Elk Grove, CA

I have been out with buyers this past week looking at homes in the Elk Grove CA area and have been surprised at how quickly homes are selling. Although I know our Elk Grove foreclosure or bank owned listngs have been selling quickly...the last one had 15 offers within the first week it was on the market...I guess I have been surprised this weekend to see how many Elk Grove short sales have multiple offers within the first week or two that they are on the market also!

With our current inventory in the Elk Grove area down to 1.5 months and interest rates at all time low, if a home is priced right and in good condition, it is selling quickly. I was out with a first time home buyer yesterday; we found the home of their dreams and it had been active the day before. However, when I called the agent to let her know we were going to submit an offer, she said the seller had just accepted an offer. She had received 3 very good offers that morning and the seller decided not to wait!

The days of homes being on the market for weeks or even months, has passed. Buyers and agents need to pay attention to what is coming on the market every day. As a home buyer if you are not receiving daily alerts on new homes coming on the market, it is imporant to do so.

Should I short sale my Elk Grove home or do a loan modification?

Every homeowners instinct is usually to try and save their home from foreclosure.

They try everything they can to save their home. Borrowing money from family, racking up credit card debt, renting a room, or getting another job.

Many of my clients look to a loan modification as a way to save the day their home. Did you know that over 90% of loan modifications fail?

Believe me... I wish this would solve the problem for my client. Although I make my living assisting people negotiate a short sale with their bank... At the end of the day I have a huge heart and I want to see these homeowners save their home.

Unfortunately, sometimes there are no options for the homeowner to avoid having to move. Many look to a loan modification to save the day.

So why don't loan modifications work?

The biggest reason ---------> Homeowners accept unaffordable loan modification terms!

I hear it all the time... It's OK Erin... We were able to negotiate a loan modification and they gave us a 2% interest rate. Wow! That seems like the problem is solved and we can all go about our business. BUT then I ask the client... So for how long is that reduced interest rate good for? The answer I hear most often is 2 years. Well... How is that going to solve your problem? What happens in 2 years when your loan terms convert to your previous terms? Sounds like you will be right back where you are now???

I think the homeowner hears the 2% and they jump for joy that they get to stay in their home.... Well for now.

No one wants to loose their home... No one wants to move... No one wants a foreclosure hanging over their head... No one wants to tell their family, friends, and neighbors that there may be a problem.

The idea that they can quietly renegotiate their loan terms must seem like a dream come true. BUT is it? Or are they just putting off the inevitable?

Keep in mind that most loan modification result in a higher loan balance to the homeowner too!

If you are behind on your payment, there are past due payments and fees that are stacking up. When you do a loan modification, these back payments are usually tacked to your loan balance. If you have a mortgage balance of $300,000 and you are $10,000 behind in payments and fees... Your new loan balance will be $310,000.

So they're adding to your loan balance and offering you a short term lower payment.... Hmmmm Do those numbers add up to you?

If you are in the process of doing a loan modification for your Elk Grove home... It's really important that you run your numbers!

If this is an option you are looking at, please give me a call and we can sit down together and run those numbers! What is your best case option and what does that look like? Will the best case scenario for a loan modification solve your problem long term?

Get your answers and let's get you moving towards your financial recovery. I want to find a way to help you make the loan modification work... But if we can't find a way... I'd love to help you negotiate your Elk Grove short sale and make sure your other assets are protected.

This Elk Grove Short Sale Agent is ready to go to work for you!

It doesn’t cease to surprise me when I’m at a signing appointment with my clients and I see the mortgage payments they’re landing! I just sold this great home in the city of Elk Grove. The home featured 3 bedrooms, 2.5 baths, and 1500 sq. feet of living space. This family saved enough to have a good down payment—their monthly mortgage payments ended up being less than $500 a month!! Rents in that area are between $1,200-$1,400! Needless to say, although they had to wait 2 months for short sale approval, it was well worth the wait.

So many great deals out there, many are short sales but when waiting is the difference between a great deal and over paying with multiple offers on other listings—it’s worth it!

SOLD FOR $123,000

Camden Homes for sale

Have you visited the Camden homes and real estate portal: Your single stop for finding a home in Camden Passage, Camden Park and Camden Point. Here you can search every available home for sale in the Camden area, a popular neighborhood in Elk Grove.

Camden Passage and Camden Park are located between Bond Road and Sheldon Road off of Elk Grove Florin Road in Elk Grove CA. These two subdivisions include over 900 homes and are separated by a seasonal creek. Camden is a community of custom, semi-custom and production homes and includes Camden Lake with miles of walking/running/biking trails, nature areas, greenbelts and several parks.

If you are interested in purchasing in a great community in Elk Grove, CA, make sure to check out the Camden area - Camden Passage, Camden Park and Camden Point.

As of today there are many homes and properties for sale that are available in the Camden area. The number of homes changes daily, so be sure to keep coming back right here, to the best site for Elk Grove homes for sale.

The Camden area is situated between Elk Grove Florin Road on the east, Sheldon Road on the north, Bond Road on the south and Harding Hall on the west.

Start your Elk Grove home search here -

And make sure to sign up for our daily updates for new listings and price reductions! This site is updated daily with new Elk Grove homes for sale and properties that come on the market in the Elk Grove area. Often, homes are sold within days of coming on the market. That is why it's valuable to have the full, updated homes and property data on this website. Sign up NOW!

I am asked this question quite frequently by Elk Grove homeowners contemplating an Elk Grove Short sale - Will my lender approve a short sale even if I'm not behind in my payments?

The short answer is, it depends on your lender. Some lenders may require that you are behind on your payments before they will consider approving a short sale. I actually am representing a buyer on an Elk Grove short sale and after our offer was submitted to the bank, the bank came back and stated that they would not consider the short sale until the seller was delinquent at least 31 days.

However, many lenders now are approving short sales when the homeowner has never missed a mortgage payment. The homeowner just happens to be in a negative equity position and have a need for the short sale or a hardship in order to sell their home. One way to find out whether your lender will accept a short sale file for approval on a loan that is current is by submitting a short sale file to your lender.

We have closed a couple of Elk Grove short sales now where the sellers were not behind in their payments. One was a job relocation and another was a divorce situation. Both sellers had a hardship and could not keep their homes. We were able to explain this to their existing lenders with our short sale package. We received our approval, closed escrow and helped these sellers not only avoid foreclosure but also help maintain their credit by not having delinquencies on their credit report.

If you are an Elk Grove homeowner thinking about selling your Elk Grove home and you are upside down on your mortgage or behind in your payments, now is a good time to get your home on the market.

If you are a home buyer looking for an Elk Grove home, remember Elk Grove short sales are closing. Just make sure that your real estate agent asks the right questions about the short sale before you make your offer. If you would like a list of the right questions, give us a call at (916) 405-5737 and we will be happy to send them to you!

Remember, the deadline is fast approaching for the Mortgage Forgiveness Debt Relief. 12-31-2012. If you have any questions about this deadline or want to know what your options are on your mortgage, give us a call at (916) 405-5737 or send us a quick email to Info@ModeandDurhaM.com We are here to help!

Here are some quick links to other blogs I have written regarding Elk Grove Short Sales -

How much will a short sale cost me?

Are there credit consequences to a short sale?

Who is eligible for a short sale?

Questions to ask the listing agent?

What is a deficiency judgement?

When is it too late to list your home as a short sale?

Behind on payments - how long until the bank forecloses?

If you are interested in finding out more about the Elk Grove real etate market, buying foreclosure properties or short sales or about financing investment properties, make sure to check out our website at www.FindaHomeinElkGrove.com.

More information on the Elk Grove, California real estate market