Thursday, November 17, 2011

Practical Sacramento Real Estate Tips When Getting A Loan

Sacramento agents have required that every purchase offer must be accompanied by a loan approval letter before they will submit the offer to possible home sellers. This is a practice by realtors not just in the region but almost every agent all around the country. They require a loan approval letter with offers.

According to a realtor, you can make your loan approval letter mean more than you have applied for a loan, and the letter can give the seller solid reasons to accept your offer. Or, your loan approval letter can give the seller reasons to reject your offer.

There are common Loan Approval Mistakes and these are the following;

Submit a Loan Approval Letter From an Out of Area Lender -- I have heard from an agent that they feel comfortable if they know the lender who has prepared the loan approval letter. Meanwhile, they get nervous if the lender isn't local because they don't know if the lender will perform. Let's face it, there are a lot of fly-by-night mortgage lenders in business, and some make outrageous promises to borrowers that they never intend to keep. They figure by the time the borrower is ready to close, the borrower will have no option but to meet their new terms and conditions, but many borrowers instead walk away from closing.

Realtors said that it puts a home buyer at an extreme disadvantage to submit a non-local lender approval letter. If home buyers encounter difficulties with the loan, it's not like they can lean across a desk and grab their mortgage broker's throat. Instead, they must glare at their monitor and furiously pound the keyboard or continually push redial on their cellphone. A major problem is choosing a knowledgeable appraiser. Out-of-area lenders generally have no personal experience with an appraiser they pluck out of the phone book and may hire an incompetent appraiser who can mess up the appraisal and blow the deal.

Submit a Pre-Qualification Letter Instead of a Preapproval Letter -- It is said that prequalification letters vary in verbiage, but most of them say the mortgage broker or loan officer has received a loan application from the borrower. Period. They may or may not have reviewed a credit report. The letters also state there is no guarantee that the lender will make the loan.

A preapproval letter, on the other hand, speaks volumes. Preapproval letters say the borrower's file has been submitted to underwriting and approved. It means the borrower's credit has been reviewed and found to be acceptable, the borrower's employment has been verified and the borrower's assets have been substantiated. Submitting a preapproval letter means the borrower is fully qualified to purchase the home, subject only to an appraisal and title work.

Submit a Loan Approval Letter for More Than Your Offer Price -- Let's just wave a flag in the seller's face that says, "Look at me. I can pay more than my offer price." That's how sellers interpret a loan approval letter in excess of the purchase offer. They don't think it's nice that the borrower is qualified for a higher loan amount because they immediately want to put some of that money into their own pocket. The seller needs to know that a home buyer can afford the mortgage that the buyer is proposing to obtain in the purchase offer, and not a penny more.

It is best for a home buyer to seek help from a real estate agent to avoid mistakes in common loan approval. Home buyer may ask guidance from real estate agents and apply their advices to be able to avoid encountering real estate problems in the long run.

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Wednesday, November 9, 2011

Laws About Medical Marijuana in Sacramento

This is somewhat very nice news to all medical cannabis patients; lawmakers have introduced legislation in Congress that seeks to end the federal criminalization of the personal use of marijuana.

Filed under, “HR 2306, entitled the ‘Ending Federal Marijuana Prohibition Act of 2011,’ prohibits the federal government from prosecuting adults who use or possess marijuana by removing the plant and its primary psychoactive constituent, THC, from the five schedules of the United States Controlled Substances Act of 1970.”

Just to recap the past law on medical cannabis use, all varieties of the marijuana plant are defined as illicit Schedule I controlled substances, defined as possessing ‘a high potential for abuse,’ and ‘no currently accepted medical use in treatment.’

HR 2306 seeks to federally deregulate the personal possession and use of marijuana by adults. According to medical marijuana users, specially the adult ones, this bill is first time that have been introduced by lawmakers and they do this to eliminate the federal criminalization of marijuana since the passage of the Marihuana Tax Act of 1937.

Reports said that, language in this Act mimics changes enacted by Congress to repeal the federal prohibition of alcohol. Reports added that, passage of this measure would remove the existing conflict between federal law and the laws of those sixteen states that allow for the limited use of marijuana under a physicians’ supervision. It would also allow state governments that wish to fully legalize and regulate the responsible use, possession, and production of marijuana for all adults to be free to do so without federal interference.

We are all aware and even the Federal government’s do that the fed’s criminalization of marijuana has failed to reduce the public’s demand or access to cannabis, and it has imposed enormous fiscal and human costs upon the American people all over the nation.

The lawmakers thought that It is about time to end this failed public policy and to provide state governments with the freedom to enact alternative strategies — such as medicalization, decriminalization, and/or legalization without running afoul of the federal law. Please urge your United States Representative to co-sponsor and/or support HR 2306: ‘Ending Federal Marijuana Prohibition Act of 2011’ by entering your zip code below.

It is a fact that the federal government is still against the idea of legalizing the use of medical marijuana even for medical problems, but once this bill enacted into a law, medical patients can freely use this alternative medicine without getting afraid of being caught by the feds.

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Tuesday, November 8, 2011

Sacramento Real Estate Homes

The whole of Sacramento is actually one of the nicest places to relocate in the state of California. Sacramento in particular, is a great and unique coastal community that has its origins way back during the California Gold Rush.

Sacramento region and its scenic rivers that can be found in the city, attract many visitors and even investors each year, and apart from that, migrant workers from all walks of life would migrate and look for jobs here because of the great opportunity the region can offer. Lastly, investors realize that the local real estate market is one of the best in the US that is why many of them were convinced to invest here. Even home buyers prefer the place as well in finding possible homes for their family and loved ones.

Sacramento’s unique location – The region is located in the central Sacramento Valley area, the area features a beautiful variety of landscapes, including farms, mountains and forests. The entire city center has all the makings of a progressive, dynamic California city, while the open farmland provides a respite from the hustle and bustle of the city. One more thing, the coastal area, the vast, rolling hills and the idyllic wine country valleys are what make Sacramento so beautiful and so unique among California cities.

According to a real estate study done just recently, the lifestyle in Sacramento is decidedly laid back, with residents often enjoying relaxed strolls along the riverfront or
browsing the works of arts in one of the many museums. Just some of the museums
found in Sacramento include the California State Railroad Museum, the Discovery Museum, the California Museum for History, and the California State Indian Museum and many more.

To give you a better idea of the place, Sacramento boasts a new convention center, giving businessmen the opportunity to hold conventions and seminars without spending huge amount of money. As such, visitors to Sacramento come in the millions each year. “Outdoor recreation also abounds in Sacramento, including the American River Parkway, a lovely system of trails that include the Jedediah Smith National Recreation Trail.”

Sacramento has great universities as well, so, you can be sure that your child’s education won’t be left behind in terms of quality and affordability. The region has numerous high schools and colleges that provide great quality education without the need of spending huge amount from your own pocket.

Apart from the abovementioned, the region also has several shops for all your daily needs. It has coffee shops and even saloon shops scattered all over the region, and from its boardwalk shops and quaint cafes to its lovely shops and historic sites, Sacramento is a lively city that is never short on charm.

Sacramento Homes for Sale – From the local listing, Sacramento features 105 neighborhoods, making it the seventh largest city in California. Many of Sacramento’s communities are within walking distance to nearby malls, parks, markets, churches, hospitals and the place is very accessible to public transport.

From a realtor’s point of view, Arden Park is close to downtown Sacramento, making it ideal for busy professionals who want to live close to the city, but feel as if they are in the country. East Sacramento is a highly desirable area of the city that features larger homes on quiet, tree-lined streets. Fair Oaks is a well-established community of middle-class homes, while Oak Park is located just minutes from the city.

Sacramento Realtors – All of the abovementioned can be achieved if you have a realtor who can guide you all the way. Hire the most trusted realtor so you can be able to buy the home you desire for you and your loved ones. Seek help from a realtor and start realizing your dreams now.

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Monday, November 7, 2011

How Sacramento Real Estate Appraisal Work

The first thing you have to remember in making an appraisal is to make it a point to be around during the appraisal. Your presence greatly helps in influencing the method positively. The more upgrades you will be able to pinpoint to the appraiser, the more accurate he or she will be able to evaluate your home’s condition.

You may look around your neighborhood and ask about comparable houses in the area and find time to visit them in advance if you have a chance to do so. Your local Department of Real Estate office (DRE) can help you out find the best appraisal company for you. Your trusted realtor can also help you in this matter since he or she knows the best appraiser around and knows a great deal about the area. It is preferable that your realtor is also around during a real estate appraisal. One of the basic steps in the home buying or
selling process is a real estate appraisal.

According to some experts, this method helps to establish the market value of a home and its likely price in a competitive and open real estate market.

Mortgage lenders such as banks and other financial firm will surely require an appraisal if you are going to use a property to secure a loan since they want to make sure that the property will sell at the amount it will lend you. That is a no brainer and this method is also done by investors as well to be able to loan money from banks and other financial institution.

The methods of a real estate appraisal include the following;
- Banks and other financial firm will get full information on the subject property, along with side-by-side comparisons of three similar houses.

- They will also make an evaluation of the overall real estate market of the area.

- An estimate of the average sales time of the home.

- Statements about issues that the appraiser feels could negatively affect the home value, such as poor access to the property.

- Banks will also take note about possible serious problems inside the house like the ceiling, flooring and even the foundation of the house.

- Banks will also investigate the type of community or neighborhood the home belongs.

Experts added that in appraising residential properties, there are two techniques to be used, these are the Sales
Comparison technique and the Cost technique. In the first
technique, the appraiser makes an estimate of the home’s market value by comparing similar houses that have sold in the area. The homes used are known as comparables or comps.

Because no two homes are the same, the appraiser should compare the subject home with the comps, make adjustments to make the features nearer to the subject home. The result is a figure that show what each comp would have sold if it had the same components as the subject home.

The other one, the so called cost technique, the appraiser estimates the amount of the replacement of the structure if it were destroyed.
Although some areas do not require license or certification, a licensed or certified appraiser should do a real estate appraisal. Always keep in mind that appraisals are very subjective, so they are open to manipulation. A real estate appraisal is very important, particularly if you want to sell your home. Maximize the value of your property by taking an active part in the appraisal process.

Remember that appraisers are not robots, they are not familiar with every aspects of your home needed to be appraised. So, better help your appraiser understand your property more.

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Condominiums VS Sacramento Real Estate Homes

Buying condo units have advantages and even disadvantages to would be buyers. But first, let me tell you the main difference between the two. When you buy a condominium unit, you get the exclusive right to the interior space of your dwelling unit, but the land, walls, grounds, fences and facilities are owned in common with the other owners in the complex. With a house and lot, the entire home and even the land belongs to you. This is called "fee simple" ownership.

Let’s dig it deeper, a condo unit is usually attached to other similar units by a common wall, while a house is detached. However, a recent trend is to develop detached condominiums, where the land and improvements are owned in common. There are also some attached houses where the land is individually owned. These neighborhoods are called Planned Unit Developments (PUD.)

Condominium owners usually can't remodel at will, while single-family house owners are relatively free to make changes to suit their personal needs and tastes.

When buying a condominium you should include a contingency to review and approve the Condominium Title Certificate (CTC), the articles of incorporation, the bylaws and the rules and regulations of the condominium association. It's also a good idea to review the minutes of six to 12 months of board meetings to understand the current issues that are being discussed. Look over the financial documents such as the budget, reserve study and any assessments and find out how many of the units are non-owner occupied.

This may affect your ability to get a loan. Finally, you'll want to know if the association is involved in any litigation.

The seller, real estate agent or escrow company will order these documents from the management company for you to examine and approve.

According to experts, Condominium documents are long and complex, and buyers often complain that they don't understand them. If you can't make sense of the documents, contact a homeowner association board member for an explanation. Or, hire a real estate attorney who is knowledgeable in condominiums to review the documentation and give you an outline of the important points.

Maintenance of the condominium complex is shared with the other owners. Keep in mind that when you buy a condominium, you become a member of the homeowners' association. You pay a monthly fee, which covers management of the association, hazard insurance and routine maintenance. A portion of your fee goes into a reserve account for future maintenance and replacement of the improvements. Sometimes utilities, such as water, garbage and sewer are included in the monthly fee. Exactly what's covered by the homeowner fees varies from complex to complex. The responsibility for maintenance of a single-family house usually lies solely with the owner.

Read and understand the CTC’s and other documents before you buy a condominium. If you're a dog lover and the CTC’s prohibit dogs, you'll want to know this before you buy, not after.

Just as the value of any one house is dependent on property values in the neighborhood, the value of a condominium depends on the condition and desirability of the entire complex. The best way to get information about a condominium complex is the same as in a single-family house neighborhood. Take a walk and talk with the neighbors.

Finally, most realtors favored Condominiums because it is less expensive than single-family houses. Condos usually offer more amenities but it has a higher monthly fees. They added that condo units are a good choice for young professionals, bachelors and even to retirees, who want to be in very accessible location, but do not want to shell out lots of dollars in their pocket.

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Tuesday, November 1, 2011

Overview on Sacramento Real Estate

Sacramento is the capital city of the U.S. state of California and the county seat of Sacramento County. It is located at the confluence of the Sacramento River and the American River in the northern portion of California's expansive Central Valley.

The total population of the entire region was estimated at 486,488 during the 2010 national census, and it is the sixth-largest city in the state of California. Sacramento is the core cultural and economic center of the Sacramento metropolitan area which includes seven counties; with an estimated population of 2,527,123.

Its metropolitan area is the fourth largest in California after the Greater Los Angeles Area, San Francisco Bay Area, and the San Diego metropolitan area as well as the 22nd largest in the United States. A city attaining global status, Sacramento was cited by Time magazine as America's most ethnically and racially integrated city in 2002.

Sacramento became a city through the efforts of the Swiss immigrant John Sutter, Sr., his son John Sutter, Jr., and James W.

Marshall. Sacramento grew quickly thanks to the protection of Sutter's Fort, which was established by Sutter in 1839. During the California Gold Rush, Sacramento was a major distribution point, a commercial and agricultural center, and a terminus for wagon trains, stagecoaches, riverboats, the telegraph, the Pony Express, and the First Transcontinental Railroad.

Sacramento was the first incorporated city in California, in 1850, its growth spurred by the discovery of gold at nearby Sutter’s Mill. It is home to approximately 408,000 residents, of many ethnicities. In fact, the whole region is now fast becoming as a hub for immigrants seeking for greener pasture.

Sacramento is a fast-growing city with many sparkling new neighborhoods, as well as older homes and a historic downtown, with much of the city oriented towards its rivers, the American and the Sacramento.

It boasts numerous institutions of higher learning and is the seat of California’s government, as well as a deepwater port
(through a 43-mile channel to Suisun Bay) and the commercial center for the agricultural Valley. Computer, electronics
and aerospace industries are also well-represented.

Sacramento is one of the fastest growing communities in California nowadays. Families are choosing Sacramento as the place to make their home because of superior schools, excellent business opportunities, and phenomenal surroundings. It is no wonder that today's residents are staking their claim of Sacramento real estate. Since it was founded at the confluence of the Sacramento and American river because of the 1849 Gold Rush, Sacramento today presents terrific opportunities for the home owner. Sacramento's economy ranks 79 out of 172 if it were a nation. High-tech output of the region places Sacramento at 21st out of 100 other metro areas. Use our "MLS Listings by Email" feature below to keep current on the Sacramento's Real Estate market.

Over 14,078 single family homes, and even more condos, land and investment property in Sacramento, Downtown Sacramento, East Sacramento, Elk Grove, Laguna, Pocket/Greenhaven, Landpark, and Natomas are available here.

Greater Sacramento Real Estate MLS Listings. Please feel free to access the entire Sacramento Multiple Listings of homes. Find all about the homes for sale in today's real estate market.

Newsweek magazine named Sacramento one of the ten best cities in the United States. 400,000 in the city and nearly 1.7 million residents choose to make Sacramento home because of more than 120 city parks, 1000 miles of waterways, nearby Folsom Lake and Lake Natoma, the Sacramento Kings, Sacramento Monarchs, Sacramento River Cats (Triple-A baseball). And the following attractions are only a short jaunt, Lake Tahoe, ski resorts, the Mother Lode and Napa Valley. Sacramento was California's first charter city and this great city has a deep rich historical past and a prosperous future.

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