Archive for June, 2009
Rodeo and Fireworks July 4th in Folsom Ca.
June 30th, 2009 categories: Folsom CA, Outdoor Activities, Special Events
Cattle Drive at 6pm July 1st in Folsom CA
Time to cowboy up! The annual Folsom Pro Rodeo starts Thursday night July 2nd at 6pm with the cattle drive on Wednesday July 1st on Sutter Street followed by live music in the historic district. There is also the 1 mile footrace called the Bullipedes which starts at 5pm just before the cattledrive.
This year with July 4th falling on a Saturday you’ll need to get your tickets early. Look for the Family Discount Package online and don’t forget to register your little ones for the Muttin’ Busting contest.
One of the great things about going to the rodeo over the 4th of July is the fireworks display put on each night at the conclusion of the rodeo. Since this time of year is so dry and dangerous and the types of fireworks considered “safe & sane” are getting in the words of my children “boring” having the option of seeing a great show is just another bonus to a night of family fun.
Just remember to get to Lion’s Park early since the area once available has been taken by the new library and seating is limited. You can pay the extra to park close by as some of the local businesses will be charging to use their parking lots or you can pay to shuttle from Wal Mart. Remember to bring your cooler’s full of drinks and lawn chairs and spray bottles…it’s gonna be hot!
| Discussion: No Comments »
El Dorado Hills CA Thursday Night Concerts
June 20th, 2009 categories: El Dorado Hills, Outdoor Activities, Special Events
Summertime Rocks at Town Center
One of the great advantages of living in the Sacramento valley is the great weather coupled with people who like to have a good time. The El Dorado Hills Town Center hosts concerts every Thursday night starting in June through to August which proves my point. The great part is that it’s FREE and in today’s economy that’s something everyone can afford.
The town center is a relatively new addition to the sleepy suburb of El Dorado Hills but is quickly making a name for itself with the variety of shops, restaurants and entertainment available. The new movie theaters offers IMAX and the Nugget Market has everything the gourmet could hope to find in a grocery store. Nestled in the foothills this area south of Hwy 50 is expanding with new home subdivisions, commercial and professional space all without losing it’s country charm.
Other events hosted here include an Art Fair in May, various holiday fairs with photos and a Wine Tasting in the fall. 
Events held at the Mercedes Benz dealership are usually advertised throughout the local business community for a variety of non-profit organizations. If you would like to know more about securing this venue contact the business center for a schedule and fees.
To subscribe to my newsletter click on:
http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: 1 Comment »
California Tax Credit Almost Gone
June 19th, 2009 categories: Folsom CA, Folsom Lake Homes, Home Building, Home buying
New Home Sales in Folsom CA driven by Tax Credit
According to the National Mortgage News article of June 18, 2009 the tax credit granting new home buyers $10,000 will soon be gone. Apparently there is a cap of $100 million and the governor’s office said “there is a bill to extend it or increase the money allocated.” The expiration date is March 2010 but it might not last until the end of 2009 at this rate.
According to the sales rep at Elliott Homes this has accounted for the majority of sales in their Chelsea subdivision for March and April. Folsom doesn’t have much left in the way of new home builder’s since Elliott purchased the last of the remaining land in Empire Ranch. Originally Empire Ranch consisted of about a dozen different builders offering a variety of homes styles. What is left are a couple of condo developers and some custom lots in the Hillcrest subdivision.
For related articles: http://folsomlakehomes.com/2009/02/24/tax-credit-for-new-homebuyers/
To subscribe to my newsletter click on:
http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: No Comments »
Beth Mergens Folsom Deal of the Week
June 16th, 2009 categories: Folsom CA, Folsom Lake, Folsom Lake Homes, Home buying
Real Estate Deals in Folsom CA 95630
As promised I would scour the landscape to find the best deal happening in Folsom CA this week and I’ve found a wonderful home listed in the coveted Briggs Ranch subdivision. This 3bedroom 2 bath was built in 1988 and is just under 1300 sqft. It has a 2 car garage and is approximately 1/6 of an acre.
Briggs Ranch is well known for it’s grammar school, proximity to Folsom Lake and mature landscaping. Additionally the fact that there are no Mello Roos fees or HOA’s keeps people who live there from selling and moving on. In fact, there are a number of neighbors who have bought and sold within this subdivision and the investor properties are few. This subdivision hosts many activities from July 4th parades to placing Christmas luminaries throughout the entire subdivision.
This home was posted on the MLS on June 12th and has a few offers in negotiations which is not unusual considering the $259,900 price tag. Although higher in price the location is what adds value given the excellent condition and favorable location but is still a deal at $204 per sq.ft. Because it is a short sale there is still a possiblity of landing this deal given the fickleness of today’s buyer.
Folsom currently has just under a 4 month supply of inventory with a median price at $355,000. The average price per sq.ft. is $178.00 but you have to remember that this is an average of all the homes sold in May 2009. If interested in conducting your own search just log on to my MLS search and let me help you get started finding your deal.
For related articles:
http://folsomlakehomes.com/2008/11/09/thanksgiving-day-race-in-folsom-ca/
http://folsomlakehomes.com/2008/10/29/folsom-soccer-membership-exceeds-3000/
To subscribe to my newsletter click on:
http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: No Comments »
Tennis Futures Tournament Finals in Loomis, CA
June 13th, 2009 categories: Loomis CA, Northern CA Recreation, Special Events, Tennis
Int’l Tennis Federations Finals at Del Oro High School
This weekend you can catch a glimpse of the future of tennis right here in Loomis CA! The Futures Tournament semi-finals are today 6/13/09 starting at 10am and the second round will start right after at Del Oro High School There are exciting tournaments the focus on the up and coming players to establish their ranking and determine their career paths.
This past week players have competed to win a spot in the finals and we get to see the best compete tomorrow. The rankings and order of play are available at RWI Pro Circuit The top prize is $15,000 but the ATP ranking is what fuels these players. This is the entry into professional tennis and we are blessed to have such great play available to us free and close to home.
For related articles:
http://folsomlakehomes.com/2008/10/02/folsom-tennis-teams-growing-as-population-ages/
To subscribe to my newsletter click on:
http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: No Comments »
Distressed Property Solutions for Folsom Lake Homes
June 11th, 2009 categories: Folsom Lake Homes, Foreclosures, Loan Modifications, Short Sales
Seven Myths of Short Sales Exposed
Having just completed my designation for the Certified Distressed Property Expert (CDPE) I wanted to share more about short sales and expose some myths that you might have heard. The Distressed Property Institute recognized the need to train real estate agents to handle the current crisis and has received overwhelming approval by the National Association of Realtors in endorsing this certification. The president of Remax currently sits on their board and encourages all agents to obtain this designation.
Myth #1 -Foreclosing is easier than a Short Sale
The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure. There are three pre-requisites needed to qualify for a short sale:
- 1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- 2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- 3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Myth #2 – You Need to Miss Payments to Negotiate a Short Sale
This was the way it used to be but today lenders are looking for a verifiable hardship. If you have a monthly cash flow shortfall, a pending shortfall and show you are insolvent you meet these three requirements. If you believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options.
Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure
This probably hurts homeowners the most. Many people do not realize that foreclosure is a process, and that there is time to make decisions. The foreclosing party-in most cases a lender-can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract.
Myth #4 – Listing a Short Sale is Embarrassing
Recent estimates show one out of five homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution. In our area we are seeing up to 70% of all listings on the MLS in a short sale status.
Myth #5 – Short Sales Never Get Approved
This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process. Professionals who have the CDPE Designation are fully trainied in methods to help homeowners in distress and process short sales.
Myth #6 – Banks are Waiting on a Bailout and Not Approving Short Sales
The reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. Denying a short sale in the hope that some future legislation would pass and pay them for losses is preposterous. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”
Myth #7 – Buyers Agents Are Not Showing Short Sale Properties
This is a myth that potential sellers hear all the time. Smart agents are getting calls from buyers who say they only want to look at foreclosure and short sales. For buyers, short sales and foreclosures have become synonymous with “good deals.” Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.
To subscribe to my newsletter click on:
http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
Related articles:
http://folsomlakehomes.com/2009/05/06/foreclosures-fixer-scams/
http://folsomlakehomes.com/2009/04/28/short-sales-impact-on-credit-scores/
http://folsomlakehomes.com/2009/04/14/california-prevention-act/
http://folsomlakehomes.com/2009/02/16/loan-modifications-vs-short-sales/
| Discussion: No Comments »
Homes Sales up 13.6% in Sacramento County
June 8th, 2009 categories: FHA, Finances, Home buying, Sacramento, Tax Incentives, VA
April 2009 statistics show increase in sales volume
Great news! Sales are up, prices are down and interest rates are holding! If you can afford to buy a home now is definitely the time to do it! According to DATAQUICK Sacramento has seen a reduction in price point of 30% since 2008 and so long as interest rates keep steady we’re expecting to see a good summer for real estate sales. The actual numbers reveal that Placer & El Dorado counties are each down 16% with Sacramento closing 2130 homes in April 2009, Placer coming in at 457 and El Dorado at 155 homes sold. To put this in perspective you need to understand that Sacramento county had 4786 homes on the market in April so we’re absorbing a lot of inventory and starting to see multiple offers on the nicer properties.
My local banker tells me that the interest rates are slowly climbing and we’re up from 4.6% to 5.25% in some instances. For every .25 point increase in the interest rate you can expect to to pay anywhere from $30-$130 more per month depending on your loan amount. For a $300,000 home expect to see an increase around $50 per month. There needs to be a sense of urgency because as we get closer to the end of the buying season rates will most likely increase just as the inventory starts to decrease. Remember that on average it takes 2-3 months to find and purchase a home from start to finish.
Another piece of good news is the $8000 tax credit can be used for closing costs. For a VA loan that means you don’t have to pay a penny to buy a house! There are also FHA loans available with as little as 3.5% down. On a $300,000 home that’s only $10,500 down and your closing costs are pretty much covered. There are lots of other opportunities for vets and their families as well as those who need a helping hand through FHA. For instance there is a FHA loan to improve the property that rolls the costs of the improvements into the loan. If you would like to talk to a lender who can explain these loans I can offer a couple of seasoned professionals who specialize in VA and FHA who would be happy to go over the details with you.
To subscribe to my newsletter click on: http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: No Comments »
Buying Foreclosures Basics
June 4th, 2009 categories: California Property Taxes, Finances, Foreclosures, Home buying
Tips to protect your interests in real estate
Now is a great time to take advantage of buying foreclosures, bank owned homes and even short sales. But how do you lessen the risk of liens and judgments attached to a home? That is one of the many fears buyers have when shopping for a home and another good reason to have a seasoned real estate broker representing you at the table. I’m going to outline the process and highlight some ways you can protect yourself from absorbing the previous homeowners bills.
The typical escrow begins with a preliminary title report which itemizes all the liens on the property. In our region the escrow officer will order the report and the buyer should receive it within 72 hrs of depositing their check with the title company. This report gives a full disclosure of all the liens and judgements on the property and identifies who holds those liens and how much is owed. I cannot emphasize enough that buyers need to carefully review this information.
It is important to understand that the preliminary title report is only good from the day it was printed which is usually 14-21 days prior to the escrow being opened. In other words if you open escrow May 21st then your preliminary title report will show all the activity on that property up to May 1st. This is to allow time for the recordings against that property to show up in the system. The escrow officer will pull another title search just prior to funding the loan to ensure no additional liens were placed on the property between the time the purchase contract was signed and the transfer of title to you.
On this report you will see everything that is attached to the home and if there are outstanding bills like water, sewer or garbage. Most of the banks that I have worked with paid off the utility bills for the short sales that I have closed but it is never safe to assume that they will. I have seen water bills in the $800 range because some utility companies will not close the account out until the final bill has been paid. Even though the homeowner may have vacated the home the monthly cycle continues until the final bill shows paid in full. The escrow officer should follow up to confirm all utilities are clear prior to funding the loan but it doesn’t hurt to ask at the time your sign your paperwork.
Judgements are another issue that can be resolved at the time of closing so long as they are paid in full. They can range from child support to back taxes. The title officer will do a check against all parties social security number to make sure each party is free of judgements. My recommendation is for the title officer to do this early in the escrow so that no surprises show up at the end. I once had a judgement show up for a buyer of $45,000 for back taxes happen 3 days prior to closing the escrow. Fortunately they had the cash to bring to the table but if they didn’t then the entire deal would have blown up.
After all is said and done there is a title insurance policy that is taken out for the buyers to ensure a free and clear title to the property should anything show up after the escrow has closed. Of course the buyers pay for this but it is money well spent especially if a lien shows up or a judgement from some government agency happens without notice. The bottom line is to work with a realtor who has good relationships with title companies…they are your allies and are there to protect your interests.
| Discussion: No Comments »
Deal of The Week
June 1st, 2009 categories: Folsom CA, Investors, Real Estate, Short Sales
3bed/2bath in Folsom CA
Whenever I tell someone I’m a broker the first comment is usually something like “I wish I had money to buy a house in this market” and I agree the rates are exceptional, the prices in our area are down and the selection is pretty good from a buyer’s perspective. The next question is usually something along the lines of: “Do you have any good deals?” And that’s when I realized that offering a deal of the week might not be such a bad idea…so here goes!
For you investors or first time buyers I do have a deal and it’s currently the 3rd lowest priced single family home in Folsom CA. Located at 205 Fargo Way in Folsom CA the gross living area is 1316sf and the lot size is .176 acres. The kitchen is original but there is an addition that opens into the expanded family room. The backyard has mature landscaping and there is a 2 car attached garage. The hall bath has been redone and there is pergo flooring in the main areas.All of the work required to close escrow is in place and although this is a short sale the approvals are in the file and this is ready to cross the finish line.
My goal is to offer a deal of the week in our geographic area so that investors and first time buyers can have a heads up on finding a great home before it goes pending sale. There are others in the towns surrounding the lake and if you’re looking to find something specific you can enroll to receive properties emailed directly to you the minute they go live on the MLS. Given the low interest rates and additional tax incentives it’s a hard combination to find so now is the time to take advantage. One more thing…no one is going to ring a bell to let everyone know we’re at the bottom…it only happens in hindsight.
To subscribe to my newsletter click on: http://www.feedburner.com/fb/a/emailverifySubmit?feedId=2571487
| Discussion: No Comments »
