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Not A Bank Owned or a Short Sale – It’s a Shame It looks like One..!

I Know This Property – Brought a Buyer to it in 1991.

The folks that bought this property back then did do some interesting things by adding some nice decking in the rear that helps create extensions of the living area.

I have a video that I took about a week or so ago you should take a look at.   This property shows just awful from the exterior and needs to have a “make over”.   I’m sure the owner knows it, but doesn’t have the resources to really do  anything  about it.  In other words, the lack of “cash flow” made it almost impossible to keep up.

This is a typical situation in this market.  I know the current condition of this property is the result of an over heated market,  high debt and the fact that it’s hard to make improvements or even maintain,  if you don’t have an adequate “Cash Flow“.

Click Here for a Pro-Forma Cash Flow analysis.   I am showing a 40% down payment on this one because the rules change for anything over 4 units when it comes to financing.

Take a peek at this video because I do walk the property a bit as much as I could without disturbing the residents there, although a dog did bark at me.

I think you’ll agree with me that the curb appeal is just awful and it doesn’t need to be.   It will require an investment in landscaping and I think a big upgrade should be in “covered” parking.

Let me know what you think…?

In the mean time…?

Make it a great day…!

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

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A Bank Owned Duplex & A Short Sale Duplex – Same Street

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.

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REO’s and Their Title/Escrow Rip offs…

This has been a pet peeve of mine for a while – it’s about time we get more righteous Consumer compaints.

Many of us in the Real Estate Business have been involved in a Bank Owned Property Sale in which the Asset Manager for the bank/investor stipulate in their “contract addendums” the requirement that a “preferred” Settlement/Escrow Company is to be used.

Most of these companies are in Southern California, have business practices foreign to Northern California and they have been known to “pad their fees” to the detremint of many our buyers.

Here’s a link to a Trulia Q & A that I answered from a concerned Buyer going through this process now.  You’ll see the responses from other Real Estate Professionals as well.   We hope that this will help you or a friend if you going through this experience. 

We’d like to know about other instances so if you or someone you know is getting burned… please let us know.

Click Here for the Link

I hope this helps.

Make it a Great Day.

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

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