Investor

Sacramento Foreclosure Auction Looking for Suckers!

June 15th, 2007 categories: Foreclosure, Home Buyer, Homes For Sale, Investor, Real Estate, Real Estate Market, Real Estate News, Sacramento

Auction Going Once, Going Twice SOLD to the HIGHEST bidder who now has overpaid on a piece of the American Dream!

If you havent heard, on June 23^rd at Cal Expo there will be 107 Sacramento area bank-owned houses put on the auctioning block that have been repossessed.

Some folks unfortunately, will get caught up in this and over pay during the frenzy of the moment. Thats what the Banks are counting on and there will be those that wont let the Banks down.

Now, you ask, is this a good thing? Absolutely not! In my opinion, the Banks have not made an attempt to renegotiate the bad loans that they disseminated nor have they accepted Short Sale offers on homes for sale during the Short Sale process because of their greed.

So, what we have here is an attempt by the Banks to give the public what they perceive as a good deal, an auction. Knowing full well, that there is a greater chance that the public who automatically thinks theyll get the deal of the century will help line the pockets of the Banks and at the same time, line the pockets of the Auction company.

Such a deal! Foreclosure and Auction are words that the public considers to be of benefit and lower prices. By using these words and holding the auction on foreclosed houses, the public perceives that they will come out ahead. WRONG!

I have been watching these banks in the short sales where they have been given the Value of the property and they simply ignore or turn their noses in the air. So, basically, these 107 Sacramento area foreclosed houses going on the auction block at Cal Expo will be auctioned off for more than what the houses are actually worth. Once again, the new home buyer will get duped.

If you read New Your Times article, entitled Get Your Red-Hot Foreclosures Here and just specifically read the line where it states that the Auction company had been dormant for a decade lenders contacted the companys officers and asked if they could get back into the business of auctioning properties. Hey, this isnt rocket science who do you think is profiting? Not you!

Hope you are smart enough not to be taken by this and realize that this is not just a wild guess of mine but is substantiated by the Short Sale process and by reading what has already occurred in Southern California with the auctioning of recent foreclosed properties. Heres what one couple had to say about their experience at the Southern CA auction:

Jim and Betty Botley of Chino were looking to spend what Ms. Botley defined as ˜$300,000, and thats it. The house they wanted went for an auction price of $550,000. The Botleys thought that it would have needed $50,000 to $100,000 for renovation. After the repairs, auction fee and closing costs, they couldnt see how anyone got a deal.

Usually, when purchasing a foreclosed house, the bidder must have all cash but in this instance, the auction company has arranged for a lender to finance the deals along with the winning bidder to pay the auction company 5% of the sales price of the first home and 15% of the sales price on additional houses. Now, thats what I call one hefty commission wouldnt you say? Not to mention the type of loan these lenders will be offering. Looks like another disaster waiting to happen. Shame on you Banks for not taking responsibility.

Home Buyers beware dont be taken in and pay more than what the property is worth. Dont be a sucker.

Banks, I have one thing to say to you wake up and start accepting some of the responsibility here. Dont take advantage of more victims. Start negotiating with the homeowners that currently have one of your poorly executed loans, start replying and accepting Short Sales and stop trying to recoup your losses by endangering more home buyers and investors with tantalization tactics!

Watch out, this auction company is scheduled in several of the surrounding areas including the Bay Area. Seems a bit like ambulance chasing, to me

Sacramento Short Sales and Foreclosures

Are Short Sales and Foreclosures A Good Deal?

Fraud in Real Estate

What Does Short Sale Mean?

Foreclosures, Buy or Dont Buy?

Do You Understand Foreclosure?

2007 Where Knowledge is Power in Real Estate

Want to Be An Investor?

What Sellers Need to Know About Receiving Offers

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Want to Be An Investor?

December 9th, 2006 categories: Foreclosure, Fraud, Investor, Real Estate, Real Estate News, Real Estate Tips, Sacramento

Investing in Real Estate as an Investor “ Great idea but never to be taken lightly. There are some important factors that you need to consider before ever jumping in to the Big Girls game of investing. If you dont know what you are doing or wish to admit it, be sure to be represented by an experienced Realtor who can help direct you, correctly. In order to show you how to invest, its important to view how NOT to invest. Once you gain that knowledge it will be easy to make the right choices.
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What Everyone Should Know About 1031 Exchange

November 7th, 2006 categories: 1031 Exchange, Investor, Real Estate, Real Estate Tips

There are two things in life you can’t avoid…DEATH and TAXES.

Savvy investors have been able to avoid taxes when utilizing a 1031 Exchange. Every homeowner, when living in their primary residence for 2 out of 5 years has been able to avoid capital gains tax at least for the maximum per person which is $250,000 for each spouse (Section 121).

Let’s take this scenario which is feasible considering how many homeowners have paid off their homes…For instance if you have a home that sells for $600,000 and you and your spouse have lived in the house for over 2 years, you each get to keep $250,000 a piece for a total of $500,000 tax free, leaving $100,000 which would be taxed on capital gains of approximately $25,000.

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Location, Location, Location

November 3rd, 2006 categories: Fun Things, Home Buyer, Home Staging, Investor, Real Estate, Real Estate Tips, Realtor, Seller

Want to know how to have a Successful Real Estate Transaction? Here are a few key points that will assist you in assuring your Seller’s house will have a successful closing. Make sure that you follow the following key points, as illustrated.

House On Cliff Location, location, location helps make for a successful sale. Love to have a home to sell that is one of a kind that will only fit the bill for ONE particular Home Buyer.

Hate to appeal to the masses! My seller’s homes are always the best! But, I’m sure you’ve heard that one before. Mine is the BEST!

It’s amazing how many bests there are… Here’s just a few of my bests that had successful endings especially when it comes to their fabulous locations. Everyone wants to have an ocean view and you must pay extra for that view! So, be sure to charge more for a good location. Just to illustrate my point ….

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What EVERY Buyer Should Know

October 21st, 2006 categories: 1031 Exchange, 1st Time Buyer, Home Buyer, Real Estate, Real Estate Tips, Realtor, Relocating, Sacramento

Home Buyers, the ball is in YOUR court!

Real Estate has never been better to purchase a home. This is your time! There are countless numbers of homes on the market right now and Sellers are anxious to negotiate. There is no need to worry or postpone buying your home. This is the best time for you and the odds are in your favor that you will find the best home, get the best price that you are willing to offer with the best terms.

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