“OMG…!” – They Have Twenty Three Offers on a Bank Owned Property…!!!

There are 3 separate homes on this .830 acre lot  zoned R-5 (5 units per acre).

I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday.   When I drove by it last year it was a rainy day and I didn’t feel like going up this private drive with all the cars that I saw parked up there because at that time I think all the units were occupied.

So the bank takes it back, they put it on the market with an agent at $113,000.   Mind you, the lot is worth more than that based upon recent comparable sales of vacant lots that I’m going to post here for you to see.   None of those lots had the same Zoning as this one.  

By the way click here for a map of the property

Click here for an Aerial view of the property

This goes to show you that there must be a pent up demand for great deals like this and I’m wondering how much it will finally sell for and what the plans are of the new buyer.  I think this is a deal where you could keep the one occupied unit and work on building two newer units and possibly splitting them off.

I will stay on top of this one because I’m curious myself.

Anyway… Since they’ve already received 23 offers, there’s not much point now in putting one in, except I’d like to see where it winds up.   As i pointed out earlier, I did go the property yesterday and did a video “walk through” of the property.  I was able to get into all the units except for the one that is occupied.

I’d like to know what you think of this deal.

Make it a Great Day…

Ed Favinger, Broker CRS, GRI, SFR      916-203-1260       favinger@rwnetwork.com

Enhanced by Zemanta

We are hitting hurdles in buying first home. We got a short sale home & have to close escrow next week.!!

Our loan processor is not responding.   The initial escrow date they gave us was 3 weeks.   We could not get hold of the loan processor.    Is there any thing we can do to extend out escrow date …?  How does it work please let me know…

Is is “panic” time…?    I don’t think so.   This was a question asked by a first time home buyer on Trulia.com

Take a look at what I and other professionals had to say about this kind of situation by CLICKING HERE.

Make it a Great Day….


Ed Favinger, Broker, CRS, GRI, SFR           favinger@rwnetwork.com          916-203-1260


Enhanced by Zemanta

The Bank Owned Duplex Report – New Inventory Reviewed Here…!

Some Interesting New Listings That Have “Piqued” My Attention… might pique yours too

I’ve been out and about in the last few days looking at new inventory and reviewing some that have quickly sold and then have fallen out of escrow.    The list below are just a few that I’ve seen lately I wanted to pass on.  They are in various areas… all of which I think would be decent investments,  if purchased at the right price of course.

By clicking on the address of these properties you will open up a “pro-forma” cash flow analysis in PDF format.   I have some videos as well

Let’s start with a Short Sale first.

2325 Irma Way, Sacramento, Ca 95825 – Listed at $160,000 –  Nice area of duplexes – According to the listing agent they will consider a new roof credit at full price.   I have a flyer here with some pictures of the interior because I couldn’t get in to see the interiors.  It was a nice quiet morning that I was over there and I think you’ll be impressed with the neighborhood.   Here’s a video of the exterior.  I was there at about 11 or so Saturday, October 1st.

Below are some Bank Owned/REO types of deals. These are a bit rough.  I call them “beaters” – but they are more commonly known as “fixer uppers” – .

7576-78 Cook Avenue, Citrus Heights, Ca – Listed at $127,900 – This one needs a bit of work.   The Cash Flow figures are based upon the price as if it were fixed up.  I’m guessing it needs something around $20,000 to really do it right.  But after you are done, you’ll have a real nice place and no problem leasing this up.   Click Here for the Video Walk Through.

7214-16 Grady Drive, Citrus Heights, Ca – Listed at $136,900 – As in the above situation, the cash flow figures are based upon the price as if it were fixed up.   I have told clients over the last couple of years that the average you’ll spend on one of these deals will be between $7,500 to $10,000 per side to get these in a really nice “rent ready’ condition.   Click Here for the Video Walk Through

If these properties interest you, drop me a note or call me at any time.

In the mean time…?

Make it a great day…!

Ed Favinger, Broker, CRS, GRI, SFR    916-203-1260      favinger@rwnetwork.com

Enhanced by Zemanta

New Taxes Coming on Rental Income Described Here

The western front of the United States Capitol...
Image via Wikipedia

The New Obama Care Tax is coming – Check out the link that explains it.

Well I’m sure by now,  if you are a Real Estate Investor and have not been off the planet for the last year,  you’ve heard that the Federal Government has passed a new Health Care law.

While we can debate the issue of it’s passing, the fact of the matter is that barring a repeal by the new congress, there will be an increase in taxes to pay for this new program.

Anyway, I got this Brochure from the National Association of Realtors that explains it pretty good.

CLICK HERE FOR YOUR COPY.

Make it a great day

Ed Favinger, Broker CRS, GRI, SFR favinger@rwnetwork.com     916-203-1260

Enhanced by Zemanta

Buying a Foreclosure at the Court House Steps…? Beware of the Pitfalls..!

Ouch….!!!   This man lost $137,000 and is upside down on his “investment”.

I have added  the link to the answers to a  Trulia Q&A question that was asked by an investor in El Dorado  Hills, California  that had purchased a property at a courthouse auction.

While this case is a little unusual, I think from the answers that were given by me and other professionals, you will come away with the idea to do your “due diligence” first before you invest in this area.

His dilemma is not one that I think any of us would like to be in.

Click Here for the story and see the answers that were given and let me know what you think.   You might want to check back on that link because chances are you will see new answers and advice given.

Make it a great day….!

Ed Favinger, Broker CRS, GRI, SFR              favinger@rwnetwork.com      916-203-1260

Enhanced by Zemanta