What property management services do REO lenders ask real estate agents to do? Real Estate agents are often characterized as the "eyes and ears" of reo lenders. They may be called upon to see if a property is occupied,if the lawn needs watering, or if repairs are needed to improve saleability. The agents to do or to hire someone to do include,but not limited to he following: Inspecting the property,such as to ascertain whether it's occupied,to assess damage if any,or to check whether appliances and electrical,plumbing,heating other systems are working. Evicting existing tenants or occupants: "Cash for Keys" Arranging for the disposition of personal property left behind. Re-keying vacant properties or getting the locks changed. Boarding up properties for safety or winterizing. Obtaining ... 11/15/2008

National & Regional Snap-shot:  The election has come and gone and the national focus has returned to the economy, the credit crisis and the slumping housing market. The roller coaster ride continued with 30yr fixed mortgage rates rising from 6.07%* at the beginning of October to 6.47%* at month's end. No sooner than Paulson and Bernanke talked voters and Congress into the "mortgage bailout," it evolved (was switched) to a different plan of injecting money directly into banks and other financial institutions as opposed to buying mortgages through reverse auctions. Officially, $125 billion was given to the nations 9 largest banks with another $125 billion slated to be injected into smaller banks across the country. From a regional standpoint last month, 2,084 homes sold in Sacramento Cou... 11/12/2008

It's new. It's smooth. It's positively COOL! The Folsom Tourism Bureau, Folsom Chamber of Commerce, City of Folsom and the Folsom Historic District Association have partnered together to bring ice skating to Historic Folsom for the holiday season. Bring your family and friends to Folsom to hit the ice and experience the thrill of ice skating with the back drop of holiday Sutter Street. In addition to the rink, there will be weekend entertainment and the Farmer's Wife Christmas Tree lot.   Dates/Hours of OperationThe ice rink will be open: November 21st through January 19th 10:00am - 9:30pm daily (including Thanksgiving Day) 10:00am-4:00pm on Christmas Day   Cost Adults $8 plus $2 skate rental Children/Seniors (12 and under and 62+)  $5 plus $2 skate rental Sessions are two hours.    Gro... 11/09/2008

John Hayes RE/MAX Gold 530-306-3316 www.johnhayesrealestate.com Bourbon Kiss Martini Recipe Pucker up! 2 oz. Bourbon ½ oz. Dark crème de cacao ½ oz. White crème de cacao Pour together ingredients into a mixing glass. Add some ice and stir till chilled. Strain into a Swank Martini Glass and Smooch. 10/31/2008

What happens when the Fed moves rates? Consumers are often confused when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. Often the media is the culprit causing the confusion.  In the last few years, the Fed has taken action that caused mortgage interest rates to move in a direction other than what consumers expected, because the media provided weak reporting on the subject. The Federal Reserve movements affect short-term interest rates: the Fed Funds rate, and the Fed Discount Rate (overnight lending rate).  These rates in turn have a direct impact on the Prime Rate.  However, the Prime rate affects commercial loans, credit cards, HELOC's and other short term loans.  Mortgage rates (long term loans) are dictated by the trading of mortgage-backe... 10/31/2008

Hi Bill                                                                                              Thanks for the E-mail.  Here is what the  definition is: An R.E.O is a commonly-used acronym for "real estate owned" by banks instead of an individual persons owning the property as in a typical resale transaction, a bank owns the property instead.  The bank typically acquires title to its R.E.O properties through other means,such as a deed-in-lieu of foreclosure,tax sale,or corporate housing.                                                                                                 After the bank takes possession of the property, the mortgage loan disappears and the financial institution deals with any items owed by the prior borrower, such as homeowner association fees. The finan... 10/25/2008

There are two major areas in Folsom.  One is Broadstone which is a 1,600 acre development near Highway 50. Bro adstone is unique in that it was completely developed by Elliott Homes, Inc. Broadstone consists of single family homes, apartments, office, and retail centers.  It is also home to the Broadstone Racquet Club which is a private, membership facility with court sports, swimming, exercise rooms and children and infants play area.  The Broadstone villages were built to appeal to first time homebuyers as well as move-up buyers with a wide range of sales prices.  The other is American River Canyon which is located off Oak Avenue Parkway on the other side of the American River from Old Town Folsom.  Homes in American River Canyon were built by numerous builders from the early 1980's t... 10/25/2008

We Stage Sacramento was the first home staging company to serve Folsom and to date has successfully Staged more house for sale in this region than any other company.  Link to www.WeStageFolsom.com for additional information on our Staging services. Check out some of our photos by linking here:  PHOTO GALLERY We have Staged houses that range from homes in subdivisions to custom multi-million dollar houses, and everything in between.  With our quality work, tasteful inventory, and flexible pricing, We Stage Sacramento is your best choice for staging your house in Folsom.  We are licensed and fully insured for your protection. In addition to our excellent Staging work, we also partner with you for marketing success and have many add-on benefits available to our clients to help them market... 10/20/2008

National & Regional Snap-shot:  The presidential election and Hurricane Ike became after thoughts in September as the credit crisis on Wall Street spread to Main Street.  The hope for an election year rally in the stock market has been put on hold, as the Federal Reserve and Treasury Department have scrambled to utilize every tool in their arsenal (including getting congress to authorize a $700 Billion bailout) to calm the markets and keep the American economy flowing.  From a regional standpoint last month, 1934 homes sold in Sacramento County, 1354 were bank owned (70%), 200 were short sales (10%) and the median home price dropped another 11% from $215k in August to $192k in September.  Folsom: Seasonal slowness in Folsom dropped sales from 67 in August to 49 in September.  However, w... 10/12/2008

Hip-Hip-Hooray!  The United States government just formed the world's biggest hedge-fund and US taxpayers are the source of the funds.  Good, bad, not sure, don't know?  Agreed... Here is what I think I know:  Wall Street, mortgage brokers, borrowers, lenders, bankers, and our government, all participated in the perfect storm that led to the boom and bust in real estate in our country over the past six years.  After the devastation of 9/11/01 (both physically and psychologically), the aftermath led to a low interest rate environment that gave way to the housing boom.  As the good-times rolled, consumers turned their homes in to ATM machines, brokers originated and sold off loans without caring about the risk of default, loan-to-value ratios in many cases went beyond 100%, consumers and ... 09/19/2008

Sunday will be the Folsom Peddler's Fair in Historic Folsom.  This is a lot of fun for the whole family.  You can ride light rail down to Sutter street to avoid parking problems, and come and enjoy the unique items available on the street.  09/18/2008

For a couple of years now, Congress and other government entities have called for changes within both FNMA and FHLMC.  Basically, the feeling has been that the underwriting guidelines need to tighten up and the capital requirements (for loan losses) needed to be increased.  Consider both "mission accomplished." With the recent ownership change at Fannie Mae and Freddie Mac, the changes are coming fast and furious.  Traditionally, non-owner occupied loans and high ratio loans have performed worse than other loans.  So, changes are being made.  The cost (points) of non-owner occupied loans is increasing as follow                                                                                                       LTV of <75%       LTV from 75.01% to 80% LTV from 80.01% to 90% 1.75% 3.00% ... 09/18/2008

Sierra Moms is hosting their annual Preschool & Children's Activities Faire on September 30th from 4 - 7:30 p.m. at the Folsom Community Center (52 Natoma Street).  This super fun event will be jam packed with representatives from local area (Folsom / El Dorado Hills) preschools ready to inform visitors about their programs.  It's one stop shopping for all your tot to big kid scholastic needs.  Admission is Free! The Faire is an amazing opportunity to familiarize yourself with the variety of preschools and education options available in the Folsom and El Dorado Hills area. Already Enrolled in a Preschool?  Sierra Moms has invited children's activity businesses to join the Faire so bring the kids for family fun!  Enjoy crafts and activities, refreshments, music & entertainment, and ID ca... 09/11/2008

Looking to sell your home In Folsom Ca? Here are the stats for the month of Aug,2008. Feel free to call for a free home evaluation. John Hayes RE/MAX Gold Folsom 530-306-3316 Web Site http://www.johnhayesrealestate.com Blog http://www.realestatemartini.com Eat My Martini Recipe 6 parts honey vodka 1 part amontillado sherry Almond-stuffed olive Combine liquid ingredients in a cocktail shaker with cracked ice and shake well. Strain into a chilled cocktail glass and garnish with olive. 09/11/2008

Have a Great Weekend.   John Hayes RE/MAX Gold 530-306-3316 www.johnhayesrealestate.com   www.realestatemartini.com     Peach Blossom Martini Recipe 6 parts peach vodka1 part Dubonnet rouge1 part maraschino liqueur Fresh peach slice Combine liquid ingredients in a cocktail shaker with cracked ice and shake well. Strain into a chilled cocktail glass and garnish with peach slice. 09/11/2008

Good question... real important answer!!! Frankly, despite the blubbering of well intentioned loan agents (like myself)... what has happened to FNMA and FHLMC really doesn't mean much on streets of Sacramento to buyers, sellers, or real estate agents.  FNMA and FHLMC has always been there for us, and always would be there for us.  As a "Gov't Sponsored Enterprise" (or GSE), these two loan giants have always enjoyed the full faith backing of the federal gov't... sort of..    It's the "sort of" that is real important.  Over the last 2-3 months, many Investors (global and domestic) have become concerned that the federal gov't would actually stand behind Fannie and Freddie if their losses became too great.  As a result... many of these Investors have begun to shy away from purchasing those ... 09/11/2008

How can I get the best deal on a home? Where do I start? Part 2   Once you have made the decision that you would like would like to own a home you should start your research.  There are literally thousands of property search web sites that you can use.  You can select any of them but don't put the cart before the horse.     The prudent move is to address the financing BEFORE you do the shopping.  Most good real estate related web sites have a calculator to let you calculate what the payments on any particular property are going to be.  Unfortunately, it is not that simple.   Most of them calculate payments for people with the very best credit record and with an ideal down payment.   Congratulations if you are one of the very small percent of buyers who can actually qualify for those loa... 09/08/2008

Folsom:  Through July, the average sales price for the year in Folsom had been $438k with 25% of the sales being bank repo's.  It came as no surprise that as the percentage of bank owned sales dropped to 12% in August, Folsom had a great month. Bucking the regional trend, August 2008 was Folsom's strongest month of the year, with an average sales price of $471k, an increase of 7.50% over the 2008 average. In all 67 homes sold, 8 were bank owned and 280 homes (a 5 month supply) remain for sale. Folsom continues to be a desirable place to live with a relatively stable real estate market that is doing well. Bank repo's continue to hit the market and at times are priced way below the market for quick sale. Aaron's take on the markets:  The local markets continue to be influenced by the sale... 09/05/2008

After seeing the National Association of Realtors report that the Sacramento Region was the #1 declining market in the 2nd quarter of 2008 (36% decline in year-over-year median home price), I was thrilled to read a recent article, illustrating that we are moving toward market stabilization.  Defaults peaked in April 2008 and have leveled off since. There is no doubt that the lower end of the market is in high-demand with many, many homes receiving multiple offers and selling above asking price.  In July, 70% of the home sales in Sacramento County were bank owned homes.  In August, 65% of the homes sold were bank repo real estate.  As this liquidation continues, banks are unloading their bad loans and raising capital.  As the markets stabilize in the next year, and the credit spreads shr... 09/05/2008

Have you wondered how Real Estate has effected Folsom, CA this year?  Here is a list of single family residences that sold each month since January 1, 2008 through August 31, 2008 along with the Average sold price for each month. For a more detailed view of the area, it is important to take a look at the actual neighborhood within a one mile radius of your home but this will give you an idea of how Folsom, CA has withstood the current Real Estate market. A Comparative Analysis of your home is done individually. Square footage and amenities are taken into consideration when determining value of a house. This is why on-line calculations to determine value are simply a source but not truly valid. In order to determine real value, a Realtor must view the interior as well as the exterior of ... 08/31/2008