Where Are All The Real Estate Investors When You Need One?

By
Real Estate Agent with RE/MAX Gold DRE# 01437147

It's not that often I get to list what I feel is a "GEM"  gemstone of an investor's delight, but now that I have an REO listed and I feel pretty darn sure that any investor would be lucky to find this deal, I can't seem to find the right investor with any interest at all in the Yuba City, CA area.

357 Woodbridge Ave. Yuba City, CA Home For Sale Here's a photo and here's a link to this already mostly rehabbed single family residence that offers an over-sized .21 acre lot, 2 bed & 1 bath with detached 2-car garage.

The home was already mostly rehabbed by someone else with newer stucco, dual paned windows, new garage door, tile flooring, etc, etc.

At this price I thought for sure that every investor within a stone's throw would jump on this one, but for some reason I was wrong.

I'm not all that close in proximity to this listing, and maybe I don't know the area as well as had thought or found from my research, so if anyone out here can give me some ideas about why it hasn't sold very quickly at such a LOW price, then I would greatly appreciate the input.

It's this kind of property that makes me wish I was able to be on the investor side and not just on the Realtor side, but I could be wrong here.  It just "FEELS" like it would sell like hotcakes.

I usually deal most often with Short Sales in the Lodi and Stockton areas of CA, but my new Broker does a lot of REO's where her main office is located, and I was excited to start getting involved in the REO market myself here in Northern California.  This has certainly not turned out the way I had imagined it would be.

Go figure!  No really.  Go figure out what it would take to sell this property.  :-)

Make it a groovy day!

 

Comments (3)

Bill Pohl
Tetra Homes, Inc. - Loveland, OH

Randy - I feel your pain. I am on the other side where I can't seem to ever get a Realtor to understand what it takes to make an investment property worth buying. Good luck. (PS - At $46K, you should take a stab at buying it and reselling it. Being there, you should have upside on this project and you can use your commission as part of the down payment. JMHO)

Mar 30, 2011 01:56 PM
Randy Elliott
RE/MAX Gold - Lodi, CA
REALTOR : Lodi / Stockton, CA

Thanks for the comment Bill.  I've already thought about just buying this property myself, but unfortunately I don't have the cash and most lenders don't loan under $50k I've been told.  Also, there are already 3 hands on my end in on the commission, so not much left for any down payment.

Mar 30, 2011 02:23 PM
Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Randy ... those splits on REO's can get brutal ... especially if the servicer is getting 37% off the top!  Congratulations ... I'm sure this one will find its way to the escrow office!

Mar 30, 2011 04:29 PM