As a real estate professional I work with many buyers and sellers every year and often hear stories about the seemingly small mistakes of past real estate transactions that ended up costing aggravation and more importantly money. In the spirit of prevention I offer this special report to those of you who are not my client yet and hope you will find it informative and help you to see that I am concerned that your transaction goes as smoothly as possible.

1. The Wrong Price

A surefire way to get less than the fair market value for your home is to overprice it in the beginning. It sounds contradictory, but it is true. There are several reasons for this. First, if you home is more expensive than the similar homes in the neighborhood, fewer buyers will choose to even look at it. Why would they waste their time? And the buyers that do decide to look at your home will likely use it for comparison to justify their decision to purchase a different home.  “See? A similar home but a lot more expensive. We should get the one we saw yesterday – it’ a bargain compared to this one.”  Additionally, the longer your homes remains unsold, the less interest it will generate among buyers. Eventually, when it’s been on the market longer than the other similar homes, buyers will start to think that there is something wrong with it.  You are then forced to face the real possibility of being forced to sell it for less than its real value. So the lesson is to be sure your home is priced correctly from the beginning saving time, aggravation and money.

Overpricing is not the only pitfall that sellers fall into, some even underprice their homes. How do you know your home’s real value…by getting a professional Comparative Market Analysis (CMA). A CMA will show you what similar homes in your area are selling for and how long it takes to sell them. You will be able to see the range of values that your home falls into and then determine an accurate asking price. I offer CMAs for homeowners free of charge. Just give me a call or send a request via email and I’ll prepare it for you at no cost or obligation.

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According to the National Association of Realtors  (NAR) now is the time to buy. Looking at the latest Rent vs Own chart on Trulia you can see why.  Foreclosure Radar, a leading website that tracks foreclosure activity shows the price decline in our market as much as 46% from the recent bubble. It’s obvious why buyers previously  unable to afford a home are feverishly submitting offers on our very limited inventory…especially since prices have increased this past Feburary!

Additionally the lending rates have been historically low but don’t expect that to last. According to Foreclosure Truth we should expect to see prices rise as the government implements more programs to make housing more affordable “Every single significant increase in home prices in the last 100 years was immediately preceded by government intervention. The evidence is irrefutable. Every time the government works to make housing more affordable, prices rise”.

So if that makes you want to get out there and shop then give me a call…I specialize in the Folsom Lake area and have been representing buyers and sellers since 1999.  Email me at Beth@FolsomLakeHomes.com or give me a call (916)947-3993 and I’ll help you get started.

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If you want to sell your home because your property value has decreased to less
than what you owe then read on to find out if you qualify.

Have you been denied for a loan modification and want to try something else to
avoid foreclosure… then a short sale might be your solution.

Afraid your home value has decreased and you won’t be able to sell…perhaps a short sale is your solution.

If any of these sound familiar, discover more about the
process and potential benefits of a short sale. Not quite sure how a short sale
works…then keep reading and I’ll do my best to answer your questions along the way.

What’ exactly is a short sale?

A short sale is just that—the sale of your home for a price that falls
short of the amount you owe on your mortgage. What’s the benefit to you? You get
to settle your mortgage debt and avoid foreclosure, even if property values have
declined in your area.

So, how does it work?

1. Your Realtor will help you to estimate the value of your home’s sale price.

The next step is to secure a buyer for your home. (The
buyer will sign a purchase contract and provide proof of financing, such as a
pre-approval letter for a new home loan.)

2. Submit your completed short sale
application package to your mortgage lender or servicer which includes:

• Application
• Last 2 months recent bank statements
• Proof of income: paystubs, tax return, etc.
• Listing history
• Executed purchase contract
• Purchaser eligibility certification
• Proof of buyer financing
• Estimated settlement statement from your title/excrow company.

3. Your Realtor will submit your package along with the necessary estimates from the title company to your lender/servicer.

Why is a short sale better than foreclosure?

Now that you know the basics of applying for a short sale, you might be
asking… how is this option better than foreclosure?

When foreclosure occurs, a homeowner is forced to vacate the property
and may encounter legal issues and costly fees involved with the foreclosure
process. This is undesirable for both the homeowner and the lender.

In a short sale, a homeowner enters into a mutual agreement with the
lender to end the mortgage. This is reflected on your credit report as
“negotiated settlement of debt,” which may be less damaging to your credit than
foreclosure.

For more information on the credit or tax implications of pursing a
short sale to avoid foreclosure, please speak with your tax advisor or a real estate attorney.

I want to apply for a short sale. How do I start?

First it’s important to keep in mind that when
you apply is very important. Once you’ve decided that you want to pursue a short sale, apply as soon
as possible. If foreclosure proceedings have already begun on your home, please
note that most banks want your short sale  APPROVED at least 15 days prior to the
foreclosure sale date so time is of the essence.

For more information regarding short sales see:http://folsomlakehomes.com/2010/02/26/short-sales-know-your-options/

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The city park and recreation dept. is holding it’s annual summer camp for kids at the zoo starting August 8-12, from 10 a.m. – 3p.m. Children ages 7-10 can learn all about animals in a safe, fun setting.  Activities offered are: games, songs, crafts, and close encounters with a variety of amazing Zoo animals. They will learn which animals are predators and those who are prey. Educating campers about complex animal societies and how they, like we, work together as a team in their natural environment. It’s a great opportunity for children to close out their summer while learning things not taught in the classroom.

Camp is for ages 7-10; fee is $289 for Folsom residents / $330 for non-residents.

Please call Folsom Parks & Recreation at (916) 355-7285 or access our online registration system at

http://webtrac.folsom.ca.us

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Some interesting news is starting to surface regarding the housing market in Folsom Ca and surrounding areas. It’s well accepted that we are now bumping along the bottom of the market looking for a floor and it appears that we might have found it! According to a snapshot of statistics from the local MLS it appears prices are starting to go up! Oops! Wasn’t there supposed to be someone at the bottom ringing a bell or something?

As you can see  this chart of  home sales from Sept. 2005 to Sept. 2010 shows that the bottom of the market was somewhere around Janurary 2010!  That doesn’t mean that you’ve completely missed the bottom. If you are waiting for an approval on a short sale then you’re probably one of the lucky few who got your offer in at the right time.

Overall, Folsom has held onto the higher priced status in comparison to other communities but it still dropped significantly along with most of California. Tom Sullivan, who has since moved his show to the big apple, was right on the money when he said our values increased to 40% which means that we had to come down at least 37% to achieve a normal market. According to current statistics Folsom is down 37% from Sept. 2005! So are we there yet?

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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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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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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.

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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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.