Folsom Homes Near Parks
June 12th, 2010 categories: Folsom CA, Folsom Lake, Home buying, Investors, Northern CA Recreation, Outdoor Activities
Sheldon Park Offers Tennis and Soccer
This past week I just listed a newer home in Coventry which is a small subdivision located less than a block away from Sheldon Park in the Natoma Station area. The beauty of this property is it’s proximity to shopping, transportation, schools and parks.
Some people think that just because you’re located close to those services that it must be a noisy neighborhood but this is a mistaken assumption. This particular property was recently re-sided with a 50 year cement siding that virtually makes the house soundproof. The house faces the court behind so there are no neighbors yards backing up to this and all you hear is the usual street sounds of a cul-de-sac.
One of the outstanding features of this home is the layout. The main floor utilizes the space well and the upstairs has three bedrooms with one designed for an office. The backyard has enough patio to entertain and is low maintenance. It’s hard to believe but this house is a fair market sale, no short sale, no bank foreclosure…just a regular listing. So if you’re interested please view the video and give me a call to take a tour.
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Cycling Lake Natoma in Folsom CA
April 18th, 2010 categories: Folsom Bridges, Folsom CA, Orangevale CA, Special Events
New Group Starting April 18th
A new group of cyclists is forming just in time to enjoy the spring weather in Folsom CA. For those of you haven’t been on a bike in years or are just learning about the trails in Folsom this will prove to be invaluable in many ways.
First of all, it will teach you about the trail system along the river and get you acquainted with the area from a hands-on point of view. Second, you will meet other cycling enthusiasts who share your excitement and who are about the same skill level. And third you will get the benefit of an experienced guide who can show you the ropes and make suggestions to enhance your ride.
Even though this ride is not technically a part of the Cycle Folsom group it is overseen by one of it’s experienced members. They schedule daily rides for the weekend warriors to day long distance rides for the seasoned cyclist. Another feature of this new riding group is that the pace is set by the slowest rider so there is no fear of not keeping up.
It meets at Bicycles Plus in Folsom, next to Karen’s Bakery at 10:30AM and will start at 11:00AM. It is scheduled to meet every Sunday and is open to all kinds of bicycles (except recumbent) and you must have a helmet and be 18yrs of age. Enjoy the spring weather and meet a new cycling friend!
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Folsom’s Double Rainbow
April 11th, 2010 categories: Folsom CA, Outdoor Activities, Special Events
Second Saturday in Folsom CA
The return of Second Saturday last night was a hit with local merchants enjoying the crowds and beautiful weather holding until this afternoon’s rain storm. The rain cleaned the air and left a beautiful double rainbow hovering over Sutter St. in historic downtown Folsom.
Another amazing feat is that parking on Sutter St. is possible. I actually found a place to park in front of Hop Sing Palace last night! The rennovation is starting to take shape and I’m looking forward to the finished product.
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Tax Credits, Home Improvements & Short Sales
April 1st, 2010 categories: Home buying, Real Estate, Short Sales, Tax Incentives
The National Assoc of Home Builders (NAHB) recently issued a handy fact sheet detailing the type of home improvements eligible for the $1500.00 tax credit. Homeowners can qualify when installing new energy efficient items on their home until Dec. 31, 2010. Items that qualify range from upgrading your insulation to installing new heating and air conditioning, replacing doors and windows and installing roofing systems that improve energy consumption.
The tax code (Section 25C) states that the credit is available for 30% or up to $1500.00 for a lifetime limit. If you’re in the process of building this is not something you can apply towards your building costs as it is specifically intended for existing principle homes. One thing to beware of is that not all Energy-Star rated products qualify for the tax credit, so check their website before you buy. Also, it prohibits most installation costs so keep that in mind when shopping.
Among the items included that don’t ordinarily come to mind are skylights, smart vents or whole house fans and wood burning stoves and fireplace inserts. I know what you’re thinking…wood burning stoves? In this valley? Yes, Martha, the manufacturers have vastly improved them to the point that some meet the federal requirements for efficiency and most importantly the tax credit. This is also an exception where the installation can be included so long as it is a requirement from the manufacturer to ensure safe functioning.
So how does all this relate to short sales? Well, if you’re in the process of purchasing a short sale it might not be a bad idea to keep energy efficiency in mind when doing your inspections. For example, if you find that the home you are considering needs new windows and your budget doesn’t allow for that after closing there are loans structured specifically for that need. Rolling the costs into the loan keeps cash in your pocket and the tax credit will help at the end of the year. Lenders who specialize in home improvement loans can walk you through the process.
One last thing to remember is to ask for the manufacturer’s certification that the item qualifies for the tax credit. The items installed must also meet the requirement that they remain in use for at least five years. For more information go to NAHB’s website at www.nahb.org/remodel
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Folsom Competes for Google High Speed
March 31st, 2010 categories: Folsom CA
Folsom City Council Keeps Focus on Technology
It’s been a pet project of the Folsom City Council to take the new century by storm and their goal to have the city completely wired just took another step towards that goal this week. According to the Sacramento Journal’s article of March 24, 2010, Folsom has submitted it’s application to be a test city for Google’s new high speed network.
A few years ago the city council decided that since we are host to Intel, HP and other technology companies it only made sense to work towards complete WiFi readiness throughout the town. (Intel has been a major player and driving force behind this project). So way back in Nov. 2005 the city began exploring it’s options with a feasibility study to determine the best wireless networks for our fair city.
The Wi-Max study is definitely a must read for the engineer types and I would love to know the conclusion as my eyes started to cross about 15 pages into the report, but in regards to the goal it seems the city has been divided up into a grid system that will eventually offer WiFi readiness throughout all neighborhoods. Couple that with Google’s new system and the residents just might enjoy an economic boost when they no longer have to pay an Internet provider.
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Short Sales: Know Your Options
February 26th, 2010 categories: Finances, Foreclosures, Home Selling, Loan Modifications, Real Estate, Short Sales
With the recent decline in foreclosures due to banks holding back some REO (real estate owned) inventory, agents have begun to re-tool their marketing to target short sales. Clear guidance is the key to getting your home sold via a short sale so when hiring a broker to sell your home ask if they will be personally handling the transaction. It’s imperative to let the broker know the date of the last payment made or how many payments you are behind. These details will determine the success of your short sale so providing as much information up front will help speed the process. Below are some of the pitfalls facing sellers as their broker attempts to negotiate with the banks to sell short.
Each lender has its own criteria and level of tolerance for short sales. Multiple levels of approvals with varying conditions are common in short sale transactions. Once a sale is submitted and uploaded to the system, it must fit the pre-determined criteria dictated by the banks loss mitigation dept. Loss mitigation is the first department that grants approval. The initial package typically takes about 3 weeks to be uploaded to most banks systems. Recently banks have begun to streamline the process and are utilizing online software which is supposed to speed response time. This is relatively new so we hope to see time frames shrink as new requests are processed.
Every short sale is unique and the amount of time it takes to get the home closed will depend on how many liens are attached to the property. There are so many possibilities when it comes to lien holders but here are a few that hold sway. Home equity lines of credit (HELOC), Home Owners Associations (HOA) that can have multiple assessments attached, tax liens (income, estate or corporate franchise tax) real property taxes and mechanic’s lien holders. Additionally, any unpaid utilities will need to be paid and if maintenance has been neglected and the city has to mow the lawn there will be a lien for that service attached.
There are additional pitfalls that can also prevent the short sale by way of lender required mortgage insurance on the loan. The way this works is that the bank is obligated to allow the mortgage insurer to be party to negotiations. This is part of the servicing agreement initially set up by the mortgage insurer with the bank. The reason being that the insurer will have to pay out a claim to offset the lender’s loss in the short sale. Some mortgage insurers require a side note to be executed in order to transfer title. This is another item of negotiation that can halt the transaction so knowing upfront if there is mortgage insurance certainly helps.
The failure rate of short sales is relatively high due to the complexity of the processes involved. Numerous parties to the transaction, fickle buyers unable to perform or worse walking away from the purchase complicate an already frustrating experience. Inexperienced agents who do not understand basic procedure can jeopardize the sale because time is of the essence. Auctions do happen and most of them are for homes that failed to sell short.
Short sales do adversely affect a person’s credit score although the negative impact is typically less than a foreclosure. Short sales are a type of settlement and remain on a credit report for seven years. Some lenders are designing loans for those customers who have experienced a short sale with some buyers able to re-purchase in as little as 13 months. The determining factors are keeping your other credit obligations under control and no late payments exceeding 90 days. Of course, you have to qualify your income and work history but the banks realize that there is a distinct need for these loan products and it will grow as we get out from under this current market.
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Five Common Defects in Homes to Avoid
February 18th, 2010 categories: Folsom Lake, Home Selling, Home buying, Real Estate, Sacramento
Growing up in a family of tradesmen has given me an advantage in matters of construction and enabled me to help clients think through a particular design flaw or anticipate potential construction issues. One of my pet peeves is shoddy workmanship but sometimes home buyers are so dazzled by the process that they fail to see obvious flaws. The old adage that the devil is in the details works well when it comes to finding potential problems when purchasing a home, so I thought I’d offer the top 5 hidden defects that can shipwreck your home purchase.
Top on the list is foundations. Talk to any concrete expert and you will learn a lot about curing times and it’s relationship to the strength of a home foundation. Living in this valley has taught me many things and one of them is that you don’t pour a foundation in the middle of July and expect it to dry property without a lot of babysitting…with a hose. Concrete needs to cure slowly so when I purchased my last house I was ecstatic that the foundation was being poured in February. Cracks in foundations are allowed to a certain degree (hairline) but when the gap gets to 1/8 inch then you start to have issues with moisture and pests. One trick is to look closely at the garage floor for separation because this is your clue into the rest of the structure.
Roofs are at the opposite end and can cause major damage to the structure if not installed correctly. A few years ago I listed a home for a client and we found that the entire parameter of the roof needed to be replaced due to incorrect installation of the original flashing. The builder had flipped the flashing upside down so instead of the rain running off the edge, it was held there and wicked back up the roof. The homeowner didn’t have a clue since she had purchased the home when it was relatively new. Roof inspectors will check for those and other issues at the time of purchase. Don’t assume because a home is new that the roofing is installed correctly or is not damaged.
Water is the most intrusive element known to man and poor drainage can cause numerous problems from mold and mildew to undermining a foundation. Homes that have a down slope are more prone to water problems but equally important are runoff and standing water issues. I once looked at a home in the bay area and had my soils engineer out to take a look. His assessment was that the foundation was sound and that the fireplace cracks were nothing to be concerned about. It was only after the fireplace had fallen off was it found out that there was an underground spring running under the home. Needless to say I was very happy to not have purchased that home.
Pest reports reveal intrusion from pests, dry rot or any other critters known to destroy real property. In certain parts of the country it is expected to have a home treated for termites, or as is customary in our area, to deal with dry rot. When my seller’s get a pest report back that has a repair bill around $1000, they might wince but that’s considered average for this area. When purchasing a home with obvious deferred maintenance it’s not a bad idea to ask to be present when the pest inspector comes. Seeing the damage can educate you to the causes so you can do preventative maintenance.
Finally inadequate systems, such as wiring, plumbing, or HVAC can empty you pocket fast. When purchasing a home that has been retrofitted or remodeled find out if these systems have been updated along with the new cabinets. Permits for this type of work is required but sometimes “Tim the tool-man” decides he can do the work for less. Recently a buyer client purchased a home and as part of the negotiations demanded that the repair work be done by a certified professional and not the homeowner. Unfortunately the home inspector revealed the seller’s skill level and it was apparent he liked Lowe’s and wasn’t so much concerned with accuracy. Keep these tips in mind when shopping and you will prevent additional cost and much frustrations.
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Ed Mitchell Park wins SATA 2009 Championship
February 8th, 2010 categories: Folsom CA, Outdoor Activities, Sacramento, Tennis
Folsom wins bragging rights!
The 2009 season came to a close with Folsom Park winning the final game against Roseville’s Sierra View with a score of 2-1. The women’s 6.0 doubles team started with lessons from Ed Mitchell’s Bryan Solem and within three years managed to take Top Dog status at the Sacramento Area Tennis Association’s (SATA) competition.
First line Antonette Clark and Norma Thomson lost to Kerry Weinroth and Robby Denning 6-1,6-1. The third line of Ellen Desvarro and Christine Volker won 6-0, 6-2 against Joyce Bray and Angelen Simao. During the last game, Ellen Desvarro pulled her calf muscle and was unable to run leaving little room for error. The final tie-breaking game was won by Sandy Kennedy and Beth Mergens 7-5, 6-2 against Sierra View’s Betsy Newington and Liz Adkins.
Spring 2010 tennis season begins in March so if you’re looking for some great tennis and fun gals to play with email me with your information or go to the Top Dog site for more information about Sacramento area tennis.
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Starter Homes in Folsom CA Hard to Find
January 23rd, 2010 categories: Folsom CA, Folsom Lake, Folsom Lake Homes, Home buying, Real Estate
Market update Jan 2010
Buyers already need the patience of Job to close a short sale which currently represents anywhere from 45-65% of all home purchases in our area. The statistics show that they take an average of 120 days to get to the negotiation stage in our area with an average closing another 30 days. Additionally, over 38% of recent home purchases were funded by FHA, which typically adds 15-30 days to close the transaction. What this adds up to is more frustration for anyone involved in the real estate market today.
For clarity, a short sale is subject to the lender approving the sale. MLS rules require that when the seller has accepted a short sale offer the listing has to be changed to a contingent status. Most real estate agents will not show contingent listings because once the seller has sent it to the bank for consideration it is essentially off the market to other buyers. The dirty little secret is that banks don’t really want to see more than one offer because they are overwhelmed with work, so agents oblige them by taking highest and best and keeping others in back up.
Adding more frustration for buyers are the new FHA requirements. News of increased down payments and higher mortgage insurance premiums doesn’t bode well for those using this type of financing.The beauty of an FHA loan is its “relaxed” standards for qualifying. The rates are typically a bit higher than a conventional loan but the credit score required is lower, making it easier for buyers to secure a loan. Since it is backed by the Federal government should the buyer default, it’s no wonder these loans soar in hard times. Recent news of FHA’s reserves nearing bottom has increased the conditions lenders are putting on buyers making it harder to secure these loans. Now is the time to strategize and take advantage of this program before congress increases the minimum down payment and interest rates.
One glimmer of hope I have experienced is the increase in Broker Price Opinion (BPO) requests from the banks and asset management companies. These opinions are used by the banks to gauge the value of a property in a given area. Once the bank determines the value of its asset, the property is then released for sale. The increase in BPO requests tells me that there are new REO’s (Real Estate Owned) coming online within the next couple of months. This is good news for those buyers ready to purchase and even better news for brokers working hard to survive this market.
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Silent destroyers of your home
December 31st, 2009 categories: Folsom Lake, Folsom Lake Homes, Home Selling, Home buying, Real Estate
The condition of a home is something people pay close attention to when purchasing ,and sometimes try to ignore when selling, so it’s prudent to keep a close watch on the condition of your property. This time of year offers a great opportunity to observe the condition of your home from an up-close perspective as you hang your Christmas decorations. Of the many things that are investigated it’s the silent destroyers that cause the most harm, but can be prevented with some simple maintenance. Here’s a brief punch list of things to watch for when putting up the decorations so you can start budgeting time or money to take care of them after the holiday.
Water is the most intrusive element known to man and gutters are a wonderful invention to control it around your house. They function to keep the water from pooling at your foundation but aren’t effective if they’re clogged with leaves and debris. I once paid to have a client’s gutters cleaned on a home she was purchasing since I knew she would never sacrafice her manicure. Pine needles are especially toxic since they leech acids which rust and gutter guards don’t completely prevent their intrusion. There are many handyman companies that will clean them but make sure whoever you hire to check out their insurance policy…it could be a very costly mistake should they not carry one.
Most people think of getting pest inspections done just prior to listing their home for sale but did you know it is recommended to get one every 5 years? I never thought twice about getting one until I isted my 17 yr. old house for sale. Since maintenance is something I’m very attuned to I didn’t think I’d have any issues until the inspector found Borer beetles. Fortunately for me the beetles had a terrible sense of direction and made a right turn upon entering my trim board on the corner of my home. I guess it’s their natural inclination to go up, which saved me from having to tent my house. That saved about $6000 which is the average cost of tenting a 2 story structure.
Another critter that loves to live with you is the dreaded termite. My neighbor was sprucing up the house for the holidays and as she was wiping off the window sills noticed some holes bored through. The pest inspection found a colony of termites had infested her walls due to the Oak trees on her property. Apparently termites like to switch it up and find Doug Fir a nice diet change from Oak. Since her home was on a slab foundation she had to have holes bored into her concrete and poison injected under her foundation. The fun didn’t end with that becasue she had to wait 3 months to see if it took…which it didn’t. After a second application had to be done she finally received a clear report . Her new carpet was not exactly the Christmas present she was hoping for.
These are just some of the horror stories I hear from clients regarding deferred maintenance. So take some extra time to tune up the exterior while taking down the decorations and save yourself some serious money this new year.
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