Elk Grove, CA

The streamlined k is a great tool but if only do the streamlined k and not the full 203k you run the risk of loosing some loans from time to time. Using a plan review is also a great tool because the plan reviewer or consultant can find things that if the appraiser found them would trip the streamlined k to a full 203k.

We just had one that was a streamlined k that became a full 203k. When I went to inspect it I found the home next to high tension tower. Agents beware. If you're selling a home next to HT distribution wires or more particularly a tower... think "yuk" and go for some other loan product. The guideline indicates there should be 10 feet from the HT easement to the house... you are okay... then it goes on to say it cannot be within the fall distance of a HT tower... that killed this loan.

Problem: the borrower had a home inspection... no one caught it. the borrower then paid for a pest control report (PCR), more money out of pocket. Then I get there and want a fee... I couldn't bring myself to charge my client in hopes they will use me on the new house they find.

I had something like this going on and the property had a HUD insured loan that went bad and since HUD already owned the home they waived the rule. The original loan should never have happened. If this scenario ever happens to you look to see if a HUD loan ever existed on the property... if so HUD might waive the rule. If it is a HUD foreclosure you will likely get the waiver as they already own the risk.

M

I spent a beautiful California Sunday at our new home sales office in Monterey Village in Elk Grove. We had a ton of traffic today, so it was a productive Sunday this weekend.

Move in within 30 days! Don't miss your first time home buyer tax incentive! Plus 3% buyer incentive for closing costs! Homes from $185,000 - $305,000...2 bedroom, 3 bedroom, and 4 bedroom models currently available! Gated community located near new shopping & restaurants, parks, Toby Johnson Middle School and Franklin High School, plus close to Interstate 5 for easy commute to Downtown Sacramento.

Sales office will be open on Ocean Lane, Thursdays through Sundays, 11:00 - 4:00. For more information, contact Lori Mode or Bruce Durham, Keller Williams Realty. Call us at (916) 230-0371 or check out available homes at www.AllElkGroveHomes.com.

With the holidays quickly approaching, I thought it would be great to have a list of coming holiday events in the Elk Grove area.

Saturday, November 14th - SCEG's Holiday Bazaar - 9:00am to 3:00pm at Elk Grove Senior Center, Elk Grove, CA

Friday, November 20th - Elk Grove Police Department K9 Unit Holiday Fundraiser - 6:30 pm Franklin Ranch Pet Hospital & Hotel
10207 Franklin Blvd., Elk Grove

Saturday, November 21st - Holiday Craft Fair Monterey Trail High school in Elk Grove from 10am till 4pm in the multipurpose room.

Tuesday, November 24th 5:30 - 7:30 Christmas CanTree Lighting Kick Off Stroll through the garden sampling appetizers from local restaurants and wine from Carvalho Family Winery. Located at the Secret Garden - 8998 Elk Grove Blvd., Elk Grove

Friday & Saturday, November 27th & 28th - holiday Craft Faire - handcrafted items, including scaves, hats, slippers, jewelry, purses, baby blankets, even something for your pet. 9:00 - 4:00 each day at 9509 Grasmeer Way, Elk Grove

Saturday, November 28th - 22nd Annual Dickens Christmas Fair Dicken's Faire is held every year on the Saturday after Thansgiving. Elk Grove Blvd. will be closed between School Street and 2nd Avenue.

This is just some of the events going on during the Dickens Christmas Faire...free snow park, live music, free carriage rides, free pony rides, petting zoo, bounce houses, crafts, pictures with Santa, and Christmas caroling. In the evening starting at 6:00 there will be a parage of lights with a tree lighting ceremony.

The 2009 Holiday Shop Elk Grove KickOff will be on Saturday November 28th. For more information, make sure to visit ShopElkGrove.com. Here is a list of participating businesses.

Friday, December 4th through Sunday, December 6th - The Third Annual Elk Grove Christmas Nativity Exhibit - Church of Jesus Christ of Latter-Day Saints 9910 Bruceville Road Elk Grove, CA 95758. Experience the wonder of Christ's birth depicted in hundreds of nativities from around the world.

To check the value of your home, go to www.AllElkGroveHomes.com.

Search all Elk Grove Homes here!

Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA

www.AllElkGroveHomes.com

Please join us at the Elk Grove Real Estate Investors Group next TUESDAY NIGHT -November 17th!

If you come to our November and December meetings... Bring 5 cans of food to be donated to the Elk Grove Food Bank and we will waive the $15 entry fee!

We have a special guest this month for our Elk Grove Real Estate Investors meeting!

Ever wanted to flip properties in the Sacramento area? Get the inside scoop from area investors who are doing it!

Find out how out to successfully rehab and/or flip in our local market!

Please welcome us in joining David Granzella and John Johnson of Norcalreia, Vision Real Estate Solutions, Inc., and the Norris Group. David will share how his team has purchased, rehabbed and/or flipped almost 20 properties year-to-date in our current market.

David and John are passionate that we are currently experiencing some of the greatest periods of wealth transfer in history for those that educate themselves, develop relationships of integrity, and empower themselves to take action. David, John, and their contractor will explain how to analyze purchases, efficiently manage rehabs, and help ensure exit strategies. Please don't miss out on this opportunity!

Meet our speaker

David Granzella
David currently owns several companies focusing on real estate acquisitions, and is a consultant responsible for generating multiple real estate transactions in Northern California. David's expertise is in single family residences, wholesaling, and retailing, buying and maintaining rentals.
Vacancy rates

Leverage their experience and bring your questions! Join us on November 17th at our Elk Grove Investment Club... Elk Grove REI!

MEETING LOCATION
9275 E. Stockton. Blvd., Ste. 100
Elk Grove, CA. 95624
Networking - 6:30pm
Market Update - 7:00pm
Main Speaker - 7:15pm

Members are FREE!
Guests are $15

Bring 5 cans of food to be donated to the Elk Grove Food Bank and we will waive the $15 entry fee!

Join us and meet other Sacramento Investors who are actively investing in the Sacramento Real Estate Market!

Visit the Elk Grove Real Estate Investor Group website >>

With the winter months quickly approaching and the first time home buyer tax credit looking as though it is going to be extended, what is our current Market in Elk Grove, CA doing???? With incredible interest rates, affordability at a 40 year low and tax credits still available, buyers have been busy - both first time home buyers and investors!

Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled on October 31st from California Metrolist

Active Listings:

There are currently 878 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) .

Price Range - $95,000 to $4,350,000

2 bedroom, 1 bathroo.m, 828 square feet - 7 bedroom, 7 bathroom, 10,350 square feet

Average - 4 bedroom, 3 bathroom, 2241 square feet with an average price of $273,119. This average price is up from last month.

Of these 878 single family homes for sale, only 78 of them are REO's or Bank Owned Homes . This number has continued to remain fairly steady for the past 30 days, 208 are Short Sale listings and 458 are Short Sale Contingent - meaning they have offers and are negotiating with the bank(s). Both the number of short sales and the number of short sale contingent listings are up from last month...good indication that the market of the moment seems to be short sales!

Pending Sales:

There are currently 425 pending sales in the Elk Grove area!

Price Range - $89,900 - $1,200,000

2 bedroom, 1 bathroom, 1016 square fee - 7 bedroom, 5 bathroom, 5,569 square feet

Average - 4 bedroom, 3 bathroom, 2060 square feet

Average asking price - $250,731 and Median asking price - $235,000 with the average days on the market of these pending sales being 51 days.

Of these 482 pending sales in the Elk Grove area, 179 of them are REO's or Bank Owned Homes. The bank owned homes have been receiving multiple offers for the past several weeks and generally are selling for above list price; some for way above list price making appraisals an issue in many transactions.

Sold Listings - October 1, 2009 through October 31, 2009

There were 243 single family homes sold and closed from 10/1/09 through 10/31/09 n the Elk Grove zip code areas. SOLDS have been remaining consistently stable over the past few months.

Price Range - $100,000 - $720,000

2 bedroom, 1 bathroom, 884 square feet - 6 bedroom, 5 bathroom, 5237 square feet

Average - 4 bedroom, 3 bathrooms, 2,111 square feet

Average Sales Price - $243,887

Median Sales Price - $235,000; both Average and Median prices dropped from last month

Average Days on Market - 19 days

Average List Price to Selling Price Ratio - Home sellers got an average of 101.32% of asking price for their Elk Grove area single family home.

Of the 243 single family homes that closed escrow in October 2009, 104 of them were REO's or Bank Owned homes.

For more information on market statistics or prices in the Elk Grove area, contact The Mode & DurhaM Team at (916) 405-5765 or Lori@ModeandDurhaM.com.

To check the value of your home, go to www.AllElkGroveHomes.com.

Search all Elk Grove Homes here!

Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA

www.ModeandDurhaM.com