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CalPERS home loans trump minimum wage for State employees
Thursday, August 7, 2008
Working for the State of California may not seem all that appealing when the annual tradition of stalled budget negotiations means minimum wage for state employees (except those who are exempt from the governor's recent executive order), but there are some benefits to civil servants that just might make it worthwhile, like the CalPERS Member Home Loan Program (MHLP).
CalPERS (the California Public Employees Retirement System) draws its membership from employees of the State of California as well as public sector employees in may city and county government agencies, including employees of the City of Sacramento, Sacramento County, Placer County, and many other counties and local municipalities. If you have a CalPERS member number, you should be eligible for the Member Home Loan Program—and membership has its privileges, including:
60-Day and 90-Day Rate Protection
At the time of your loan application, you can lock in your interest rate for 60 or 90 days and get protection against market fluctuations. Other loan programs that offer shorter lock periods can leave you with a higher rate at close of escrow—resulting in higher monthly mortgage payments.
Two FREE CalPERS Float Down Opportunities
With the 60-day and 90-day interest rate locks, you’ll receive the lowest CalPERS interest rate on three key dates—date of loan lock-in, date of loan approval, and date the loan documents are drawn.
30-Day Rate Lock
You can choose to lock your interest rate for 30 days instead 60 days. Although the float down feature is not available with this option, you’ll get the benefit of a competitive 30-day rate.
Low-to-No Down Payment Programs—CalPERS Special Loan Programs
CalPERS offers several financing options that have either low or no down payment requirements. The MyCommunityMortgage™ and Flexible 100™ require little to no down payment.
Interest Only Feature
If you are just starting off, would like greater purchasing power, or like the idea of lower initial monthly payments, CalPERS' Interest Only Feature could be right for you. With initial interest-only periods of 7- to 10-years, these fixed rate and adjustable rate mortgage loans are available for home purchases or refinancing.
100 Percent Financing Options
CalPERS offers options to purchase a home with no out-of-pocket costs for the down payment. CalPERS' 100 financing options could let you secure up to $500,000 for a down payment. CalPERS even offers down payment assistance on jumbo loans.
Savings From Our Partners
To provide you with more comprehensive service during your home buying process, a number of affiliate relationships have been established. Check out additional savings on services related to purchasing or refinancing a home here.
No Prepayment Penalties
Any CalPERS Mortgage Loan gives you the option to make early principal payments with no penalty. This feature of the program not only gives you the ability to build equity in your home but, because these payments are immediately applied to your loan's principal balance, it also saves you money.
For more information or to take advantage of the CalPERS Member Home Loan Program (MHLP), call (916) 444-7577 and we'll connect you with an independent mortgage professional who can serve your needs.
Labels: Antelope, Arden, Central, Citrus Heights, Curtis Park, Downtown, East Sac, Elk Grove, Elmhurst, Greenhaven, Laguna, Land Park, Midtown, Natomas Park, North Natomas, North Sac, Rancho Cordova, Regency Park, River District, Roseville, Sacramento, Southport, West Sac
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posted by Rob McQuade @ 11:43 AM,
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Home-Buying 101: Short Sales explained
Friday, August 1, 2008
Searching the MLS for a home in the East Sacramento area lately? If so, you've probably noticed a large number of homes listed as short sales (they may be referred to as active short sale or short sale contingency or even just "AS" or "ASC")—and they're often some of the lowest priced homes in any given neighborhood. Here are some of the most common questions I get:
Q. What is a short sale?
A. The term "short sale" is used to refer to a property being sold for which the seller owes more than it will sell for in the current market. This is more common in neighborhoods that have seen significant price declines since the peak of the market in 2005, but any seller can end up in a short sale situation if they've borrowed more money against the home than it's currently worth (such as when a home owner has borrowed money and "overimproved" a home for the neighborhood it's in).
Q. How do short sales work?
A. Short sales work like this: a seller has a financial hardship (death of a spouse, loss of a job, job transfer, hospitalization, or sudden change in monthly mortgage payment) and needs to sell a home. Because they owe more than the home is worth, the seller is requesting that the bank(s) that they have a mortgage through accept less than they're owed. Most banks won't even entertain the notion of a short sale if there aren't any buyers ready to purchase the home for the current market price so, as part of the process, the seller puts the home on the market and begins accepting offers. The seller will typically accept the best offer and submit it to the bank for approval.
Q. Are these deals too good to be true?
A. The short answer is: Yes, in many cases these deals are too good to be true. Many home sellers who are in a short sale situation are selling because they're falling behind on payments or are in preforeclosure. For this reason, they're feeling a lot of time pressure to get the home sold before a bank forecloses, so they price the home lower than anything else in a neighborhood to just try to get offers to submit to the bank(s). This leads to multiple offers but doesn't guarantee that the bank will accept whatever sales price the seller accepts. The seller doesn't usually care what the home sells for because he or she won't be making any money on the sale.
Q. Do banks really go for this?
A. Sometimes. No bank is ever eager to accept less than they're owed because they're losing money in the process, and banks aren't in the business of losing money. Of course in many cases the alternative is foreclosing on a home, and that can be a lengthy, expensive process that results in the bank owning a property—and banks are often even less eager to own the home so may be willing to negotiate if they see that it's in their best interest.
But there are some big challenges when buying a short sale. For instance, unlike a foreclosure where the bank owns the property free and clear and can sell it for whatever price they want, in a short sale situation there may be other parties with a financial interest in the property. If a seller has experienced a financial hardship, there may be unpaid taxes, utilities, or contractors who've done work and are seeking payment—and any of these can result in liens against the property. In a short sale, the seller MUST prove to the bank that there is a financial hardship that requires the home be sold and all parties must agree to accept little or no payment and sign off on the sale of the property. Add to this the fact that there may be a second mortgage that will likely be completely wiped out and it becomes challenging getting everyone with a financial interest to authorize the sale. This is often a grueling, months-long process that can ultimately be for nothing if one or more parties deny the short sale request, and this is a major reason why a lot of homes that are listed as short sales eventually come off the market and reappear later as bank-owned REO properties.
Q. What do the terms active short sale and short sale contingent etc. mean?
A. An active short sale is just another way of saying that the home is active on the market as a short sale. A home listed as short sale contingent means that the seller has accepted an offer and submitted it to the bank. Until the bank responds (and this can take months), the listing agent is obligated to continue to market the home as "for sale". Once the bank has accepted an offer, then the property will be marked as "pending" and the normal escrow period begins.
Q. I've called several times about a home that's for sale online and the agent keeps telling me it's already sold. Why is it still showing up online?
A. In the Sacramento area, if a property is being sold as a short sale, until the bank accepts one of the offers that has been submitted the listing agent is required (by the rules of the local MLS) to identify it as short sale cont and it will continue to appear online on searches because the home isn't yet technically in escrow. While this may seem confusing, your East Sacramento REALTOR® can help you figure out the status of properties you're interested in.
To summarize, when you see a property for sale that's listed as a short sale this means you should expect a much longer than average escrow period (so don't plan on buying a short sale if you're on a tight timeline), a counter offer on price from the bank (even if the seller has accepted your price), and the possibility that the bank will reject the short sale entirely. If you can find a great home that's either a traditional sale or a foreclosure (also called an REO), consider going with these options first. Good luck and happy house-hunting!
More questions about short sales or other homes? Give us a call at (916) 444-7577 today!
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Home-Buying 101, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 1:50 PM,
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I want you to use this website...
Monday, July 21, 2008
...even if you don't use my services!
I've designed these websites to be useful and usable—and I really want you to find the information (or property) you're looking for. To that end, I'd love to hear what you think. I'm constantly adding and updating the website, including new relevant info and resources. Even if I haven't blogged in a few days, I'm usually adding a new feature here and there (thanks for the feedback on the ZIP Code search tool at the left of each page, Margaret!)... But is it the type of info you want? And what else would be helpful?
Please let me know what you think. I'm listening and working to build the best, most easy-to-use Sacramento area real estate website I can. Judging by the great phonecalls and emails I'm getting it's working. But I'm not here to rest on my laurels!
Fifteen seconds of (real estate) fame
A few weeks ago I was fortunate enough to meet with the fine folks at Trulia (a real estate industry website used by a lot of consumers to find properties for sale—though it's not nearly as good as my websites! ;-D)to shoot a video with Brett Crosby at Google Analytics for other real estate industry professionals. It probably won't be of interest to you (it's a bit nerdy, I confess I'm a "real estate nerd"), but you can check out the video below. It was even picked up by ActiveRain (another industry website that many consumers use)
Oh, and if you decide you'd like some help with your Sacramento real estate needs, my team and I are absolutely here to serve you—just ask! -Rob McQuade -- (916) 444-7577.
Labels: Anatolia, Antelope, Arden, Carmichael, Central, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Meadowview, Midtown, Natomas Park, North Natomas, North Sac, Oak Park, Orangevale, Rancho Cordova, Regency Park, River Park, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake
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posted by Rob McQuade @ 7:17 PM,
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Putting technology to work in real estate
Tuesday, July 1, 2008
When you want information, you want information. I've worked hard to build not only a great team of real estate professionals to meet my clients needs but also a network of websites and web tools for clients—and I've taken those tools to the next level to provide online real estate information for East Sacramento and the greater Sacramento region.
I recently had an opportunity to work with the fine folks at Trulia (http://www.trulia.com/), the leader in online real estate content, to begin educating other real estate professionals on how to provide the kinds of information that our clients want and need. Last week I filmed a training video at Trulia's offices in San Francisco (keep an eye out on here, I'll have a link to it in the coming weeks) and today Trulia blogged about the success I've been having using their site to connect with real estate buyers and sellers in the East Sacramento area.
Yup, I'm a real estate nerd. ;-)
You can see what Trulia had to say here.
Labels: Curtis Park, Downtown, East Sac, Land Park, Midtown, Sacramento, Trulia
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posted by Rob McQuade @ 2:37 PM,
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Brookings: Sacramento goes greener, shrinks carbon footprint
Sunday, June 1, 2008
Sacramento ranked 12th best in nation's 100 largest metro areas
In its recently released analysis, "Shrinking the Carbon Footprint of Metropolitan America", the Brookings Institution found that the Sacramento metro area decreased its per capita greenhouse gas emissions from residential and transportation uses by about 9% between 2000 and 2005, compared with a 1.1% increase across the 100 largest U.S. metro areas and 2.2% across the nation as a whole.
Newer housing options and increased demand for energy efficient or "green" features in homes (reflected in new urban developments such as 9 on F and the SoCap Lofts in Downtown Sacramento) have helped push Sacramento toward the top of the list.
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C.
Looking to reduce your carbon footprint? Some quick and easy ways to do that include using alternative transportation (bus, light rail, and bicycle), living closer to where you work and play, and choosing a home that reduces your impact on the environment. Consider urban living, explore Downtown and Midtown Sacramento. You can also find out more about green living at Sacramento Green Living.
Labels: Carmichael, Central, Curtis Park, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, green, green homes, Land Park, Midtown, Rancho Cordova, Roseville, Sacramento, South Natomas, West Sac
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posted by Rob McQuade @ 10:46 AM,
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New! Search homes and condos quickly by ZIP Code
Saturday, May 31, 2008
Now you can quickly and easily search by ZIP Code with just a click! It's easier than ever to pull up homes and condos in your preferred ZIP Code by simply clicking the » By ZIP Code NEW! link under Quick Property Searches from the menu at the left. You can scroll through the list of available ZIP Codes in Sacramento, Placer, Yolo, and El Dorado Counties to bring up a convenient list of the first 200 homes and condos for each ZIP. And, as always, you can get news listings matching ALL your search criteria sent to your email inbox daily by clicking on the link under Resources for Buyers.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 10:42 PM,
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FREE: Let there be (compact fluorescent) light!
Monday, May 5, 2008
Let me put $368 in your pocket* with FREE compact fluorescent lightbulbs (CFLs) while supplies last
I started giving away energy-efficient compact fluorescent lightbulbs at our Green Second Saturday event in April, and now I want to offer them to anyone who would like to stop by and pick up a four-pack (while supplies last, of course). Just send me an email or give me a call at (916) 444-7577 to let me know you'd like to swing by and pick some up. I'll also throw in a Gold C book (entertainment discounts) to anyone who comes by on foot or on bike. ;-)
Rob McQuade - (916) 444-7577
McMartin Realty
2031 K Street, Suite 100
Sacramento, CA 95811-4253
*Save $92 in energy costs per bulb based on 12 cents per kwh over the expected 10,000-hour lifespan of these 23-watt (100-watt equivalent) CFLs compared to 10 standard 1,000-hour 100-watt light bulbs.
Labels: Central, Curtis Park, Downtown, East Sac, green, Land Park, Midtown, North Sac, Oak Park, Sacramento, South Natomas, Tahoe Park, West Sac
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posted by Rob McQuade @ 12:22 PM,
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May 8th: Sacramento Green Home Expo (and a friendly mention)
Green Home Expo opens in Sacramento May 8th
Okay, so maybe you don't think of the North State Building Industry Association as a bunch of party people (and you obviously don't know them very well if that's the case), but they know how to put on a good (trade) show. This Thursday, May 8th, is the Green Home Expo at the Sacramento Convention Center. It's an all-day event with free trade show admission, and you can expect to see some of the latest green home tech. If you're thinking about starting a remodel or you just want to know more about the latest energy efficient, eco-friendly products for the home then check out the expo (and there are some really cool workshops being offered for a very reasonable price). You can find out more by clicking on the banner below.
PS - The convention center is an awfully big place to heat and cool. Maybe they'll open the windows. ;-) PPS - While you'll find a lot of groovy home products at the expo, you probably won't find an actual home. If you're looking for an eco-friendly home in the East Sacramento area, please get in touch with me!Being a Green Nugget
Oh, and while I'm not in it for the glory, it's always nice to get a friendly mention from people who always have their "green" thinking caps on (made from organic cotton, of course)—and Levi Benkert and the awesome eco-urbanists at LJUrban are among the greenthinkiest (consider the term officially coined) people I know of locally. What's not to love about people whose aspirations are to dream big, live small, and do good?
Labels: Auburn, Central, Curtis Park, Davis, Downtown, East Sac, green, Land Park, Lodi, Midtown, Roseville, Sacramento, South Natomas, Woodlake
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posted by Rob McQuade @ 12:15 PM,
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More accurate UCD Med Center & Elmhurst searches
Thursday, April 24, 2008
The UCD Med Center and Elmhurst neighborhoods offer the same beauty as neighborhoods like Land Park and East Sac , but are often forgotten about when househunting in older neighborhoods—partly because the ZIP Code 95817 is often dismissed as "just Oak Park". And Elmhurst, tucked behind medical center, even shares a bit of 95819 with East Sac (north of T Street, which is the beautiful boulevard that makes Elmhurst such a wonderful area to live in). Searching 95817 or 95819 and finding homes in the Med Center and Elmhurst can be tricky.
Good news! I've just updated the website so that you get only the most accurate Elmhurst and UCD Med Center home and condo results—you can't find more accurate one-click search results anywhere else than right here. To get the most accurate Midtown real estate search results, simply click on the "homes" or "condos" link on every page of ForSaleintheMedCenter.com
Labels: Central, Curtis Park, Downtown, East Sac, Elmhurst, Land Park, Midtown, Oak Park, Sacramento, Tahoe Park, UCD Med Center
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posted by Rob McQuade @ 10:57 AM,
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NEW! East Sacramento foreclosures available online
Sunday, April 20, 2008
This is a quick update: I just added a new link to East Sacramento foreclosures, now you can view bank-owned and REO properties in East Sacramento and other areas, including Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown Sacramento, East Sacramento, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown Sacramento, North Natomas, North Sacramento, Oak Park, Orangevale, Rancho Cordova, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sacramento, Tahoe Park, the UCD Med Center, the Pocket, West Sacramento, Woodlake, and even Woodland.
Foreclosures (also called REOs or bank-owned properties) represent some of the best deals in the local real estate market. Still not sure how to buy a foreclosure property? You can and review a glossary of terms, plus request additional info and get new foreclosure listings as they become available.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna,