Merry Christmas!!
December 21st, 2011 categories: Folsom Lake
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Folsom Zoo Camp
July 22nd, 2011 categories: Folsom CA, Folsom Lake, Special Events
Summer fun in Folsom
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
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Prevent Home Remodeling Stress
January 31st, 2011 categories: Finances, Folsom Lake, Home Building, Home buying, Home Improvements, Home Selling, Real Estate
Keep the sanity in your sanctuary
If a man’s home is his castle then when your castle is being remodeled, it can feel like your kingdom is under siege. It’s frustrating when you come home with groceries and find your kitchen counters gone; the contractor calls and says he won’t show up for another week and this is the 3rd delay; the painter says the designer colors are no longer available but you could pay extra for custom matches. Pitching a fit or firing the entire crew is not the best solution.
Home remodeling taxes your emotions so here are some tips to help handle the psychological stress. When you remodel your home, you can feel you’ve lost your sanctuary, the one place you can totally relax, decompress, be yourself. I encourage you to take breaks by physically leaving the house during the remodel phase. Call some friends for a long coffee break, work out or take a yoga class, this is the time to explore those areas you’ve left undiscovered. Now would be the time for a mini-vacation or a weekend get away.
When you feel you’ve lost control of your domicile with workers coming and going, it’s hard to enjoy your daily routine. This is where you might question the wisdom of what you’ve done. When you realize the project will take three times as long and cost twice as much your best defense is taking positive, decisive actions. This is where some pre-planning will make all the difference.
Before you first sit down with your contractor be certain to do your due diligence and check out his credentials, call his references and above all confirm his license is valid and up to date. Tell your contractor you reserve the right to question or challenge any decision made. Add contingencies to your contract, such as: the contractor gets less pay if the job goes overtime, more if it takes less time. It’s standard in the industry to pay a portion after each phase is completed so be sure to understand his or her process and what the expectations are at each point.
You can also benefit by setting goals to accomplish one task at a time. Break every phase of the project into small, manageable “to do” lists. This will help you to psychologically gear up for the next stretch and give a sense of accomplishment which puts is little wind in the sails to get you through the next segment to be done. It also prevents you from jumping the gun and clearing out the dining room prematurely and then getting angry when it sits empty for two weeks until they get to that phase of construction.
It’s easy to fantasize about the picture-perfect home, the magazine ideal, but the reality is always more costly and sometimes impractical. A gourmet kitchen with top-of-the-line appliances looks fantastic but if your home is in an average neighborhood be sure you’re not over-improving because if you should need or want to move you’ll never recover those costs. Stay flexible and consider lots of options and have a “plan B” in place at every turn…it will keep you sane.
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Short Sale Survival
October 28th, 2010 categories: Folsom Lake
Basics for getting through the process
Moving is one of the four major stresses people face, so making the decision to add to that stress by selling a home via short sale doesn’t sound appealing. The expectations of each bank, the protocols each has in place along with an inexperienced staff make for a very long process and is not for the faint of heart. Sellers who are prepared and can provide their agents with all the necessary documentation will save precious time (which is not on their side) in these transactions. Even in the best of circumstances banks manage to delay, so being prepared to deliver the paper is the first step to keeping your sanity during the sale.
The latest improvement that Bof A, the bank with the most “assets” (REO’s) has made, is requiring all short sales to be uploaded to an electronic processing system. The upside is that they can now track their work- force and see who has dropped the ball. The downside is that they can manufacture a forced delay in processing. Recently I uploaded the initial authorization to communicate with them on a short sale which allows them up to 4 days to process the request. That doesn’t seem like a long time except that they will not accept any other paperwork on the sale until this document has been received. So if I am able to upload the entire package after signing the listing agreement with my client I am forced to sit on the paperwork until they process the authorization. Eventually this should improve processing time but we still have a way to go until we get everyone on board.
Processing a short sale has different phases with each phase bringing the loan package closer to a negotiator who has the authority to make a final decision. Once of my recent short sales was delayed due to the banks request that the HUD 1 be revised to delete the word lender and be replaced by the bank’s name. That little request (which always manages to be submitted on a Friday) cost an additional 2 weeks to get processed. Another transaction was sidetracked due to the opener not identifying the paperwork property. The opener is the person who uploads all the paperwork to the system. If they don’t notate the file accurately then documents don’t get checked off. My negotiator was not aware all the documents were in place because the opener didn’t separate the documents correctly which cost another two weeks.
The final frustration in selling a short sale involves buyers who are unwilling to stay the course. Listing agents are advising sellers to require buyers put money in escrow to hold the house for them until a short sale has been approved by the bank. At that time the usual inspection period begins and the buyers are allowed to request repairs just like a typical real estate sale. Banks are now requiring agents to inform them of buyers walking away from the offer. They, like the sellers, are frustrated with fickle buyers who make multiple offers with no consequence for walking away. Serious buyers are well prepared and not afraid to show sellers the money so be ready to go the distance with both banks and buyers and you’ll survive and live to talk about it to your grandchildren.
Beth Mergens is a broker associate with Remax Gold in Folsom, CA. She can be reached at 916-947-3993 or email her at Beth@FolsomLakeHomes.com
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Custom Home in Fair Oaks CA 95628
September 4th, 2010 categories: Folsom Lake
Entertainers delight yet feels like home…
Located in a gated community in Fair Oaks this custom is everything a busy professional with an active family could ask for. You can easily relax and call this home given the large family room with built in cabinetry, gourmet kitchen overlooking a spacious yard and open floor plan.
Located on a cul-de-sac with lots of outdoor space for young children yet designed with entertaining in mind. There is a play structure already set up under the old oak tree and did I mention this has a four car garage? The master suite is elegant with a luxurious bath area and huge walk in closet. There is a downstairs bedroom for guests or office while upstairs you will find the remainder of bedrooms with a larger bedroom that could easily double for a game room.
This property is located in a gated community for added privacy and yet is close to freeway access. For more information email Beth@FolsomLakeHomes.com or call to schedule an appointment to tour.
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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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Five Common Defects in Homes to Avoid
February 18th, 2010 categories: Folsom Lake, Home buying, Home Selling, 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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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 buying, Home Selling, 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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Tips on Competing for Short Sales
October 5th, 2009 categories: Folsom Lake
Three points to help you land the sale
One of my favorite things to do is cook and one of the first rules is to make sure you watch the heat source so it doesn’t burn the food. It seems to me that real estate is similar in nature and our market has been on a slow simmer all summer long but appears to be heating up according to all the economic reports. This is also evidenced by the multiple offers I’ve experienced and heard about, not only below the $300,000 range but in the properties priced up to $700,000 as well. So how do you ensure that you get the property when you know there are multiple offers on the table (even though it is a short sale) and you still have to wait for a bank approval?
Glad you asked! Savvy agents are now requiring that the buyers deposit their earnest money checks with the escrow company upon acceptance of the offer by the sellers. This does not mean that the bank has approved the short sale but only gives some reassurance to the sellers that the buyers won’t walk away from the deal half way through the transaction. This issue has been brewing for some time and it’s starting to cause listing agents to change their counsel so rule number one is expect to put cash in escrow.
It’s not unusual for buyers in this market to write multiple offers but they must let that be known to all parties involved. There is no rule against writing multiple offers and when that happens it’s best to include some verbiage on the offer. This has been happening quite a bit lately and the result is that buyers are not acting responsibly when cancelling contracts. Sloppy buyer’s agents are NOT taking the lead here and the result is a lot of frustration in the real estate community. So rule number two is cancel all previous purchase contracts and let the listing agents know in writing!
This market has allowed a record number of new buyers into the market by way of low prices and government backed loans which typically do not require a lot of money down (zero down for VA). Brokers caution sellers against anything that could jeopardize the sale of the home and low down offers are at the top of the list. If listing brokers advise against accepting offers without money being deposited we could see many buyers unable to purchase due to their lack of cash flow. Locking out buyers in this market is not a particularly happy thought so respect the sellers and alert them to any changes that will effect the sale, you don’t want to contribute to a negative backlash. So rule number three is to communicate any changes to the seller’s in writing.
I would like to express my caution to buyers (and their agents) who are indifferent to real estate procedure and their impact on this market. As we have seen the fall out of the wildly loose lending practices by way of stricter lending policies I suspect we will also see real estate brokers revert to stricter standards regarding buyer’s offers. Additionally, since a lot of the newbie agents who got into real estate at the height of the market are now gone we can be assured the established agents will once again cut the path to protect consumers. Most of what I have blogged here is standared operating procedure but unfortunately not practiced by some agents. I hope that those previously unable to buy a home will respect the process and get to enjoy their slice of the American dream.
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