The Mode and DurhaM Team's Blog

916 230-0371

For sale by agent/broker

Posted: Nov 5, 2009, 10:40am PST

It's official!... President Obama extends and enhances Home Buyer Tax Credit

Lori Mode and Bruce Durham (Keller Williams Realty) — Sat, 07 Nov 2009 10:23:48 -0600

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.

Lori Mode, Keller Williams Realty

Via Team Newington, Sacramento Mortgage Planner ((916) 687-6868 First Priority Financial):

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.

According the the National Association of Home Buildersthe income is calculated based on this formula...

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

According the the National Association of Home Buildersthe income is calculated based on this formula...

"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

Find us online!

Bank Owned 2 Story Fixer Back on Market today

Lori Mode and Bruce Durham (Keller Williams Realty) — Fri, 06 Nov 2009 09:13:15 -0600

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.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Family room
- Living room	- Office/Den	- Dining room
- Breakfast nook	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Front	Kitchen
Family	Living/Dining
Master	Backyard

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

Posted: Nov 5, 2009, 10:43am PST

This is just not acceptable.........

Lori Mode and Bruce Durham (Keller Williams Realty) — Thu, 05 Nov 2009 22:02:21 -0600

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!

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

Fudiciary Duty - who was this agent representing?

Lori Mode and Bruce Durham (Keller Williams Realty) — Thu, 05 Nov 2009 00:49:42 -0600

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.

Be sure to r

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

ead the Channel 10 News article, Realtors Question Rancho Murieta Foreclosure Sale.

Elk Grove Market Statistics - October 2009

Lori Mode and Bruce Durham (Keller Williams Realty) — Wed, 04 Nov 2009 09:49:38 -0600

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

Many Reasons To Avoid Foreclosure

Short Sale Myths - what is reality?

Lori Mode and Bruce Durham (Keller Williams Realty) — Tue, 03 Nov 2009 13:22:42 -0600

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.

Other posts I have written on Short Sales -

Short Sale Hardship

Who Is Eligible for a Short Sale

Are there any Credit Consequences to a Short Sale?

Your Monthly Payments and a Short Sale

Short Sales - How Long Does the Process Take?

Short Sale Terms to be Familiar With

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

Check out our short video on how we can help you.

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

Sacramento REO - affordable and clean!

Lori Mode and Bruce Durham (Keller Williams Realty) — Mon, 02 Nov 2009 19:45:31 -0600

Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371

7017 Glen Rachel Court, Sacramento, CA

3BR/2.5BA Single Family House

offered at $183,500

Year Built	2006
Sq Footage	1,890
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	7,717 sqft
HOA/Maint	$0 per month

DESCRIPTION

Banked Owned - newer 2 story in good condition with several upgrades...large cul de sac lot. Don't miss this very affordably priced home!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Tile floor	- Family room
- Living room	- Breakfast nook	- Stove/Oven
- Microwave	- Laundry area - inside	- Yard

ADDITIONAL PHOTOS

Front	Kitchen
Family	Backyard
Side Yard

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

Posted: Nov 2, 2009, 10:18am PST

Sacramento Short Sale - Woodside Condo just listed

Lori Mode and Bruce Durham (Keller Williams Realty) — Sun, 01 Nov 2009 22:26:34 -0600

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

Check out our short video on how we can help you.

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

Why I love to live in Camden

Speechless Sundays - Evening walk

Lori Mode and Bruce Durham (Keller Williams Realty) — Sun, 01 Nov 2009 21:23:27 -0600

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.

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

Elk Grove Short Sales - 2 new listings!

Lori Mode and Bruce Durham (Keller Williams Realty) — Fri, 30 Oct 2009 09:56:45 -0500

We have just listed 2 new Elk Grove Short Sales! Both homes are incredible buys for first time home buyers!

8716 Westknoll Drive, Elk Grove 95624

4 bedroom, 3 bathroom tri level with over 2200 square feet in Camden Park

Formal living & dining rooms, spacious kitchen with large breakfast/dining bar plus breakfast nook

Separate family room with fireplace

Indoor laundry room

1 bedroom and 1 full bathroom downstairs

Needs some TLC! Listed at $199,000!

8250 Leesburg Way, Elk Grove

4 bedroom, 2.5 bathroom 2 story home 1862 square feet in wonderful Calvine neighborhood

Living/dining combination, family room with fireplace

Inside laundry room

Stucco exterior and tile roof

Listed at only $205,000!

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

Check out our short video on how we can help you.

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

In the spirit of Halloween - my real estate horror stories!

Lori Mode and Bruce Durham (Keller Williams Realty) — Thu, 29 Oct 2009 11:16:40 -0500

No, I have never listed a haunted house,

but if you sell real estate long enough you have your own horror stories, some spooky and some just nightmares................

So, I thought in the spirit of the season

I would tell you my five worst nightmares from the 20 years I have been selling real estate.

#5 - I was out showing homes to a perspective buyer and of course I had made appointments on each one. We walked up to the door, no one was supposed to be home, rang the door bell, no answer so we went in...walked through the home, it's nice and quiet...went into the master bedroom to discover the bed looked unmade. As we were walking out of the master bedroom, up popped the owner's boyfriend from the bed. Scared my client to death!

#4 - Listed a Sacramento County probate property and it was occupied by a relative of the former owner, who happened to be a "little off". He had decided to move into the property...with no electricity, no water, and boarded up windows. It's always very interesting to walk into a totally dark home and find a squatter in it! Well, this one refused to leave and we had to have him removed by the local police. The problem was he kept finding other ways to break back into the house! Each time we had to call out the police and they would arrest him for breaking and entering - he really didn't care of course. We never thought we would get rid of him, and then get the house sold and closed! We did, but what a disclosure nightmare!

#3 - We listed a nice Tahoe Park REO listing - 2 story home on a corner lot with a built in pool. Everything was going fine, until one day we were doing our weekly inspections, opened up the door to a huge mess....thieves had come in during the night and stripped the property of the copper pipes. To get the copper pipes, they had to open up the walls - they just tore them up. They ripped apart th walls from the first floor up to the second floor! At least they turned off the water for us!

#2 - We listed a Sacramento condominium for an out of town owner. He hadn't been to the property in some time and yet it was full of furniture and personal items. As we were going through the property, we discovered what appeared to be a pipe bomb under the kitchen sink. Had to call in the police and when they took a look at it, they called in the Bomb Squad. It's a little nerve racking watching the bomb squad go in to one of your listings - especially a condominium with very close neighbors - to remove a bomb! It turned out the "pipe bomb" was full of cash! $7,000!

#1 - And last but not least as I don't know if this one will ever go away......................

We listed a home in the Rancho Cordova area...nice older gentleman owned it and had for a long time. We sold it for full price, I believe...everything went fairly smoothly during the transaction. After the transaction was completed and the seller had moved and was very happy...we were contacted by a "girlfriend" of his...who had been living with him. We had met her on a couple of occasions and she seemed distant but fine. She had no rights to the property, no title to it, no investment in it.......but after we closed she came back to us very threatening and said that we had ripped off the seller, forced him to sell, and she was going to sue us all. She turned into the "wicked witch of the west!" The worst part of it is she seems to go crazy....once every few months (for the past 5 years)....and makes these calls again. She says she is coming into our office to get us, she's going to sue us, she's going to hurt us...someone else will get us...it's been about 6 months since we heard from her last, but who knows with Halloween approaching..............

I'm sure all of my fellow Realtors have their own "Real Estate Nighmares" from the real estate business. Hopefully not too many, but if you are in this business long enough, you are going to run across some pretty bizarre things..............

Have a safe and Happy Halloween!

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

Short Sales - questions to ask the listing agent

Lori Mode and Bruce Durham (Keller Williams Realty) — Sun, 25 Oct 2009 10:45:01 -0500

It seems as though I am hearing over and over again recently that buyers are not sure what is going on with their offer on a short sale listing. I had an email from a buyer today asking if there was a way to find out from the bank if there offer has been received and is being negotiated. After emails back and forth, it appears that this particular buyer chose to write their offer through the listing agent and the listing agent is not communicating with them. How many times do we hear this?

Although there really is not a way for the buyer to find out from the bank if their offer is the one being negotiated, there are some ways to help insure that the listing agent has the ability to successfully negotiate and close a short sale. Asking questions of the listing agent prior to writing an offer on a short sale is an important practice. Agents should interview the listing agent before getting their clients involved in this process and buyers should ask these questions if they are contemplating writing an offer through the listing agent. If the listing agent will not answer your questions, that is the first red flag that this short sale may never be successful.

Here are the questions -

What is the seller's hardship?
Have you reviewed the seller's financials?
Who is (are) the lender(s)?
In what stage of foreclosure is the property?
Has a Notice of Default been filed? A Notice of Trustee's Sale?
Have you verified the parties on the mortgage and the deed?
How many offers will you be submitting to the lender(s)?
Have you already submitted any offers to the lender(s)?
Have you successfully closed short sales in the past?

We list and sell a lot of short sales in the Elk Grove/South Sacramento area and if an agent or a buyer asked me these questions, I would have no problem answering them.

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

Check out our short video on how we can help you.

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

Monterey Village in Elk Grove - new homes in gated community

Lori Mode and Bruce Durham (Keller Williams Realty) — Fri, 23 Oct 2009 21:29:10 -0500

Beautiful new homes in Elk Grove...Join us at our Monterey Village Sales office Thursday through Sunday, 11:00 - 4:00 to view all of our new homes...we can close in 30 days - homes are ready for immediate occupancy...and seller is offering a 3% buyer incentive for closing costs.

Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371

5200 Ocean Lane, Elk Grove, CA

Just Listed! New construction - move in within 30 days!

4BR/2.5BA Single Family House

offered at $275,000

Year Built	2007
Sq Footage	2,119
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	4,073 sqft
HOA/Maint	$220 per month

DESCRIPTION

New construction...no waiting...ready for you to move into! Spacious 4 bedroom, 2 story home in gated community, formal living room plus separate family room with fireplace, and spacious kitchen with center island. Amenities include inner courtyard, surround sound, central vacuum, blinds throughout, and designer paint. Seller will help with buyer's closing costs.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Tile floor
- Family room	- Living room	- Dishwasher
- Stove/Oven	- Microwave	- Laundry area - garage
- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Garage parking

- Swimming pool(s)

- Gated property

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

Posted: Oct 2, 2009, 7:48pm PDT

Elk Grove Rental Market - great update tonight at Elk Grove Investment Club

Lori Mode and Bruce Durham (Keller Williams Realty) — Wed, 21 Oct 2009 01:14:33 -0500

I attended my first Elk Grove Investment Club meeting tonight and it was great! Hosted by Todd & Erin Newington of First Priority Financial with guest speakers, Bill and Chris Stanley of Realty Roundup, a local property management company, it was well attended by area investors.

I am often asked by potential investor clients about the local market and so I make sure that I stay up on the local rental market as much as possible. What a great opportunity to listen to the opinion of an area expert. Realty Roundup is the largest property management company in the local area and information regarding the Elk Grove rental market was shared by Chris Stanley with the investors.

Chris stated that the Elk Grove rental market has remained fairly stable over the past couple of years. The rental values have stayed steady as well as the number of vacancies. He attributes this to the fact that we have many homeowners walking away from their homes due to hardships but still wanting to remain in the Elk Grove area thus entering the rental market. Approximately 75% of their recent applicants have been somehow affected by the foreclosure market - either they have lost their homes through foreclosure or short sale, or they were renters of homes lost to foreclosure or short sale. Currently the most stable of the 3 Elk Grove zip areas is 95624.

Chris also seemed to feel that those former homeowners that have lost their homes through foreclosure or short sale, may end up being your best renters as they don't have that hefty payment any longer. Realty Roundup looks for the renter's income to be at least 3 times the monthly rent.

The Elk Grove area is a great place for your investment dollars...prices are very reasonable, we currently have incredible interest rates and we are seeing positive cash flows again! Don't wait! The opportunity is right NOW!

For more information on the local rental market and investment opportunities, contact Lori Mode of The Mode & DurhaM Team, Keller Williams Realty, at (916) 230-0371 or Lori@ModeandDurhaM.com.

Contact me for more information about anything you see on this blog

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

Elk Grove area Bank Owned home - just listed

Lori Mode and Bruce Durham (Keller Williams Realty) — Sun, 18 Oct 2009 10:57:56 -0500

Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371

8650 Sunnybrae Drive, Sacramento, CA

4BR/2.5BA Single Family House

offered at $133,900

Year Built	1990
Sq Footage	1,695
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	4,988 sqft
HOA/Maint	$0 per month

DESCRIPTION

Bank Owned...popular floorplan with 4 bedroom, 2.5 bathroom, formal living room, family room with fireplace...2 story with good potential. Needs TLC. Sold As Is.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Family room	- Living room
- Dining room	- Breakfast nook	- Dishwasher
- Stove/Oven	- Laundry area - inside	- Yard

ADDITIONAL PHOTOS

Front	Kitchen
Family	Dining
Bedroom	Backyard

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

Posted: Oct 16, 2009, 10:01am PDT

$10,000 California New Home Tax Credit to be extended

Lori Mode and Bruce Durham (Keller Williams Realty) — Thu, 15 Oct 2009 21:55:19 -0500

The Sacramento Bee's Jim Wasserman reported today that the California State Senate has voted 35-1 to extend a $10,000 tax credit that helped helped the troubled California new home building industry earlier this year. Eligible buyers would get a maximum of $3,333 in credits for each of the next three years. It still must pass the Assembly and then be signed by Gov. Arnold Schwarzenegger to become law.

More than 10,600 new home buyers took advantage of this tax credit earlier in the year befosre the Franchise Tax Board stopped taking application in July. Since then the Franchise Tax Board has calculated that the average tax credit will be approximately $7,000, thus freeing up another potential $30 Million in credits. This should allow the state to give tax credits to approximately 4,300 more buyers of new unoccupied homes, many of which are in inland areas of California including the Central Valley. The Franchise Tax Board said Sacramento, Roseville and Fresno were among top cities where residents received tax credits.

If you are interested in a new home in the Elk Grove area, make sure to stop by the sales office on Ocean Lane in Monterey Village. Monterey Village is a master planned gated community in the Elk Grove area and is located on the corner of Whitelock Parkway and Franklin Boulevard. Home prices range from $185,000 up to $305,000. The sales office is open Thursday - Sunday, from 11:00 - 4:00.

For more information on new home sales in the Elk Grove area, call Lori Mode at (916) 230-0371.

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

Elk Grove New Construction Starter Home priced at under $200,000!

Lori Mode and Bruce Durham (Keller Williams Realty) — Thu, 15 Oct 2009 09:40:15 -0500

Beautiful new Elk Grove home in gated community! This home is ready for you to move into! Plus seller is offering 3% buyer incentives! Don't miss out on the first time home buyer tax credit. Make sure to stop by our sales office on Ocean Lane - Open Thursday through Sunday, 11:00 - 4:00!

Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371

5016 Ocean Lane, Elk Grove, CA

New construction! Single story in gated community!

2BR/2BA Single Family House

offered at $185,000

Year Built	2007
Sq Footage	1,001
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	3,143 sqft
HOA/Maint	$205 per month

DESCRIPTION

New construction! Detached patio home featuring a desirable design with 2 bedrooms & 2 bathrooms; gourmet kitchen with raised granite slab bar overlooks the great room, plus stainless steel appliances & wood flooring; master with dual vanity sinks & walk in closet plus upgraded carpets. Seller will pay up to 3% of your closing costs!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Walk-in closet
- Hardwood floor	- Living room	- Dishwasher
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Laundry area - inside

COMMUNITY FEATURES

- Garage parking	- Swimming pool(s)	- Sauna/Spa
- Gated property

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

Elk Grove Recently Sold Homes

Posted: Oct 2, 2009, 1:12pm PDT

Elk Grove Real Estate Market Update - September 2009

Lori Mode and Bruce Durham (Keller Williams Realty) — Tue, 13 Oct 2009 20:37:50 -0500

The Elk Grove real estate market has been very active for the past few months. We have had less inventory, multiple offers on most properties and homes selling very quickly - most in under 1 or 2 weeks!

Here are the numbers as of today, October 13, 2009 for the Elk Grove area (95624, 95757 and 95758 zip code areas) -

We currently have 777 active residential listings in Elk Grove, of which 78 are REO's or Bank Owned homes. In addition 201 of these are Active Short Sale listings and 482 are Active Short Sale Contingent, thus leaving only 16 homes which are regular "equity" sellers.

We had 254 closed residential sales in Elk Grove in September 2009, with our average list price being $245,034 and our average sales price being $247,414. Our average Days on the Market for September 2009 in Elk Grove was 42 days.

This is a graph showing the history of the Elk Grove Median Sales Price according to www.Trulia.com.

And according to RealtyTrac.com, here is an update on Elk Grove Bank Owned homes to come still on the market - today RealtyTrac is showing 1147 REO or Bank Owned Homes, however we currently only have 280 on Metrolist between active and pending listings. This leaves 867 bank owned homes yet to come on the market! If you have not purchased a home, there will still be opportunity!

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

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

If you are a first time home buyer, the time to buy is NOW....the first time home buyer tax credit runs out November 30, 2009 and you have to have closed escrow by that date! Don't miss out, call us today at (916) 405-5765 or email us at Lori@ModeandDurhaM.com.

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

Many Reasons To Avoid Foreclosure

Short Sales....Important questions answered

Lori Mode and Bruce Durham (Keller Williams Realty) — Tue, 13 Oct 2009 12:21:41 -0500

I have written a series of posts in the past about short sales, but thought it would be appropriate to post some other questions that I often get asked when we are working on a short sale for a homeowner.

What kind of information will the bank ask for?
- Each bank has their own separate set of forms that they can ask to be filled out. In fact if you have two loans the amount of information can be different between both banks. The types of information that can be asked for as follows:
  - Signed hardship letter
  - Copies of last 2-3 paychecks for all owners of the property
  - Copies of P&L statements if you are self employed
  - Complete financial form - Each bank has their own standard
  - Copy of last 2 years Tax Returns
  - Copy of last 2 or 3 Bank Statements
  - Copy of Investment Account Statements
  - Copy of Listing Agreement
  - Estimated net sheet
  - Identification of liens on property
  - Letter of Lender Authorization: for all loans
- Our team will guide you through all of the requirements regardless of which bank and which form are required

What should we do with the letters and information we receive from the bank?

Read, review, and get a copy of them to your agent right away DO NOT IGNORE THESE LETTERS. These letters contain different pieces of information and it is critical to review all of them as they may have legal consequences to them. Banks can send you letters in regards to the following:

Loan Modifications - They can modify your loan so that the payment is more affordable for you and your family.
Loan forbearance - This is a temporary adjustment by the bank of the requirement to pay your mortgage. They can do this for reasons such as health, job, or family issues. The amount that you do not pay is generally added to your loan balance or spread out over multiple payments.

Are all short sales the same?
- No. It would be great if they were as it would be the process easier for everyone, both homeowners and agents. Any team who has helped both buyers and sellers of short sale properties will tell you that not all short sales are created equal. Failure on short sales occurs because of a variety of things:
  - Uncooperative banks
  - Inadequate disclosure by the seller
  - Poorly prepared buyer
  - Banks delays
  - Poor communication by listing agent with bank
  - Poor package sent by listing agent to bank
  - Buyers back out
  - Seller fails to cooperate

How do I choose someone to represent me on a short sale?

The team should have a loss mitigation specialist on their staff which we do employ.
The representatives should be able to tell you up front if they can help you and what they are going to be doing for you
The agent you select must have short sale experience. Ask them how many short sale transactions they have actually closed. If they cannot answer this question to your satisfaction, move on, as this process can be frustrating and confusing even with the help of a specialist.

Other posts I have written on Short Sales -

Short Sale Hardship

Who Is Eligible for a Short Sale

Are there any Credit Consequences to a Short Sale?

Your Monthly Payments and a Short Sale

Short Sales - How Long Does the Process Take?

Short Sale Terms to be Familiar With

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

Check out our short video on how we can help you.

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

2 sales at Monterey Village in our first weekend!

Lori Mode and Bruce Durham (Keller Williams Realty) — Tue, 13 Oct 2009 10:00:04 -0500

In our first weekend of new home sales at Monterey Village in Elk Grove, we sold 2 of our 11 homes currently for sale. We currently have 6 single family new homes for sale ranging from 1425 square feet to 2402 square feet and 3 patio homes from 1001 square feet to 1711 square feet.

Monterey Village is a unique gated master planned community in Elk Grove. Combining distinctive styles of living, lush landscaping and desirable amenities, this community is being heralded as one of the best in the greater Sacramento area.

Nestled within the quiet sophistication of this gated comunity, Cypress Cove delights with its unique home plans that offer a choice of three distinctive architectural design styles. The Villas offer distinctive detached patio homes including single and two story residences with one and two car garages. Each home includes front yard landscape maintenance to give you more time to enjoy Monterey Village's amenities.

These beautiful homes offer many amenities including many with granite counter tops, fireplaces, decorator paint, upgraded flooring includes hardwood flooring and 18 inch tile flooring. Our prices range from $185,000 up to $305,000...the seller is offering 3% incentive to buyers towards their recurring and non recurring closing costs.

And best of all, first time home buyers you can still move in time for the $8,000 tax credit. Don't wait and don't miss out! Our homes are moving quickly!

Elk Grove new homes!!! Monterey Village new homes are available...

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.

Elk Grove Short Sale just listed - beautiful 2 story in East Elk Grove

Lori Mode and Bruce Durham (Keller Williams Realty) — Mon, 12 Oct 2009 13:59:53 -0500

Lori Mode - #00935148 | Keller Williams Realty | lori@modeanddurham.com | 916 230-0371

9674 Little Harbor Way, Elk Grove, CA

5BR/3BA Single Family House

offered at $250,000

Year Built	2004
Sq Footage	2,494
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	6,357 sqft
HOA/Maint	$0 per month

DESCRIPTION

Very affordably priced...Spacious 2 story home in East Elk Grove neighborhood...corner lot, formal living and dining areas, family room with built in entertainment center & fireplace, spacious kitchen, 1 bedroom and full bathroom downstairs, ceiling fans, plus large backyard patio & more!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Tile floor
- Family room	- Living room	- Dining room
- Breakfast nook	- Dishwasher	- Stove/Oven
- Microwave	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Front	Ktichen
Family	Living/Dining
Master	Deck

Contact info:

Lori Mode - #00935148

Keller Williams Realty

916 230-0371

For sale by agent/broker

For more information on Short Sales

Posted: Oct 9, 2009, 10:55am PDT

Ever had a short sale that you thought would never close?

Lori Mode and Bruce Durham (Keller Williams Realty) — Mon, 12 Oct 2009 10:04:28 -0500

I believe that anyone who works on and closes Short Sale Listings has had one of these, but mine occurred last week and we finally got it CLOSED! The trick with short sales is to never give up! This one had it's own unique challenges, each one of course seeming as though we would not overcome it, but in the end we did and everyone is happy!

It began with an Elk Grove listing in the West Laguna area...beautiful 2 story home with a gorgeous pool and backyard. The seller had not worked in the past year and had stopped making his payments a couple of months before contacting me. It was listed at $425,000 and within 30 days we had a cash offer at $385,000 to close in 2 weeks of the existing lender's acceptance of the short sale. Seems pretty easy so far. At this point we start negotiations with the existing lenders - both loans were with Morgan Stanley. After about 3 months of negotiations and of course, making sure we still had our buyer with us in the transaction, we received an approval letter on the short sale from Morgan Stanley...toay this seems like the easy part!

At this point, we should have been closing in 2 weeks time...well, the seller decided to move out to southern California and the buyer started completing their inspections. Upon the seller vacating the property and prior to the buyer's inspections, somehow this beautiful pool turned green and some of the pool equipment was stolen! After negotiations back and forth the buyer decided they were getting a good deal and they would hang in there. It's now the middle of September...and we think we are getting ready to close. Our close of escrow date on our approval letter is September 25th.

The seller signs his papers and thinks he's done...he is starting to tell us at this point that after this is completed his attorney has suggested he file bankruptcy, so he will be doing this on October 1st. The buyer is out of the country at the time, but comes back from their trip and signs their papers, so now escrow is only waiting for the funds to close - approximately $375,000 to be wired to escrow. After a few days of waiting, the escrow officer hears that a portion of the funds or about $220,000 will be wired right away. She receives this money and then we are waiting on the rest. Of course, at this point we are at our September 25th close of escrow date with Morgan Stanley, so we have to get an extension. We get our extension and are awaiting the remaining funds.

Morgan Stanley has set a Trustee Sale date of October 6th and remember the seller thinks he is filing bankruptcy on October 1st. Well on September 30th we still don't have the remaining funds to close. The wire was supposedly coming from China or Afghanistan - the selling agent didn't seem to know for sure - and for some reason the funds were held up in New York, by Homeland Security? At this point the seller agrees not to file bankruptcy yet as he does not want both a bankruptcy and a foreclosure on his credit report. Now we just have to get an extension on the Trustee Sale, which we do. Last Thursday the funds finally came in to close this escrow and on Friday morning we recorded!

The seller is happy, the buyer is very happy and we have closed another successful Elk Grove short sale! The moral of this story? You must be persistent and be ready to face the challenges that come your way if you want to be successful at helping sellers with their hardships. NEVER GIVE UP!

If you are a seller and wish to contact us for a FREE consultation regarding a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.

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