Market trends and real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely.
Here’s a look at all 2-4 unit sales in the 95815 zip code of Sacramento over the past three years. No, these are not single family units. These are duplexes, triplexes and fourplexes. It’s amazing to see how far prices have come down from recent years when so many of these properties sold previously for $300,000-$400,000+. You think some of these might pencil nowadays?
If you’ve seen or heard of the show Hoarders, you may have come across a house like this. A client purchased this West Sacramento property earlier in the week for nearly $20,000 and gave me permission to do a video before they do a complete remodel. This property can best be described as a “hoarder’s delight”. There is rubbish and junk everywhere throughout the house and it has some very obvious condition issues too.
As I mentioned in the video, it can be very challenging to get a loan on a hoarder property because of the health & safety and potential or actual condition issues. However, it is possible (If FHA, it would probably take an FHA 203K loan because a traditional FHA loan won’t work). I’d be curious to hear from anyone who has found success on either side if the equation, whether obtaining the loan or brokering the loan.
What do you think of a house like this? What types of potential health and safety and condition issues do houses with hoarding face? How does hoarding impact life and even real estate?
This comes up for FHA deals when investors purchase properties and then “flip” them. I’ve seen quite a few flips in the Sacramento area over the past year (yes, even in this economy). I hope the information below proves helpful in case you are wondering when a second FHA appraisal is required during a flipping scenario. Verbatim from HUD:
FAQ : Is a 2nd appraisal only required under the Property Flipping Rule?
Solution Details : Under property flipping guidelines, a lender must obtain a second appraisal by another appraiser if:
1. the re-sale date of a property is between 91 and 180 days following the acquisition of the property by the seller, and
2. the resale price is 100 percent or more over the price paid by the seller when the property was acquired.
When a second appraisal is required
ML:09-48 Handbook 4155.2: 4.7, 4.7.f, 4.10.b-c
If you have questions or any appraisal needs, feel free to contact me at 916-595-3735 or ryan@LundquistCompany.com.
The Stagger Inn in the City of Rancho Cordova has been a blight to the community for too many years, but it’s now gone. On April 1, 2010 a group of residents and city employees celebrated at the sight of a backhoe ripping into this dilapidated building that has been vacant for over ten years. The Stagger Inn was ironically demolished on April Fool’s Day with the idea that “It Isn’t a Joke” that it’s finally happening.
Blight impacts property value and even the ethos of a community. How have you seen blight affect property value, a particular neighborhood, or the way a community at large feels about a certain section of town?
I recorded the following video on the day of the demolition. Enjoy.