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Home Buying in Folsom : Real Estate Advice

  • All147
  • Local Info7
  • Home Buying65
  • Home Selling4
  • Market Conditions5

Activity 100
Tue Dec 8, 2009
Pme answered:
Sue and Michelle, thank you for your answers!
0 votes 4 answers Share Flag
Sat Nov 7, 2009
Brian Frank answered:
Roseville has few horse properties. A few cities to consider are Granite Bay, Loomis, Newcastle, Penryn, Lincoln, and Auburn. It depends on the overall area you want. Price per square foot typically gets cheaper the further you go up I-80. Let me know what price point your targeting and I can do a detailed search for you.

Brian Frank
Lyon Real Estate
916-402-4697
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0 votes 1 answer Share Flag
Wed Aug 19, 2009
Mike Beeman answered:
I appreciate all your insight. There seems to be a school of thought out there that if there is more correction, it would be on the middle to upper end of things, say 400,000 plus....I'm not sure how much the new construction around folosm and EDH was financed through payment option arms, but I believe that is where the basis of that thinking originates. Thanks again for your detailed responses...

Mike
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1 vote 8 answers Share Flag
Wed Aug 12, 2009
Dallas Texas answered:
In many instances these homes could be way below market value based on location. Have you researched days on market of home, past history and any home in that area. Should assist any decision you make

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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0 votes 10 answers Share Flag
Sat May 9, 2009
Anna Boyd answered:
Clients that I've moved to Folsom are happy and that I've moved to Anatolia are happy.

As the previous agents noted, prices have held up much better in Folsom, but most of the bang for the buck is in Anatolia. They also have a new elementary school and are in the Elk Grove School District.

And because Anatolia is affordable, many young families are moving there.
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0 votes 7 answers Share Flag
Sat May 9, 2009
Anna Boyd answered:
OR......you can find a Fannie Mae Homepath eligible home. The downpayment minimum is 3% and
there is NO mortgage insurance. Link for the 5 Folsom Homepath homes currently on the market:

See link below. But, I did a check and they are a couple weeks behind on updating - so you (or your agent will have to check individually) - but would be worth the effort to avoid PMI. Anna Boyd Re/Max
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Thu Apr 30, 2009
Linda Reeves answered:
I have sold many REO properties and it has been my experience that banks give their REO Properties to a qualified REO Real Estate Broker. My Broker recieves many foreclosed properties and we as Professional Real Estate Agents help our clients understand how the process works. I am able to utilize my negotiating skills and get the best price for my clients. REO's are not the simple process many people think they are. It takes knowledge to handle a successful REO transaction from beginning to end and each detail must be addressed for the correct outcome and successful purchase.

One question to always ask your REALTOR is how much experience do they have in dealing with REO's?

Hope this helps and good luck in your search. There are many good deals on REO's currently and now is the time to take advance of those deals because the market will turn and the deals will be gone.

Linda F. Reeves-REALTOR-GRI-SRES
ERA Millennium Realty
... more
0 votes 7 answers Share Flag
Wed Apr 29, 2009
Anna Boyd answered:
The price shown for the home on Trulia via Realty Trac is many times just the first loan amount that is
going in default. There's almost always a second mortgage on there and it could be another $50-$200k or more. So the amount shown may not be the whole story. ... more
0 votes 5 answers Share Flag
Fri Sep 26, 2008
Carie Averill answered:
Hi Janice,

There are a number of homes available for sale in this particular neighborhood. What do you consider affordable? Do you want to be within walking distance or within a mile or two from this address?

Please let me know how I can assist you.

Sincerely,

Carie Averill-Branch
(916) 705-1059
... more
0 votes 2 answers Share Flag
Thu Sep 11, 2008
Donna Meyers answered:
Hands down in Folsom. I am a realtor in Folsom and I have buyers that are still priced out of this market even with all the declining values. Anatolia was only recently built in the last 4 years and has too much inventory that was sold with the subprime lending mortgages. There is no way for the values Anatolia to stabilize until all the new ones are sold and all the repos are done showing up.
I sure hope that you understand that I am only giving you my opinion but I have been doing this for a very long time.
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Wed Aug 20, 2008
Donna Meyers answered:
Hi dan! My story is sweet and simple. My husband works at Intel and his father is a builder. So I live work and play in the Folsom area for the last 15 years. I have been working in buying bank owned proeprties for my buyers over the last year. I have two in escrow as we speak. I do what needs to be done and answer my phone calls as they come in. Listing agents and clients love me simply because I do what I say I will do when it needs to be done. No one is left wondering or waiting. Call me if you want to talk more. 916-716-7776 Donna ... more
0 votes 8 answers Share Flag
Mon Aug 4, 2008
sypherjeff answered:
We have a house in the Parkway that we've been renting out for the past 2 years since my wife's career caused us to relocate to the Bay Area. When we lived there, my wife complained about the HOA being too strict - mostly about the cars on the street at night. HOWEVER, now that we are getting ready to buy in the Bay Area, and most of the neighborhoods in any of the different cities are 15+ years old (some nearly a century), there is a SIGNIFICANT difference in the way the homes and yards are cared for between those with HOAs and those without -- and we are specifically looking for a neighborhood that has an HOA -- at my wife's request. HOAs ensure your otherwise lazy neighbors keep up the physical appearance of your house -- which does have an impact on value at the end of the day.

But we do remain a little disgruntled that the rates in the Parkway continue to increase on a yearly basis.
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Mon Jun 9, 2008
Debt Free Dave answered:
The debate over emf's have been going on for years. I think sales data would point to a reduced valuation of properties situated close to power lines.
0 votes 5 answers Share Flag
Fri May 23, 2008
Thomas McGiveron answered:
Zero down does not exist any longer. You will be hard-pressed to find any lender that will finance 100%. Sounds like FHA would be a good choice, but you still need 2.25% down payment. If you have NO money to put down, then start saving OR - look outside the box. Think outside yourselves and look at your options. There's a whole world out there - what else can you do to increase your monthly income? I mean, not for nothing, but you might be surprised at what you find within yourself. Why limit yourself to that $1500 bucks? You're saying you can't go out and find a way to make more money - alot more money?

Ask yourself this - IF there are people out there making over $250,000 a year/a month/a day, what's stopping me from doing the same?
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0 votes 9 answers Share Flag
Tue Apr 15, 2008
Claire Wills answered:
Hi Bud, my name is Claire Wills. I would love to help you with your relocation. I grew up in Placerville and Cameron Park, and my brother lives in a quiet, treelined street off of Cambridge Rd. Cambridge Rd is 10 min further from Eldorado Hills. Eldorado county has great schools too, I went to one of them, Ponderosa High. In your price range, there are a lot of great properties in the surrounding areas. Please email me and I will send you a list right away. Email: Claire.Elyse@yahoo.com Also, please note you found me on Trulia. ... more
0 votes 9 answers Share Flag
Thu Mar 27, 2008
Hi answered:
no catch on the REO
the bank want to get rid of it

anyways

good luck
0 votes 6 answers Share Flag
Mon Dec 17, 2007
californiabrokerjd answered:
Because the language in the CAR purchase contract is vague, hopefully your agent added 'property to be delivered to buyer in broom clean condition including wall surfaces free of marks and holes at the close of escrow' into this agreement. While the final walk-through is not a contingency of sale, it does provide you leverage before you close escrow. If you are concerned about the seller damaging your home during their move (usually this happens when lots of items are stacked against walls and you truly cannot see their condition in the walk-through), my recommendation is to delay the close of escrow until sellers agree to have funds held-back in escrow (you can negotiate the amount) to cover any damages that may incur during the move. Once they agree to this hold-back, close escrow, and as soon as they've moved out, assuming no damage, instruct escrow to release the hold-back funds to them. If there is damage, you must provide receipts for corrective work done to escrow, then agree to release any remaining funds currently held. Hope you enjoy your new home for the holidays! ... more
1 vote 3 answers Share Flag
Sat Dec 15, 2007
Pam Winterbauer answered:
Technically the property is yours at the time of recording. However, the purchase contract will state the specific time the seller is to be out and the keys delivered to you. If you record in the morning it is usually mid day by the time the title company has the confirmation back from the county to release funds and keys. Check you purchase agreement for the details or ask your Realtor. Congratulations on your new purchase. ... more
1 vote 6 answers Share Flag
Tue Dec 4, 2007
Deborah Madey answered:
Hi Ann,

You have a responses from a RE Pros from different states. When reviewing the input, I wanted to call your attention to the fact that settlement practices vary state by state and even varies by regions within a state.

As a former CA resident who has bought and sold property in CA, my closing experiences in CA have all been with escrow companies and I did not have an attorney. I was not a Realtor at the time. I currently reside in NJ and am now a licensed real estate broker in NJ and FL. The settlement agent in NJ is typically an attorney; and preferably one who specializes in real estate. Earnest money deposits, wire transfers, and checks at settlement are quite often collected and dispersed by an attorney in NJ. Your Realtor can provide you guidance and details about CA, as the protocol will be quite different.

Perhaps a few local CA Realtors can chime in and let you know how often their clients’ transactions are closed with or without an attorney, and a discussion on what tasks and role the attorney does assume in CA when one is retained. You might hear that it is not necessary to have an attorney in CA. As Toby stated, you might still feel more comfortable with having an attorney review your docs, and that always remains you choice.

The thread that Patti provided is excellent. Do keep in mind that the Q poster on the linked thread was in NY, and many of the answers were from NY RE Pros or addressing the transfer of property in NY. A CA REPro mentioned on that thread that in CA most closings were done w/o an attorney. I did not interpret the post by the CA Realtor on that thread to suggest that a NY buyer/seller should not retain an attorney, but rather that she simply shared info about how settlement procedures may differ in one area vs. another.

I agree w/ Sylvia that you can ask your Realtor for guidance about the closing process for your area. If you express interest in having an attorney, particularly if you have specific unanswered questions, suspect complications, or you see any red flags, your Realtor can probably refer you to practicing real estate attorneys in your area.

Deborah
... more
2 votes 7 answers Share Flag
Fri Nov 23, 2007
answered:
Ann, as far as rates & fees for a mortgage loan, there are no additional benefits for loan amounts under 60% Loan-to-Value. .... Happy funding, Rudi
0 votes 10 answers Share Flag
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