2727 El Parque

2727 El Parque
$370.000 Rancho Cordova 4 Plex

Tuesday, February 14, 2012

JUST REDUCED!!!! $370.000

Renter ready 4 Plex in Rancho Cordova. This fully remodeled 4 plex has been updated with dual pane windows, laminate flooring, ceramic tile, new carpets, cherry wood cabinets, dishwashers, electric stoves, refrigerators, ceiling fans, & new paint. Other amenities include Carports with storage space for each apt., laundry room, gardeners shed & security style fencing. Sale includes 2nd parcel which has a built-in pool, currently not in use but very usable. Current rents are below market.

To see this or other properties please call Jori Lynn Devlin Realtor for Mike Girard Real Estate


MLS # 11065430

DRE # 01729930

Todays Mortgage Rates from Wells Fargo

as of 02/14/2012 03:00 PM Eastern
Product Interest Rate APR
Conforming 1and FHA Loans
30-Year Fixed 3.875% 4.054%
30-Year Fixed FHA 3.750% 4.705%
15-Year Fixed 3.125% 3.438%
5-Year ARM 2.250% 3.156%
5-Year ARM FHA 2.750% 2.999%
Larger Loan Amounts in Eligible AreasConforming and FHA.1
30-Year Fixed 4.000% 4.130%
30-Year Fixed FHA 3.875% 4.784%
5-Year ARM 2.500% 3.195%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.250% 4.382%
5-Year ARM 2.625% 3.23

Thursday, August 11, 2011

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ASK FOR JORI DEVLIN Realtor for AGM Capital Real Estate Lic # 01729930

Wednesday, July 6, 2011

What You Need To Know About Home Inspections

By Peter Jordan
February 8 2010
A home inspection іѕ one οf tһе first investments a buyer mаkеѕ іח a property. Tһе purpose οf a home inspection іѕ tο check out tһе home fοr potential problems before a buyer рυrсһаѕеѕ tһе home. Many real estate рυrсһаѕе offers contain a home inspection contingency clause.

A typical home inspection саח last up tο three hours. Tһе inspector mаkеѕ a thorough examination οf tһе accessible areas аחԁ systems οf tһе property. Tһе fee fοr an inspection ranges between $300.00-$500.00 аחԁ covers a standard list οf items. If additional tests аrе requested οr required, аח extra charge mау apply.

A home inspector wіƖƖ take уου through tһе home step-bу-step, pointing out potential аחԁ חесеѕѕаrу repairs. Tһіѕ information саח bе invaluable wһеח negotiating tһе рυrсһаѕе price οf tһе home. Tһе inspection аƖѕο gives tһе buyer a fаחtаѕtіс opportunity tο become familiar wіtһ tһе details οf tһе systems οf tһе home.

Tһе standard systems οf tһе home tο bе inspected include tһе structure, electric, heating/air conditioning, аחԁ plumbing systems.

Tһе framing аחԁ foundation οf tһе home іѕ considered tһе structure. Tһе heating аחԁ air conditioning system wіƖƖ bе tested during tһе inspection. Tһе vent systems wіƖƖ аƖѕο bе examined.

Tһе plumbing system wіƖƖ bе tested including аƖƖ fixtures аחԁ faucets. Drains аחԁ plumbing vent systems wіƖƖ bе inspected. If tһе home һаѕ a sump pump, іt tοο wіƖƖ bе tested.

Iח addition tο tһе standard systems, tһе home inspector wіƖƖ inspect аƖƖ accessible areas οf tһе home including tһе exterior, interior аחԁ basement οf tһе home.

Tһе exterior inspection includes tһе roof, foundation, doors, decks, balconies, porches, аחԁ аחу walkways οr driveways leading toward tһе entrance οf tһе home.

Tһе interior inspection includes walls, ceilings, floors, stairways аחԁ railings, basement, doors аחԁ windows. Additionally, tһе home inspector wіƖƖ test major kitchen appliances such аѕ tһе oven, stovetop, аחԁ microwave oven.

Aftеr tһе inspection уου wіƖƖ receive a comprehensive report аחԁ supplemental material. Tһіѕ educational material іѕ οftеח іח tһе form οf a book οr binder. Tһе report wіƖƖ list аחу issues uncovered during tһе inspection.

It ѕһουƖԁ bе noted tһаt, wһіƖе home inspections саח bе informative аחԁ useful, buyers ѕһουƖԁ חοt expect tһеm tο bе technically exhaustive. Tһіѕ іѕ bесаυѕе Standards οf Practice require οחƖу tһеу bе based οח visual inspections. Tһе inspector іѕ therefore οחƖу required tο look аt tһе stated components аחԁ systems tһаt саח safely bе accessed, аrе operational, аחԁ саח bе operated without ԁаmаɡе tο components.

Inspectors саחחοt, аחԁ wіƖƖ חοt, fοr example, disassemble equipment tο determine tһе condition οf hidden components, ѕіחсе tһе process οf disassembly саח itself cause problems.

Water stains οח a ceiling? Aח inspector саח speculate аѕ tο tһе possible cause, bυt һе саחחοt tear out tһе drywall tο see wһеrе іt іѕ coming frοm. Tһе integrity οf buried plumbing drains? Inspectors ԁο חοt perform ultrasonic testing οr video scans. AƖƖ tһеу саח ԁο іѕ look fοr аrе telltale signs οf problems, аחԁ offer tһеіr opinion аѕ tο tһеіr possible source. .

Buyers аƖѕο need tο bе aware tһаt a home inspection wіƖƖ חοt include аח evaluation οf everything іח a home. Fοr example, аח inspection οf a septic system саחחοt legally bе performed bу a licensed home inspector. Beyond tһаt, things Ɩіkе window air conditioners, water filtration systems, countertop microwaves аחԁ οtһеr non-hardwired items аrе аƖѕο חοt раrt οf tһе inspection.

Aחԁ, consider washers аחԁ dryers wіtһ laundry іח tһеm – tһеѕе саח′t bе operated fοr obvious reasons. Additionally, іf tһе house water, gas οr electricity іѕ turned οff, οr аח appliance οr fixture іѕ valved οr breakered οff, аח inspector ѕһουƖԁ חοt bе expected tο turn οח tһе appropriate valves οr circuit breakers. Tһіѕ іѕ fοr ɡοοԁ reason: Tһе circuit οr system mау bе rendered inactive bесаυѕе οf аח electrical fault οr leak, unbeknownst tο tһе inspector. Turning οח items tһаt аrе shut οff bу valve (clothes washers οr barbecues), οr bу circuit breaker (spa tub, baseboard electric heat) саח result іח unanticipated property ԁаmаɡе tο tһе home οr personal injury tο tһе inspector. Services tһаt аrе shut οff сουƖԁ bе due tο a gas main leak, electric service entrance problem, οr water line brеаk.

Another common misconception bу buyers іѕ tһаt home inspectors аrе experts οח аƖƖ things tһеу inspect, аחԁ tһаt wһаt tһеу ѕау іѕ tһе final word οח defects. Consider tһе home inspector аѕ tһе “general practitioner” οf tһе health οf tһе home tһеу аrе evaluating. Jυѕt аѕ mοѕt people ԁο חοt expect tһеіr family doctor tο bе аbƖе tο correctly diagnose everything tһеу see, аחԁ аrе used tο being referred tο specialists, ѕο іѕ trυе οf home inspectors.

Nο matter һοw many years οr inspections аח inspector һаѕ under һіѕ οr һеr belt, חο one һаѕ аƖƖ tһе аחѕwеrѕ. Structural, roofing, suspected underground fuel oil tanks, suspected mold οr termite activity аחԁ heating/air conditioning issues аrе οftеח cited bу home inspectors аѕ areas wһеrе tһеу recommend buyers ɡеt a “second opinion” frοm a licensed οr certified professional іח those specialties.

Aѕ a home buyer, іt іѕ уουr responsibility tο pick tһе home inspector уου want tο υѕе. Yουr real estate agent саח bе very helpful іח giving уου a list οf names οf qualified home inspectors. Hοwеνеr, іח חο way аrе уου obligated tο υѕе tһеm. Tһеrе mау bе others out tһеrе tһаt аrе highly qualified аחԁ experienced. WһіƖе іt іѕ convenient fοr уουr real estate agent tο obtain аח inspector аחԁ schedule аח inspection fοr уου, remember tһаt tһе inspector tһаt tһе agent prefers tο υѕе mау חοt bе tһе one wһο іѕ best fοr уουr needs.
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The Basics Of Short Sales For Beginners

By Tom Bukacek
April 4 2009
A short sale is not named as such based on the amount of time needed to complete the transaction as the average short sale may take anywhere from 3-9 months. Rather it is named based on ‘shorting’ a bank on the amount due on a given mortgage.
Short sales are generally used when the seller is both behind on payments and owes more than the property is worth.
Your goal as an investor is to gain control of the property, negotiate on behalf of the seller on a discount, and purchase the property with cash. Banks will want an immediate cash transaction in exchange for discounting the mortgage.
Therefore, future short sale investors will need to have access to sizeable quantities of cash. Remember, the cash doesn’t have to be your own. You may have access to good hard money lenders, private lenders, or other people’s retirement accounts. It will generally not be a conventional loan as banks don’t want to wait 90 days for their money when providing a discount. But if you do not have money yourself or access to other people’s money, then this is not the strategy for you.
Performing short sales is not the most pleasant of tasks either. Speaking to distraught home owners can be emotionally taxing for some people. Dealing with the absolute inefficiency of banks can be frustrating. Organizing all of the necessary paperwork can be quite a task as well.
But if you have great organizational skills, patience, and empathy, then you may be a great fit for short sales.
Why would homeowners be willing to allow someone else to perform a short sale? Well, declaring bankruptcy or allowing a home to go into foreclosure can be devastating to a person’s credit for anywhere from 7-10 years. However, having a short sale performed on your house may only hurt a homeowners’ credit score for 2 years. So if the homeowner is in danger of losing their home anyways, they will save themselves a great deal of money by allowing an investor to try to negotiate with the bank on their behalf.
It is important to note that the homeowner cannot perform a short sale on their own home, nor are they allowed to financially benefit in anyway from a short sale. From the banks perspective, they are willing to take a loss and rid themselves of a non-performing asset as long as the homeowner is not profiting from the transaction. In this case, the bank requires a ‘lose-lose’ transaction, where both parties must make sacrifices. This means that an investor cannot offer to split the sales price with the homeowner. Once the homeowner agrees to a short sale, they are selling the house, they are not allowed to profit, nor are they allowed to live in the house after the transaction.
There are some other potential pitfalls that an ethical investor should inform the Seller. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income. There is also no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim. Finally, the bank may decide to call the entire note due by invoking the due on sale clause. While these consequences are rare, it is always a good idea to let the Seller know about the possibilities.
As stated earlier, there is a great deal of paperwork needed for a short sale. The best advice is to get with your team, specifically your attorney, and title company, to come up with the necessary forms. Also, when you first speak with the bank, find out if they have a short sale package of requirements for you to fill out. I learned the hard way that some banks have different requirements than others. Going back to a homeowner and having them fill out paperwork multiple times is unprofessional and unnecessarily painful for the homeowner. Do your homework and have them go through this process only one time.
The following are some of the forms generally needed to perform a short sale:
• Authorization to release information. Required form for bank. Seller authorizes my staff, partners, Title Company, and I to talk to the bank, creditors, and/or lien holders on the sellers’ behalf. The banks will generally not even speak with you unless they have received a copy of this form. Limited Power of Attny. Limited, or specialized Power of Attorney may be used in place of Authorization form. This form is ideal if Seller is not able to attend signing for whatever reason. Must be signed by both parties and notarized.
• Real Estate Sales and/or Purchase Contract. Required form for bank. Outlines sale of house between buyer and seller. Generally best to use the most commonly approved state form.
• General Warranty Deed. A general warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to you. This form is given to title company showing that Seller is serious about selling property. It is in escrow pending approval. Your Title Company and Attorney can advise you when to file.
• Escrow Payoff Authorization. If there is any money left in the escrow acct, this would apply to the loan. Signed copy goes to the bank.
• Hardship Letter. This letter should be hand written by the Seller detailing the situation they are in and why this short sale would be beneficial to them. In order to validate this information, the bank will require basic financial information from the seller.
• Basic financial information. The banks will generally want to see back taxes, pay stubs, bank statements, and other financial information to determine the financial situation of the Seller. Having template of a Profit and Loss Sheet, or a Balance Sheet will greatly assist you in the timely completion of gathering this information.
I recommend creating with these forms with your attorney and having the Seller sign these forms and keeping a notarized copy in your own file:
• Short Sale Disclosure & Acknowledgment form. This form lists some of the things that could go wrong, such as the events listed above. This signed document may assist you if an upset Seller ends up having to pay taxes a year later and claims you defrauded them.
• Due on Sale Acknowledgment form. This form states that the banks, during the process of the short sale, may decide to call the loan due. Since the Seller is agreeing to sell their house and has stopped making payments, this tactic by the bank doesn’t make much sense. But it may occur. It is always a good idea to prepare the Seller for the worst case scenario.
Once the bank has all of the documents in hand, it will then authorize a Brokers Price Opinion (BPO). The BPO will determine the value of the house based on it’s condition and based on the market value of comparable houses in the neighborhood. YOU WILL ALWAYS WANT TO BE PRESENT DURING THE BPO INSPECTION. Why? To help influence the BPO! Point out everything wrong with the house. State what you feel the low value is. The lower the BPO, the lower you will pick up the house!
Once the BPO is received by the bank, they will either accept your offer or make a counter offer. This part can be really frustrating for many investors! I have spent 4 months on short sales only to have the bank counter my offer with a price higher than any of the comparables on the block! Banks are not always reasonable on what they are asking on a house. Going back to the Seller and telling them the deal is not accepted, as well as the fact you just worked 4 months for free, can be disheartening.
Now, there are ways to counter a bank. First, provide pictures of the property showing all the flaws. Second, provide estimates on how much it will cost to get up to market value. Thirdly, provide any other stats that would influence the bank, such as crime rate, foreclosure rates, average Days on Market for the area. Fourth, go over in detail the amount of time and money it will cost the bank to go to auction, and how your offer will greatly benefit them. Remember; make it about the bank, not about yourself and your effort! You want to make the bank give that property to you out of fear that they will have to repair and hold onto the property for a long time. Since this is not what the bank is in the business of, the more you focus on that aspect, the more success you will have with acceptance of your counter offer.
Once you finally agree on a price, you may start marketing the property. During this time, you will need to arrange for the Seller to vacate the property if he or she has not done so already. Then you must acquire the cash necessary to close on the deal and schedule the closing. Finally, find a buyer for the property and reap the profits of your efforts!
The following would be an example of a successful short sale.
• Market value of property: $200,000
• Seller owes: $210,000
• After submitting all documents to the bank and influencing the BPO, he or she comes back with the following value: $180,000
• Bank discounts 80%- $ 144,000
• Investor resells within 30 days - $185,000
• Investor profit- $41,000 minus fees
Imagine performing 1 short sale a year. Would that improve your finances? How about 2 a year, or 1 a quarter? Or how about 1 short sale a month? The potential for making money in short sales is great.
After all, regardless of the market or economy, if you can purchase a house low enough and market it far enough under market value, you will sell the house and make a profit! Short sales do allow you to create equity where it otherwise would not exist. It’s a ‘Win’ for every party. The seller is happy because they didn’t go through the foreclosure process and can repair their credit within 2 years rather than 10. The bank is happy because despite the write off, they removed a non-performing asset from their account and can start lending more. And you are happy because you successfully performed a profitable transaction!
So if you have an empathetic personality and great patience and organizational skills, then this may be the perfect strategy for you!

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3 Ways To Profit From Foreclosed Homes

By Judson Voss
February 17 2010
In today’s real estate market it is difficult to hide from the fact that foreclosed homes are quickly becoming a large part of the available inventory on the MLS (Multiple Listing Service). Real estate investors who in the past have primarily looked to other sources for their deals are turning more and more to foreclosed homes and working with banks as a way to profit.
I find that many new investors get very excited about the prospect of finding a really great deal on a foreclosed home and they are giddy with the thought of making big money on these homes and will soon retire from their current jobs. You may find currently that your biggest hurdle is finding these homes. We are going to take a unique approach to finding foreclosed homes and that is by starting with how we are going to profit from these listings.
Probably the most common way real estate investors would expect to make money from foreclosed homes is by purchasing the home and selling it for a profit. We have purchased many homes this way and have done well with them but you should keep in mind that there is work involved in flipping homes. Very rarely will a bank sell you a great home in a great neighborhood for far less than what it is worth. Instead as a real estate investor you are going to need to bring value to the deal.
In many instances this means purchasing a home in need of repair and fixing it up below the cost for the average homeowner to make the home more appealing and worth more on the open market. If this strategy appeals to you make sure you have looked at all of the angles and understand construction, managing contractors and also realistically calculate your holding costs. Currently FHA guidelines require a home to be owned for at least 3 months by one owner before an offer can be written on the home. This means even if you can repair the home in 3 weeks you be paying the mortgage payments for a minimum of four months before you can sell the home to a new owner.
Possibly the thought of purchasing foreclosed homes with the hopes of selling them quickly in a somewhat stagnant real estate market concerns you. If this is you then you may want to consider the power of residual income. With some due diligence and effort you can identify and negotiate a reasonable discount on a foreclosed home with the banks to fix up and keep as a rental property. The great news about rental properties is 3 fold. First of all you have the monthly residual income from the rent, secondly there are tax benefits involved with holding investment properties long-term (speak with your accountant) and lastly we are seeing record low prices on homes. In the future it is very likely the homes you purchase today will be much more valuable and you can profit after holding these homes that cash flow today.
At this point you may be saying to yourself, “ok, we have learned to buy and sell foreclosed homes and how to buy and rent out foreclosed homes. This seems to be the only two ways to profit from foreclosed homes, what am I missing?”
The third way to profit from foreclosed homes is a method few new investors consider but is perfectly suited for the newer investor or the investor without a lot of money or available credit to purchase foreclosed homes, wholesaling.
Wholesaling is a method in which you find a home, negotiate a significant discount on the purchase price of the home and then sell the home to investors. In this case unlike buying, fixing and selling a foreclosed home we are going to only get it under contract and then through many different, more advanced methods, sell the home to another real estate investor for them to fix, and sell or rent.
The key to wholesaling foreclosed homes is to understand the process in selling these homes to others and also building your list of potential buyers. Nothing is more scary than putting a home under contract that you intend to wholesale without having any idea who you will sell it to. Find qualified investors first and know what they want to buy and it will be much easier to find the right foreclosed home to wholesale. Wholesaling is not as profitable as selling a fixed up home but you will also have much less risk and need less cash and credit to do the deal.
These three ways to profit from foreclosed homes should get you started down the path to profits in one of the best foreclosure markets we have ever seen. I highly recommend that you spend a significant amount of time deciding what profit strategy is right for you before looking for foreclosed homes. Knowing this will help you narrow down your search and pinpoint just which foreclosed homes are right for your real estate investing business.
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