REPOs...good or bad?

So You Want to buy a REPO?
Posted December 25, 2008 at 11:39 AM
ronlargent

REPOS....GOOD OR BAD?
Over the past few weeks, and now months, we have been getting calls from prospective buyers looking for the good buy on a bank owned property, commonly described as a REPO, short for repossesed home (repossed by the lender, or bank). Almost all of these calls want a "good buy. In reality, this is not always the case.
In an attempt to help buyers understand the REPO process, here is how it works. First, it starts with the owner of the home being unable to make the agreed upon mortgage payment. In some cases, this home owner will contact the lender and see what can be worked out. If the lender agrees, the owner may enter into a "short sale" agreement with the lender, whereby the seller tries to sell the home for less than what is owed, which is the "short" amount referred to. When a buyer comes along and offers to pay the "short sale" price, then this offer is presented to the lender for their approval. If they approve, we have a deal. If not, the home may continue in this short sale position until the loan gets so far behind that the lender determines that it is time to foreclose. This process may end up on the "courthouse steps", when the home could come up for auction for the amount of the loan. In many instances, the home will not sell for what is owed, thus the lender takes back the home.
The lender then has the home back and will usually contact a local real estate agent, or agents, and request a BPO, or Brokers Price Opinion. Good agents will do their homework and get info back to the lender as to what that agent recommends that the home will sell for. The lender will then list the home with an agent at a price that they think it will sell for. The home goes on the market and offers are solicited. As offers come in, and they may be lower than the listed price, this offer goes back to the lender for approval. This process of getting either lender feedback or an answer may take a day or 2, or a week or 2, or longer. Depending on the lender, their workload may be big or little, and this will usually influence the lenders response time. Eventually, the lender responds and this is conveyed to the buyer, or buyers, for often these properties will have a number of offers if it is priced right or a particularly good buy.
Once the lender gets the response back to the buyer, the buyer can act accordingly, and if they accept can open escrow. Again, what is usually a relatively easy process can become quite an ordeal, depending on the lender and their workload. Patience is the key here, for what could be a 30 day escrow may end up being a 60 day closing. And, if there are any repairs allowed, for most of the REPOS are sold "as is", this can take additional time for permission has to be granted by the lender.
One characteristic of a REPO sale is that the lender is not subject to the required disclosures. Thus, if the buyer is concerned about the condition of the property, they should go through the normal home inspection process, which is usually about $300, and with the HVAC, roof inspections, and other evaluations could top out at about $500. This will have to be a buyers cost, for the lender is selling it "as is".
All said, the REPO process can result in a very good deal for the buyer. And, it can also result in a very trying and not always successful experience. Some can be problem deals from the beginning to the end. The key for buyers is to be understanding and patient, and realizing that the process can take some time and may call for the buyer to be flexible. To just think that the lender is up against a wall is not always the case.
For more information on either Short Sales or Bank owned REPOS, call us at 530-248-5601, or e-mail us at ronlargent@kw.com or visit our site at www.ronlargent.com

Investment property in Redding, CA

Investment Properties in Redding, Ca and the north state are plentiful depending on the area, the condition, the price, and the specific location. We have properties ranging from apartments and mobile home parks, to self storage units and convenience stores.

Look at all of the options available by contacting us for a list of all investment property based on your interest, investment level, income expected, etc

www.ronlargent.com

ronlargent@kw.com

Newspapers and the Internet and Ads

Posted December 23, 2008 at 23:58 PM

ronlargent

Let’s face it, if you have been a real estate agent over the past decade you have spent money on newspaper advertising

. Even if it did not work, it made you clients happy to see their home in the paper and gave the illusion of momentum towards a sale.

But then came this thing called the internet. It had websites that actually conveyed what the house was like besides 4bdrm,2.5b,garage, well you get the idea. Now we could show them pictures in color and video, have room for actual paragraphs and real information.

But to hear those in the newsroom they are being robbed of their birthright. What they forget is that you as the advertisers bought products that essentially did not work. They were a tool to add to your sales presentation because the customer thought they did.

Now, the consumer does not look in the Sunday paper for homes to buy, they go to the internet. That also goes for much of the advertising that goes on.

Back when I worked for a newspaper I was told, the editorial department works to create material so that people will be buying the advertising we sell. Those who did the writing scoffed at it, but you know what, they were right.

Now this lesson has come home to roost. We love to read the newspaper but it was the advertising that paid the bills.

The real revelation of the Internet is not what it has done to newspaper readership – it has in fact expanded it – but how it has sapped newspapers’ economic lifeblood. The most serious erosion has occurred in classified advertising, which once made up more than 40 percent of a newspaper’s revenues and more than half its profits. Classified advertisers didn’t desert newspapers because they disliked our political coverage or our sports sections, but because they had alternatives. Craigslist and eBay and dozens of other low-cost and no-cost classified sites began gobbling newspapers’ market share a few years ago. What they didn’t wipe out, the tanking economy did. During the first half of 2008, print classified advertising nosedived more than 25 percent, as withering job, real-estate and auto listings erased $1.8 billion in revenue from newspaper companies’ books. Newspapers have been uniquely hurt – television never had classifieds to lose. from Wired.com.

From Tom Royce in www.realestatebloggers.com

Newspapers and Ads...the Future?

Posted December 23, 2008 at 23:58 PM

ronlargent

Let’s face it, if you have been a real estate agent over the past decade you have spent money on newspaper advertising

. Even if it did not work, it made you clients happy to see their home in the paper and gave the illusion of momentum towards a sale.

But then came this thing called the internet. It had websites that actually conveyed what the house was like besides 4bdrm,2.5b,garage, well you get the idea. Now we could show them pictures in color and video, have room for actual paragraphs and real information.

But to hear those in the newsroom they are being robbed of their birthright. What they forget is that you as the advertisers bought products that essentially did not work. They were a tool to add to your sales presentation because the customer thought they did.

Now, the consumer does not look in the Sunday paper for homes to buy, they go to the internet. That also goes for much of the advertising that goes on.

Back when I worked for a newspaper I was told, the editorial department works to create material so that people will be buying the advertising we sell. Those who did the writing scoffed at it, but you know what, they were right.

Now this lesson has come home to roost. We love to read the newspaper but it was the advertising that paid the bills.

The real revelation of the Internet is not what it has done to newspaper readership – it has in fact expanded it – but how it has sapped newspapers’ economic lifeblood. The most serious erosion has occurred in classified advertising, which once made up more than 40 percent of a newspaper’s revenues and more than half its profits. Classified advertisers didn’t desert newspapers because they disliked our political coverage or our sports sections, but because they had alternatives. Craigslist and eBay and dozens of other low-cost and no-cost classified sites began gobbling newspapers’ market share a few years ago. What they didn’t wipe out, the tanking economy did. During the first half of 2008, print classified advertising nosedived more than 25 percent, as withering job, real-estate and auto listings erased $1.8 billion in revenue from newspaper companies’ books. Newspapers have been uniquely hurt – television never had classifieds to lose. from Wired.com.

From Tom Royce in www.realestatebloggers.com

Luxury Home in Redding CA at $1,350,000

8233 MUSCAT, REDDING, CA 96001-9576
List #06-7431

This is truly Redding's Magnificent Estate. From the ornate gated entrance to the incredible upscale upgrades throughout, this luxury home can be described as 'beyond dreams'. A pond and waterfalls; casita/guest house; play area & fort,with doll house. Lush landscaping and setting on acreage; and home features that must be seen to fully appreciated. Luxury in every respect.Be sure and see photos.

Mini Ranch In Palo Cedro Just Reduced. Submit.

22097 LA CASA Lane, PALO CEDRO, CA 96073
List #08-5021

This is a gorgeous setting on 4.8 level acres in best Palo Cedro location off of Deschutes Road. Ideal small ranch-farm setting,barn-workshop,chicken areas,dog run.Home is spacious with year old AC and roof. Beautiful patio areas and yards. Fully fenced. Oversized garage,free standing carport.Great for horses or cows.Private-close in.Private road.Owner will carry part. Submit all offers. Anxious.

Redding Home at $369,000

2207 HOPE LN, REDDING, CA 96003
List #08-5820

This is a wonderful home on huge corner lot with backyard access for RV's, etc in beautiful Gold Hills. Open, spacious floorplan feeling with beautiful wood floors, this home has all of the extras, and still priced to sell. Opposite the course, and no need to worry about golf balls hitting your porch, but still walk to play. An excellent condition home, move in tomorrow an enjoy this upscale life.

Just Listed at $249,000 in Redding, CA

218 BUCKHORN WALK, REDDING, CA 96003
List #08-6489

Large and spacious 3/2 backing up to the greenbelt at the north end of the Estates. Excellent condition, original owner, and many extras, with a great patio area and lots of privacy. 55+ gated community offers many amenities, including pool, clubhouse, and spa.Home is priced to sell below sq ft cost of others. Vacant and ready for a quick close. Show and it will sell itself.

Luxury Estate Home in Redding, Ca at $1,350,000

This is a gorgeous estate home located in West Redding in an area known as Montgomery Ranch just off of Placer Road. This 5 acre estate with elegant wrought iron gates, is one of, if not the, most impressive and beautiful homes in the Redding, CA area. Listed at $1,350,000, this 5300 square foot mansion is only 5 years old but looks brand new. The park-like setting is breathtaking with the small lake in the front area; the large pool house-casita next to the waterfalled pool area; and plenty of room for horses and even ATV's. Four large bedrooms plus the huge game room, and the fully equipped pool-guest house give one all they need for the largest families.
E-mail for details, photos, and aa virtual tour.
Ron Largent The Largent Team at Keller Williams Realty in Redding
www.ronlargent.com ronlargent@kw.com

North State Van and Storage-Bekins Agent..all For Sale in Redding, CA

This is the very successful business known as North State Van and Storage, the authorized Bekins Agent for the area. In addition, it is the largest boxed records storage facility in the area, along with the contracted US Gov't HHG moving and storage agent. The 15,000 sq ft bldg plus other out buildings still leaves plenty of room for expansion and business growth. A great opportunity for the creative entrepreneur that wants to take over a going and successful business and grow it from here. Owner is motivated, and all offers will be considered. E-mail for financials and photo album.
Location Description:Just off of Highway 273 1 mile south of downtown Redding, this is in the major commercial-industrial area of the far north state, with access to major highways, including I5, 44, and 299 in all directions. Ideally placed for quick pickup and delivery, this is in a premier location.

Call or e-mail me for details, photos, financials, etc. This is a great business opportunity with commercially zoned real estate in Redding, CA
Thanks,
Ron Largent www.ronlargent.com ronlargent@kw.com

Palo Cedro Market and 76 Station-Just Listed.

Property Description:This is the ideally located Kay Bee 76 Station and Market-Convenience Store located just south of Highway 44 on busy Deschutes Road. Very busy, with well established clientele. The beer, wine, and liquor license sets them apart from other stores in the area. High sales both inside and out (gas), and a good looking building. Big growth in the area, so great potential for the future. Only 3 C-stores in the area. e-mail for details, financials, photos, etc...This is a great opportunity for the small business entrepreneur.
Location Description:Deschutes Road is the main connector between Anderson to the south and Highway 299 to the North, and this is at the intersection of Highway 44...so it gets traffic from Redding to the west, and Lassen Park to the east. Well located in this community of large and small ranches and farms, the store is busy for 18 hours a day. Located just 5 minutes from the Redding city limits, Deschutes Road is one of the best known roads in the area, so easy to get to the business, with excellent access in and out for RV's, boats, etc.

All of this and much more for $1,350,000. E-mail for details, etc ronlargent@kw.com

4 Wheel Drive in Redding, CA Great Business Opp.

This Is A The Very Successful Redding 4 Wheel Drive Parts And Accessories Business In The Best Location In Redding, Ca. Excellent Layout For The Business, With A Large Repair Facility Behind The Showroom. Excellent Business History And Clients Come From All Over The North State And Oregon. This Is Located Just Off Of I5 For Good Access And Is 1 Block From Busy Hilltop Drive And Cypress Avenue Retail Shopping Areas. In Addition To The Walk In And Call In Business, The Owner Has Developed A Very Lucrative Internet Business For Ordering, And This Can Still Be Expanded Greatly. The Authorized Warn Dealer For This Area, The Price Includes Fixtures, Fittings, And Good Will. Inventory Of Approximately 100,000 Is Extra. This Is An Ideal Business For The Auto-Car Enthusiast, Especially Those That Are Interested In The 4 Wheel Drive Industry. This Is A Service Business That Has Excelled At Customer Service And Satisfaction. Owner Is Retiring And Will Take A Look At All Offers. E-Mail For Details, Financials, Photos, Etc.Ronlargent@kw.Com www.ronlargent.comRon Largent, The Largent Team Keller Williams Realty Redding, Ca

Great Convenience Store with 76 Gas

This Is The Very Lucrative And Successful Convenience Store And 76 Gas Located Just Outside Of Redding In The Upscale Community Of Palo Cedro, On Busy Deschutes Road At The Intersection With Highwway 44, Which Goes From Redding East Into The Lassen National Park Area. With The Beer, Wine, And Liquor License In Place, This Is A Turn Key Operation. Building And Overall Facility Is In Good Shape, With All Permits In Place. Excellent Gas Sales As Well As Inside Sales. Lots Of Opportunity For Improvement In That The Store Could Be Expanded To Include More Inside Food. Also Has Propane Which Is Used In This Area Just Out Of City Limits. With The Excellent Margins, This Store Will Continue To Be Very Lucarative And Successful.Owner Is Moving And Will Look At All Offers.E-Mail For Details, Financials, Photos, And Showing Arrangements.Ronlargent@kw.Com Wwww.ronlargent.comRon Largent The Largent Team Keller Williams Realty In Redding, Ca

Buy Real Estate in Redding, CA

We have a whole bunch of Repos and other good deals on homes in the Redding-Shasta County area.
Give us a call for some of the very best deals, including commercial property.
Ron Largent The Largent Team Selling Northern California

www.ronlargent.com ronlargent@kw.com

Buy a Convenience Store in Redding, CA

Just listed...a convenience store with 76 gas in Palo Cedro, just east of Redding, CA/
Great location, great sales of both gas and inside product and includes the real estate.Offered at $1350,000.
Ron Largent The Largent Team
http://www.ronlargent.com/ ronlargent@kw.com