Monthly Archives: October 2010

nevada county fair

Huell Howser Features the Nevada County Fair as a California Golden Fair

Huell and Sandy at the Nevada County Fair
Huell and Sandy at the Nevada County Fair

Segment to air on Thursday, November 4 at 8 pm on KVIE Channel 6

Huell Howser’s segment on the Nevada County Fair will air on Thursday, November 4, at 8 pm on KVIE Channel 6. In addition to the November 4 airing, an encore broadcast will air at 3 pm on Saturday, November 6.  The show is part of Howser’s new PBS series, California’s Golden Fairs, which will showcase the variety of interesting people and events held at California fairs, as well as focus on the rich history and relevance of all California fairs.

Howser, noted television personality and founder of the PBS program: California’s Gold, spent a day at the Nevada County Fair in August. During his visit, Howser spent time on the Fair’s Treat Street, sampling the various foods and interviewing individuals from the various non-profit organizations represented on Treat Street.

Howser’s new PBS series, California’s Golden Fairs, will be rolled out in the Spring of 2011. However, a “sneak preview” of six episodes, including the episode featuring the Nevada County Fair, are being released early on PBS stations throughout California. All shows aired in this sneak preview will be shown again as a part of the spring 2011 series.  The entire series will air at a rate of one per week for 12 weeks. In addition to the 11 featured Fairs, Huell Howser Productions will produce a compilation episode focusing on the rich history of all California fairs.

There are 78 Fairs in California. Howser chose to feature the Nevada County Fair because of its strong community roots, its natural beauty, and its unique Treat Street.

The 2011 Nevada County Fair is August 10 – 14. Visit www.NevadaCountyFair.com for information.

Real Estate

The Price of a “No-Cost” Loan


Some home buyers who may be concerned about paying high closing costs might be tempted by a “zero-cost” or “no-cost” loan option, which requires no cash outlay, but typically adds a half percentage point to the rate.  However, some financial consultants say these loans tend to be most beneficial to buyers planning to have the loan for less than five years.

  • One of the primary differences between a no-cost loan and similar loans is that no-cost loans do not tack on closing costs to the balance, but instead increase the rate.
  • With no-cost loans, third-party fees including the appraisal, credit report, title insurance, recording, and the use of a mortgage broker are paid by the lender.  The fees, including the amount the broker is being paid, are disclosed on the closing statement.
  • Home buyers who bypass a broker and work directly with a lender may encounter less transparency, as loan officers are not required to disclose the amount the bank is making on the loan.
  • Borrowers weighing their loan options are advised to use a mortgage amortization calculator to compare the costs for a conventional loan compared with a no-cost loan.  The Federal Reserve provides an amortization calculator on its Web site at www.federalreserve.gov.

Read the full story
For all of your real estate needs
Call John J. O’Dell
Real Estate Broker
General Contractor

Real Estate

Wells Fargo to Refile 55,000 Foreclosure Cases

Wells Fargo & Co. said it plans to refile paperwork in 55,000 foreclosure cases after it discovered flaws in foreclosure documents.

The San Francisco-based bank, which is also among the largest providers of residential mortgages in Minnesota, had previously stood by its foreclosure paperwork as other major mortgage lenders came under scrutiny.

Wells Fargo proceeded with foreclosures while rivals including Bank of America Corp. and JPMorgan Chase & Co. delayed theirs.

Wells said it had identified possible problems with a final step in its foreclosure process by bank employees and notaries on legal affidavits.

The bank will begin the filings in 23 states and hopes to complete them by mid-November.

“The issues the company has identified do not relate in any way to the quality of the customer and loan data.” Wells said in a statement. “Nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred

Read more: Wells Fargo to refile 55,000 foreclosures | Minneapolis / St. Paul Business Journal

Real Estate

Tom Sullivan, Investment Advisor, Faces Foreclosure

Tom Sullivan
Tom Sullivan

So how is it that an investment adviser and commentator like Tom Sullivan is facing a potential foreclosure on his home in Placer County?  Shouldn’t someone who is an investment adviser know not to buy more than he can chew?

I guess you can blame the downturn in the economy for the majority of people who are now facing foreclosure.  Many of them were lured by banks into taking out loans at low interest rates that increased to exorbitant rates in two years, making it impossible for the homeowner to continue making their mortgage payments. But, it’s hard to understand how a financial advisor can fall into such a trap, especially when he is working full time.

Here’s a portion of the story from the Sacramento Bee:

“The longtime Sacramento investment adviser and commentator, who now works for Fox Business Network, is attempting to unload his former Granite Bay home in a short sale after being threatened with foreclosure.

Sullivan and his wife, Caroline, have listed his five-bedroom, Mediterranean-style house on Wexford Circle for $1.15 million. They paid $2.5 million for the home in 2004 and took out a $1.6 million mortgage, according to Placer County property records and MetroList Services Inc.

Sullivan moved to New York in 2007 to become an anchor on the Fox Business Network.

The Sullivans missed their first mortgage payment last October, according to Foreclosures.com. The research firm says Chase Home Finance issued a default notice on the 8,200-square-foot home four months later, in February.

The default notice was the first step toward foreclosure. The Sullivans would avoid foreclosure if the short sale goes through, but all the proceeds from the sale would go to the lender, and the Sullivans would get nothing.

In a short sale, the lender lets the home sell for less than what’s owed on the mortgage. But a lender can reject short-sale offers.

Sullivan, in his written statement, said he’s presented “a number of offers from buyers to the bank and they have rejected them. At this time we are still submitting additional offers and (are) awaiting the bank’s decision.

“I stand to have a significant loss on the sale, as many people have had in this depressed real estate market,” he said.

MetroList records show that Sullivan first tried to sell the house in 2006, asking $2.9 million before the market collapsed.

Sullivan is one of several high-profile Sacramentans to run into personal real estate problems in recent months. Former Kings basketball star Ron Artest finalized a short sale on his Loomis home recently. His ex-teammate Kevin Martin, facing a possible foreclosure on his former home in Rocklin, is attempting his own short sale.”

Sullivan made his early reputation in Sacramento as founder of the Sullivan Group financial-planning firm 26 years ago. He hosted a popular financial and general news show on radio station KFBK (1530 AM), provided financial commentary on KCRA-Channel 3 and wrote an investment advice column for The Bee.

Besides anchoring a TV show for Fox Business, he hosts a weekday Fox radio program.”

To read more: Click Here Sacramento Bee

Nevada County Information

Nevada County: A Golden Community

NU Film Club entry to the CA Preservation Foundation Youth Film Contest.

httpv://www.youtube.com/watch?v=x8zdNtHdqmc

Credits:
Casey Martinson – Narration
Alex Ramsey – Camera, Editing
Ian Lynn – Sound Recording
Daniel Lawson – Technical

Images:
www.flickr.com
www.photosofoldamerica.com
www.pashnit.com
www.yubanet.com
www.ccservices.cc
www.panoramio.com
www.wordpress.com

Music:
Glenn Miller – “In the Mood”, “Little Brown Jug”, “(I’ve Got A Gal In) Kalamazoo”
Steve Simmons – “Alex on the Road”
Johnny Pearson – “Graveyard”

Information:
holbrooke.com
www.empiremine.org
www.historicgrassvalley.com
www.sierracinemas.com
www.en.wikipedia.com

[*Note: Grass Valley, while being estabilished in 1849, was officially incorporated as a town in 1860.]

John J. O’Dell
Real Estate Broker
Call 530-263-1091

Community Events, nevada county fair

Contests, Costumes and a Cupcake Walk at the Nevada County Fair

The Nevada County Fairgrounds Foundation is hosting a scarecrow contest and a costume contest at its Halloween event on Saturday, October 30, from 2 – 5 pm at the Nevada County Fairgrounds.

If you’re interested in entering the scarecrow contest, your scarecrow should be dropped off at the Main Exhibit Building at the Fairgrounds between 10 am – noon on Saturday, October 30. Winners will be announced at 4 pm.  Additionally, a costume parade and contest will take place at 4 pm at the Main Exhibit Building.

There will be games and treats for kids and even a cupcake walk! A live and silent auction will be happening throughout the day. We’ll be serving hamburgers and hot dogs and there will be toe-tapping live entertainment for all to enjoy. Additionally, Empire Carriage Company will provide wagon rides around the Fairgrounds.

Grass Valley Rotary Club’s annual community “Ball Drop” will take place at 5 pm. For only $5/ticket, you get the chance to win $1,000!  Rotary will be selling tickets at the entrance to the Halloween event and also at the Ball Drop area.

This family-friendly Halloween event is hosted by the Nevada County Fairgrounds Foundation, in partnership with the Nevada County Ag Youth Boosters and Grass Valley Rotary Club. All three organizations have come together to support improvement projects for our community Fairgrounds, as well as to support youth programs in Nevada County.  This event is sponsored by Extreme Roofing.

It’s all happening, rain or shine, on Saturday, October 30 from 2 – 5 pm at the Nevada County Fairgrounds. The cost is only $5 per person and includes food, treats, games and entertainment!  Tickets can be purchased in advance at the Nevada County Fairgrounds, at the Grass Valley and Combie Road Citizen’s Bank branches, or at The Book Seller in Grass Valley. Tickets can also be purchased on the day of the event at the Fairgrounds.  Visit www.NevadaCountyFair.com for information or call (530) 273-6217.

Real Estate

A Little Known Loan Program for Fixer-Uppers


Home buyers thinking of purchasing a distressed property in need of repair, but who are concerned that the cost of the repairs could drain their savings account may qualify for the Federal Housing Administration’s (FHA) 203(k) rehabilitation program.

MAKING SENSE OF THE STORY FOR CONSUMERS

  • The FHA’s 203(k) rehabilitation program provides loans for covering renovation costs as well as the purchase price of the primary residence.  Investors are not eligible for this program.  Additionally, similar to traditional FHA loan programs, the rehab program allows for a down payment of as little as 3.5 percent.
  • A common misperception about the program is that the house needs to be unlivable.  Realistically, the property just needs to be outdated, according to a lender familiar with the program.  The property “just has to appraise below market value and then at market value with the repairs.”
  • Improvements deemed “luxury” are ineligible; however, the program has a wide range of definitions for “repairs” and “modernization.”  Covered repairs include items such as a new roof or heating system, as well as decorative changes, like replacing vinyl with ceramic tile on the kitchen floor or painting the interior.
  • In addition to putting down at least 3.5 percent of the current value of the property, buyers also must use a HUD-approved lender, appraiser, and a contractor approved by the lender for the repairs.  One list of approved businesses can be found at 203kcontractors.com.
  • Borrowers considering the FHA rehab loan program should be aware that loan rates typically run around a percentage point higher than conventional loans, and come in 15- to 30-year terms, either fixed or adjustable.  Additional paperwork for inspection, appraisal, title updating, and the like can increase closing costs by $1,000 or more higher than the average.
  • For additional information about the FHA 203(k) rehabilitation program, please visit http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Read the full story.

Buying or selling?

Call John J. O’Dell
Real Estate Broker
530-263-1091

Community Events, nevada county fair

Nevada County Fairground’s 26th Annual Christmas Faire

Country Christmas Faire, November 26, 27 & 28, 2010

GRASS VALLEY – Mark your calendar for the 26th annual Country Christmas Faire at the Nevada County Fairgrounds in Grass Valley on November 26, 27, and 28. Rated as one of the top handcrafted shows in Northern California, this year’s Country Christmas Faire will feature unique gifts and crafts from top artisans from across the state.

Five exhibit buildings will be filled during the Thanksgiving weekend, giving shoppers a chance to start their holiday shopping with quality hand-made holiday items, ornaments, jewelry, wooden crafts, soaps and lotions, hand-woven baskets, stained glass, candles, beadwork, and dozens of other unique gifts.

Visitors to the Faire will enjoy strolling live entertainment, festival foods, the magical Gingerbread House exhibit, Santa Claus and Mrs. Claus, errand elves, and a community bon-fire. Wagon rides around the Fairgrounds will be offered; and Victorian singers, the bell ringing RiverBells, and the Sierra Symphony quartet will perform throughout the event.

Free babysitting will be offered by local Girl Scouts, so parents can drop off their children while they enjoy holiday shopping.

The Country Christmas Faire begins Friday, November 26, and runs through Sunday,

November 28. Admission is $4 for adults and children 12 and under are free. The hours are 10 am – 5 pm on Friday and Saturday, and 10 am – 4 pm on Sunday.

The Nevada County Fairgrounds is located at 11228 McCourtney Road in Grass Valley, 50 miles northeast of Sacramento, off Highway 49. For more information, to visit the Fair’s web site at Click Here or call (530) 273-6217.

By: Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com

Center for the Arts, Community Events

Billy Bragg Folk-Rock Singer Song Writer Coming to the Center for the Arts

Billy Bragg is coming to the  Center for the Arts in Grass Valley on October 30 at 8:00 PM. Tickets are $30.00

httpv://www.youtube.com/watch?v=3jphA05ka6E

Billy Bragg has been described by The Times in London as a “national treasure.” Finding inspiration in the socially conscious folk tradition of Woody Guthrie and Bob Dylan, Bragg has spent over two decades making an indelible mark on the conscience of British music that has carried over to the US and Canada. He has released consistently celebrated solo records as well as two Grammy nominated albums with Wilco – Mermaid Avenue and Mermaid Avenue, Volume II. Bragg’s most recent CD Mr. Love and Justice blends social justice with the power of personal relationships.

He was born Steven William Bragg in Essex, England. He has worked alongside British parliamentarians, unskilled unemployed workers, members of the Rock & Roll Hall Of Fame, young music hopefuls, unsung buskers in the street, incarcerated convicts, newly liberated refugees, punk rockers and striking dockers.

Billy Bragg has recorded hit singles, composed Top Ten albums, penned political anthems sung at rallies, kept alive traditional English folk songs, put his own spin on America’s greatest folk catalog and sung his heart out doing so. He has appeared on both MTV and late night talk shows. He’s written essays for many daily newspapers and several notable weekly journals.

In 2006 he authored his first book, The Progressive Patriot, an eloquent protest against the extremist British National Party electing twelve councilors in his east London hometown.

Bragg was awarded the Classic Songwriter award by Q magazine. One of the first in the audience to shake his hand in congratulations during that warm moment was Sir Paul McCartney. Typically Bragg used the attention of the record industry audience to make a plea for contributions to his program to supply guitars to prison inmates. The name of this program is Jail Guitar Doors, a name Billy chose in honor of his early heroes, The Clash, who had a song by that name.

Tickets at:

The Center Box Office – 314 W. Main St, Grass Valley, 530-274-8384 ext 14
Box Office hours: noon to 5:00PM, Wednesday through Saturday

BriarPatch Co-op – 530-272-5333

After the Gold Rush Records – 530-265-3090

Cherry Records – 530-823-2147