Realty World – Franklin Real Estate Group – Ed Favinger

Thought I’d share this story.

CPR: News Story | Business Journal: Absentee Home Buyers Up.

Make it a Great Day…!

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

You Want the Cash Flow Numbers…?  I Got The Numbers –  Check Them Out…!

First the Short Sale Duplex

I was out and about and came across the Duplex located at 7535 Saint Philomena Way, Citrus Heights.

This thing has been priced so low that it will draw several multiple offers and I’m sure it will go into escrow for at least $180,000.   Now I wasn’t able to get into the units because they are occupied..  At least one is, because when I was there taking pictures a resident was leaving one side.

I”ve based the Cash Flow estimates at a price of $180,000.   Click here for a PDF File for more information.

Click here for a Video that I took that will show the neighborhood better than the Street View link I posted above.  The Street View was taken during Winter months and doesn’t show as well as the Video I took.

Now below is the information for the Bank Owned Duplex

It’s located a few doors away at 7543-45 Saint Philomena.  The “street view” will start you on the way out to Fair Oaks Blvd.,  so when you get on it, go to the left and around the corner to see the property.   By the way… 0ne side is occupied and the other is just about “rent ready”.     For the Pro-forma Cash Flow Figures Click Here.

If you don’t like these…?

I”ve got others that might pique your interest.   Go to “Ed’s Free List” page for more.

Related articles by Zemanta

• Google Street View cars collected private data from WiFi  thenextweb.com
• The Making of a Funny Google Street View Image [Humor]  gizmodo.com)

Beating your head against the wall feels better sometimes then dealing with them

This is what my old mentor,  Mickey Holland told me when I first started in Real Estate back in 1981.   What he told me then has really held up over the years.

Let me explain.  We are now down to the final stages of a “Short Sale” involving a 1st from Well Fargo Bank and an equityline loan from E-Trade.  This scenerio alone is enough to scare a lot of people away from this deal.   But… after almost 6 months of waiting for approval we have it from both lenders.

The Problems….?

1.  The Title Company has to make sure that the Buyer gets nothing back after the close of escrow.

2.  The Short Sale Approval Letter from E-Trade is a PDF file that is not signed by anyone and is not on a “letter head”.  I wish I could put up a copy here, but it is a letter that only folks involved in the transaction can see.

Why do these two things make me crazy…?

Regarding #1 – if you have ever purchased a home before…. buyers “always” get back some money because the “escrow” people can never zero you out unless they are assured that a deal is going to close on time.  I’ve been in this business for 30 years and there is always some last minute adjustment on the papers which means a Buyer will get some money back after the close of escrow.  IT’S ALMOST ON EVERY DEAL I HAVE DONE SINCE I HAVE BEEN IN THE BUSINESS.

Now I can understand that in the Seller’s case they want to make sure there are no funds going to them because they are taking a payoff for thousands less than what is owed.   But my question would be, why do they insist the Buyer get nothing… when it’s the Buyer’s money..?

Regarding #2 – When talking with the Escrow Officer at the Title Company, she’s prepared to close the deal based upon the unsigned letter that doesn’t have any letter head.

So..?   My question to the new lender is… “Why do you insist on the letter from E-trade be signed when the Title Company is prepared to honor it, close escrow and issue an ALTA Lenders Title Insurance policy showing you, ‘the new lender’, in first position on the new Title Policy…?” The Title Company is, after all, on the hook not the new lender.

Meanwhile, all the loan and escrow papers have been signed since last Tuesday,  April 27th and we can’t seem to get anyone to either sign the letter from E-trade or at least put the letter on some “letter head”.

I bet if you speak with other professionals out there, you will find many more cases of an “over reach” by Lenders in today’s economy that just slow down the process and therefore a quicker recovery.

Make it a great day…!

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

Related articles by Zemanta

• Advantage Title, Inc. Delivers Industry’s Most Feature-Rich GFE Rate Calculator for Enhanced Efficiency eon.businesswire.com)
• Private Lender Benefits  slideshare.net)
• What are Escrow Instructions?  brainz.org)
• Banks still antsy with O.C. short sales  lansner.freedomblogging.com)

The Mobile Car Wash…?  Check out this blog post from an Active Real Estate Broker in the Land Park/East Sacramento area.

I think this would be a great idea out here in Folsom or El Dorado Hills.   Maybe these guys will market out here or some young guys here will see an opportunity.

http://sacramentoshortsales.housingstorm.com/tag/bank-owned-homes/

Make it a great day…!!!

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

Related articles by Zemanta

• El Dorado Hills Chamber of Commerce Partners with Envision Pharmaceutical Services to Offer Free Prescription Savings Program to Membership and Residents in Need  eon.businesswire.com)
• A New Look!  piaffedreams.blogspot.com)