Just Listed & SOLD in less than 7 days in Citrus Heights!
Open House, Saturday,
May 10th from 12:00 - 4:00
Bank Owned but move in ready!
4 bedrooms, 3 full bathrooms, 2152 square feet, on large corner lot. This 2 story home features formal living and dining rooms, separate family room with corner brick fireplace, spacious kitchen with large bre.akfast nook, neutral carpet, central vacuum, 3 car garage plus RV access
This home also includes a wonderful backyard with a beautiful built in pool with waterfall and spa, plus large covered patio. It's a great backyard for entertaining during the coming summer months!
This home is very affordably priced at only $284,900...at this price it won't last long!
For more pictures and virtual tour, go to www.ModeandDurhaM.yourkwagent.com
To search for more Bank Owned homes, go to www.AllSacramentoForeclosures.com
The Mode & DurhaM Team in Elk Grove, CA
www.ModeandDurhaM.yourkwagent.com
We held our 2nd monthly Foreclosure Home Bus Tour yesterday and it was a huge success!
The bus was just about full and we saw 12 of the very best deals currently on the market in the Elk Grove and South Sacramento areas. Along on the bus were other professionals in the real estate field to help us with educating the buyers. These included:
Beth Gewerth, senior loan officer of Mason-McDuffie Mortgage. Beth was there to let buyers know about the loan programs available for these Bank Owned homes, including FHA and Conventional financing, with programs for both first time homebuyers and nvestors.
Rico Rivera of Old Republic Home Warranty. Rico talked about the help and peace of mind a home warranty can give to buyers on these Bank Owned Hones. Old Republic Home Warranty has optional upgrades that can be very beneficial on these type of properties. For more information, read Great New Home Warranty Upgrades.
Michelle Kloss and Tina Small of Fidelity National Title Company gave buyers information on the differences in the escrow process on an REO property, along with providing us with demographic information on each of the homes.
As this month's bus tour was geared to the first time homebuyers and investors, we focused on those homes under $250,000. Since these are the homes that are selling the fastest in our current market, we were changing the tour up until the night before - it made for an interesting couple of days prior to the tour. We make sure to preview all of the homes that we select for the tour, but in our effort to do this we are looking at many, many more homes to make sure find the very best deals. On Friday prior to the tour, 4 of the homes we selected we pending and yet there were 4 more great deals that had just come on the market, so off we went to see if those new listings were to be included in the tour or not.
Here is a quick look at the current market in our area as it pertains to the Bank Owned Homes:
Elk Grove (includes 95624, 95757 and 95758 zip code areas) - 306 active REO listings, 564 pending REO listings
South Sacramento (the following zip codes were included in the bus tour - 95823, 95828 and 95829) - 487 active REO listings, 468 pending REO listings
And here are statistics by price range that were pulled from Metrolist as of the morning of the bus tour, 3/29/08:
Elk Grove (95624, 95757 & 95758)
Under $200,000 47 pending sales Average Days on Market - 44
$200,000 - $250,000 144 pending sales Average Days on Market - 31
$250,000 - $300,000 163 pending sales Average Days on Market - 55
$300,000 - $350,000 99 pending sales Averages Days on Market - 54
$350,000 - $400,000 58 pending sales Average Days on the Market - 45
$400,000 - $450,000 18 pending sales Average Days on the Market - 69
$450,000 + 35 pending sales Average Days on the Market - 80
Buyers are now realizing that this is a great time to buy! We are seeing more multiple offers on these homes in the first few days they are on the market. Some of the banks are starting to price their assets at very aggressive prices and the buyers are recognizing that these are great values! A few of the homes we looked at were priced below $115 a square foot! These were fixers, of course, but we saw others that were priced aggressively that had new carpet, new linoleum, fresh paint & sparkling pools!
We also tried to make sure that we educated the buyers that had come from out of the area, by giving them a good overview of the Elk Grove/Laguna and South Sacramento neighborhoods, along with having information on rents (collected from a local property management firm and RentOMeter.com. An appraiser also joined us for this tour, giving us great information on values in the area. Additionally, we had information on 1031 exchanges available for the investors.
If you missed this tour, we have our next Monthly Foreclosure Home Bus Tour, coming on Saturday, April 26th! To register, you may call (916) 405-5765 or go to www.AllElkGroveHomes.com. Don't wait, register now as the bus fills up quickly!
For information on buying Bank Owned Homes, make sure to read:
Buying Bank Owned Hones, Parts 1, 2 and 3
To sign up for our daily updates on new Bank Owned Homes in your area, go to www.AllElkGroveHomes.com or email Lori at Lori@ModeandDurhaM.com.
These Bank Owned Hones are coming soon! Call today for details - (916) 405-5765!
8746 Montego Court, Elk Grove 95624
8642 Adamstown Way, Elk Grove 95624
8428 Water Poppy Way, Elk Grove 95624
9996 Rhone River Way, Elk Grove 95624
10045 Winged Foot Drive, Sacramento 95829
9278 Benefield Court, Sacramento 95829
The Mode & DurhaM Team in Elk Grove, CA
Has the recovery started in the Elk Grove area? Are we near the bottom of the market?
These questions are starting to be asked more frequently in the past few weeks...I've been hearing them more and nore. I have tracked our numbers for the past year and the change has been pretty dramatic recently.
On March 12, 2007, there was a total of 1252 active listings in the 3 zip code areas of Elk Grove (95624, 95757 and 95758), with the following percentages of homes pending that week:
95624 had 16.60% of homes going pending; 95757 had 16.10% of homes going pending and 95758 had the highest percentage with 24.00%.
Take a look at our numbers as of today - 1 year later - March 11, 2008
1177 active listings total in the 3 zip code areas - not down too much from a year ago, but take a look at the pendings:
95624 - 31.05%, 95757 - 33.16% and 95758 - 44.19% - our pending sales are up between 15 and 20% in Elk Grove!
This new trend began just 4 weeks ago! We still have plenty of foreclosures and short sales - there are still more to come on the market. However, our prices have dropped to a leval of affordability for first time homebuyers again! Plus prices are such that an invetor can now have a positive cash flow on their rental properties!
Buyers are seeing that now is the right to buy! They are not waiting any longer! Agents are reporting multiple offers on new listings - many times in the first week or two on the market. If a property is priced right, it doesn't last long on the market - especially if it's priced under $250,000.
For those of you still waiting, don't! There are great first time homebuyers programs available now, interest rates are still great and there still are a lot of homes to choose from. Take advantage of this market! Get prequalified, find out about foreclosure or REO properties, get educated and find a great Realtor to help you through the process...
Don't wait any longer...
And join us for our next free foreclosure bus tour, scheduled for Saturday, March 29th, from 9:00 - 1:00. For more information, go to www.AllElkGroveHomes.com or call today - (916) 405-5765.
The Mode & DurhaM Team of Elk Grove, CA
How To Find REO Properties
There are many different ways to find REO properties. The fastest and easiest way is to establish a relationship with a Real Estate agent who specializes in REO properties. They can keep you up to date on new listings, price reductions and at times notify you prior to a home going on the market.
You can also find foreclosure listings on the Internet. Many banks have their own website where they list their REO listings - most of these will also be listed with a real estate agent. Several foreclosure listing companies actually sell subscriptions to their services. These companies will provide you with Notice of Default information or "Preforeclosure" information. If you choose to use one of these companies, make sure they give you a free trial period so that you can see how current the listings are. One such company is Foreclosure.com.
Newspapers are another way to gather information on upcoming REO properties. It is required by law to post a public notice of auction in a local paper. You can also search public records. Both the newspaper and searching public records can be very time consuming.
DON'T FORGET WE CAN AUTOMATICALLY SEND YOU LISTS OF NEW & REDUCED PRICED REO PROPERTIES EVERY DAY.
Hiring a Buyer's Agent
Unless you have direct experience negotiating with banks, you may receive better representation by hiring your own buyher's agent. But before you select an agent, choose several and interview them to find a good fit.
•· Buyer's agents have a fiduciary responsibility to protect your interests.
•· Buyer's agents do not represent the seller.
•· Buyer's agents are generally paid by the seller.
•· Hire a buyer's agent who has experience working with REOs.
Important items to keep in mind:
The REO Process is much different than a typical sale.
Investigate...Investigate...Investigate
Start your loan process prior to making an offer.
Most banks WILL NOT accept an offer contingent on the sale of another home.
Banks work on the "net price" to the bank. They evaluate every offer based on a "net price".
Once your agent receives a counter offer, respond quickly as another offer may come in and be accepted during this time.
Make sure you adhere to your contingency periods.
Make sure you close on time. Many banks have "per diem" penalties for not doing so.
For Part 1 -Tips on Buying REO Properties
And watch for Part 3 - What do I do when I find an REO property? 
And don't miss out on our Foreclosed Home Bus Tour on Saturday, February 23rd from 9 - 1.
And don't forget to visit our website at http://www.allelkgrovehomes.com/ for a list of our REO properties.
The Mode & DurhaM Team in Elk Grove, CA
(916) 230-0371 or send email to Lori@ModeandDurhaM.com.
Now is the time to buy! With inventory up 
, prices down 
and great interest rates, why are you waiting???? This is not a waiter's market, it's a BUYER'S MARKET...if you wait too long the great deals will be gone!
According to Realty Trac 2007 Year End U.S. Foreclosure Market Report:
"With a total of 481,392 foreclosure filings on 249,513 properties during the year, higheCalifornia documented the highest number of foreclosure filings and the most properties in some stage of foreclosure in 2007. The state's total foreclosure filings more than tripled from 2006, and the state's 2007 foreclosure rate - 1.9 percent of its households entering some stage of foreclosure during the year - ranked fourth highest among the states. California foreclosure filings were down 3 percent from the third quarter to the fourth quarter despite a 33 percent spike in December, but total foreclosure filings in the fourth quarter were still nearly three times the number reported in the fourth quarter of 2006."
As of February 9, 2008 - There are currently 383 active bank owned (REO) listings in the Elk Grove area...zip codes 95624, 95757 and 95758 in the Metrolist listing service...and another So510 active bank owned listings in South Sacramento (most in the Elk Grove School District). But Realty Trac as of February 9, 2008 reports the following numbers for the 3 zip codes in Elk Grove: 1182 Preforeclosures, 1458 Bank Owned homes and 593 Auction Properties.
This is why I said earlier that now is the time to buy - if you don't jump in now you may miss this market! We are seeing more multiple offers again, many many more. If it's a great deal, there are generally multiple offers now within the first few days it's on the market. Several agents in our Keller Williams Realty - Elk Grove office this week, were complaining that their buyers got beat out on bank owned homes due to there being multiple offers. If you are a first time buyer or investor, you have got to get in the market right away and get quick notifications of what's new on the market so that you can find the right home at the right price! We still have more great deals to come, but don't wait any longer!
Here are a couple of examples of what you can get for your money right now:
Don't wait any longer, join us on Saturday, March 23rd from 9:00 - 1:00 on our
And make sure to check out these blogs for more information on foreclosure properties:
Join Us for Our Foreclosure Bus Tour
Looking for a Great Deal? Visit our REO Open House Extravaganza
Call us today, (916) 230 -0371
The Mode and DurhaM Team in Elk Grove, CA
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The team of Lori Mode & Bruce Durham, Is A Full Service Real Estate Team Serving Buyers & Sellers in Sacramento County. Specialties Include Resale, REOs, 1st Time buyers & Investor Buyers and Sellers.
Lori Mode and Bruce Durham of Keller Williams offer unsurpassed service to buyers and sellers of real estate in the greater Sacramento area. Lori and Bruce have a combined 45 years of experience in the real estate industry and their team is both experienced and energetic in helping buyers and sellers with new and resale residential single family and investment properties.
Meet Our Team -
Lori is a native of Sacramento, CA and has lived and worked in the Elk Grove area for over 30 years. Prior to real estate she worked as Branch Manager/Escrow Officer for area title companies for 20 years. She is a life time member of the Sacramento Association of Realtors Master's Club, serves on her Market Center's Agent Leadership Council and is Chairperson of the MC's Technology Committee. Lori is an active community member including serving as a Board Member on both the Elk Grove Piranha's Swim Team and the Elk Grove United Soccer Club and participaing in several other community organizations.
Bruce started in the real estate industry as General Manager for a property management company. This position steered him toward obtaining his real estate license and when the company was sold, on the advise of a friend, moved to Sacramento. Locally, he has worked for Great Western Real Estate in the early 1980's, then Coldwell Banker for over 12 years and currently Bruce is with Keller Williams Realty. Bruce is also a member of Sacramento Association of Realtor's Master's Club and has previously served on Keller Williams Realty's Agent Leadership Council.
Lori and Bruce have been business partners for 13 years in the Sacramento real estate industry.
Susan Easter, Accredited Buyer's Representative
Susan has been a resident of Elk Grove for over 18 years. Prior to choosing a career in real estate at Keller Williams, Susan was in retain management and merchandising for both Macy's and Gap, Inc. Susan obtained her designation as Accredited Buyer's Representative in December 2005 and has been with Keller Williams since the opening of their Elk Grove Market Center.
To search the entire MLS for not only Sacramento County, but also surrounding counties of El Dorado, Placer and Yolo Counties. Please browse through our website for area information, school information, area market statistics, and more! There you can also receive a free online valuation of your home or sign up for free emailed MLS alerts and very timely market condition reports. Make sure to visit often for updated information.
As an Elk Grove real estate team, we focus on residential resale, including homes for first time home buyers, move up buyers and investors. We work with both buyers and sellers on single family homes, condominiums and investment properties including duplexes, triplexes and fourplexes.
Buyers and Sellers need lots of information, whether buying or selling a personal home or investing in real estate. A big part of our job as a real estate professional is to make sure they get what they need so intelligent informed decisions can be made. We provide a variety of information through our website at www.AllElkGroveHomes.com, through our Market Analysis, our Free Reports for buyers and sellers, our market updates, and area statistics. We have weathered the ups and downs of the real estate market in the Sacramento area for over 20 years and know how to consult with our clients to get them what they want in the time they want. 
I was referred to Lori and was instantly impressed by her knowledge and experience in the real estate field. Lori was the best Realtor EVER! She was very knowledgable of the neighborhoods I was interested in. She was helpful, friendly, etc. etc. THANK YOU!
Kirsten Bosch, 4248 U Street, Sacramento, CA 95817
Lori and Bruce made the selling of our home on Lakepoint Drive in Elk Grove a painless transition. We were not looking forward to a long and tedious selling process and we were amazed at how quickly and efficiently the home SOLD. Their expertise and marketing techniques were very effective and we are very satisfied that we selected them to represent us! Thanks again for a job well done!
Jim & Cathy Eckman, 6711 Arboga Way, Sacramento, CA 95831
Our Realtors, Lori Mode & Bruce Durham, were extremely helpful in helping us buy our first home. We will be working through them again when buying our second home!
Ryan & Christine Goodwin, 9387 Soaring Oaks Way, Elk Grove, CA 95758
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