- Sacramento Real Estate Adventures - Your Sacramento Real Estate and mortgage blog!

Check out this Elk Grove bank owned home for sale!

Great location and a popular floorplan on this 4 bed pool home! Finish off the summer swimming in the solar heated pool and enjoying your new home. One bed and full bath downstairs. Separate living room and family room with fireplace. The master bedroom even has a fireplace! Open and sunlight kitchen with area for breakfast table.

This is a Fannie Mae HomePath property. Purchase this property for as little as 3 percent down. This property is approved for HomePath Mortgage Financing and HomePath Renovation Financing.

5808 Laguna Shore Way Elk Grove, CA
Bedrooms: 4 
Bathrooms : 3 Full
List Price : $ 274,900
Living Area Approx :  2291

If you are interested in viewing this property... Call Erin Newington at (916) 585-3858!

Find out when other new bank owned homes come on the market in Sacramento!
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Check out this Churchill Downs bank owned home that just came on the market in Sacramento!

Located in the Elk Grove School District this home makes a great started home or rental. Built in 2003, This home has been freshly painted and new carpet has been installed. This is a Fannie Mae HomePath property. Purchase this property for as little as 3% down. This property is approved for HomePath Mortgage Financing and HomePath Renovation Financing. To view this property call Erin Newington at (916) 548-9198.

9275 Pridhoe Court, Sacramento, CA
List Price: $189,900
3 Bedrooms
Bathrooms : 2 Full
Living Area Approx : 1137

If you are intereted in viewing this property... Call Erin Newington at (916) 585-3858!

Find out when other new bank owned homes come on the market in Sacramento!
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This home is not a short sale or bank owned home and is super clean! Although this home is located in Sacramento, it is located in the Elk Grove School District!

8392 Pelligrini Ct, Sacramento, CA
List Price: $199900
3 Bedrooms
Bathrooms : 2 Full
Living Area Approx : 1389 Sqft

Get directions to this house in Sacramento >>

 If you are intereted in viewing this property... Call Erin Newington at (916) 585-3858!

Find out when other new homes come on the market in Elk Grove!
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Check out our bank owned lising located in the Elk Grove School District!

8629 Underhill Dr, Sacramento, CA
List Price: $219900
3 Bedrooms
Bathrooms : 2 Full
Living Area Approx : 1664 sqft

Get directions to this Open House in Elk Grove >>

 If you are intereted in viewing this property... Call Erin Newington at (916) 585-3858!

Find out when other new homes come on the market in Elk Grove!
Register for our FREE email notification service >>

Do you currently own a home in Elk Grove? Find out what your home is worth in today's market. Visit www.MyElkGroveHomeValue.com to order your FREE home valuation!

Come by and see this house this SUNDAY 1pm-4pm at our Open House in Elk Grove!

5613 Hirsch Cir, Elk Grove, CA
List Price: $269900
4 Bedrooms   Bathrooms : 2 Full / 1 Half
Living Area Approx : 2473

This beautiful and inviting 2 story home with formal living & dining combo just came back on the market! Spacious family room open to the kitchen and breakfast area. Kitchen boasts corian counter-tops, island, black appliances, and huge walk in pantry. 4 large bedrooms upstairs with full bath and homework station. Large backyard back ups to a creek.

We were close to getting short sale approval when our buyer canceled! Now it is your shot to get into this great house!

Get directions to this Open House in Elk Grove >>

Find out when new homes come on the market in Elk Grove!
Register for our FREE email notification service >>

Do you currently own a home in Elk Grove? Find out what your home is worth in today's market. Visit www.MyElkGroveHomeValue.com to order your FREE home valuation!

Watching foreclosure trends in the Sacramento real estate market will help you monitor the level of distressed homes that will soon be listed for sale.  

The the first step of the foreclosure process begins when the bank files a Notice of Default. This document is typically filed after the homeowner is 90 days late making their payments. The Notice of Trustee Sale is the final stage of the foreclosure process. This notifies the homeowner that their home is going to auction and is filed 21 days before the sale date.

As you can see, Notice of Default filings have declined this quarter. Many banks are now working with homeowners using tools like a loan modification or a short sale to avoid the completion of the foreclosure process. Trustee sales for the most part have stabilized in the last 3 quarters.

After the filing of a Notice of Trustee Sale, there are only three possible outcomes.

1. The foreclosure sale can be canceled.
Reasons for a cancellation can involve a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.

2. The property goes back to the bank.
When the property goes to the court house steps to auction, the bank will place an opening bid. If a third party doesn't outbid the bank's bid, then the property goes back to the bank. The property is listed for sale soon after as a bank owned home.

3. The property is sold to a 3rd party.
During the auction process the property is purchased by a 3rd party.

Foreclosure cancellations are on the rise, indicating more banks are willing to work with struggling homeowners. With more and more short sales hitting the Sacramento market... it's no surprise to me that we have seen an increase in foreclosure cancellations. 

Another interesting statistics foreclosures by loan amount. If you compare the 2 charts below you will see, for example, homes with loan amounts in the $150,000 range led the pack in 2007. This is most likely because folks who purchased in that price range had less reserves to get them through tough times than those in a higher price range.

Now fast forward to 2009... we are starting to see more foreclosure filings in the higher loan amounts.

Well that is a look at where we are as of the 2nd quarter of 2010 in regards to foreclosures. Make sure to come back and visit for future updates!

If you are looking to invest in the Sacramento real estate market, please give me a call to discuss your options!

I am sponsoring another event at the Sacramento Rental Housing Association tomorrow! Join me for another installment of RHA's Real Estate Investment Forums!

This month our speaker will be attorney Gary Link who will discuss present legal issues for real estate investors. Gary Link's specialty is working with Sacramento landlords to make sure they are protected.

This is a FREE event you don't want to miss! Get a couple hours will a local attorney who specializes in rental property and find out what the latest and greatest legal issues you need to be aware of!

You must register to attend this event at the RHA website! Register Now >>

Are you looking to buy a home in Elk Grove? Have you ever wondered if you can get a better deal on a bank owned home, short sale, or private party sale?

I ran some numbers to see if I can answer this question!

Just a quick lesson for those of you who do not completely understand the three categories... let's review them for a minute.

Elk Grove Short Sale: These transactions involve a sellers who owes their bank more than their home is worth. The buyer makes an offer to the seller, then the seller has to obtain a short sale approval from their bank. This means the bank agrees to release the lien (mortgage) on the home, even though they will not be paid back in full.

Elk Grove Bank Owned Home: These homes have been foreclosed on and are now owed by the bank and are more than likely vacant.

Private party sale: These are homes that are NOT bank owned or short sales. They are private party sales, probate sales, bankruptcy sales and other non bank owned or short sale transactions.

The first item we are going to look at is how long on average bank owned homes, short sales, and private party sales stay on the market before they are sold.

It makes sense that Elk Grove short sales lead the pack having the most average days on the market of 154. The short sale process can take months to get an approval back from the bank. This makes sense that short sales take much longer to closes escrow than the other two categories. Elk Grove Bank owned homes are in 2nd place at at 47 days on the market and private party sales are at 42. This is because these homes are ready to sell today as opposed to a short sale.

Next... let's look at average cost per square foot for an Elk Grove home based on area sales.

If you compare on average the cost per square foot of a bank owned home, short sale listing, or private party sale... the best deals on average is the Elk Grove bank owned home. As you can see, you can get the cheapest square foot cost for a bank owned home... but a short sale gets you pretty much the same deal. Normally, there are issues with the condition or maintenance for these homes... which provides a discount in price. Elk Grove private party sellers are selling their homes as quickly as banks, but are netting more on average! That is great news for those looking to sell an Elk Grove home or investment property!

Finally... let's look at how many months of inventory we have left in the Elk Grove Real Estate Market.

If you look at all the single family homes currently on the market, it would take us an average 2 months to sell every last house currently for sale in Elk Grove.

I thought it would be fun to check the absorption rates for each of our three categories (bank owned, short sale and private party sale). What is the absorption rate? The absorption rate tells us of the available homes for sale in Elk Grove, how many were absorbed (purchased) by buyers.

Again the bank owned homes win again! Over 70% of the bank owned homes that were available to buy in June 2010 were sold. When you compare that to figure to a short sales at 41% and private party sales at 46.8%... Elk Grove bank owned homes are certainly getting snapped up almostv2 times as much as short sales and private party sales.

In conclusion, bank owned homes provide you on average the best price, but as you can see there is more competition for these homes based on the absorption rate.

Be prepared to move quick when a new bank owned home comes up for sale... because other buyers will be.

Expect to pay more for Sacramento private party homes for sale, but remember they are often in much better condition than a short sale or bank owned home. Keep in mind these are averages and every neighborhood will reflect different numbers, but it will give you a indication of what is going on in our Elk Grove Real Estate Market as a whole.

If you are looking to buy or sell a home in Elk Grove, please call me and we can discuss how I can help you navigate through our historic real estate market!

My investor clients are in escrow on a bank owned property in Sacramento. We received the good news this morning along with the bank's addendum for my clients to sign.

One of the forms that needed to be signed was in regards to my commission. I found this odd and wanted to find out if anyone else had run into this.

Here is what it said...

"Seller shall pay a real estate commission pursuant to the listing agreement between Seller and Seller’s listing broker however, no commission shall be paid nor credit given, to a Purchaser who is a real estate licensee."

So if I am a real estate agent and I am making an offer in my name... I don't get paid a commission (with this particular bank)? Even if our MLS system says I do?

How can a bank offer a home for sale... list it on our MLS system.... then once the offer is verbally accepted...  they tell you... oh by the way you are not going to get paid!

They could at least make a note on our MLS system so we know upfront!

That just doesn't seem right!