It’s always great to see things happening in our neck of the woods. Business thriving, homes restored, and new things coming to life all around us. The local women’s gym, Figure 8, seems to be a big hit. For the last month they have been undergoing a face lift, redoing their storefront and perhaps reconfiguring the entrance. This renovation should be an attractive upgrade to the already thriving neighborhood.
Stay tuned for the finished product.
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Curtis Park, Local Real Estate News
Tagged Curtis Park, fun, Local, Real Estate, Sacramento
I’m writing about these homes for two reasons: 1) I just got into contract on one for a client; 2) Solar is awesome.
Here’s the deal:
– New Home! Ten year warranty on structure and solar; Two year warranty on plumbing and electrical; One year warranty on everything else.
– Solar! The say that the power bills can be on average $20-40 / month. Low power users actually get paid, as they sell back the power that they do not use!
– My client is paying under $225K for a 3 bedroom, 2 bathroom home that is about 1500 square feet. Granite counter tops, good standards, and attractive finishes.
– Incentives! $8000 from the government as the home will be ready by the end of June. $5000 from Smud for solar panels. $6000 plus from the builder to pay for closing costs!
– Decent location, especially since my client works in this area; good resale value due to the solar; Parents approval… the list goes on. Check out the builder’s website. They mention cows across the way in their disclosures – ha ha ha .
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Home Buying
Tagged advice, Architecture, Buyer, buyers, buying, Environment, First time home buyer, Investing, investors, Questions, Real Estate, Realtor, Sacramento
I learn something new everyday. Last week one of my clients had a home inspected on which they made an offer. Everything seemed to be going smoothly… then he dropped this bomb on us. ” The heater is a consolidated type with NOx RODS.” The rest of us looked at each other blankly. “This type of furnace has been recalled because it is know to combust and burned people homes down” – just what the client wants to hear! From a sales point of view, this could be a deal- killer. From a safety standpoint, this could save people’s lives.
Do an internet search on Nox Rods and you will be amazed at the long list of warnings. For us, I was able to negotiate with the seller to hire an HVAC specialist to give this unit a “good bill of health” and their stamp of approval, since not all Nox Rod furnaces are created equal. If not safe, they said that they would replace it. Also it re-enforces the premise, just because homes are sold “as-is” and the seller states up front that they will do no repairs… “health and safety” always trumps that rigmarole.
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Valuable Information
Tagged advice, Buyer, buyers, buying, First time home buyer, Foreclosure, home inspection, Investing, investors, Real Estate, Realtor, Sacramento
While this is almost completely unrelated to real estate, I just had to add a category for my food, beverage and restaurant review. This is my blog, right! So focus can some time go out the window. I’m in the habit of taking a picture of a plate of food or bottle that I’ve enjoyed and want to remember.
About a week ago my family ambled over to Orphan in East Sacramento one Saturday morning. I read the Yelp
reviews and wanted to experience it for myself. Orphan is a breakfast joint that took over the formal Moxie Jr. location (Moxie’s [the original] is one of our favorites for an upscale dinner). Orphan is owned by the same folks as Tupelo Coffee, which is part of the Naked Coffee Roasting Co.
I’m not sure if this picture looks appetizing, but it was soooo good going down. It was an artichoke heart, tomato scramble thingie, with fresh baked bread. Oh, and if you are a coffee lover… their coffee blew my doors off. I mean, at first the whole spiel about how they brew each cup special, etc., etc…. I was like, yeah whatever, just give me the coffee! Then to drink this nectar of the gods… put it this way, I bought a pound to take home.
Go check it out.
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Local Eats
Tagged advice, Food and Beverage, fun, Happenings, Real Estate, Sacramento
I ha
ve landed in a place where I am selling a few of the properties I own, in a short sale position. It seems like a year ago there would have been ridicule and maybe a little pity for those poor folks who find themselves in this situation. I struggled to come to grips with this reality and felt some remorse. Now we all know someone who is facing foreclosure, being “upside-down,” late on their mortgage payments, or trying to short sell their home.
Short sales may currently comprise up to 75% of the market right now. All arrows are pointing to 2010 to be the year of short sales. Supposedly banks are getting government incentives and getting a clue in general. Oppose to letting these homes foreclose, a short sale is now the most workable route for both the owners and banks. Personally I’ve had successes with short sale at the end of last year and one already this year, which has changed my demeanor toward them. Now I trudge through the grueling process of pushing my own properties through.
I met with an agent and his buyer at my 4-plex that is up for short sale yesterday. After handing me the offer we discussed the short sale process. The other agent commented, “They should be called long sales, not short sales!” For the most part, very true. I just closed one that took the bank 4 months to approve. While another one that I listed got approval in 1 week! I still stand in unbelief. I just contacted an agent representing a short sale property, where they had a buyer waiting for ….. 15 months!!!! before they said, “Uh, this is ridiculous! We’re outta here! [my conjecture]”
I hold my breath and wait to see how my own experience will transpire.
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Short Sale
Tagged advice, Buyer, buyers, buying, Foreclosure, Questions, Real Estate, Realtor, Sacramento, Short Sale
I do business with a colleague that employs “sign shakers” – at least that’s what I call them. You know the guys who
dance on the corners twirling signs, spinning and shaking to whatever they are listing to on their iPod. There is a guy in Sacramento that dresses up like Spiderman. I saw a Mr. Pickles dancer the other day – that kind of freaked me out. My friend’s sign says “Cheap Foreclosures” – that’s it. In Sacramento, a cheap foreclosure might start at $40,000 (yes, this type of home is a dump in need of much work).
Check out this video about a sign shaker. I kept thinking it was a Saturday night live video spoof, but it is legit. Sign Shaker Video. I love the quote, …what are you feeding that boy?
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Culture and Local Happenings
Tagged advice, Buyer, buyers, buying, First time home buyer, fun, Happenings, Real Estate, Realtor, Sacramento
I came across an interesting article on AP news regarding an entire town in Latvia being sold at auction for $3.1. Check it out here
Posted in Global News
Tagged Buyer, buyers, buying, First time home buyer, Global Real Estate, Happenings, investors, Real Estate, Realtor, Sacramento, world news
I make it a practice to attend the home inspection walk-through with my clients – I think this is pretty common. I want to hear what’s going on and be able to address concerns that are brought up as a result of the inspector’s findings. Many times this can be a tedious experience… I’ve heard the same spiel from the home inspector 100’s of times now and Mike Phillips (one of the main guys I use) does a great job. But, following the inspector around for an hour and seeing where the water shut off value is, and hear that it’s typical to smell gas at the meter, and how gutter is Sacramento get leaves in them, and how no one installs their anti-tip bracket on the stove, and….. Sometimes I have to amuse myself by taking pictures of things that strike me as odd or funny in the “glaze” of the moment.
Here’s the latest…
What’s wrong with this picture?
Did you figure it out?
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Adventures in Real Estate
Tagged advice, Buyer, buyers, buying, First time home buyer, fun, investors, news, Questions, Real Estate, Realtor, Sacramento
Today was our first round table meeting to discuss the book, Trust Agents…
We have a small group of 5 appraisers (2 out-of-state joining us through Skype) and 2 real estate sales people (like myself), all hungry to learn and develop a new energy around our online presence.
So far so good.
Big thanks to Ryan Lundquist (appraiser) for coordinating this!
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Real Estate
Tagged advice, Buyer, buying, Happenings, investors, Real Estate, Realtor, Sacramento
In past posts I’ve been adamantly against short sales due to all the hiccups involved. It is still true that a buyer needs patience, emotional disconnect, and a reality check, however, this year and the years to come might be much different.
Definition – Short Sale: When a home’s value is less than the money owed on the note/mortgage; This produces a scenario where the lender (one holding the note) is given the opportunity to approve or reject an offer to “forgive” the difference between the offer amount (and real estate fees) and the current amount owed on the loan.
To reiterate:
1) Patience – I closed a few short sales this year for buyers and the average wait to hear back from the bank on an approval was 2 months. I currently have an offer out there for a client on a short sale and we’ve waited about 4 months with no approval from the bank as of yet. The other agent keeps saying, “soon, soon… hopefully soon.”
2) Emotional Disconnect – This is a tough one… How does one make an offer on a home to live in and not become somewhat emotionally attached? It can be such an emotional roller coaster! Here’s the real picture – one can make an offer and finally hear back from the bank 2 months later, only to find out that the sale is not approved. Or, what is more common, there is no approval or call back, just the information that the home has gone to foreclosure.
3) Reality check – Much of the time short sales are listed in better condition and less expensive than REO/Bank Owned properties. Why is that? That’s what I ask my clients. Here is the answer – the agent is never sure what the bank will accept until an offer is received and submitted to the bank. So, in fact, the listing price is not completely accurate. And it stands to reason that an agent might just list it for lower in an attempt to garner offers.
Here’s the other side of the coin. I just took a short sale listing. The seller’s were very cooperative in filling out our short sale package. My staff and I were diligent to contact the bank. We did out own Broker Price Opinion (BPO) and due diligence. We priced it fairly and receive multiple offers. We picked the best one and submitted it to the bank with all of the information they requested (we knew this ahead of time). The offer was accepted and approved by the bank within ONE WEEK! I add the emphasis because my jaw also dropped with I heard this news. I can’t really take too much credit either, but I do know that the banks appreciate a complete package and agents that have their act together.
Bottom line, my faith is renewed for short sales. Also this coming year I believe that along with government incentive, laws being pasted, and banks getting more adept at dealing with short sales, this segment of the market will be huge.
My company is primed and geared to entertain many short sales in the year to come. Let me know if you have questions, or think you are a candidate for short selling your home.
Enjoy,
Keith Klassen
Real Estate Broker
Posted in Home Buying, Home Selling, Short Sale
Tagged advice, Buyer, buyers, buying, First time home buyer, Foreclosure, investors, Questions, Real Estate, Sacramento, Short Sale
Sacramento Real Estate Reflections 