For those of you living in or near Sacramento; or if you are planning a visit, I'd like to encourage you to place this coming Saturday, July 18th on the calendar, to attend THE GREAT RACE presented by Eppie's Great Race Foundation. This event will celebrate its 36th year, and is the "World's Oldest Triathalon." Held annually along the beautiful American River Parkway, between Rancho Cordova and Sacramento, the three legs of the race consist of a 5.82 mile run, a 12.5 cycle and a 6.35 mile paddle.
THE GREAT RACE is always an exciting event to watch and is in one of the most scenic and wonderful recreations available in the area.
For a complete venue of THE GREAT RACE, Click Here to visit the official Great Race website.
The Great Race® proceeds benefit
Sacramento County Therapeutic Recreation Services
I have blogged quite a bit recently about the vast recreational aquatic treasure trove in Sacramento County. As a city of rivers (The Sacramento and American Rivers), and Folsom Lake, Nimbus, and a variety of other waterways and ponds. We are very fortunate to always have delightful places to visit and explore.
On a recent weekend, some of my family spent a pleasant day along the American River between Folsom Lake and Nimbus Dam called, Negro Bar.
During the California Gold Rush in 1849, Negro Bar was only a small cluster of tents and shacks thrown up to shelter African Americans miners. It wasn't the lively mining town often pictured on Hollywood film. Today, the camp has met the fate of so many little area Gold Rush camps and towns. It dwells completely under the water of Folsom Lake, or in this instance, nearby Lake Natoma.
Motorized boats are not allowed on Lake Natoma; or in the Negro Bar area, so it makes a delightful place for rafting or kayaking.
You can click on the link to a great website provided by the Folsom History Museum that provides information and history of these little Gold Rush towns and camps.
My family has a tradition of getting together for 4th of July festivities each year. Because this year we plan to go on a raft trip down the American River on the day after the 4th, I went on a little scouting trip over to American River Raft Rentals, which sits adjacent to the American River Parkway, making it ground zero for most any kind of recreation you could think of - biking, canoeing, rafting, fishing and hiking.
The Parkway with its extensive bike trails stretches from Old Sacramento to Folsom, and enchants with stunning nature areas, and river scenes
After reserving the rafts for next weeks adventure, I walked around to view sites, existing within a few hundred feet. There's the Old Fair Oaks Bridge, wildflowers of all kinds. The smell of Sweet Anise wafts on the breeze. I'm really looking forward to next Sunday!
American River Raft Rentals is located near the Sunrise Bridge, and the American River in Gold River.
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In addition, there is an extensive Children's Stage and Fun Zone, Family and Children's Entertainment throughout the day, Food and Craft vendors, Guitar Hero competition, bingo pavilion and much more. |
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Rancho Cordova invies you to be a part of their 25th year, celebrating Independence Day at Hagan Park ~ Rancho Cordova!
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California began a ninety-day moratorium on home foreclosures today. Banks must prove they have tried to help troubled homeowners modify loans before they can foreclose. |
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While homeowners may be helped by this act, perhaps with modification and lower interest rates, some real estate experts believe this act only works to delay the inevitable. |
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Realtor since 1981 - Whether your real estate needs are entry or executive level, I have the experience to give you the professionalism, you deserve. Sacramento, El Dorado and Placer Counties
I am a life long resident of the Greater Sacramento area, and have been a Realtor since 1981. Whether your real estate needs are entry level or executive level, I have the experience to give you the professionalism, you deserve. If you are currently thinking of buying or selling a home, please give me a call. I will be happy to assist you with any real estate needs you have. Great West GMAC Real Estate is also an excellent relocation resource. Should your move be local or global, I have the resources to give you the best assistance possible.
Califronia DRE License #00827565
Residential Property Specialist in the Counties of Sacramento, El Dorado and Placer
Short Sales - Advantages and Pitfalls
Looking back a few years, when the over-exuberance of the housing boom was being partially fed by the first ingredients of the sub-prime debacle, it was difficult to foresee in this present day, we would be ramping ourselves up to speed on "short-sales."
As many GreatWest GMAC Real Estate Professionals understand, "short-sales" can be anything but short in the process of negotiation with Banks, Mortgage Insurers, Sellers, Buyers, and ALL entities prevalent and present in a hoped for sale.
"If" a mortgage lender has agreed to allow "short-sale" on a property, and the home does become available to the market, it CAN BE an advantage for all. T. Sami Siddiqui, Broker-Owner of Great West GMAC, states, "Owners usually need to sell quickly, and though there will be no profit to the Seller, there is hope of salvaging some of their credit rating from such a transaction."
The Buyer is hoping to get a steal. The Bank is hoping to avoid being forced to foreclose, because the foreclosure process can be very expensive for the bank to endure. Some estimates have put the figure at approximately $40,000 per foreclosed property. However, the bank must get fair price.
However, among the entities with interest in the property, from one perspective or another, it often isn't as easy to get a short sale pushed through the lender (and others) as most folks would think - or hope!
To provide an example - A GreatWest GMAC Real Estate Professional recently spoke with a client, who came from another part of the state, and had failed in the process of trying to acquire a "short-sale" property there. The client had became understandably overwhelmed and frustrated from trying to get his offer accepted to facilitate the purchase, and had failed in the attempt. The process, culminating in ultimate failure, had taken 12 weeks.
The Seller was glad to have the Buyer's offer, because the Seller needed to move across country - but owed more on the home than it was now worth. However, the Seller continued to be current on mortgage payments.
The Buyer made a full price offer for the "short-sale" property.
The Seller immediately signed acceptance of the offer, without countering. The Seller's acceptance was subject to Bank approval; and that is when the clock began ticking for the next 12 weeks, with numerous roadblocks along the way.
The bank "sat" on the "seller accepted offer" for what seemed to be an unusually long time before agreeing to the sale itself.
During this time, the property continued to remain on the market, and other offers did come in. The Buyer, who by now had become emotionally attached to the house, more than once found himself in re-negotiation and experiencing increases of price for the property, while a small bidding war ensued.
Once the Bank accepted, the acceptance was still subject to an appraisal. The property was appraised $4,000 above the price of the accepted offer.
There can be this little dance that ensues with all the entities involved in the "short-sale" property.
If the Seller is current on payments, the Bank isn't too motivated to act quickly to take a hit on the value of the existing mortgage balance. This becomes more critical if there is Mortgage Insurance (PMI or MIP), which insures the Bank against default of the mortgage by the Seller.
However, if the Seller becomes delinquent in payments, the Bank may be more interested in negotiating actively in the short-sale process, because they likely hope to dodge the bullet of foreclosure.
However, if there is PMI or MIP on the property, this may lengthen negotiating the "short-sale" among the interested parties, and the PMI or MIP Company, will often become a participant in negotiations.
Once ALL parties are engaged in negotiation, each party is hoping to come to an equitable solution, where they aren't required to eat more of the decline in value of the property, than need be, in order to facilitate a successful transaction on the property.
There are advantages and distinct pitfalls in negotiating short-sales. GreatWest GMAC Real Estate Professionals are trained and experienced in this process. If you have further questions not addressed in this article, please allow us to assist you with your interest in this topic.
If you are a Homeowner, considering marketing your home through the "short-sale" process, please contact us. Also there are income tax consequences with "short sales" and Sellers are encouraged to consult their accountant about the ramifications of the "short-sale" process.
Written for GreatWest GMAC
by: Myrl Jeffcoat
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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