What caption would you give this photo?
Sacramento
Appraiser Shop Talk: Upcoming Changes from Fannie Mae
Here’s some shop talk for my fellow appraisers for some upcoming changes to appraisal standards for Fannie Mae. This is good stuff to keep in mind (even for others in the real estate industry). I’m grateful for appraisers like Bill & Tinna from REAA who are making videos like this every week. You can see their videos directly here or YouTube. You may notice a similarity to the TBWS videos too because the TBWS guys have been very generous and supportive to provide web space and video capabilities for Bill & Tinna.
Rehab Project on 37th Street in Sacramento = Good News for the Oak Park Neighborhood
What do you get when a builder runs out of money in the current economy, but is only half-way finished with a house? Answer: Probably a foreclosure. This was certainly the case with three 2,222 square foot 4/2.5 properties on the corner of 37th Street and 12th Avenue in the Oak Park Area of Sacramento.
I am very pleased to see these foreclosures were purchased earlier this year in a bundle deal by the same buyer for $35,000 each, and they are currently being rehabbed. When I think of an area improving, this appears to be a win because improvement happens one house at a time, doesn’t it?
Built-in Microwaves & Foreclosure
Is this still considered a built-in microwave? It’s a marketing feature too, right? Just be careful when taking out your Lean Cuisine or Hot Pockets because they might slide out to splatter you.
There is often a stigma for properties that are listed as “foreclosures”, so it’s no wonder that bank-owned homes tend to sell for less than regular non-distressed transactions. However, consider too that many times REO properties need things like interior paint, carpet, and even new microwaves (and kitchen repairs) like this Sacramento area house. So foreclosures will sell for less than typical arms-length transactions in many cases, but not just because of the REO stigma, but due to obvious condition issues.
