. He said the firm is adding staff and streamlining procedures to do more short sales more quickly as an alternative to foreclosing.

"It allows the borrower to leave on their own terms. It's a more dignified exit strategy and the credit reporting is less negative afterward," he said. "It's a win for the lender as well. It's going to shorten the recovery cycle, which is important to all of us."

The firm, which bought Countrywide Financial last year, services one in five U.S. mortgages and is a top lender in the capital region.

Agents such as Williams hope the new BofA approach brings results. They complain that Countrywide has been among the industry's most difficult servicers for short sales.

Buyers say short sales make great deals – if you're patient.

"It probably saved us $50,000" said Helen Martinez, who, with her husband, Robert, closed escrow two months ago on a short-sale property in Davis. It took almost four months, she said.

"If you need something right away it's not going to work out," she said. "You'll sit around and wait forever and find something else."

Jamie Trussell also expects to go into escrow soon on a short-sale property in Elk Grove. He and his wife, Tricia, made an offer on the house in February, then sweetened it by $10,000 when others bid on it.

"We fell in love with the house so we remain dedicated to it," he said. The two checked out other houses while waiting, including bank repos, but Trussell said, "It's been tough to beat the house we have with everything we want."

Their long wait has had consequences, however. Higher interest rates are adding to their expected borrowing costs.

"The last few weeks I've been watching the interest rate climb," said Trussell. "It was 4.8 percent in May, and now, it's at 5.2 percent.

"Our greatest concern when we started was 'how long is this going to take?' It's really pushing to the wire for us."

Williams said many short sales fall apart between the offer and acceptance because people find other properties.

Short sales take so long because lenders must negotiate permission from other parties, such as investors and private mortgage insurers. Most recent home loans also have so-called "seconds," an extra loan that financed the down payment. Other short sales involve home equity loans or homeowner associations seeking restitution for unpaid dues.

"That can make the process more complex," said BofA's Sunlin. He said BofA also asks some borrowers to contribute funds to ease the lenders' losses "or sign a promissory note for a later date."

"We see this every week," said Scott Thompson, principal at Carmichael-based Mortgage Resolution Services, a short-sale specialty firm. He said such lender requests scuttle many short sales, prompting homeowners to instead "walk away" from the house.

Thompson said homeowners often prefer to walk away than request a short sale.

"Now, banks are ready to do them," he said. "But many homeowners are so far under water on their mortgages that they're disinclined to participate at all."

Sunlin concedes the difficulties on both ends in a still-unraveling housing market.

"These are tough times," he said. "But we are committed to make the process work better … By doing this we should see more private sales instead of bank-owned sales."

Yanni Ticket Giveaway for Friday night in Sacramento

2009-06-17T20:22:00.000-07:00

Between listing properties and making offers in the greater Sacramento area, we are feeling generous too! We are giving away two sets to two tickets to Friday night's show at Arco Arena to see the incredible, Yanni! Friday, June 19th 2009 at Arco Arena.

All you have to to is leave us a comment on our blog! The contest is running now and we will pick a winner on Friday morning. Be sure to leave you email or a way for us to contact you! Winner must be able to pick up tickets at our office. (Located in the Greenhaven area of Sacramento)

Everyone is a winner with Yoli and Sharon!

Yanni (born Yanni Chryssomallis (Greek: Γιάννης Χρυσομάλλης, classical transcription Giannis Chrysomallis), on November 14, 1954 in Kalamata, Greece) is a self-taught pianist, keyboardist, and composer. After receiving a B.A. in psychology, he would instead seek a life in music though he had no formal training and could not read a note.

He earned Grammy nominations for his 1992 album, Dare to Dream, and the 1993 follow-up, In My Time. His breakthrough success came with the 1994 release of Yanni Live at the Acropolis, deemed to be the second best-selling music video of all time, ^[1] (behind Michael Jackson's video for Thriller with nine million units). Yanni has since performed live in concert before in excess of two million people in more than 20 countries around the world. He has accumulated more than 35 platinum and gold albums globally, with sales totaling over 20 million copies.^[1] Yanni is considered to be one of the top fundraisers of all time for public television. His compositions have been included in all Olympic Games television broadcasts since 1988, and his music has been used extensively in television and televised sporting events. His music is frequently described as "new age", though he prefers the term "contemporary instrumental".^[2] The regents of the University of Minnesota conferred upon Yanni the honorary degree of Doctor of Humane Letters.

Free Andre Rieu Concert Ticket Giveaway!

2009-06-15T14:11:00.000-07:00

Hey friends,

We got last minute access to two lower level tickets to the wonderful and talented Andre Rieu concert at Sacramento's Arco Arena on Wednesday evening!

If you or someone you know loves symphony and orchestra, than this is the giveaway for you!

Here are some highlights of Andre's incredible career!

At University he performed the Gold And Silver Waltz by Franz Lehár. Encouraged by the audience reaction he decided to pursue the waltz form. Rieu formed the Maastricht Salon Orchestra and performed as a violinist with the Limburg Symphony Orchestra. In 1987, he created the Johann Strauss Orchestra and his own production company. Since then, his melodramatic stage performances and rock-star demeanor have for some been associated with a revival of the waltz music category.

[edit] Johann Strauss Orchestra

The Orchestra began in 1987 with 12 members but now performs with between 40 and 50 musicians. At the time the Orchestra first toured Europe, there emerged a renewed interest in waltz music. The revival began in the Netherlands and was ignited by their recording of the Second Waltz from Shostakovich's Jazz Suites. As a result, Rieu became known as the waltz King.

Rieu and his orchestra have performed throughout Europe, in North America, and Japan. Winning a number of awards including two World Music Awards, their recordings have gone gold and platinum in many countries, including 8-times Platinum in the Netherlands. In September 2007 Rieu performed in Australia for the first time solo, without his Orchestra at the Eastland shopping centre in the Melbourne suburb of Ringwood playing "My Way" and "Waltzing Matilda"—and the next day appeared at Sydney’s Arena Cove, Warringah Mall shopping complex with the same set. Rieu and orchestra returned to Australia in November as part of his world tour. Rieu and his orchestra played 3 concerts at Melbourne's Telstra Dome from 13-15 November and continued their tour throughout Perth, Sydney, Brisbane and Adelaide, through to December 2008. The concert theme is 'A Romantic Vienna Night' and the set comprises a complete replica of a Viennese castle, complete with 2 ice-skating rinks 2 Fountains, and a ballroom dance floor situated above and behind the Orchestra. Rieu's largest concert attendance to date in Australia was 38,000 on Saturday 15th November in Melbourne. The Perth concert did not feature the replica of the Viennese Palace as it was stated in the press because it would not fit into the front doors of Subiaco Oval.

He records both DVD and CD repertoire at his own recording studios in Maastricht in a wide range of classical music as well as popular and folk music plus music from well-known sound tracks and theatre musicals. His lively orchestral presentations, in tandem with incessant marketing, have attracted worldwide audiences to this subgenre of classical mus

Rules:

Leave us a comment and a winner will be randomly selected tomorrow at 4pm. Make sure we have a way to contact you and the winner must be available to pick up the tickets by tomorrow evening or early Wednesday. The concert is Wednesday, June 17th, 2009!

Tell a friend and don't forget to pass along our names to anyone you know who needs any type of Real Estate assistance!

Yoli and Sharon

Sacramento Weekend Happenings. June 12th-14th!

2009-06-12T14:15:00.000-07:00

		Hey Sacramento! These are just but a few of the wonderful happenings in our area! Also, don't forget! It is 2nd Saturday this weekend! Another hot spot is the Antique faire on Sunday located under the x street bridge! Have a Beautiful Weekend Sacramento! Yoli and Sharon, Your favorite Realtors!

Sacramento! It is competitive out there!

2009-06-09T12:46:00.000-07:00

First off, we would like to congratulate Scott S. and Michelle S. for being the lucky winners to last week's drawing. Both of them won two tickets each, to the Sacramento Monarch's opening game. Stay tuned because we will be doing periodic raffles and prizes!

Also, be sure to add us to your favorites and or subscribe to our blog. To the right of our blog is a follow button and you can also hit the subscribe button and it will send you an e-mail whenever we update our blog. (see the "Subsribe to our blog" button under the "Follow" button)

So, anyone try to submit an offer on a property in the Sacramento area lately? Tell us about it! Currently, Sharon and I are working with about 7 "First Time" buyers. Literally, we are chasing homes! When ever we do get an accepted offer, it is like hitting the lottery. It is that crazy out there!

Currently, we are experiencing a very low housing inventory, and with the very favorable property prices and interest rates, everyone is bidding for the few houses that are out there on the market. While it can be a frustrating process, do not give up. Diligence and patience are the key to success in this market.

Here is an article on the latest Real Estate statistics throughout the country.

Pending Home Sales Increase Nearly 7 Percent The Pending Home Sales Index , a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun , NAR chief economist, says buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”Geographical Breakdown

Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.
“Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.

Affordable Housing

NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.

Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Pending vs. Existing Sales

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.

“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.

Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.

Source: NAR (06/02/09)

Blog Givaway: Sacramento Monarch Box209 Seats!

2009-06-03T11:25:00.000-07:00

Hello and thank you so much for taking the time out to read and keep up with favorite greater Sacramento Realtors!

To show our appreciation for your business, referrals and frienship, we are giving away (2) Box 209 tickets to the opening game of the Sacramento Monarchs vs the Seattle Storm. Opening games are always loaded with give aways and excitement.

--------------------------------------------------------------------------------

Join fellow Sacramento Monarchs to celebrate the Monarchs on Opening Day on Saturday, June 6 at 1 p.m. as the Monarchs take on the Seattle Storm at ARCO Arena.

All you have to do, is leave us a comment and tell us how you know us or found us! (all comments have been enabled) We will do a random drawing on Thursday, June 4th at 6pm. Just check back and if your name has been called, contact us by email (our email address is on the right side of our blog)

You must be able to pick up the tickets at our office location on Friday, June 5th 2009. (ID may be required) The only "catch", is that you must notify us via email or phone that you are the winner by 9pm, Thursday night, or we will have to draw again, till a winner claims the tickets.

Sharon and I will be doing give aways on a random basis, so please subscribe to our blog. We will also be providing the latest local and global Real Estate news, as well as local Sacramento events.

Thanks again for your referrals and business. We would not have been able to stay in business for 15 years without your support!

Yoli and Sharon

It is that easy! Come on, what are you waiting for? Also, please feel free to tell a friend!

Banks Vow Smoother Short Sale Process

2009-05-29T12:13:00.000-07:00

Sharon and I are always on the look out for all the latest news and articles regarding today's real estate market. Short sales are on the rise here in the Sacramento real estate market, and we believe they are here to stay for a while before our market rebounds.

Just last week, I checked the statistics in three popular zip codes. 95758, 95834, and 95835. (Laguna, and Natomas neighborhoods) There were 650 homes for sale and 500 of them were short sales! Only 86 homes were Bank REO's. WOW. Stay tuned, Sacramento!

We found this very interesting article, and wanted to pass it along to you. One of the most frustrating problems with Short Sales, is the waiting period. With the pressure from the federal level, we are hoping to see a more smoother process.

If you would like more information on short sales and or know anyone who needs assistance, please pass them our information.

Lenders, including Bank of America and Wells Fargo, say they are making it easier for delinquent borrowers to avoid foreclosure by selling their homes for less than they owe on them.

Their efforts dovetail with a strategy unveiled last week by the Obama administration to promote such short sales.

Demand for short sales has burgeoned because falling home prices have made it impossible for many homeowners to get high enough prices to repay their lenders if they run into financial trouble, such as a job loss.

A short sale has an advantage over foreclosure for the homeowner because it is less embarrassing and does less damage to his or her credit. And for the lender, it is less costly than having to repossess, market and maintain a vacant property.

Also, keeping a house occupied can help preserve a neighborhood.

However, because of the complexity of such transactions -- including the need for approval of a sales price by lenders, investors and mortgage insurers -- the sales often fall apart. Real estate agents complain that by the time they get an answer from the bank on an offer, the potential buyer has lost interest.

At Bank of America, the nation's largest mortgage servicer, more than 60 percent of approved short sales do not close, which is why the bank wants to streamline the process, said BofA Senior Vice President David Sunlin by telephone Thursday.

Sunlin, who manages short sales for the bank, said the bank's first goal still is to negotiate a mortgage modification that will let a borrower keep his home. But he said during those negotiations the bank can simultaneously obtain the documentation needed to qualify the borrower for a short sale if the modification doesn't work.

In the past, Sunlin said, the bank did not begin the lengthy process of qualifying a borrower for a short sale until it had received a purchase offer.

To expedite short sales, Bank of America has enlarged and updated staff training and set up a phone line dedicated to short sales that borrowers and their agents can use.

Also, Sunlin said, in 60 to 90 days the bank will roll out a Web program it will use to find and track the short sales of houses with mortgages that it services. He said the Web portal also will accept qualifying documentation from clients wishing to do short sales.

Sunlin said it typically takes 45 to 60 days for the bank to tell a client if a short sale offer can be accepted, and up to 90 days if an investor must approve it. The goal, he said, is to shorten the wait to a week.

"By doing this, we should see more private sales instead of more sales of bank-owned (houses)," he said.

Sunlin said short sales will also benefit from an amendment to President Barack Obama's Making Home Affordable program announced last week that will standardize short sale application and acceptance forms. It also provides monetary incentives to servicers and helps cover relocation expense for homeowners.

David Knight, senior vice president at Wells Fargo Home Mortgage, said in an interview that his bank has been working many months to reduce delays in the short sale process. He said the bank is working closely with borrowers' agents to increase the likelihood that the listing prices on a short sale will be accepted.

The lending and real estate industries have been on a crash course to learn about short sales since the housing market bust, Knight said. "The big challenge is none of us really understood the process," he said.

By LESLIE BERKMAN
The Press-Enterprise

Thursday, May 21st 2009

Weekend Happenings In Sacramento. May 22nd - 24th 2009

2009-05-21T12:42:00.000-07:00



		Events

California: Fast Facts regarding Property Values

2009-05-13T15:39:00.000-07:00

Fast Facts!

California. median home price - March 09: $253,040 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region March 09: Santa Barbara So. Coast $825,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region March 09: High Desert $114,670 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Fourth Quarter 08: 59 percent (Source: C.A.R.)
Mortgage rates - week ending d: 45/7/09 30-yr. fixe.84% Fees/points: 0.7% 15-yr. fixed: 4.51% Fees/points: 0.7% 1-yr. adjustable: 4.78% Fees/points: 0.6% (Source: Freddie Mac)

(facts provided by California Association of Realtors)

Sacramento Real Estate on the Rebound?

2009-05-07T14:46:00.000-07:00

As a couple of very active agents here in the Sacramento area, we will have to agree with this recent post in the New York times. Sharon and myself have been been out there in the "trenches' and have been chasing properties with our buyers. All offers have been competing against multiple bidders. For the past couple of months it has been insanely competitive and we have been educating our buyers to concentrate on homes 15 thousand to 20 thousand dollars lower than their price range. We are advising them to do this because more than often, they are going to have to outbid other buyers when placing an offer on a current and new listing. Look out Sacramento, "things are a changing!"

Here is what the New York Times has to say.

By DAVID STREITFELD
Published: May 4, 2009
SACRAMENTO — Is this what a bottom looks like?

This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery, a hopeful sign for an economy mired in trouble and anxiety.
Investors and first-time buyers, the traditional harbingers of a housing rebound, are out in force here, competing for bargain-price foreclosures. With sales up 45 percent from last year, the vast backlog of inventory has diminished. Even prices, which have plummeted to levels not seen since the beginning of the decade, show evidence of stabilizing.
Indications of progress are visible in other hard-hit areas, including Las Vegas, parts of Florida and the Inland Empire in southeastern California. Sales in Las Vegas in March, for example, rose 35 percent from last year.
“It’s fragile, and it could easily be fleeting,” said an MDA DataQuick analyst, Andrew LePage. “But history suggests this is how things might look six months before prices bottom out.”
Hope for housing was on full display in the stock market on Monday. News that pending home sales rose in March instead of falling, coupled with improved construction spending, propelled a strong rally. One broad market average, the Standard & Poor’s 500-stock index, is now in positive territory for the year, after being down 25 percent on March 9.
No one in Sacramento is predicting that local housing prices, which have been cut in half from their mid-2005 peak, are going to reclaim much of that ground anytime soon.
Instead, this is what passes for wild-eyed optimism: a belief that things have finally stopped getting worse. “A period of price stagnation would boost a lot of spirits,” Mr. LePage said.
When a market bottoms, foreclosures usually stop piling up and banks become more willing to make loans, confident the collateral backing them will not fall in value.
Nationally, signs of progress in real estate are still faint at best. Existing home sales in March were down 7 percent from last year, according to the National Association of Realtors.
The supply of unsold homes was about 10 months, a number that has changed little over the last year and is abnormally high. But first-time buyers were an impressive 53 percent of the market — and that was largely before a first-time buyer’s tax credit of $8,000 became available.
With the tax credit in place and interest rates low, the pace of sales may be picking up. The Realtors’ group said Monday that the number of houses under contract in March was up 1 percent from a year earlier. Those pending deals will be reported in the existing-home sales for April and May.
Sales volume tends to recover long before prices. In fact, some analysts think price declines in many markets are accelerating. First American CoreLogic, a real estate data firm, reported that “the depth and breadth of price declines continued to worsen in February.” Fitch Ratings recently revised its estimate of future declines to 12.5 percent, from 10 percent, saying the drop would extend to the end of next year.
Amid the uncertainty, Sacramento is drawing scrutiny as a test case. The area boomed in the first part of the decade; the population of Sacramento County increased 10 percent, to 1.4 million, as San Franciscans sought cheaper places to live.
When the market peaked and the ability to refinance all those costly mortgages dried up, the carnage began. There have been 28,898 foreclosures in Sacramento County since 2005.
Sales in the top half of the market remain slow. The Federal Reserve reported on Monday that half of all banks recently tightened their lending standards on prime mortgages. Many would-be buyers, here as elsewhere, simply cannot get financing.
Sellers, meanwhile, are reluctant to lower their prices, preferring to bide their time. New construction is nearly nonexistent.
What drives the market here, then, are all those foreclosures. Two-thirds of the 2,092 existing single-family houses and condominiums sold here in March were bank repossessions, up from 8.5 percent two years ago, according to MDA DataQuick, a real estate research firm.
These cut-rate properties are engendering the same frenzy and frustration that symbolized the boom, as Rebecca and Chris Whitman discovered when they started looking for a house in December. Ms. Whitman’s new job as an athletics director at Sacramento State required an immediate move from Chico, two hours north.
In two months the couple looked at 100 houses, nearly all foreclosures priced under $200,000, making verbal offers on 20. Only rarely did they get a response. Banks trying to unload large numbers of properties are less interested in traditional transactions with individuals than all-cash offers from investors.
As interest rates fell, the Whitmans were able to increase their price limit. They ended up buying from investors. A syndicate had bought a three-bedroom foreclosure on a cul-de-sac in eastern Sacramento last fall for $172,000, made a few improvements and was flipping it — another boom-era element that is back. The Whitmans bought it three weeks ago for $224,500.
“We think we got a good deal,” said Ms. Whitman, 31. Their monthly payment, including property taxes, will be about $1,200. Renting an equivalent house, with space for their two dogs, two cats and the baby they are expecting, would have been hundreds of dollars more.
When buying is cheaper than renting, markets begin to turn. At the current rate of sales, there is less than three months of inventory in the Sacramento market. In normal times, that would indicate a seller’s market.
Except these are not normal times. The unemployment rate in the county is 11.3 percent, the highest in decades. That will prompt more foreclosures all by itself. Furthermore, banks have lifted various processing moratoriums that lowered foreclosures last fall.
These two factors yielded a rise in the number of default notices filed in Sacramento County in March to 2,819, a record. Thousands more bank-owned houses are likely to come to market this summer and fall.
“That will stall any progress toward stability,” said Michael Lyon, chief executive of Lyon Real Estate. “The prospects for a recovery are fool’s gold.”
Mr. Lyon expects further price declines and slowing sales. But David Berson, the chief economist for the mortgage insurer PMI, argues that such bleakness from the people whose livelihood is selling houses is itself a positive sign. “Things are awful at the bottom, and we’re at the bottom,” Mr. Berson said. “No question about it. But the trend going forward should be higher sales, and that will eventually affect prices.”

Baskins Robbins 31 Cent Scoop Night

2009-04-28T15:54:00.000-07:00

Hello Everyone,

We love sharing with you. Take a love one for a scoop of ice cream and remember that you heard this from your favorite " Real Estate Team"....

Sharon & Yoli

" Team Power Working For You"

Please leave a comment for us.....

BASKIN-ROBBINS 31 Cent Scoop Night

Only 31 Cents !!!

Help your neighborhood raise money for YOUR local fire service organization during Baskin-Robbins 31 Cent Scoop Night. For the third annual event, Baskin-Robbins is partnering with the National Volunteer Fire Council (NVFC) and their National Junior Firefighter Program and will donate $100,000 to the cause. Locally, Baskin-Robbins is providing an opportunity for firefighters and store owners to come together for an event of fun, smiles and fundraising for local fire service organizations. On Wednesday, April 29th, 2009, Baskin-Robbins stores across the country will hold 31 Cent Scoop Night from 5-10 pm to honor America's firefighters. Baskin-Robbins will reduce prices of small ice cream scoops to 31 cents* and create an opportunity for customers to donate to local fire charities. Read more about the NVFC and the National Junior Firefighter Program at http://www.nvfc.org/juniors

C.A.R. luanches mortgate protection plan for 1st time home buyers

2009-04-07T16:24:00.000-07:00

C.A.R. launches mortgage protection plan for first-time home buyers

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.

To qualify for the Mortgage Protection Program, applicants must:

· Be a first-time home buyer – someone who has not owned a home in three

or more years

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

(original post from C.A.R.)

Protecting yourself from loan modification scams

2009-03-25T14:55:00.000-07:00

Protecting yourself from loan modification scams.

As your realtors, we're here to help you through these tough times!

Sharon Boatwright

RE/MAX Gold Greenhaven

916-825-4315

sharoninrealestate@gmail.com

Visit our web site at:

www.yoliandsharon.blogspot.com

DRE License # 01207889

Yoli Manzo

RE/MAX Gold Greenhaven

916-997-6934

yo li.manzo@gmail.com
DRE License # 01184259

-Do you want to know what your home is worth?

-The benefits of a short sale?

-How can I buy a rental property?

-Is it a good time to buy my dream home?

Call us any time and we can discuss these questions.

We would love to be your resource for all of your real estate needs and thank you for your referrals!

*RE/MAX Gold Greenhaven does not perform any loan modification services nor endorse any companies or affiliates. These contents are strictly to provide information and resources for homeowners.

Homeowners please be careful!

Loan modification is an amazing financial tool and we're saving peoples' homes evey day, but of course there is risk and reward that we need to discuss.

Don't believe the person who tells you exactly what you want to hear - if it sounds too good to be true then it is!

Only work with someone who has earned your trust and comes to you through a referral. Ask the hard questions, demand proof of completed modifications, insist on time to go over your case both the best and worst case scenarios, and don't let anyone rush you.

Call me with any questions or to schedule a free consultation.

Sincerely,

Norm Schriever

Loan Modification Specialist

Sacramento Foreclosure Help.com

916-548-6350

norm@sacramentoff.com

These are some ways people are being ripped off and what to do to protect yourself.

1. Fake authority.

Someone calls you on the phone and claims a "special relationship" or to have an "inside person" with your lender. Telemarketers (though they say they are calling from an attorney's office) even go so far as to say they have something to do with a government program that can help you. Watch out for official-looking mail that is not from your lender but a modification con artist.

2. A middle man to a middle man.

Everyone wants a piece of the pie and there are thousands of people saying they can get you a loan modification, but most of them have little or nothing to do with the actual process. More middlemen means more fees and zero quality control or accountability for you, the homeowner.

3. Never use someone you can't meet with...at their office.

Beware of out of town firms. As we speak there are phony companies popping up by the day, especially in Southern California, who have one goal - to take your money. NEVER do business with someone over the phone you can't meet with at their office to check them out. Remember anyone can tell you anything over the phone (I could tell you that I'm 6'4" and have a full head of hair!) but it probably ain't so! If they were really that good you would probably be calling them instead of them calling you.

4. Selling you the sunshine.

Loan modification telemarketers are operating off a script and telling you exactly what you want to to hear so you'll write a check. Stop. Think. A true professional will go over the risk and reward of their service and not just give you all the good news (that they can't guarantee in writing).

5. Stay away from Craigs List

Craigs List is great if you want to buy a nasty used futon but please do not find your representation for important financial services there. Think about it - there are hundeds of thousands of dollars at stake so get it right!

6. Make sure you get advice about all of your options.

Generals want to go to war, doctors want to operate, and loan modification salesman want to...you got it! This is a very serious process and you need to get the total picture including the foreclosure process, short sale, bankruptcy, taxes, deficiency judgments, credit, etc. Clients need to know all of their options and the pro's and con's of each before proceeding.

7. Never give credit card or financial information over the phone.

This should be self explanatory but I'm continually amazed how easily people hand over their money without ever meeting the company. They may clean you out and come back for more. Have you ever heard the saying "a fool and their money are easily parted?"

8. Get proof of successful modifications.

The guy on the phone will tell you about all of these amazing things, but ask for proof of their recent successful files - evidenced by before and after mortgage statements - and they'll start backpeddling so fast your head will spin. The proof is in the completion...not what they say they'll do!

9. The principal reduction trap.

This is where they get a lot of people. Many homeowners are so angry and emotional about their house going down in value that they are easy prey for salesman who promise that they'll lower their house down to fair market value. Here's the truth - you can afford to keep your home based on what your monthly payment is, not based on what it's worth, and lenders know this. Principal reduction does happen, but maybe only 10% of the time (for everyone) and more so with some lenders (Litton and US Bank). Even if the bank reduces your principal, who do you think might get a 1099 for that amount as taxable income? Be careful what you wish for!

11. Get everything in writing.

Get everything documented before you commit to doing business, including physical addresses, names of attorneys or brokers and staff, state license numbers, phone numbers, agreements, receipt of payments, scheduled points of communication, refund policies, and proof of correspondence with your lender.

Where can I go for free, honest advice and help?

www. SacramentoForeclosureHelp.com, 1-800-504-8816
Neighborworks, 916-452-5356
Sacramento Housing and Redevelopment Agency, 916-440-1300
Better Business Bureau, 916-443-6843
HOPE line, 1-888-995-HOPE
Department of Consumer Affairs 1-800-952-5210
California Department of Real Estate, 916-227-0864

We do a complimentary, no pressure review of your situation. Even if you already started with another company, want to use someone else, or want to attempt the negotiation yourself we would love to talk to you and give you information so you make the best decision.

Treasury announces relief requirements home loan modifications

2009-03-12T13:42:00.000-07:00

On March 4th, The Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan � announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes.

Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.

The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

GSE lenders and servicers already have much of the borrower's information on file, so documentation requirements are not likely to be burdensome. In addition, in some cases an appraisal will not be necessary. This flexibility will make the refinance quicker and less costly for both borrowers and lenders. The Home Affordable Refinance program ends in June 2010.

The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department today announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications. This program will work in tandem with an expanded and improved Hope for Homeowners program.

With the information now available, servicers can begin immediately to modify eligible mortgages under the Modification program so that at-risk borrowers can better afford their payments.

Don't forget to Change Your Clocks!

2009-03-06T16:37:00.000-08:00

Just a friendly reminder, brought to you by Comstock Mortgage

Sacramento Weekend Events.

2009-03-04T16:08:00.000-08:00

Yoli and Sharon recommend these events for the this weekend!
(March 6th through March 8th)

Sacramento Home & Garden Show
Fri, Mar 6th 12:00p - 6:00p
Sat, Mar 7th 10:00a - 6:00p
Sun, Mar 8th 10:00a - 5:00p
Cal Expo: 1600 Exposition Blvd, Sacramento
(A, B, Mezzanines & Buildings #1-8 in the Expo Center)
28th annual three-day event sponsored by: Home Improvement &
Remodeling Magazine, Sacramento Chapter of NARI, Sacramento
Habitat for Humanit, Sacramento Magazine, Sacramento SPCA
SMUD, & Susan G. Komen for the Cure. Door prizes. $7
(12 & under free). Bring a can of food and save $1.
www.sachomeandgardenshow.com/spring/index.php

Kids Movie Matinee
Sat, Mar 7th 1:00p-2:30p
Folsom Public Library: 411 Stafford St, Folsom
Kids ages 7 and up can join us for a great movie the
1st Saturday of each month. Rated PG. Free. (916) 355-7374
Sacramento Antique Faire
Sun, Mar 8th 6:30a to 3:00p
Midtown/Sacramento: (21st St. between W and X Streets)
Outdoor antique and collectible marketplace. Held rain or shine.
$3 general, free for ages 15 and younger. (916) 600-9770

PLACER
FREE Red Cross CPR class
Sat, Mar 7th 8:00a - 5:00p
Oracle Corporation: 1001 Sunset Blvd, Rocklin
Throughout the month of March, chapters across the country will
celebrate Red Cross Month by holding special events,
trainings and fundraisers that give individuals an opportunity to
support the Red Cross’ mission: to provide relief to victims of
disasters and help people prevent, prepare for and respond to
emergencies. Free. (916) 368-3136 www.sacsierraredcross.org
2009 West Zone Synchronized Swimming Championships
Sat, Mar 7th 8:30a
Roseville Aquatics Complex: 3050 Woodcreek Oaks Blvd
The Sacramento Synchronized Swim Team will host this
championship meet. There are 196 registered athletes
representing 19 teams from Montana, Arizona, Oregon,
Washington, Nevada & California. Local swimmers from
Carmichael, Fair Oaks, Sacramento, Davis and Orangevale will
be competing. Northern California is home to more U.S. Olympic
synchronized swimmers than any other area in the nation.
“Many will likely be competing in the 2012 Olympics.” Free.
(916) 501-7624

55th Annual Oriental Food Bazaar
Sat, Mar 7th 10:30a - 6:00p
Del Oro High School: 3301 Taylor Rd, Loomis
Feast on teriyaki chicken, kushiyaki, chow mein, and hand-made
sushi. Enjoy a delicious array of homemade pies, cakes, cookies
and pastries – some made with locally produced fruit. Available
all day to enjoy family-

Affordable Housing in California

2009-02-26T18:37:00.000-08:00

Most families can now afford house

By Gregory J. Wilcox, Staff Writer

Updated: 02/18/2009 07:53:43 PM PST

Real-estate prices have fallen so low that nearly 60 percent of California households could afford to buy an entry-level home, a trade association said Wednesday.

The California Association of Realtors reported that affordability soared to 59 percent in the fourth quarter of 2008, compared with just 33 percent a year earlier.

"I think it's the best news because it means the markets are working and the first-time buyers and investors are responding," said Leslie Appleton-Young, the association's vice president and chief economist.

The association considers its affordability index the most fundamental measure of housing well-being for first-time buyers in the state.

Last year's fourth-quarter affordability is the highest since the index was created in 2003. And demonstrating the volatility of the state's housing market, the index hit its record low of 23 percent in the second quarter of 2006.

Under the association's formula, an affordable price for first-time buyers is 85percent of the median price statewide and in selected markets.

California's housing market has been roiled by a huge number of foreclosures. The bargain-price property is driving huge sales gains in some parts of the state.

"That property is perceived to be a good deal and long-term investment," Appleton-Yound said. "That stuff is selling."

The latest report also showed:

The median entry-level price fell 40 percent, from $411,170 in the fourth quarter of 2007 to $248,030 in the comparable period last year.

Approved Short Sale in Beautiful Laguna West

2009-02-17T13:42:00.000-08:00

We need to sell this yesterday......
This home has so much potential with so much space.

Call us today for your private showing.

If you need help with your short sale process,don't hesitate to call us.

Sharon & Yoli - 916-825-4315
916-997-6934

2200 Heger Way Elk Grove, CA 95758-7121
$275,000
Approved Short Sale... Need a Buyer Now...What a house in Laguna West. A Must See. Over 2800 sq Ft of house with 1 downstairs bedroom w separate family/living room. Gourmet Kitchen w/ upgraded appliances & granite counter tops. Over sized Master Bedroom with large walk in closet. Upstairs has bonus room too.Too Much to list!!!!
Directions: Laguna to Harbour Point to Bastona to La Tonis to Heger to address.

ML#:80086583
Year Built: 2002
Presented By:

February 2009
Sharon R Boatwright
Primary: 916-825-4315
Secondary:
Other:
E-mail: sharoninrealestate@gmail.com
Web Page: http://www.yoliandsharon.blogspot.com
RE/MAX Gold Greenhaven
7410 Greenhaven Drive Ste 105
Sacramento, CA 95831
916-868-0900
Fax: 916-868-0910
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How The Stimulus Can Help Your Wallet

2009-02-17T13:25:00.001-08:00

Last week the House of Representatives passed its version of the stimulus package; on Tuesday, the Senate passed its version. Yesterday, the two groups announced they have reached a compromise and are expected to vote on the package this week. President Obama has urged lawmakers to present him with the bill prior to President’s Day, which is Monday, Feb. 16. MAKING SENSE OF THE STORY FOR CONSUMERS · It is likely that the final stimulus bill will closely resemble that of the Senate’s approved version, due to the number of votes needed. The Senate version garnered three Republican votes, while the House’s version did not receive support from any Republicans. If the package is too different than that of the Senate’s, the bill may not be passed. · Some of the provisions under consideration are a $500 credit per worker and a $1,000 credit per dual-earner couple to be paid to people making $70,000 or less; a one-year provision to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax; a temporary tax credit to allow those who buy a car in 2009 to deduct the interest they pay on their car loan as well as the sales tax charged in the purchase; a $2,500 credit for higher education expenses; as well as health care, unemployment, and needy family provisions. · Another provision under consideration is a temporary $15,000 tax credit for home buyers. This would double the size of the existing temporary home-buyer credit, eliminate the first-time home buyer restriction, and remove the requirement that the credit be paid back. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the NATIONAL ASSOCIATION OF REALTORS® (NAR) are lobbying for this provision’s inclusion in the final bill. · The House version of the stimulus package also contained a provision to increase the Fannie Mae, Freddie Mac, and FHA loan limits in every county in the state to 2008 levels. C.A.R. has long advocated for higher conforming loan limits, and believes this stimulus package is a step in the right direction for California’s homeowners. If approved, the conforming loan limits in high-cost areas would be increased from $625,500 to $729,750, enabling more home buyers to purchase at favorable interest rates

(Article by CNN Money)

Yoli and Sharon's Shopping Trip Dec. 6th 2008

2008-10-21T17:22:00.000-07:00

Yes, it is that time again! Sharon and I are gearing up for our annual Shopping trip to San francisco! We, of course, are bringing out the big guns to make this a fun and exciting trip.

We will be leaving Sacramento aprox. 8:00 am, and will return aprox. 8:00 pm. Tickets are 35.00 per person, and yes, this includes round trip transportation, prizes, drinks, snacks a private show at Nordstroms

If you are interested, please contact me at www.ymanzo@cbnorcal.com
This is always a sold out event, so get your tickets early!

I included the flyer, but blogspot is not letting me alter it, so please excuse small print.

Thank You,

Yoli Manzo & Sharon Boatwright

You Just Gotta Laugh

2008-10-09T16:41:00.000-07:00

New $300 billion Housing Rescue Bill

2008-07-28T13:39:00.000-07:00

Updated news on the "Mortgage Meltdown" with The House on Wednesday (7/23/08) passed a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac. [posted 7/25/08 - http://money.cnn.com/2008/07/23/real_estate/housing_rescue_guide/index.htm?postversion=2008072321]
How do homeowners qualify and what do they NEED to do? To qualify for the housing assistance program, homeowners must live in their home and have loans that were issued between January 2005 and June 2007. They also must be spending at least 40% of their gross monthly income on all household debt. Borrowers do not have to be in default, but they must show proof that they will not be able to continue making their existing mortgage payments.
Prior to receiving an FHA-backed mortgage, homeowners must first pay off any other debt on the home, such as a home equity loan or line of credit. Borrowers also are not permitted to take out another home equity loan for at least five years, unless it’s used to pay for the necessary upkeep of a home and is approved by the FHA. Total debt cannot exceed 95 percent of the home’s appraised value at the time of appraisal.
The program is voluntary, so the original lender(s) must agree to rework the loan before a homeowner starts the application process. Each loan must be underwritten by an FHA-approved lender and will be evaluated on a case-by-case basis. Homes will be re-appraised and banks will verify income statements, bank accounts, job histories and credit scores.
Although there are little up-front costs for borrowers, consumers receiving a refinanced loan must agree to certain terms, including paying an insurance premium of 1.5 percent of the principal annually to the FHA.
How can I apply? Borrowers can contact their current mortgage servicer or go directly to an FHA-approved lender for help. These lenders can be found on the Web site of the Department of Housing and Urban Development.
How does the refinancing process work? This is a voluntary program, so lenders holding the original mortgage have to agree to rework a given loan before things can get started. The bill requires lenders to make major concessions, writing down the value of the loan to 90% of the home's current value. In areas where prices have plummented by as much as 20%, that will mean a substantial loss for the lender.
What does it cost? There should be little up-front costs for borrowers to bear. Loan origination fees will vary by lender, but these can usually be paid by the borrower over the life of the loan in the form of a slightly higher interest rate.
However, the refinanced loans do come with many strings. For one thing, borrowers are responsible for paying an insurance premium to the FHA guaranteeing the loan, which will be 1.5% of the principal annually.Borrowers also agree to share any profits from future home-price appreciation with the FHA. To do that, they'll pay a "3% exit fee" of the mortgage principal to the FHA when they resell or refinance.The source of this information was compiled from the California Association of Realtors (www.car.org)

California Market Flash For The Month of July

2008-07-23T17:57:00.000-07:00

JULY MARKET FLASH

SUMMER IS A-COMIN’ IN

Intro: Spring’s enthusiasm was certainly a relief from the gray, congealed market of last winter. As spring moves into summer, we don’t know quite what to expect—far, far too many factors are in play to encourage confident prediction—but we do know this: those who are prepared will profit most from whatever direction the market does take. Read on.

Statistics:

Statewide: The median resale price of a single-family detached home in California for May was $384,840, a decrease of just over 35 percent from May 2007 and almost 5 percent from last month. Unsold resale inventory represented an 8.4-month supply, compared to 10.7 months for the same period a year ago. Median number of days till sale was 50 in May, almost unchanged from 51 in May 2007.

County Statistics: (Med = median, Ac = activity, MOM = prior/this month, YOY = prior/this year)

	CurrMed	MedMOM	MedYOY	CurrSls	AcMOM	AcYOY
Alameda County	$475,000	0.26%	-19.18%	1,186	-4.35%	-27.28%
Contra Costa County	$387,000	-2.03%	-34.41%	1,206	-4.66%	-11.71%
El Dorado County	$365,000	-3.69%	-25.05%	191	24.84%	40.44%
Marin County	$899,000	12.38%	5.76%	200	-7.41%	-44.29%
Monterey County	$350,000	-6.73%	-41.67%	232	9.43%	n/a
Napa County	$474,000	-4.24%	-24.16%	92	-8.00%	-17.86%
Nevada County	$360,000	-16.28%	-21.74%	97	5.43%	n/a
Northern California	$337,870	-2.42%	-12.44%	n/a	n/a	n/a
Placer County	$338,000	-3.29%	-20.47%	489	-1.01%	32.88%
Sacramento County	$225,000	-3.02%	-35.53%	2,028	10.16%	116.90%
San Benito County	$332,500	-12.90%	-43.64%	40	-13.04%	17.65%
San Francisco Bay	$517,000	-0.19%	-21.67%	6,216	-1.49%	-23.07%
San Francisco County	$799,500	4.24%	-4.25%	484	-20.00%	-21.43%
San Mateo County	$699,500	4.40%	-13.64%	444	-22.51%	-41.81%
Santa Clara County	$630,000	0.08%	-12.50%	1,173	-18.54%	-46.17%
Santa Cruz County	$543,750	-9.98%	-24.79%	156	2.63%	n/a
Solano County	$300,000	-6.25%	-31.66%	440	2.56%	-7.56%
Sonoma County	$414,000	0.12%	-20.31%	409	-7.47%	-29.24%
Yolo County	$308,750	2.07%	-27.35%	212	34.18%	89.29%

Alameda County: Though down from December, median held up for the month of May. This market may be reaching a price point that’s attractive to the general prospect, since May sales almost equaled April’s surprising surge and are more than double the recent low in January.

Contra Costa County: Median lost a sliver this month and continues at less than two-thirds of its recent record in June 2007. Sales are at levels not seen in the last year, driven by sales of steeply depreciated homes in attractive neighborhoods.

El Dorado County: Sales have exceeded the August 2007 peak of 185 and seem poised to crack 200. Median has lost roughly $100,000 in the last year but has more or less stayed stable since the beginning of this year.

Marin County: Sales seem to have shaken off winter doldrums and returned to the level of fall 2007. Some constraint is exerted by the region’s lowest proportion of foreclosure sales, about 6%, and by still-restricted availability of jumbo mortgages. Median has surged to within a hair of $900,000, but we must remember that Marin’s median has been relatively bulletproof in the current crisis; historical low of $750,000 came in January 2006, and since then it’s scarcely been below $800,000.

Monterey County: Median has shrunk by almost half in a year—from $600,000 last June to $350,000 today. But how much of this is depreciation and how much is due to high-end properties not moving the way they once did, we’re not sure. On the other hand, sales are now at their highest point in our records after essentially doubling since January.

Napa County: Sales have recovered from January’s scary low of 37 and are now flirting with the triple-digit levels of last summer.

Nevada County: Sales have a way to go to match last summer’s levels, but have been increasing without pause since January. Median was holding up well as recently as April, but then declined by $70,000 in May.

Placer County: Consistent sales of almost 500 demonstrate a welcome recovery from last September’s 216. Median, after being essentially flat for the last half of 2006 and first half of 2007, has declined steadily for the last year and lost a little over $80,000—possibly converging on a new price stability along with the rest of the Sacramento Region.

Sacramento County: Current median of $225,000 is the lowest we’ve ever seen, but the resulting affordability seems to be provoking a recovery. From a low of 751 in January 2007, sales have nearly tripled as of last month and doubled in the last four months. Perhaps prospects and buyers (largely investors) will push Sacramento out of its slump.

San Benito County: After a recent sharp rise, sales have regained the levels of 18 months ago, though median has fallen by a third in the last year.

San Francisco Bay: The Bay Area enjoyed a $660,000 median all last summer, but has fallen $150,000 since then. On the other hand, sales have risen by 50% since February.

San Francisco County: May sales declined about 20% from an April peak but are still at last fall’s levels, even with relatively few foreclosure sales. Median has been climbing steadily since December and is now, again, happily knocking on the door of $800,000.

San Mateo County: Median is down by about $100,000 in the last year. One figure or the other may improve in the near future, but the market must recover more generally for both to improve at once.

Santa Clara County: Even after a slight retreat in April, sales are double what they were in January. As jumbo loans become more available, this situation will improve further. Median has only dropped by about 10% in the last year.

Santa Cruz County: Sales almost doubled between March and April, then built on that gain in May. But a decline of $60,000 in median for the month means a loss of $180,000 for the year. This county is looking a lot better than it did over the winter and there’s hope it will regain the eminence it enjoyed when the market was hot.

Solano County: Sales have nearly doubled in the last three months, driven by foreclosure resales accounting for almost 60% of transactions. On the other hand, median has declined by a third since March 2007. Like many rural counties, Solano will probably participate strongly in the general recovery when it comes.

Sonoma County: Three months of increases have at least brought the median back above $400,000 and a sustained increase in sales has brought activity back to the levels of last summer. Sonoma, together with Solano and Contra Costa counties, is an affordability champ for the region this month. (And incidentally, Sonoma city took CAR’s Most Improved Median in May with a 61% improvement year-over-year.)

Yolo County: Yolo’s loss of over $110,000 in median for the year makes it look superficially like a lot of other counties—but exciting things are happening in the shorter term; since January, sales have doubled while median has actually increased. Happily, this county will have its share in the greening of greater Sacramento.

Interest Rates: 30-year fixed, 6.26%; 15-year fixed, 5.78%; 30-year nonconforming, 7.32%. A spread of more than 1% between 30-year fixed and 30-year jumbo underscores the difficulty of finding loans appropriate to California’s coastal markets. 5/1 ARM is exactly the same percentage as 30-year fixed, which is one reason (the other being borrower wariness about resetting loans) that the proportion of new 5/1 ARMs in the market is dropping.

During the third week in June, Freddie Mac was deeply concerned that if rates rose even slightly on conforming loans, sales would slow drastically as prospects had less incentive to look for bargains. Since then, pressure has eased as 30-year fixed has backed off about 20 basis points, but we all know that’s only a breather. Affordability in Northern California is still so fragile that if inflation—or, for that matter, Federal Reserve conservatism—kicks rates higher, the market’s current guarded optimism may collapse again. Cross your fingers.

Inventory: What you see is what you get. Availability now is unpredictable depending not only on location, but on the type of buyer (first-time, move-up, rental property, overseas) who may be interested in the specific area. Foreclosures are flooding some neighborhoods with properties, but hardly touching others. Overall, inventories still won’t be one of your major concerns, but they’re bound to figure into your calculations more than they did six months ago.

Overall Assessment: Optimism feels so good and for the first time in months, we’re feeling optimistic! Bargains abound, especially in areas away from the coast. The Bay Area’s average monthly mortgage amount has shrunk by 30% since its recent peak two years ago. Thirty year fixed mortgage rates were inching up for a while, but now seem to be retreating towards 6% rather than lunging for seven. In many parts of Northern California, for the first time in years, an attractive home can be called affordable. Remind your prospects of a contradiction that works in their favor: right now they may be facing a very brief opportunity to purchase a home that will suit them for a very long time.

Foreclosure Bus Trip June 29th Featuring Elk Grove, CA

2008-06-18T16:36:00.000-07:00

Come and join us for private tour of Foreclosed properties available in the Elk Grove/North Laguna communities. Now is the time to take advantage of the low pricing our market has been experiencing. We will cover 5-6 homes and will have various leading experts on board to answer your questions. Reserve early, we have limited seating! In addition to viewing property, you will also receive a copy county record information detailing the property history, available financing programs, and you will each receive a custom REO/Foreclosure Hot sheet of all the current listings within your price range. Call us today!