My Beautiful Sacramento

Labor Day - Stepping away from the computer.

Mon, 06 Sep 2010 18:22:41 -0400

Our forefathers fought hard to give us this holiday.

When the industrial revolution came it modernized the United States and Canada. There were more jobs. People enjoyed steadier income, but also longer work hours and less pay. In the early 1900's workers began protecting themselves by forming unions and demanding better working conditions. They also rallied for an 8 hour work day. Every year there would be a parade which began in New York city honoring the working man's holiday. Everyone all over the country was encouraged to participate.

The choice was to spend the day at work or take the day off without pay. That began to change when Oregon was the first state to legalize the Labor Day holiday in 1887. Soon other state began to follow.

The first Monday in September is a day to enjoy. A a day of play or rest. Whether it's a family get together or a last summer trip to the beach, Labor day is a day to relax and not work. With that said, I will be stepping away from the computer.

Enjoy the day off!

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Chrystina Tovani, Mortgage Advisor MLO 241089, Stanford Mortgage Equal Housing Lender, CA license DOCML-813G820. This is not a commitment to lend. Prices and guidelines are subject to change without notice. Restrictions apply.

Sacramento, California Mortgage Advisor, Chrystina Tovani

Please note that all information is time and date sensitive. The real estate and mortgage industry changes daily. All thoughts and opinions expressed on my blogs are not necessarily those of my past or present brokers or employers. All information is deemed reliable but not guaranteed. Unless otherwise stated, photos used on this site are my own or from BigStockPhoto.com

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LOST YOUR HOME? NO EXCUSE!!! (yeah, I said it)

Mon, 06 Sep 2010 16:34:55 -0400

This is a heart wrenching article about family pets who are abandoned and left alone in foreclosed homes. How could anybody do this? Some pets are even left chained up in the back yard.

With no way to fend for themselves and no food or water, many die a slow horrible death by starvation and dehydration.

Via Sheila Newton Team (RE/MAX Foothills Realty):

I have been in real estate for over 20 years and virtually all of that time I have specialized in REO, foreclosures and distressed sales for banks and individuals. I have been in untold THOUSANDS of properties ranging from the most modest of mobile homes to the most lavish multi-million dollar mansions, and they all share several common denominators. One is that you NEVER KNOW what you are going to come upon when you walk on that property and you ESPECIALLY never know what you will find when you walk INTO that property. Those of us who have done REOs for a while could write a book on the things we have seen!

Some surprising things you might find in these properties are:

* personal/family portraits and photographs/photo albums

* expensive clothing in perfect condition, hanging in closets or folded in drawers

* personal letters/diaries/journals/keepsakes

* money (rare coins, etc..)>>If you find this, don't keep it. As sure as you do, someone will sue for it.

* children's toys/crayons/unused coloring books/school text books/school pictures/report cards

So why do people leave things like this behind? (And believe me, this is just the tip of the iceberg...I will speak to the issue of "what" and "why" in a later article) Well, the answer is complicated and multi-layered, but one 'quick' answer is this...folks who are losing their home are typically in a state of chaos in their life. Often their marriage is struggling (or failing or failed), they have kids and careers to juggle, and on top of all that life is relentlessly throwing at them, they are losing their home. It is tough. Very tough. So, sometimes what you see in that home is a fairly accurate representation of the state of their lives. Chaotic. Scattered. Desperate. That's the short answer.

Now, that said...on to my topic. I just described the mentality of the "Jones'" who tragically lost their home to foreclosure (or for WHATEVER reason--loss is loss). I get it. I do. There IS NO "BUT" HERE...I REALLY DO GET IT. Here's what I DO NOT get...I DO NOT get:

1) how you managed to go off and leave your dog, the one who loves you and would die for you (the one your child is asking about)

2) how, IF you just forgot him, you didn't remember in a day or so, and GO BACK for him

3) how, IF you were not going to go back for him WHY you didn't GIVE him away, set him free or take him to a shelter

4) how, IF you never remembered him, or did, and did nothing, HOW THE HELL YOU LIVE WITH THAT!!!

Now...I get that things happen. Things which are out of folks' control. To which I reply: "You managed to get yourself and all your family members out of that house, didn't you? And when I came on scene a month later, I didn't find YOU laying dead on the bathroom floor, having died an agonizing death from dehydration, now did I?...trapped in a 24 x 60 metal box in the heat of summer...yeah, I bet that was quite an experience. Or maybe this one...I didn't find YOU in the back yard chained to an anchor in the ground with your chain all wrapped around the anchor to the point that you couldn't reach your dog house nearby to get in the shade...remember? Yep, full sun--all day. It was mid-august, and you had no water for...??? You were laying down when I arrived and I thought you were dead, But wait...that wasn't YOU...I got lost in the fantasy there for a moment...because YOU...left...HIM. And I don't CARE why. There is NO EXCUSE. PERIOD. Don't tell me there isn't a way to get an animal to freedom, even if it's just setting him free to roam. If you don't want him anymore, fine. But your repulsive willingness to simply look the other way should NOT be an auto-matic death sentence for him. Grow some responsibility and open the door, unlatch the chain, do SOMETHING...don't just walk away...he's not a journal...or a pair of jeans...or even a rare set of valuable coins...he is something much more than that...he is a living, breathing, feeling animal who doesn't understand where you went, who watches the door with every sound, sure that you will be back at any moment. And he has the right to believe that. YOU ARE THE REASON HE BELIEVES THAT! And shame on you for letting him down."

People have choices. They have resources...EVEN IN THE TOUGHEST OF TIMES!!!

Animals do not have choices once they become domesticated (which they did not ask for, by the way). They rely on people to care for them. They trust people because they HAVE NO CHOICE. And it angers me to come upon animals who have been left behind to die, inside houses, trapped with no options. And it never gets easier...and...quite frankly, I hope it never does...because the day it becomes okay with me is the day I will have lost a sacred part of myself...a part I cannot really define...but a part I don't think I can afford to lose.

So yeah...no excuses.

(click on pics)

Sheila Newton Team
RE/MAX Foothills Realty
Office: 864-225-1205
Cell: 864-940-6377
Fax: 864-225-2424
www.SheilaNewtonTeam.com

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Loan Application - What do I need and how long will it take?

Sun, 05 Sep 2010 18:43:49 -0400

Buying your first home in Sacramento can be exciting and frustrating. But it doesn't have to be frustrating if we work together. Where do you begin?

When it's time to talk to a lender about getting a home loan, many first time home buyers are not sure where to begin. If you know what to expect, you can be well prepared, and save yourself from a lot of headaches along the way.

What documents are needed?

During the initial interview and loan application, I'll ask questions to see if there are any potential challenges that may need to be addressed during the underwriting process. Being prepared up front will eliminate having last minute items or verifications called for that wiil hold up funding your home loan.

Income (Verification)
Employment History
Credit Obligations
Residence History
Marital Status (If divorced, court documents will be needed.)
Cash on Hand (Source of down payment and seasoning.)

Processing the information.

Processing the loan file begins with verification of documentation on the application. We have to receive verification back from your employer, etc. If there are any items on your job history or credit report that need an explanation letter or to be paid it needs to be done before the file can go to underwriting for approval. If asked to provide a letter or show proof the that the item has been paid, provide it as soon as possible.

The underwriter will flag any item that has not been properly addressed. The goal is the fewer conditions from underwriting the better. No conditions would be perfect.

How long will the whole process take?

Title search must be performed and report sent to lender for review. This usually takes a few days. If there are no items that need to be cleared, then we are good to go.

Then there is the appraisal which could take a few days or a week depending on the appraiser's schedule. The appraiser is a separate third party. If the subject property appraises at or above the purchase price, we can proceed.

The time frame from loan application to funding depends on how long it takes to get ALL of the documentation together - submit to underwriting for approval, handle any conditions that the underwriter places on the file, order loan documents to be sent to title, sign documents, documents sent back to lender to approve signatures, records at county recorders office, releases funds. You get your keys!

The shortest time I've ever taken a loan application from start to finish was 8 days. That is not the norm. It's possible if we have everything we need and can submit the file and get it approved, however the normal time frame is around 30 days. It can always be shorter or longer depending on completion of the items I listed above.

The better prepared we are to get all items processed on time, the easier your experience will be.

Next I'll talk about locking interest rates, how your credit affects your interest rate, also, payments, taxes and insurance.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

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Three habits that will help you buy your first home.

Sun, 05 Sep 2010 01:17:10 -0400

Here are three important tips to help you prepare for buying your first home.

When applying for a mortgage, lenders not only look at your credit score, but will also consider how you use your available credit.

Keep your credit card balances low. Try not to owe more than 30% of your allowable credit limit. For example, if your credit limit is $1000 then don't owe more than $300 on that card.

Always pay more than the minimum payment and make payments on time.

Act like you already own your home. Another tip to help you on your way to an approved home loan is to show that you are comfortable making that monthly mortgage payment. For instance, say you are currently renting an apartment for $800 per month. If you figure your monthly mortgage payments (including taxes and insurance) will be around $1300, you could start putting the $500 difference into a savings account. It will not only help you save for your down payment and closing costs but it will also prove to the lender that you can handle the monthly mortgage payments.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

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Goodbye August

Sat, 28 Aug 2010 18:21:44 -0400

Summer is coming to a close. Before we know it, we'll be out shopping for Halloween costumes.

The season is shifting. We still have some hot days ahead but I can already smell autumn in the air.

I'm looking forward to wrapping up in my cozy throw and sipping hot chocolate in the evenings. My favorite is hot cocoa with no sugar and foamy melted marshmallows stirred in. Without the sugar I can really taste the chocolate and the marshmallows give it just the right blend of sweetness.

As the days get shorter and darkness comes before 6 PM, there is a sense of home and hearth; wanting to nest. Listen to the crackle of the fireplace. Scent my home with cinnamon, vanilla and spice. Bake bread.

There are places to go that I love to visit in the fall. Apple Hill, and the Chicken Festival in Old Fair Oaks.

Summer concerts in the park are finished until next year. Arden Park even had movie nights in the park. Lots of things to do that are fun for the family. Goodbye August.

Sunday is the last outdoor concert for this year at Carmichael park. It's Capitol Pops Concert Band (a 50 piece band.) It starts at 6:30 PM until 8:30 PM

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

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New Artworks Gallery 2nd Saturday in September is for Chickens

Fri, 03 Sep 2010 23:42:46 -0400

The New Artworks Gallery in Fair Oaks features works from local residents. On the 2nd Saturday of the month there is a reception in the main gallery to showcase the exceptional pieces from the collection on one artist.

I had the pleasure of meeting Illustrator, Donna Naes, who is a lovely woman. She showed me around and let me take a few photos as long as they were at an angle.

The colors from the art with the lighting is mesmerizing. There's no way to capture that feeling of or the smell of canvas and paints. I love it!

You can purchase paintings and there is also jewelry and hand painted cards and glass art. The prices are reasonable too.

The gallery is a combined effort by all of the artists who participate. Not only do they lease space to hang their art, but they also volunteer their time to work in the gallery. It's a community.

If you've not been to the New Arts Gallery in Fair Oaks Village, you need to go. It's a real treasure.

This month, beginning on September 8th through October 3rd the theme will be "Fowl Artistry in Fair Oaks." This will a combination of artists featuring "chickens" of Fair Oaks.

The opening reception will be held on 2nd Saturday, September 11th, from 5:00PM to 9:00PM.

All visitors get a chance to enter a drawing to win an original piece of work by Richard McHenry.

The gallery is located at the end of Fair Oaks Villiage at 10239 Fair Oaks Blvd in old Fair Oaks.

You can enjoy a leisurely stroll around the village shops, have lunch at a cafe and head on over to the gallery. I should point out that the gallery hours are Wednesday - Sunday from 11-5PM and by appointment. Find out more by visiting the New Artworks Gallery website.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Tripping around Old Fair Oaks, CA

Thu, 02 Sep 2010 21:33:21 -0400

A favorite spot in the Sacramento area is Fair Oaks Village located in the town of Fair Oaks. The chickens actually run wild. Shop keepers buy food and feed them as well as visitors who feed them pieces of bread. The deli even has day old bread that you can buy for a quarter. There's a park across the street from the shops where you can sit and relax.

You'll always be surrounded by a group of chickens. Traffic even watches out for them and you'll see someone slow down or stop while they wait for a chicken to cross the road. Chickens are part of the scenery and charm of Old Fair Oaks.

While sitting in the deli enjoying a "chicken sandwich." This little one was standing outside the door looking in. I guess they know they'll get some scrap bread.

I felt a little guilty.

Just a little.

Hey. I eat meat.

I did buy them some bread though.

It was a great day hanging out by my lonesome. There weren't as many people there that Sunday. It was quiet and I enjoyed taking these photos.

So if you're looking for something to do on a Sunday, spur of the moment and you want to get up and go. Try Old Town Fair Oaks

There are also upcoming events happening such as the Chicken Festival. Mumbo Gumbo will be playing and it is expected to have as many as 15,000 people attending.

Fair Oaks Chicken Festival

Saturday, Sep 18 10:00a

at Old Town Fair Oaks, Fair Oaks, CA

I'll be there!

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

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Wordless Wednesday - Wineries around Sacramento

Thu, 02 Sep 2010 01:00:43 -0400

Just look at those clouds. Gorgeous colors. Photo taken by Andrionni Ribo, a local Sacramento Photographer. I met Andy through Facebook and flickr back when just a few folks were using it. I think he was one of my first fb friends. We talked about photography. We joined a photography group in Sacramento. Andy kept it up.

As Autumn is approaching Apple Hill is ALWAYS a part of Autumn in the Sacramento area. If you live here, it's a staple. So, I'm going through the online brochures planning what I want to do.

Did you know that you can go wine tasting year round at Apple Hill? There are several family run vineyards where you can spend the day.

Has anyone seen the movie, Bottle Shock?

The story of the early days of California wine making featuring the now infamous, blind Paris wine tasting of 1976 that has come to be known as "Judgment of Paris".

Oops, this was supposed to be "wordless." I feel like I'm having one of those moments from the movie, "Up." Squirrel!

Have a great Wednesday folks.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Sacramento - buy or rent?

Tue, 31 Aug 2010 18:09:21 -0400

How do you decide if you want to buy or rent?

When you rent you can move around easily. There are no taxes or insurance costs or maintenace that go along with keeping a roof over your head. If you live in an area that is more expensive you may be able to afford to rent rather than purchase. It is also a great way to get a feel for the area. The greater Sacramento area is wide spread with many distinctive neighborhoods for a variety of tastes.

You might want to try out some of the surrounding towns like Carmichael, Fair Oaks, Citrus Heights, Orangevale or Antelope. You may want to live in the heart of downtown Sacramento or try out the south area or head out to Roseville or Rocklin. There are many many choices.

Are you ready to settle down and buy your first home in Sacramento?

If you're planning to stay put for a few years or have already spent several years in one place. Buying a home may be a better plan than renting. If you have the funds to cover a down payment and closing costs, and plan to be in one place for awhile, then buying may be a better option.

Owning your home gives you freedom to do almost anything you want within reason and when it comes time to sell after living in it for a few years you have the opportunity to make a small profit.

How do you get there from here?

One way to ease the transtion from renter to home owner and also save for your down payment is to figure out what amount of home loan you will be getting in the future and what your monthly payment, including taxes and insurance you will be paying when you buy your home. Say for example you are currently paying $850 for rent on your apartment and you've figured that when you buy your first home the PITI (Principle, Interest, Tax, Insurance) payment will be $1300. Every month pay $850 for rent and put the remaining $450 into a savings account. This will get you used to making that mortgage payment and when the time comes to buy, it won't be a shock to your bank account. Plus the lender will see that you are able to make that payment.

Lenders generally like to see 20% down payment but there are loan programs that allow you to get a loan with as little as 3% down. If you are a Veteran, you can get a VA home loan with no down payment and the seller can pay some or all of the closing costs.

Loan programs vary based on how much you have for a down payment and cash reserves, your income and debt ratios and your fico scores. This will affect what interest rate the lender is willing to loan money at as well.

A general rule of thumb is the purchase price should not exceed two and a half times your annually income.

Renting a home or buying a home in Sacramento is a personal choice. Both come with advantages and disadvantages. You have to decide which is right for you and your lifestyle.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

How to get a taste of Sacramento

Mon, 30 Aug 2010 21:12:06 -0400

Well it's that time of year again for A Taste Of Sacramento.

This event began back in 1985 the same year I began working in the mortgage industry. Although I was working in San Francisco back then. I thought of Sacramento as less sophisticated. On the contrary. Sacramento has culture and great food. Here is how you can get a taste of Sacramento for yourself and benefit those with disabilities.

A Taste of Sacramento brings together around 70-80 vendors from various restaurants, wineries and breweries around the greater Sacramento area.

Your ticket buys you unlimited samplings.

There is also a silent auction and the money raised from the event benefits the Northern California Easter Seals.

A Taste of Sacramento is held at the Sacramento Convention Center on September 24th. It starts at 5:30PM and goes until 9:00PM. Tickets are sold in advance for $35 and at the door for $50.

You must be 21 or over to attend the event. You can get more information and purchase tickets from the website at MyEasterSeals.org.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Off Beat Friday in Carmichael

Fri, 27 Aug 2010 19:53:34 -0400

This week in Carmichael has been hot but finally the delta breezes are blowing and it's cool enough to take a stroll in the neighborhood. What I really want to do is go for a bike ride along the American river. Ancil Hoffman park is just up the street from me.

What is it that makes me procrastinate? Just do it! Right?

We took this photo just minutes after the firetrucks arrived at the Twin Oaks Apartments fire in Carmichael on Wednesday. We were sitting in our living room about half a mile away and heard a loud explosion and felt it too.

The full story is on the KCRA Channel 3 As Seen On TV blog. The fire did some major damage and there are more photos on the news page, however, the reason I am writing about this is that there is one spectacular photo that was taken at the scene. I wish I could post it on here but it doesn't belong to me. So all I can do is point you to the website where it is. It's number 13 in the slides and was highligted on the news.

This prompted me to go to the site because if you look at my photo above, it's all smokey and grey. Of course I wanted to know who could take an atmosphere such as this and turn it into a gorgeous photograph. An artist of course! The photo was taken by a local wedding photographer. His name is Michael and his website is www.PicBug.net.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Memorial Day Parade Sacramento Area

Fri, 28 May 2010 20:36:52 -0400

Memorial Day Parade in the greater Sacramento area sponsored by the Veterans of Foreign Wars, Post 4647 in Antelope, CA.

The 44th Annual North Highlands/Antelope
Memorial Day Parade
May 31st, 2010

Parade begins at 10:00 AM on Watt Ave and I Street.

Parade Map

I'm grateful for the men and women who devote themselves and put their lives in harm's way so that the rest of us can enjoy liberty and freedom. Yes, we may have different political view points and our society is far from perfect, but we live in a country that is full of opportunity that is often taken for granted.

Freedom is our "right." Freedom is something we demand. Try to take it away and there is going to be a fight. Freedom comes at a price and it isn't fair. Some give a little and some give all.

Memorial Day is a day to honor the memory of those who gave all.

Our right to live as we choose came at a price. Not only for the men and women who put their lives on the line or have died protecting us, but also the families left behind. Mothers, fathers, husbands, wives, brothers, sisters, sons, daughters and so on.

To lose a loved one or to have a loved one in service on the battlefields overseas is a tremendous sacrifice.

Enjoy the holiday, be safe. Have fun with those around you. Barbeque, have a great time, laugh, love and be joyous for the people you love. Celebrate the lives of men and women who made it possible. Those who didn't make it home.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

"They Just Aren't That Into You".....Why Sellers Take Their Time Responding To Offers

Thu, 04 Feb 2010 17:00:08 -0500

Via Karen Fiddler Broker/Realtor (Great Western Realty Group/eVantage Real Estate):

Too many buyers....there are just too many. Too many short sales....they just don't really care. Too many bank-owneds...they are waiting for multiple offers to come in. Listing agents can afford to be picky, and they are. I remember when an offer would be greeted with excitement and great care...now? Sometimes they aren't even acknowledged for days, let alone responded to. All this is making it very difficult on the buyer's agent to keep their clients happy.

The media is bombarding the public with bad press about the housing market. They are not discussing the multiple offers, the bombardment of buyers, nor the artificially low listing prices. Buyers have the wrong expectations going into the process. The challenge then becomes how to educate our new buyers without looking like a "pushy salesperson" who is trying to get buyers to increase their offer price. Then when they do write an offer....they wait and wait and wait. The buyer's agent is forced to say things like:

"I've left a message for the listing agent, but I'll try them again"
"They are going to collect offers and then present them all at once"
"I'm not sure what's going on, the listing agent said we'd hear something today"

The problem is that one buyer....is not valuable in this market. The difference is that normally the media provides reports which set the proper stage for home buying. Seller's Market or Buyer's Market! But now the information in news stories is on the plight of sellers....foreclosures, short sales, home loss. This is absolutely true. They mention the great drop of home values and prices. This is absolutely true.

It's true....but not a complete story! We need to complete the story so that buyers better understand what is happening, that they are not going to be able to go into a short sale and offer 20% under asking price. That a home which has been on the market for 200+ days is not "desperate" for a buyer. Likely there have been many buyers over that time frame and they are merely waiting for approval and will then find out which buyers wish to compete for the house later.

The main problem buyers have right now is it's a seller's market....and the seller is "just not that into you."

Karen

Karen Fiddler
Broker/Associate
www.great-western-realty.com

Serving all of Orange County, California Real Estate!

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Re-thinking our vision...

Sun, 31 Jan 2010 17:44:09 -0500

Buying a home in today's market?

It takes patience and tenacity and wishing on a star.

Buying a new home is a source of anxiety, frustration -- and a huge sense of accomplishment. You may have to put in several offers and get rejected a few times but your house is out there waiting for you and you will get an accepted offer if you keep moving forward. The first step is to get pre-approved for your mortgage.

I like to quote Walt Disney. He said, "We keep moving forward, opening new doors, and doing new things, because we're curious and curiosity keeps leading us down new paths."

Anytime I find myself frustrated and feeling like I've hit the wall, I think about Walt. He failed many times before he was successful. He had more failed ideas than successful ones. He too was human and got depressed and disappointed. He had a vision and he didn't give up. He made us all believe that we could wish upon a star and our dreams would come true. Thoughts do become things. If we maintain focus on what we desire most, we can arrive at that destination.

We are living in tough economic times. This generation is growing up with a different set of values and strengths. We are no longer living in a "me" society. Remember your great grandparents saying, "Patience is a virtue?" It's true today. The economy has forced many of us to re-think our values, embracing an appreciation of basic comforts, friends, family, life and food on the table. A gorgeous blue sky! Enjoying the little things in everyday moments makes living our life magical.

What's YOUR vision? Are you ready to own your home?

The painting is my great-grandparents and is copyrighted.

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

sacramento home loans, sacramento mortgage, sacramento home buyers, licensed mortgage loan originators in california, roseville home loans

Know before you lose-Short Sale contracts and the Homebuyer Tax Credit

Sun, 31 Jan 2010 16:04:13 -0500

Good information I felt worthy of passing on.

Via Thomas Mortgage, Florida's FHA Loan Pro:

We all know by now that as long as you are in a binding contract by April 30^th and closed by June 30^th you will meet the dates specified to qualify for the Homebuyer Tax Credit. Here in Central Florida that tax credit easily represents 5-10% of the average purchase prices we are seeing, for first time as well as repeat buyers. It's a great incentive to buy, and one you need to plan for.

You better plan well because yesterday the IRS verbally clarified their definition of a binding contract (we are awaiting written confirmation) and if you are buying a short sale or even a foreclosure you need to plan WELL ahead. The IRS told us that a binding contract must be signed by all parties that need to authorize the sale. When buying a short sale, that will include any lender or lenders that need to approve the deal. When purchasing a foreclosure the selling bank obviously must sign before the cutoff as well.

Since we all know that short sale approvals can take months, it would seem likely that many being negotiated right now may not even make the April 30^th cutoff, since we have only 91 calendar days left. If you haven't started house shopping or have not submitted any offers, you are probably best served overlooking short sales completely. The bottom line is now more than ever you need to be working with a knowledgeable realtor and you need to seriously heed their advice!

Since I am a lender, not a tax professional or Attorney, please do not construe this as tax or legal advice but remember, knowing is half the battle!

Gerry Suarez, Jr.

Your FHA Loan Pro!

Gerry Suarez, Jr

Your FHA Loan Pro

Senior Vice President, Thomas Mortgage and Financial Services, Inc.

Follow me on Facebook- Your FHA Loan Pro

If at anytime I can be of service, please don't hesitate to call me.

Sincerely,

Sacramento, California Mortgage Advisor, Chrystina Tovani

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