Beauty and the Beast! West Sac REOs aka foreclosures aka Bank Owned homes

Real Estate Agent with ReMax Gold 01501948
So you've been standing around the water cooler and are hearing about these crazy deals in the beautiful community of Southport in West Sacramento. Many brand new homes were sold during the boom years in southerly section of West Sacramento. Like other areas, there is a steady flow of bank owned homes to that market. However, an interesting thing has happened in the past few months. The number of bank owned homes coming on the market is not keeping up with those going pending/sold. For investors, the numbers are starting "to pencil" as they say. Practically new homes are selling for around $130 a square foot (for homes over 3000sf). In most cases, you can't build for that price let alone purchase a lot. Unfortunately, owner occupied buyers are now having to compete with investors (who have 20% down). In most cases, well priced properties (beauties) are receiving multiple offers in the first day or two on the market. There are some that are just sitting because they are over-priced, filthy, trashed, and so on (beasts). Sifting through the inventory was an endless process just a few months ago. Now, a realtor and client can see everything in an afternoon. Investors don't wait for the bottom, when they jump in the bottom comes to them. If you are an owner occupied buyer, the best time to buy is when you are ready. If you are an investor, the time to buy is when it pencils (or makes financial sense). Whether you are a first time home buyer, veteran investor, or first time investor, I am happy to help. Please call or email with your questions... Lori Prizmich, Realtor Keller Williams Realty 530 845 3325 (direct)

Comments (2)

Erin Newington
(916) 585-3858 - Elk Grove, CA
Elk Grove Realtor
It is too bad that folks are going through tough times.  But the flip side is many can now afford to buy their first home. :)
Apr 15, 2008 02:50 PM
Lori Prizmich
ReMax Gold - Davis, CA
You are so right - - I hear that a lot (especially when the home was obviously well-loved).  There are some buyers who realize how fortunate they are to be purchasing in the current climate but many more who are paralyzed by the unknown.  Thanks for the comment.  Lori  :o)  PS I love your "about us" section on your profile!  Hope business is well...
Apr 15, 2008 02:59 PM