FRANK VALENTE REAL ESTATE

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Penryn California Real Estate update

By Frank Valente | November 1, 2012

Penryn California Real estate is a mix of smaller country homes from the 1800’s to larger executive style homes on large parcels and large horse properties.  Today there were on 11 active homes on the market in Penryn priced from 279K at 7372 Orchard to 859K at 8081 Boulder Creek.  That property has 3371 sq ft and is on 5.2 areas. In the last 6 months 16 properties have sold in Penryn California from 150K to 875K. The average price per sq ft has been 195.99 $/sq ft for the last 6 months. For more information on Penryn California Real Estate call Frank at 916-257-0893 or email Frank@frankvalente.com

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Short Sale Debt Forgiveness

By Frank Valente | October 30, 2012
how to price your home to sell

Short Sale Debt Forgiveness Information Here are a couple common questions and answers on Short Sale Debt Forgiveness What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, in other words Short Sale Debt Forgiveness, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay. Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Qualified principal residence indebtedness: Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. Insolvency: If…

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Short Sale Debt Forgiveness… Will homeowners get relief?

By Frank Valente | October 30, 2012

Short Sale Debt Forgiveness…?????  Are you considering doing a short sale?  Have you exhausted the possibilities of a loan modification? One major concern for most homeowners is the tax consequences of doing a Short Sale. By definition if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. This law expires DECEMBER 31, 2012!!!! What will  happen to Short Sale Debt Forgiveness? The good news is that the law is expected to be extended.  However, I think all consumers should be informed of…

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Real Estate Housing Report for Placer County, October 2012

By Frank Valente | October 27, 2012

Home prices continue to rise risen!!!! This is truly historic numbers for our real estate housing report. In Sacramento county we have seen a 10.5% price increase in home values compared to October 2011(over 12 months ago). Placer county has seen a 7.3% rise in home values over the same 12 month period.  This rise is due to the extremely low inventory of homes available to buyers. In Sacramento, Placer and El Dorado counties, there is now less than a 45 day supply of resale homes.  In a normal or balanced market, we look to have a 3-66 month supply of homes for sale   Real Estate Housing Report!! Foreclosures are down! We have also seen a change in the make up of the Real estate market for areas of Placer, Sacramento, and El Dorado counties. The percentage of non distressed sales is up from 39% of the resale market to now 50% of the real estate housing market.  In other words, at least half the sales are not short sales and not foreclosures!  At least 50% of the sales, are back to traditional real estate sales, ie, one family sells to another family!!!! Why is this trend? And why is this trend going to continue?  The simply…

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August Real Estate Housing Report for Placer/ Sacramento Counties

By Frank Valente | September 14, 2012

Home prices have risen!!!! This is truly historic numbers for our real estate housing report. In Sacramento county we have seen a 10% price increase in home values compared to August 2010 (over 12 months ago).  This rise is due to the extremely low inventory of homes available to buyers. In Sacramento, Placer and El Dorado counties, there is now less than a 30 day supply of resale homes.  In a normal or balanced market, we look to have a 6 month supply of homes for sale. Real Estate Housing Report!! We have also seen a change in the make up of the Real estate market for areas of Placer and Sacramento counties. The percentage of non distressed sales is up from 40% of the resale market to now 50% of the real estate housing market.  In other words, at least half the sales are not short sales and not foreclosures!  At least 50% of the sales, are back to traditional real estate sales, ie, one family sells to another family!!!! Where is the inventory? As the economy stumbles its way slowly towards a recovery, the real estate market remains challenged with upside down loans, lawsuits, and uncertainly as to what’s coming. One surprising factor is the…

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Historic Low inventory of Homes for Sale in Sacramento including Placer County and Auburn California!!

By Frank Valente | August 25, 2012

Lowest Inventory of Homes for Sale Sacrament including Placer County since the year 1980! Currently we have less than a 1 month supply of resale homes in the county of Placer!! Our region has not seen this low inventory of homes for sale since the 1980’s. Any home that is correctly priced is receiving multiple offers. Buyers are willing to pay THOUSANDS of dollars over asking price!!! Three questions come to mind? Why is the inventory so low? Will this low inventory last, and finally what will be the effect on prices? Solutions to consider with extreme low inventory of homes: The easy question to answer is the effect on prices.  Housing subscribes to the basic economic principle of supply and demand.  As inventory shrinks, demand increases.  As demand increases prices will go up!    In the  past 6 months, I have seen values increase 3-5%.  That rate if increases is very significant, but may not last. Simply because this low inventory is very artificial and controlled.  There truly is a “shadow inventory” of homes that have not yet hit the market.  I do NOT expect a wave, but as the major banks, Fannie, and Freddie process homeowners through the loan…

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Short Sale’s will get faster with Fannie Mae and Freddie Mac.

By Frank Valente | August 24, 2012

Short Sale’s will get faster with Fannie Mae and Freddie Mac.  The Federal Housing Finance agency (FHFA) is the government receiver for Fannie and Freddie.  The FHFA announce new short sale guidelines that should speed up the short sale process and increase the success rate for homeowners.  To be eligible, a homeowner must have a mortgage whose investor is either Fannie or Freddie.  The new guidelines go into effect on November 1, 2012. A very significant change is that homeowners do not need to be past due on their mortgage.  But they still must prove a “hardship”.   Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home). The new FHFA guidelines also permit mortgage servicers to speed up the processing of short sales for borrowers with eligible hardships without needing additional approval from Fannie Mae or Freddie Mac. Other changes include… — Military service members who are being relocated will automatically be eligible for short sales, even if they are current on their mortgages. — Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments for borrowers who…

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HUD Home for Sale in Sacramento

By Frank Valente | May 18, 2012

HUD Home in Sacramento Overview Maps Photos Market Stats  $290,000 Single Family Home Main Features 5 Bedrooms 4 Bathrooms 1 Unit Interior: 3,341 sqft Lot: 0.16 acre(s) Location 3435 Beretania Way Sacramento, CA 95834 USA To get updates on open home dates and other property events, please click the “Like” button below: Our recent listings HUD Home in Sacramento Beautiful Ranchette Home with 19 acres Walk to Historic Downtown Auburn Masterpiece In The Making Build Your Dream Home in Cool, CA   Subscribe to our listing feed Nearby properties for sale

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Low inventory means HIGHER prices!

By Frank Valente | May 5, 2012

As of today in the Sacramento, El Dorado, and Placer counties we have more homes in a PENDING status (3800) than ACTVE (3500). Historic!  First time in 13 years. Less than a 1 month supply of resale homes. Low inventory with high demand equals HIGHER…

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Frank’s favorite stress reduction technique!

By Frank Valente | May 2, 2012

Frank’s favorite stress reduction technique!  It works!  Please forward, share and comment!

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Home Communities

I specialize in these home communities. 

PENRYN
GRANITE BAY
AUBURN
ROSEVILLE
ROCKLIN
GRASS VALLEY
NEWCASTLE
LOOMIS
LINCOLN
COLFAX

TESTIMONIALS

“Frank helped me find a perfect house for me and my family and it was a very simple, easy process. He followed up often, we talked on the phone or via email. He made sure that the underwriter was doing everything on time so we could move in on time.”

“They were super helpful and walked me through purchasing my first home and were always available, always responsive which made what could have been a really intimidating process very easy, pain-free, and smooth. I asked him a ton of really dumb questions because as a first-time buyer I didn’t know what I didn’t know and rather than pointing me to the answer he went the extra mile and got all of the detailed information for me.”

“We were very happy with it. They advised us that we were asking too much and so we lowered it which they didn’t think was enough yet, but we wanted to try it. So we tried it for several months and it didn’t work so we lowered it again and got a bite. They were honest with us and Mary was very personable and she showed us many homes. We are in our eighties and we had some restrictions at the time so they were always very careful to see that they didn’t take me any place that I couldn’t get around. They have become very dear friends.”




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