first time home buyers
Right before I received the “confirmation of closing” email for a successor trustee sale near Elk Grove, I had received bad news from my vet about our cat Horatio. Poor little guy had a bit of diarrhea, so I took him to the River City Cat Clinic in Land Park. We adopted Horatio about a month ago. The vet suggested we test him for leukemia and AIDS, since he came from a shelter. Well, the vet called yesterday afternoon to say the results came back positive.
When I was 23, I lost my Himalayan, Cairo, to leukemia. I had visited that cat daily in the hospital. He could barely stand up with tubes taped to his legs, he was so sick. I would reach through his cage and gingerly hold him, trying not to sob. He didn’t make it. I can’t do this again, is my first thought.
What home buyers don’t know about a loan contingency can come back to bite. It’s not just home buyers in Sacramento who might not understand how a loan contingency works, either, it’s also some of the mortgage lenders. I can’t count the number of times I’ve heard a mortgage loan officer tell a borrower on the due date, we’re not ready to release the loan contingency yet. What?
If I get wind of it, as a Sacramento listing agent, you can bet hell is gonna break loose. For starters, I represent the seller, not the buyer. If the buyer is not ready to release her loan contingency on the date it is due because her lender is dragging feet or her lender feels “uncomfortable,” that is not my seller’s problem. It is not my problem, either. It is the buyer’s problem.
Hey, all you Sacramento home buyers, are you ready for the spring market? This is going to be a tougher market than you’ve ever seen in your life to buy a house in Sacramento, but don’t let that little thought discourage you. Unless you’ve been working in real estate full-time with a ton of transactions under your belt, you probably are not prepared to meet the demands that this market is putting forth for you. It is not impossible to buy a house, but you better be working with an experienced buyer’s agent or you might not buy anything at all.
Holy moley — will you take a look at this home in Hampton Station! It is not what you would expect to find where this is located. One moment you’re driving through lovely Parkway Estates and the next, whammo, you’re driving into a new home community consisting of around 175 homes.
The location is close to several parks, including Hampton Park, which is almost 5 acres with a playground. This home was built in 2011 by Woodside Homes, and it is called the Empire model.
You might be astonished to find all of the special touches throughout, the types of upgrades you’d normally find in homes that cost a lot more than $325,000, such as the beautiful hardwood floors throughout the first level, except for the bath and laundry.
Due to the new regulations proposed by Trump for FHA loans, borrowers could find themselves limited in the amount they can receive from a seller credit to buyer closing costs. Since many loans in Sacramento are FHA loans, that can cause a problem for cash strapped buyers. See, the thing is many first-time home buyers can afford to pay a hefty mortgage payment, but they don’t always have enough reserves to pay closing costs.
It is not unusual for a seller to negotiate paying part or all of those costs for the buyer. This seller credit to buyer closing costs is often figured as a percentage of the sales price. Before Trump, that amount was 6% for FHA, but it’s likely to be reduced to 3% of the sales price. However, before you start jumping for joy and grateful it wasn’t eliminated all together, be aware there are several things that can go haywire.