Multiple Competing Offers are the “Norm” in the Sacramento Region…!

If you hear someone say the Real Estate Market here is dead..  Trust me, they are “mis-informed”..!

It seems just about every time I find a property a buyer I’m working with has an interest in, we’ve had to compete with other buyers to get 1st in line.    

A home we listed “for sale” at 2925 North Platte Way,  Sacramento just last Thursday,  has generated 5 offers…!   This home is located in the North Natomas area where there has been a flood of foreclosures and short sales the last several years.

No matter, there was an offer on the property the next day after it posted on the Multiple Listing Service.  Folks… this is nothing new and almost any Real Estate Agent or Broker in the area will verify what I’m saying here.

Even the rough ones, the “fixers”, are selling.  You  go back a couple of weeks ago to a blog post I made regarding a unique investment property over in the Fair Oaks area that had 23 offers…!

Bottom line…? If you are in the market now,  chances are you will experience this for yourself… that is,  having to compete against other buyers for the same opportunity.   You might even have to bid on several properties before you finally get the right one.   So don’t get discouraged.  It’s just the market we’re in now.

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR      916-203-1260

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We’ve got some Homes/Duplexes/Condos For Rent…!

We’ve got units from Roseville, Sacramento, Folsom, Lincoln and Cameron Park.

We all of a sudden find ourselves with a few rentals available.   Some have just been purchased by new investors and have been fixed up and offered now for rent.

All of these require a 1 year lease.   Many, if not most, have new carpet, paint and come with landscape maintenance.

To get to our list CLICK HERE

In the mean time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR        916-203-1260

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Hey look here… A 4 Unit & A 7 Unit Apartment Complex New on Market

If you are looking for something besides a Duplex or a Single Family Home, maybe one of these will work for you.

I’m not a real big fan of 4 plexes in this area because most of them don’t have the “amenities” that Single Family homes or Duplexes offer to compete for quality tenants and optimum rents.

There are exceptions of course so I thought I’d point these out to you, because they’ve both just come on the market.

I’ve got estimated cash flow projections for both of them.

I hope you found the above informative.   If you’d like to know more  about getting into the small apartment market drop an email note my way or call me.   My contact information is below.

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR      916-203-1260

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A Follow Up Note on a “Flip” I profiled a couple weeks back…

“After further review” as they say in the NFL….

Folks… I was out showing property to another investor and to give him an idea of the market,  I took the time to shown him the properties that I’ve profiled here along with others.

We viewed this one on Camino Gardens and thought there was a lot lacking… such as kitchen drawers that weren’t working etc… but you know what… It’s a Pending Sale…!!

Click Here for the videos before and after on this property and you’ll see what I’m talking about… There are other “little things” they didn’t do… but that didn’t stop an investor from putting in his offer.

And.. I just finished an interesting phone call from the listing agent regarding the property he has listed on Imran Court that I profiled a couple of days ago…  It’s wildly overpriced but he’s had a couple of offers on it already..!

Click here for that one… I’ll let you know if gets it into escrow.

In the mean time…?

Make it a Great Day

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“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.

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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

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An Over Priced Duplex That Can Be a Good Deal…!

That’s if the Owner will be reasonable and sell at a price that reflects the market.

I ran across this property because I got an MLS update that showed the price had been lowered.   I was curious to see it only because there is really not much else on the market here regarding Duplexes for sale now in the Sacramento Region.

According to the listing agent, the reason the property is over priced is that the owner is selling it and having to bring “cash to the table” to close it.   His agent said that the owner has property all over the country and just wants out.

I have pointed out to the owner’s agent that even if someone brought a full price offer and wanted to finance it an appraisal would be next to impossible to get at that price for two reasons; there are Pending Sales right across the street for a duplex with the same configuration listed as a “short sale” at $180,000 and one right next to it that has a 3 bedroom 2 bath on one side and a 2 bedroom 2 bath on the other and is listed as a “short sale” for $200,000.

The owner’s agent had to agree with me and encouraged me to have any buyers I’m working with to just submit an offer.  You never know what someone will do.    Just so you can compare and see for yourself..?

Below here is the video of the Duplex listed at $180,000 that is across the street.

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Now take a look at the video below of the property that is currently listed at $235,000 and let me know if you think this property is worth over $40,000 more than the one above.

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To further make my point, I’ve got a link to a list of recent Comparable Sales that I think will show you I’m not far off in my thinking that the most this owner can hope for would be a deal in the $190k’s.   Click Here for the Pro-Forma Cash Flow Figures at $195,000

So… ?   How can this be a good deal…?   If you make an offer at what the market says it’s worth and the Seller accepts the offer and willing to bring “cash to close”, someone could make a nice deal here.

I’ll keep you posted on this one because it will be fun to watch to see what happens.

In the Mean Time…?

Make it a Great Day…!

Ed Favinger Broker, CRS, GRI, SFR     916-203-1260

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Does Insurance Cover Stolen Air-conditioner in a rental unit?

An Investor had a property become vacant after which an Air Conditioning unit was stolen.

This is something that is happening now more and more these days, not just here in the Sacramento area, but all over the country.

The question was asked by an investor on Trulia.   I thought I’d share the answers the gentleman got  because our company manages a property that had the exact same thing happen after it became vacant.

By the way… This can happen in areas that are not only,  what I guess you could call “lower income” neighborhoods,  but in “upscale” areas as well.

Anyway… Click here to see what I and other Real Estate professionals had to say about this ever growing problem.

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR        916-203-1260

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