Erin Attardi's Blog

When I was a kid, I remember there was a designated day each year where you could pile your larger trash items out on the front sidewalk, and the county would come and pick it up...well actually, they would come pick up what was left after folks came to scavenge the junk. We called it "The Great Garbage Give Away."

Well now, if you live in Sacramento County, you do not have to wait for a collection crews to be in your neighborhood on a designated date. Sacramento County will provide once-per-year pick-up of your bulky waste by appointment. To schedule a pick-up, call the Sacramento County Waste Management Department at 916-875-5555. Five cubic yards of material, which is a pile about 8'x4'x4', is the maximum that will be accepted. This is also about the size of a pickup truck bed filled even to the top of the cab. Extra material will be picked up for a charge or $25 per 5 cubic yards.

The City of Sacramento still operates designated collection days in most neighborhoods, however some residents are eligible for an appointment program similar the county's program. For information or to schedule an appointment within the City of Sacramento limits, call 916-808-5454.

DO YOU OWN PROPERTY IN NATOMAS? On December 8, 2008 (less than 6 weeks from today), the new Natomas Basin FEMA flood maps take affect, and thousands of Natomas area residents will be required by their mortgage companies to purchase flood insurance. If owners purchase now, they will be eligible for a reduced "preferred risk" rate. This reduced rate then will be "grandfathered" in, and allowed to be carried over. If owners wait until they are forced to obtain insurance by their mortgage companies, they will get the "standard risk" rate, which is more than double the annual premium rates.

If you are wondering if your parcel falls into a flood zone, you can reference the Preliminary Natomas Floodplain Maps from FEMA. Contact your insurance agent with specific questions...

This Saturday from 1pm - 3pm, the Sacramento Natural Foods Co-op Community Learning Center is hosting the "Home Green Home Fair." Come and check out Sacramento businesses and organizations that can help you go green inside and out! Attendees will learn how to create a home that is less toxic and more energy efficient. Saturday is also the Natural Foods Co-Op's 35th birthday! In addition to the Home Green Home Fair, there are other activities throughout the day, such as a harvest tasting fair, local artisans, cooking demonstrations, kids’ activities, local farmers, live music, wine tasting, birthday cake and more!

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When purchasing a bank-owned REO property in California, you as the buyer should be aware that you will received limited disclosures from the bank / asset manager seller.

You should ask your agent to provide you with an REO Advisory, which is a standard California Association of Realtors form (Form REO) that details what the seller is and is not required to give to you. Lyon Real Estate agents are actually required to use this form when listing or selling bank owned property. Language straight from that form reads -

"Disclosures: Seller is NOT EXEMPT from common law and statutory duties concerning fraud and deceit, even though the specific TDS form is not required to be completed. Seller remains obligated to disclose material facts affecting the value and desirability of the property."

The bank has never occupied the home, and it is very likely a representative from the bank has never set foot on the property. However, if the property has been on the market for 6 months, and has been burglarized twice, the selling agent or bank / asset manager is still obligated to disclose that.

In an REO transaction, the seller is required to provide you with an Hazard Zone Disclosure, Smoke Detector and Water Heater Statement of Compliance, Lead-Based Paint Disclosure, Megan's Law Disclosure, and Tax Withholding (FIRTPA).

Other forms, such as the Transfer Disclosure Statement, Seller Property Questionnaire, Supplemental Statutory and Contractual Disclosure, etc. are probably required by your agent's firm as a formality to complete the file on his/her end, however the bank itself is not required to provide you with one.

I have done several of these transactions over the last 18 months, and I usually end up having my buyer clients sign blank disclosures. I write exempt and draw a line diagonally through the form...the bank seller and listing agent will likely not sign these forms. Because there is such little disclosure, make sure to do thorough inspections and investigation.

Though officially, SB 133 does not take effect until January 1, 2009, locally title companies are implementing its new standards now. Title company "Business Development" (sales) representatives will have to be licensed with the department of insurance. While there have been pre-existing rules in effect regarding "inducements" (kickbacks, gifts, etc. in exchance for doing business), this bill takes everything to a new level.

While I definitely agree with the concept of the legislation, the practice and everyday implications of this legislation seem never-ending and, quite frankly - pretty scary.

Now title reps can not participate in any Sacramento Association of Realtors committees (example - the title rep that serves on the Young Professionals Council must resign her position at the end of the year). Title companies can not sponsor any SAR or real estate office events or fundraisers (example - sponsor a booth at an annual conference). A title rep can not bring food or drink to a SAR or real estate office meeting or party (example - can not provide a pot of coffee at a regional meeting). If a title rep and a real estate agent happen to be friends, the title rep can not buy the agent a birthday present...can not validate parking...can not make copies at an escrow signing...how far does this really go?

If a title rep is caught violating any rules, they can be subject to personal fines, and have their license revoked (they can not reapply for 5 years).

I am definitely an animal lover...I have three huge dogs at home. Two bloodhounds, Harold (pictured here) and Hubert, and a black lab mix named Howard. My husband and I love taking our dogs to the Off-Leash Dog Area at Carmichael Park. Of course with three 100lb+ dogs, this sort of outing is a huge undertaking! Here is a list of dog parks in the greater Sacramento area:

- The Canine Corral Dog Park - Carmichael Park at Fair Oaks Blvd and Grant Avenue in Carmichael

-Pooch Dog Park - C Bar C Park at Oak Avenue and Melva Street in Citrus Heights

-Fair Oaks Dog Park - Phoenix Park at Sunset Avenue and Runway Drive in Fair Oaks

- Bannon Creek Dog Park - Bannon Creek Park at Bannon Creek Drive off of Azevedo Drive in Sacramento

-Granite Dog Park - Granite Regional Park at Cucamonga off of Power Inn Road in Sacramento

-Partner Dog Park - Belle Cooledge Community Center at South Land Park Drive and Fruitridge / Seamus in Sacramento

-Tanzanite Dog Park - Tanzanite Community Park at Bilsted Way at Tanzanite Way in Sacramento

-Regency Dog Park - Regency Community Park at Honor Parkway and Bill Bean Circle in Sacramento

-Elk Grove Dog Park - Elk Grove Community Park at Elk Grove-Florin Road and East Stockton Blvd in Elk Grove

-Laguna Community Dog Park - Laguna Community Park at Bruceville Road and Big Horn Blvd in Elk Grove

Is it just me, or did we go from summer to autumn overnight with literally no transition? It seems like just a few weeks ago we were experiencing 90 degree+ days, and today I wore a sweater. Anyway, halloween is just around the corner...to expand on last year's post, here are some area pumpkin patches:

Goblin Gardens Pumpkin Patch & Corn Maze
3845 El Centro Road, Sacramento
916-925-2947
September 27 to October 31
Open Daily, 10 am to 7 pm

Dave's Pumpkin Patch
3010 Burrows Avenue, West Sacramento
916-849-9450
September 27 to October 31
Open Daily, 5 am to 7 pm

The Pumpkin Farm
7736 Old Auburn Road, Citrus Heights
916-726-1137
October 1 to 31
Open Daily, 9 am to 6 pm

Pumpkin Paul's
5910 Hazel Avenue, Orangevale
916-988-7727
October 6 - 31
Open Daily, 9 am to dark

Sleepy Hollow Pumpkin Patch
210 S. Harding Blvd., Roseville
916-786-7979
October 1 to 31
Monday - Thursday, 3 pm to 9 pm, & Weekends, 10 am to 9 pm

Fog Willow Farms
11011 Cecatra Drive, Wilton
916-687-4547
October 1 to 31
Open Daily, 9:30 am to 6 pm

Woodland Corn Maze & Pumpkin Patch
County Road 103 and East Main Street, Woodland
September 21 to October 31
530-666-7194
Closed Mondays

Happy carving!!

When I was in kindergarten, my dad took my class on a field trip to the Nimbus Fish Hatchery. It was one of my most memorable field trips when I was a kid, and is probably part of the reason that to this day I love fishing! This coming weekend, you can check out the Nimbus Fish Hatchery, among other recreational areas at the The American River Salmon Festival!

The event is this weekend, Saturday October 11th, and Sunday October 12th, is FREE! Parking is $9 dollars, or you can take advantage of the complimentary shuttle services from RT's Light Rail Station on Folsom Blvd. at Hazel Avenue. There is also a free bike valet service.

The festival has all ages fun - like live music, magic shows, puppet shows, face painting, educational programs, fish and wildlife exhibits, great food, and more!

I may see you there!

I blogged about changes to the Fannie Mae / Freddie Mac underwriting guidelines concerning keeping a home as a rental property and purchasing a new property a couple months ago. These changes have now hit FHA lending guidelines as well. Last week HUD released new temporary underwriting guidelines surrounding this practice.

Unfortunately, there are folks out there who have been producing phony rental agreements for the home they are vacating, closing escrow on their new replacement home, and then allowing their "rental" home fall into foreclosure. This is known as "Buy and Bail."
Directly from the language in HUD's Mortgagee Letter 2008-25:
"Recently, FHA and others in the mortgage industry have observed an increasing number of homeowners who have chosen to vacate their existing principal residence and purchase a new residence. ... Due to FHA's concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyers can make payments on the full debt service of both mortgages. Consequently, beginning with case number assignments on or after the date of this Mortgagee Letter and until further notice, the underwriting analysis may not consider any rental income from the property being vacated..."
There are two exceptions.

• If you are relocating for a new employer or being transferred by a current employer to an area that is not within a reasonable commute distance, you may be allowed an exception if you can show an executed rental agreement and demonstrate that a security deposit has been collected.
  
• If you can demonstrate that the vacated property has 25% equity via a current appraisal (less than 6 months old), you may be allowed an exception.

Unfortunately, this new underwriting guideline will prevent some legitimate buyers from purchasing a new home while keeping their existing home. Speak with your loan officer to see how these guidelines may pertain to your individual situation.