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SacGovHomes.com

QuarterlyFall 2013

Top 10 HUD Homes Soldin Our Area

See pg 5

How Does Buyer Select

Affect You?See pg 10

Do You Qualify to Buy a Home at Half-Price?

See pg 4

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Contents

The HUDdleAn update on the state of HUD Homes in the Sacramento Area

“...the housing market is

coming back.“

HUD Secretary Shaun Donnovan reflecting on the last five years in

office.

pg 3

4pg

The HUDdle“What can I do to buy a HUD Home for 50% of the list price?”

pg 5 Top 10 HUD Homes: Listed, pending or sold HUDs from the past 4 months.

10pg

“How does the Buyer’s Select Program affect me?”

HUD Homes are springing up all over our five local Counties - Sacramento, Placer, El Dorado, Yolo and Amador. You just have to go onto the HUD website, www.HUDHomeStore.com and you can find homes throughout the country, as well as, in your own backyard. Although, inventory is down everywhere HUD Homes are still making their way into every market, and are still being listed and available for sale to homebuyers, and investors, alike. In fact, as of this writing there are 30 active, 86 pending sales, and 216 HUD homes that have sold within the last 6 months in our four counties, making up over 1/2 of all foreclosed homes sold! These homes can range from residential income properties, up to 4 units, to massive custom homes on acreage. Whatever your interest, HUD Homes may have what you’re looking for, plus they are well priced and oftentimes in excellent condition. There are many benefits to the buyer when utilizing an FHA loan to purchase these homes and some of them include: 1. No appraisal fee, as there is an appraisal on these homes already, and they are conveniently listed at the FHA appraised value. 2. The pest report is paid for by HUD and any “active infestation” is paid for by HUD as well. 3. They have a “repair escrow” on most of these homes allowing the purchaser to put critical or desirable repairs up to $5,000 into that escrow, thereby, avoiding the fees, time and work involved in taking out an FHA 203k loan. 4. If the home is older than 1978 HUD will test the home for free, for Lead Based Paint, and if found, HUD will credit the buyer $4,000 towards those repairs.

For the buyer taking out a conventional loan or paying cash, HUD still offers a great purchase price and a home with normally very few issues. If you haven’t considered a HUD Home for your next purchase, now is the time.

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“What can I do to buy a HUD Home for 50% of the list price?”

Benefits of HUD

The amazing program in-place to give back to our community heroes.

Top10

HUDHomes

HUD owned properties have come a long way from what they were f ive, ten or even f i fteen years ago. In recent years, HUD Homes have undergone a transformation. Let’s recap the last four months of sales to see which properties really shone.

One

4591 Carol Lane Shingle Springs

El Dorado CountyGorgeous 3 bedroom, 2 bath HUD home in Shingle Hills Estate! Over 1,800 sqft of living space on a spacious 1.16 acre lot. Amazing gourmet kitchen with granite counters and high-end stainless steel appliances. The large deck overlooks beautiful, mature oak trees, your pool and a huge backyard.

ActiveDid You Know That...

HUD Home prices are based on FHA appriasals. This means that the home your buying may very well be priced below market value!

The Housing and Urban Development Department (HUD) of the United States is all about encouraging owner occupancy and “stabilizing” our neighborhoods. So to that end, they have put together a program to assist with just that, and it’s called “The Good Neighbor Next Door” or GNND program. This program allows a select group of people, whose career fields’ fall into one of these 4 categories, to purchase a home for half the appraised value! 1. Firefighters 2. Teachers 3. Police officers 4. Emergency Medical Technicians

There are a few conditions though, to qualify for this program:

a. Neither buyer nor his/her spouse may have owned any residential property during the year prior to the date of submitting a bid on the home intended to purchase. b. Neither buyer nor his/her spouse may have ever purchased another home under the GNND sales program. c. You must offer full price for the home. d. You are also required to live in the home for the next 3 years, and the home must reside within the district in which you work.

So if you qualify, and agree to the terms, you can purchase a GNND Program Home for “half the cost” and in three years sell, rent or continue to occupy the home, no strings attached! This is a wonderful opportunity for people in those career fields, benefiting both the neighborhood and the buyer for the home. Contact your agent, or my office, to find out how to search for these homes, and how to get qualified for this program. Want more information about the GNND Program Homes? Then please visit www.HUDHomeStore.com.

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TWO

This gorgeous HUD Home is located in the most stunningly beautiful wilderness that El Dorado County has to offer. Take one step inside this home and you’ll be amazed by the quality. The hardwood floors and premium lighting fixtures give off a comforting ambiance while the deluxe kitchen, replete with slab counters, stainless steel appliances, premium cabinetry and large picturesque windows, will make anybody feel right at home. Upstairs you have a huge entertainment room and the master bedroom suite allows you to live like a king! With Trex decking, a large downstairs storage area, tankless water heater and so much more, there’s no end to what this home has to offer!

5321 Slalom Lane P o l l o c k P i n e sEl Dorado County

Pending

517 Oakhurst Terrace A u b u r nP l ace r C o un t y3

This wonderful HUD Home in the highly sought-after Grand Oaks community is flush with features that will make you feel right at home. Step inside and you’ll be amazed by the gorgeous living room with a grand curved staircase, high ceilings and a cozy fireplace. Moving into this home’s kitchen, take into account the high end counter-tops, cabinets and stainless steel appliances. Truly a chef’s dream! Upstairs is the HUGE master suite that comes with a Jacuzzi tub and it’s very own balcony deck. Replete with premium fixtures, tile flooring and tons of natural light-emitting windows, there’s no end to what this property has to offer!

2157 Redmire Way R o s e v i l l eP l ace r C o un t y4

GORGEOUS 6 bedroom 4.5 bath Grand Oaks Auburn Home! Over 4,300 sqft of living space on spacious .27 acre lot. AMAZING gourmet kitchen with granite counters, high-end stainless steel appliances and island w/ sink. GRAND master suite with balcony overlooking beautiful mature trees and backyard landscape.

1403 Jorgenson Drive L i n c o l nP l ace r C o un t y5

Lincoln HUD Home in Foskett Ranch neighborhood! Two story 4BD/3BA on a corner lot! Features ground floor master suite with backyard access! Large kitchen features granite counter tops and island with built-in sink and dining counter! Also includes loft with study nook, bonus room, and downstairs guest bedroom. Conveniently located just down the street from local school and parks. This is a must see!

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9861 Elston Circle E l k G r o v eSacramento County6

Fabulous HUD Home!! This one is Amazing! Absolutely stunning Home! Impeccably decorated, and with an amazing floor plan, you will fall in love with this home. Dark wood cabinets throughout, granite counters, stainless steel appliances, a formal dining room, a large living room and a sumptuous family room come together to create a fabulous home that will make you the envy of your friends. Place this one at the top of your list and make arrangements to see it soon.

2 Ella Blue Place S a c r a m e n t oSacramento County7

HUD Home. Excellent value, priced right! Stately 2-story home has 5 bedrooms, 3 baths & 2283 sq ft. One of the beds & baths is downstairs. Enjoy relaxing on the balcony off the front bedroom. The kitchen has lots of counter space & is open to the family room w/fireplace. Many upgrades. The backyard will be fabulous w/your touches!

1403 Jorgenson Drive L i n c o l nP l ace r C o un t y8

Lincoln HUD Home in Foskett Ranch neighborhood! Two story 4BD/3BA on a corner lot! Features ground floor master suite with backyard access! Large kitchen features granite counter tops and island with built-in sink and dining counter! Also includes loft with study nook, bonus room, and downstairs guest bedroom. Conveniently located just down the street from local school and parks. This is a must see!

This highly unique HUD Home has loads of character and is brimming with potential. The home is located right off from Highway 50 making travel a breeze but still being tucked behind huge, beautiful pines which negate noise. Step inside and you’re immediately greeted with a vast open floorplan, sturdy hardwood floors and a commanding stone hearth fireplace. The kitchen is the centerpiece of this home and it features tons of counter and cabinet space with a separate island which houses the range. Upstairs you’ll find both bedrooms as well as the master suite, complete with spacious walk in closet. With a finished basement, central vaccum, spiral staircase, personal library and so much more, there’s no end to the possibilities offered by this wonderful HUD Home.

9 7960 Mill RunPollock Pines, El Dorado County

This charming 50’s style home is brimming with character! Step inside this cute HUD Home and you’ll immediately notice the gorgeous hardwood floors that adorn much of this home’s 1,110sq/ft of living space. The living room features a nice brick fireplace and the bathrooms are fitted with classic fixtures like freestanding sinks. The back patio is fitted with a brick cook-top and the backyard has a built in pool w/ poolhouse which doubles as a guesthouse. With a huge backyard, there’s so many possiblities!

10 2670 Park Hills DriveSacramento, Sacramento County

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“How does the Buyer’s Select Program affect me?”

Need to Know

Or how I learned to stop worrying and use my own escrow comapny.

There have been a few changes to the Housing and Urban Development Department’s (HUD) Homes that you will need to be aware of if you decide to purchase one of these homes.

First and foremost, starting September 30, 2013 HUD has changed its policy relative to its closing department for their properties; it now gives buyers a chose in selecting a title and escrow company. Although this change in policy will make the process more streamline and expedite closings for buyers, it will also cost a little more, as buyers will be responsible for both title and escrow fees. Before this change in policy one company with two title and escrow offices handled all of the HUD closings in California. This caused for some significant delays at times, and a few hiccups along the way, which may

have been the reason for the decision to allow buyers to choose their own company. This spreads the work around to many different offices, thereby assisting in getting properties to close escrow on time. Second, the Earnest Money Deposit (EMD) that is given to title must be in the form of a U.S. Postal Money Order or a bank cashier’s check and it should be payable to you, and the title company you’ve chosen, but be sure the word “or” is between the two. For example the EMD, should look like this, “Jane Doe or ABC Title”. This is very important, because if the escrow is cancelled then the title company can just sent your check back to you, rather than depositing and reissuing a new check. Also, if it is written incorrectly and causes a significant delay in getting your property into escrow that may be grounds for cancellation of the contract. So please make sure it is written correctly the first time.

Third, the EMD is now given to the listing agent to hold until the contract is ratified, rather than having the check sent down with the contract package to the Asset Management Company, which is BLB Resources.

HUD Homes offer buyers a great opportunity to purchase a home or investment. So when you’re in the market to buy, please visit the HUD website at www.HUDHomestore.com and you may be surprised at the selection of quality homes for sale in your area.

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Platinum Partners Realty4359 Town Center Blvd, Ste 110El Dorado Hills, CA 95762info@sacgovhomes.comwww.sacgovhomes.com916.283.7427Equal Housing Opportunity