Roseville, Rocklin, Lincoln, Loomis, Granite Bay - Placer County, California - Real Estate Blog - Souza Realty

Roseville, CA - New Bank Owned Foreclosures (May 7-11, 2012)

Here is a list of foreclosures in Roseville, California (Placer County) that became bank owned during the week of May 7-11, 2012:

1. 265 Union Street, Roseville, CA 95678 (3/3, 1648 sq. ft. built in 1993)
2. 1733 Teversham Drive, Roseville, CA 95747 (2/2, 1063 sq. ft. built in 2000)

In comparison, there were 3 properties in Roseville, California that went back to the bank last week.

Some of these REO properties may soon be listed on the market, so consider this a sneak preview of future foreclosure listings in Roseville, California!

Please contact Bob Souza at (925) 513-3400 or Leilani Souza at (916) 408-5500 if you are interested in buying foreclosures through Souza Realty and would like to be notified when a particular foreclosed property becomes available for sale.

Rocklin, CA - New Bank Owned Foreclosures (May 7-11, 2012)

Here is a list of foreclosures in Rocklin, California (Placer County) that became bank owned during the week of May 7-11, 2012:

1. 1251 Whitney Ranch Parkway #1232, Rocklin, CA 95765 (2/2, 898 sq. ft. built in 2007)

In comparison, there was 1 property in Rocklin, California that went back to the bank last week.

This REO property may soon be listed on the market, so consider this a sneak preview of a future foreclosure listing in Rocklin, California!

Please contact Bob Souza at (925) 513-3400 or Leilani Souza at (916) 408-5500 if you are interested in buying foreclosures through Souza Realty and would like to be notified when a particular foreclosed property becomes available for sale.

Lincoln, CA - New Bank Owned Foreclosures (May 7-11, 2012)

Here is a list of foreclosures in Lincoln, California (Placer County) that became bank owned during the week of May 7-11, 2012:

1. 202 Wyatt Court, Lincoln, CA 95648 (3/2, 1916 sq. ft. built in 2002)

In comparison, there were 2 properties in Lincoln, California that went back to the bank last week.

This REO property may soon be listed on the market, so consider this a sneak preview of a future foreclosure listing in Lincoln, California!

Please contact Bob Souza at (925) 513-3400 or Leilani Souza at (916) 408-5500 if you are interested in buying foreclosures through Souza Realty and would like to be notified when a particular foreclosed property becomes available for sale.

How Can I Find FHA-Approved Condos In Roseville, Rocklin and Lincoln, CA? What Are The Requirements For FHA Approval?

HUD (U.S. Department of Housing and Urban Development) offers an online search on their website to find FHA-approved condos. If you're a REALTOR, this is an essential tool to assist in your FHA buyers' home search as well as any condo listings you may have.

SEARCH FOR FHA-APPROVED CONDOS

If the condominium you're interested in purchasing cannot be found by doing this search, don't despair just yet...your lender may apply for FHA approval by following the instructions on this PDF document entitled: Condominium Approval Process for Single Family Housing.

Some important requirements for FHA-approved condominium complexes include:

• The condo complex must be covered by hazard and liability insurance (and if applicable, flood and fidelity insurance).
• No more than 10% of the units may be owned by a single investor, including the developer who is holding units as rentals.
• No more than 15% of the units may be 30+ days delinquent in HOA dues.
• At least 50% of the units must be owner-occupied.

These are just a few of the most common reasons condos don't qualify for FHA financing, but please read the PDF document Condominium Approval Process for Single Family Housing for a complete list of requirements.

Here are the results of my online search for FHA-Approved condos in Roseville, Rocklin and Lincoln, CA as of June 14, 2011:

LINCOLN

• Paloma at Foskett Ranch (EXPIRED)
• Sierra View at Lincoln Crossing (EXPIRED)

ROCKLIN

• Club Pacific Condominiums
• Montessa at Whitney Ranch
• Hearthstone (REJECTED)
• Vicara at Whitney Ranch (REJECTED)
• Park Place Condominiums (WITHDRAWN)

ROSEVILLE

• Campania
• The Phoenician
• Strada (EXPIRED)
• Villemont (EXPIRED)

This information is updated daily, so be sure to check the status of a condominium before you write that offer with an FHA loan...or better yet, work with a REALTOR and/or lender who will do that for you!

Souza Realty Is Participating In The 2011 REALTOR Nationwide Open House Weekend ***CANCELED DUE TO RAIN***

The National Association of REALTORS has designated June 4-5, 2011 to be the 2011 REALTOR Nationwide Open House Weekend, where REALTORS across the USA (and internationally) are invited to host Open Houses in their local area. Souza Realty is participating in this national event and will be hosting an Open House on Sunday.  *** CANCELED DUE TO RAIN***

Read more about NOHW2011 at Realtor.org

Visit and "Like" NOHW2011 on Facebook

What Is The Difference Between Preforeclosure, Auction and Bank Owned Properties?

When people visit our website SouzaRealty.com for a free foreclosure search, they have the option to search for foreclosures in three different categories within the foreclosure timeline:

Preforeclosure properties are those that have been issued a Notice of Default by the lender ("Beneficiary"). This is the first step the Beneficiary takes in the foreclosure process. After 3 months of missed mortgage payments, a Notice of Default may be filed with the County Recorder and mailed to the Borrower. Many properties in Preforeclosure are also listed as short sales and can be "active short" (available) or "active short contingent" (an offer has already been submitted to the bank).

Auction properties are those that have been issued a Notice of Trustee's Sale with an auction date. The Notice of Trustee's Sale is filed with the County Recorder, mailed to the Borrower as well as the Occupant, and also posted on the front door of the property. The auction date may be postponed due to Bankruptcy, Beneficiary's Request, Mutual Agreement or even for No Reason. If it is not postponed, an Auction property will be sold to the highest bidder during the Trustee's Sale. If no one bids, the property becomes Bank Owned.

Bank Owned properties are those that have reached the end of the foreclosure process and did not sell to a 3rd party at the Trustee's Sale but have "sold" back to the bank. These properties are also known as REOs (REO = Real Estate Owned). They remain in "shadow inventory" until they are ready to be listed for sale by an REO listing agent. It could take anywhere from a couple of weeks to a couple of years (or more) for a Bank Owned property to be listed for sale on the MLS.

Why Should I Hire A Real Estate Specialist For Short Sales, Investments, Foreclosures or Land? Aren't All Real Estate Agents The Same?

No matter which field of real estate your needs may be at any given time, you should consult with (and hire) a real estate agent who specializes in that field. You would go to a dermatologist if you had a skin condition, so why wouldn't you choose your real estate agent based on their specialty?

Short Sale Specialist

If you are contemplating doing a short sale on your home, hire an agent or team that specializes in short sales. Talk to several agents and compare their resumes - how many current short sale listings they have, how many short sales have they closed (and have not closed!) in the past year, etc.

TIP: Ask for an MLS printout of their past year transaction history, so you can see their active, contingent, pending, sold, expired and withdrawn/canceled listings. This will give you an idea of their actual short sale success rate and this transaction list can be easily printed from the MLS. Comparing the number of "sold" listings with the number of "withdrawn/canceled" listings will tell all.

Investment Specialist

If you are interested in purchasing investment real estate, hire an agent who also buys real estate investments...preferably the same type of property you are looking for (e.g. single-family homes, land, condos, fourplexes, commercial, etc.) and in the same area you are looking at.

TIP: Ask for their opinion on what the monthly rent would be for the property you're interested in. Even better, ask them to calculate an estimated cap rate for you. If it's only for one property, this shouldn't be a big deal...but in all fairness, be prepared to HIRE an agent if you would like them to do more work for you.

Foreclosure Specialist

If you want to buy foreclosure properties at trustee's sales, hire an agent who purchases property at trustee sale auctions or simply go about it yourself. Most agents who do not buy property at trustee sales will not have the proper knowledge to guide you through this risky process and they wouldn't have any information to offer you that you wouldn't be able to obtain by doing the research yourself.

TIP: Agents won't get paid a commission from the seller for doing a trustee's sale purchase, so expect to compensate them for their assistance. If you list the property with them when it's ready to sell, you may be willing to negotiate better terms than if you hire another listing agent.

Land Specialist

If you are thinking of buying land and building a home, there's no better qualified agent than one who has personal experience doing this themselves. Any real estate agent can pull up land listings from the MLS, but can they guide you intelligently through the lot selection, plans, permits, building process and perhaps even pre-construction marketing if it is a spec home?

TIP: If you can find an experienced land broker who also has recently built a home, you'll be much better off than working with someone who has only one experience in their resume. Ask for a list of lots they have listed and sold, as well as the types of properties they have developed, where they are located and when they were completed and (if applicable) sold.

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The bottom line is that anyone who passes the state real estate exam and pays the licensing fee can call themselves a real estate agent. Those who pay local, state and national dues for a REALTOR membership can call themselves REALTORS.

However...it takes EXPERIENCE in any given real estate field (such as short sales, investments, foreclosures or land) to have the EXPERTISE that buyers and sellers are looking for.

Would A Buyer NOT Buy A Home On A Street With A "Funny" Name?

Most buyers find their homes based on the location, condition, features, size and price. I've had buyers consider the direction the front door faces and even the house number...but would a buyer NOT buy a home on a street because of its name? So far, I haven't had that experience...but I also have not shown property on:

Itchy Acres Road is located in Granite Bay, California. Poison oak, anyone?

No Name Road is located in Loomis, California. Yup, that's what the sign says. Who's on first?

Rickety Rack Road is located in Loomis, California. It's safe to drive on...really.

Another one that makes me smile is Racetrack Circle in Rocklin, California..."but, Officer..."

Do you have any "funny" street names in your area that you'd like to share?