Jason Elrod - Real Estate Broker

This is a great opportunity to purchase a first floor end unit in a wonderful gated community. Great walking trails and green space greet you as you approach your courtyard entrance to this home. Full 2 car attached garage and a fitness center with pool make this a deal you just can't pass!

Call Jason Elrod at 916-626-4266 to schedule a showing or for more information today.

or you can visit me online at http://www.ElrodRealEstate.com

With all the current foreclosures in our market, I though it would be a good time to talk about the buying process when it comes to REO (Real Estate Owned by a lender) properties.

Some REO properties can be purchased for 40%-50% of market value, but the majority will sell within 5% of true market value at this time.  REO properties are usually sold ‘AS-IS’ so keep in mind that a bargain price may be run back up once you factor in any repairs or reconditioning that needs to be done.   Also, like any real estate investment (either as a personal residence or straight investment), location is key.

REO properties can be found in all areas and all neighborhoods.  This ranges from a $25,000 bungalow to a $2.5 million estate.   It is best to define your needs and then focus on the exact area(s) that you are interested in and that will meet or exceed those needs.  When the correct property makes itself available, then you will be able to pounce on it with your offer.

Speaking of that offer, it has to be solid.  Down payment, loan pre-approval in hand and no ‘funny business’ in the contract.  You will also be on your own for the cost of inspections and any home warranty.  On the upside, you can expect the lender to cover the costs of any title and escrow fees as well as transfer taxes and government mandated safety issues or retrofits.  If you need or want money back for closing costs then you better make a higher offer.   It is a simple math problem with the highest net offer the lender receives getting preference.  Keep it simple and keep it clean and you will have a much better chance of getting that property.

Finally, your best resource is to find an agent who is familiar with BOTH the area and dealing with bank owned property.   There are a lot of area ‘specialists’ out there, so make sure yours not only knows the location you are interested in, but has experience with the REO business.  It is a specialty all its own.

(These same rules also apply with dealing with short sales, but that is a different beast all together.)

I hope this helps and if you have any questions or comments, feel free to contact me or my team and we would be happy to help out. 

No obligation and all advise is ‘AS-IS’ with no warranty expressed or implied.

:)

Have a great one!
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Jason Elrod
Broker Associate
Keller Williams Realty
Jason@ElrodRealEstate.com
www.ElrodRealEstate.com
www.REOandRELO.com
office: 916-626-4266

Enjoy the great weather this weekend and check out some of these local events:

Roseville

Sept. 20th ~ Movies in the Park (Buljan Park) Come enjoy FREE Movies in the Park with your neighbors, family members and friends. The movie is shown on a 25 foot inflatable screen. Bring your blankets and lawn chairs and sit back and enjoy the movie. The movie will begin at sundown (between 8:00 - 8:30 pm). This week’s movie “Happy Feet”

Sept. 19th & 20th ~ Magic Circle Theatre (Tower Theater) The Last Night of Ballyho - A Comedy/Drama by the Pulitzer Prize winning author of Driving Miss Daisy, Alfred Urhy Ticket Prices are $22.00 for adults, $20.00 for seniors and students, and $12 for children 11 and under. Tickets are available at the door, but reservations are recommended. Please call the theatre box office at (916) 782-1777.Curtain Time 8:00 PM (421 Vernon St., Roseville)

Sept. 20th ~ Movies in the Park (Buljan Park) Come enjoy FREE Movies in the Park with your neighbors, family members and friends. The movie is shown on a 25 foot inflatable screen. Bring your blankets and lawn chairs and sit back and enjoy the movie. The movie will begin at sundown (between 8:00 - 8:30 pm). Movie – “Happy Feet”

Rocklin

September 20th ~ “Hot Chili & Cool Cars” Street Faire Rocklin's 15th annual "Hot Chili & Cool Cars" street faire, where automotive enthusiasts and chili lovers from all over the region come together to enjoy a day of entertainment, activities and fun for the entire family. Pacific Street between Rocklin Road and Midas Avenue. 10:00 AM - 4:00 PM Contact: Rocklin Chamber of Commerce @ 916.624.2548 Hot Chili & Cool Cars Information

Lincoln

Sept. 20th ~ Fish'n Kids Fishing Derby 9:00 AM Big M Fishery—Sponsored by the Lincoln Police Activities League. For more information call: 916.645.4040

Auburn

Sept. 20th ~ WalkingTour-OldTown Auburn (530)889-6500 Placer County Museum Docent Guild. Meets at the Courthouse.

 

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Make it a great weekend!

 

Jason Elrod

Broker / Realtor

Keller Williams Reatly

916-626-4266

http://www.ElrodRealEstate.com

 

 

Hey there!

I just wanted to drop a quick post to give some kudos to one of my new favorite services.  JOTT.COM.

Basically it is a Web 2.0 service that allows you to call a toll free number and speak the content of a 'note' and it will automatically transcribe it into text for you and add it to a to do list.  Then you have the option of setting a reminder which will email / txt you at the appointed time.  Brilliant I say!  :)

The basic service is free but the entry level paid service is only $3.95 /mo and gets you a lot.  You can 'JOTT' to your blog, JOTT to a friend (anyone in your contacts that you have uploaded), JOTT a to do list, JOTT an Email Draft and a whole lot more that I still haven't had a chance to try out.

Give it a whirl and let me know what you think.  It has already helped save me time while out and about it's just like having my own personal secretary!

Enjoy and have a great one!

 

Jason Elrod

Broker Associate
Keller Williams Realty
www.ElrodRealEstate.com