Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371
8250 Leesburg Way, Elk Grove, CA
4BR/2.5BA Single Family House
offered at $205,000
Year Built
1999
Sq Footage
1,862
Bedrooms
4
Bathrooms
2 full, 1 partial
Floors
2
Parking
2 Car garage
Lot Size
5,398 sqft
HOA/Maint
$0 per month
DESCRIPTION
Short Sale. Spacious 4 bedrooom 2.5 baths multi level home in desirable Calvine subdivision. Formal living room and dining room combo, separate family room with fireplace, inside laundry room, 2 car garage and spacious backyard perfect for first time homebuyer or investment property.
Home Buyer Tax Credit has been enhanced and extended!
This is great news for all of the first time homebuyers trying to get into a home with incredible interest rates and unbelievable prices! But now the Federal Government has extended the tax credit to move up buyers...but there is a limited time on this. If you are a buyer interested in capitalizing on this tax credit you need to start the process now. Don't wait any longer!
Call us today to get started at (916) 405-5765 or visit our website to search all Sacramento area homes, at www.ModeandDurhaM.com.
President Barack Obama signed into law a $24 billion economic stimulus bill providing tax incentives to prospective home buyers. According to the Associated Press, the bill is expected to contribute $22 billion to the economy, offering qualified home buyers up to $8,000 in tax incentives until April 30, 2010!
The current bill will offer First Time Home Buyer's $8,000 in tax incentives, if they have not owned a home in the last 3 years.
The extended tax credit has also established a new incentive for Move-Up Buyers! Qualified home owners could receive up to $6500 in tax incentives to purchase a new primary residence between November 6, 2009 and April 30, 2010.
Here are some important things you should know...
First Time Home Owners income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
Move-up Buyers need to make no more than $125,000 for single buyers and $225,000 for couples
"The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains."
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
I recommend you talk to your CPA for a more plain English version!
You can not purchase a home from your family members or your spouse's family members.
You can purchase any new primary residence for a purchase price less than or equal to $800,000.
You must have lived and owned your current home for at least five consecutive years of the eight years prior to the purchase date.
You can down size your home.
You can build a home, but the first occupancy must be after November 6, 2009 and on or before April 30, 2010
Non-resident aliens can qualify for the tax credit if they meet all requirements. Ask your CPA for specifics!
Newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500. This tax credit is a dollar-for-dollar reduction in what the taxpayer owes to the IRS. Any leftover tax benefit would be mailed to the home buyer in the form of a check.
This is exciting and I am sure it will stimulate the ccurrently non-exciting Move-up Buyer market! Hopefully the banks will release some more of their inventory! There are hungry bbuyers out there who want to get into a home before Christmas!
Have question about the tax credit? Post a comments and I will try to point you in the right direction!
Happy Hunting!
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This blog by:
Team Newington Sacramento Mortgage Planners First Priority Financial (916) 687-6868
Buyer didn't qualify...so this home is back on the market as of this morning. Sold in less than 1 week with multiple offers, so don't wait! It won't last long again!
8423 Jordan Ranch Road, Elk Grove 95624 Listed at only $268,900!
Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371
8423 Jordan Ranch Road, Elk Grove, CA
4BR/3.5BA Single Family House
offered at $268,900
Year Built
2004
Sq Footage
3,206
Bedrooms
4
Bathrooms
3 full, 1 partial
Floors
2
Parking
3 Car garage
Lot Size
7,261 sqft
HOA/Maint
$0 per month
DESCRIPTION
Great Bank Owned Property...incredible opportunity at this price! Cosmetic fixer...has NO kitchen appliances, some cabinets missing and tiles broken & no air conditioning unit. 4 bdrms, plus huge upstairs loft, 1 bdrm & full bath downstairs, formal living & dining area, large family room with fireplace, and extra large backyard patio. Located close to middle and high schools, shopping, parks & within minutes of Highway 99.
This agent's behavior is just not acceptable to me...I'd like to hear what you think.
I have a REO listing located at 8423 Jordan Ranch Road, Elk Grove....it was listed and sold iwith multiple offers n just a few days and went into escrow. Escrow was opened...the selling agent contractually was to get the buyer's deposit into escrow within 72 hours of acceptance. Well, we are here a week into the transaction and no deposit into escrow yet.
My transaction coordinator had tried to follow up with him several times to get disclosures to him and then to find out why there was no deposit in escrow yet. Yesterday she came to me and ask me to make a call to him about the deposit as it was time to send him a Notice to perform. I called and left a message yesterday for the selling agent and then when he did not call me back I called and left a message for his broker. This evening I received this email from him -
Hi Kathleen and Lori, I have some bad news, the buyer's will be canceling this contract due to loan not being approved. The lender is requiring more money down and the buyer has recently had his income reduced. I will be sending you a signed cancellation notice with the denial letter tomorrow. Sorry for the delay in my response, I've been trying to get this deal to work with the buyer's but all avenues have been exhausted. Thanks,
Ok, so now we have been off the market for the past week and we are going back on the market. I now as the Listing Agent have to let the Asset Manager know about this tomorrow and we have to start all over. The unacceptable part of this is two fold -
1. How unprofessional the selling agent was not to call my transaction coordinator and the escrow officer back at the beginning of this week when they started calling him so that everyone could be aware that there may be issues.
2. The agent wrote a contract and submitted it for his buyer and at that time he apparently was aware that the buyer may have an issue qualifying. And now a week later he thinks it's acceptable to send an email...no phone call, no message...only an email that his buyer will not qualify so they will be cancelling.
Sorry for the rant tonight, but I have just had enough with unprofessional agents on my REO listings. Does this agent actually think that the next time he sends over an offer on one of our REO listings, that we are going to take it seriously. I hope he understands how unprofessional this is and how much he has risk his own reputation as an agent. I'm sure he was actually trying to help his buyer, but he needed to communicate with me and my team during the past week. Anytime I have to make a call to the broker - only a couple of times in 20 years in the business - something is horribly wrong.
Thank goodness 98% of my transactions are done with very professional agents and things go smoothly. It is a pleasure to work with most agents; I just need to find a way to weed out these other ones!
If you didn't happen to see this story on Channel 10 News in Sacramento yesterday, here is a short recap of it....this is a very questionable foreclosure sale...
A 3800 square foot luxury home on De La Pena Circle in the upscale gated community of Rancho Murieta, was listed at what appears to be at least $200,000 less than market value in August. It had been listed before going to Trustee Sale as a short sale and had received an offer of $660,000. However, the short sale did not close because the buyer backed out and the property went back to the bank through the trustee sale. It apparently then was listed and sold in 13 minutes from when it was entered into the MLS system! This home was a bank owned home owned by US Bank. The home was listed by US Bank with Rancho Murieta Homes & Land.
Metrolist records show Rancho Murieta Homes & Land represented both the bank and the buyer for an estimated commission of $28,000. According to the News 10 report, the new owner is Lance Merrihew, ithe son of Linda Merrihew, the asset manager at US Bank who guided the property through the foreclosure process.
The homeowners in the area are obviously concerned about the impact this may have on their home values. And agents are concerned about how and why this happened. I am confused by this...my Asset Managers on my REO listings take a couple of days normally to get back to us with an answer. I don't have them respond in 13 minutes!
What happened here? How could this happen? Who was the listing agent representing? Obviously not the seller! Seems as though there are still some unanswered questions that need to be answered.
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 878single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) .
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!
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 243single 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.
Short Sale Myths...there are so many fallicies surrounding the short sale process and I believe that tt is important that you understand the reality of the process should you find yourself in a situation where you might be considering a short sale on your home.
#1 - Buyers don't want to buy Short Sale properties - This simply is not true. We have very low inventories currently and our short sale listings are receiving multiple offers within the first few days on the market. For buyers, short sales and foreclosures have become synomymous with "good deals". Many buyers asked agents to target these properties.
#2 - You must be behind on your monthly payments to negotiate a short sale - While this may have previously been true, today most lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you meet these requirements and believe you may soon not be able to afford your mortgage, you should act immediately. Any delay could limit your options.
#3 - The bank would rather foreclose than bother with the Short Sale process - The truth is that banks do not want to foreclose on your property because the foreclosure process is quite costly and time consuming. Banks actually receive more on their investment through a short sale than if they have to go through the foreclosure process. Most banks now have large departments set up to handle the number of short sales they are receiving. Both banks and the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. For more information on if you qualify for a short sale, make sure to read -
#4 - There is not enough time to negotiate a short sale because my bank has started a foreclosure - Many homeowners do not understand that foreclosure is a process. In California this process takes a minimum of 111 days and during this time there is ample time to make decisions that may result in a better outcome. We can actually stop a foreclosure up until the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell and almost all lenders will postpone a foreclosure with a legitimate contract for the sale of your home.
#5- Short Sales are impossible and never get approved - We are successfully negotiating short sales every day. Yes, short sales are difficult to execute; however we have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, if you work with a real estate professional with training in short sale negotiations, your chances of receiving an approval for your short sale are much better.
What can a short sale do for you? If you are facing difficulties with your mortgage, you need to KNOW YOUR OPTIONS! Call The Mode & DurhaM Team today for a private no-obligation consultation at (916) 230-0371 or visit our website at www.SaveMySacramentoHome.com
Help preserve your credit standing Allow you to sell your home with no out of pocket expenses May help reduce tax liability Help to releive your financial and emotional stress Avoid potential foreclosure
Sacramento condominium located in wonderful gated community of Woodside East near upscale shopping, fabulous restaurants and entertainment centers plus close to Sacramento State Univeristy, and Downtown/Midtown Sacramento.
898 Woodside East #3, Sacramento
This condo is a Sacramento Short Sale...
It features a very popular flooplan with 2 spacious bedrooms,
1228 square feet, 2.5 bathrooms
large dining area, great room with fireplace,
kitchen with tile floors, new appliances, and oak cabinets,
Inside laundry area with washer and dryer.
It also includes a front patio area and a back patio/deck with storage. Also included is a much coveted covered parking space.
All of this for a very affordable price of $120,000!
Woodside Condominiums include the following amenities for it's residents -
Community Pools - 4 total in Woodside East
Club House
Pool House
Saunas
Spas
Laundry Rooms
Excercise Room
Tennis Courts
Dog Park
Guest Parking
For more information on the Woodside Homeowners Association, make sure to check out Woodside Association, Inc.
For more information or a private showing of this wonderful short sale listing in Woodside East, contact Lori Mode at (916) 230-0371 or send email to Lori@ModeandDurham.com.
What can a short sale do for you?
Help preserve your credit standing
Allow you to sell your home with no out of pocket expenses
May help reduce tax liability
Help to releive your financial and emotional stress
Avoid potential foreclosure
If you are facing difficulties with your mortgage, you need to KNOW YOUR OPTIONS! Call The Mode & DurhaM Team today for a private no-obligation consultation at (916) 230-0371 or visit our website at www.SaveMySacramentoHome.com
I thought I would share my neighborhood with you. I live in the Camden area in Elk Grove. This is a picture of our lake taken at sunset this evening from a section of our running/walking/biking trails that I enjoy throughout the neighborhood.
Camden is a neighborhood of custom, semi-custom and production homes, consisting of Camden Passage, Camden Park and Camden Point. It contains the lake where I often see many people fishing, miles of trails winding throughout the neighborhoods, greenbelts, and several parks.
The Mode & Durham Team's blog of Sacramento Real Estate including Elk Grove and surrounding areas, including home listings, home prices, community information, local statistics, foreclosures and short sales.
If you ever have any questions, comments, suggestions, or anything else, please contact me using one of the methods below. Also be sure to engage in the conversations taking place within each post!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
the short sale process and I believe that tt is important that you understand the reality of the process should you find yourself in a situation where you might be considering a short sale on your home.
Woodside East near upscale shopping, fabulous restaurants and entertainment centers plus close to Sacramento State Univeristy, and Downtown/Midtown Sacramento.
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