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Two Fixer Houses on a Lot in Citrus Heights
What is not to love about marketing two fixer houses on a lot in Citrus Heights? There is a certain amount of freedom that is inherent for a Sacramento listing agent to sell two fixer houses on a lot. For one thing, I’m fairly confident nobody will complain about a photograph of a burned-out kitchen. Yes, I can throw that photo of the view through the second floor of the kitchen sink with abandon into MLS. Leave no stone unturned. Every bad thing about these houses is marketing GOLD. No mincing of words. Embellishing never crosses my mind. The worse I make it appear, the more investors, flippers and contractors drool over it.
Not that we need a ton of offers to buy these two fixer houses on a lot in Citrus Heights. Nope, we need just one fabulous offer from a committed buyer who will close escrow. Often we get investors who rush in, throw an over-list-price offer on the table and try to tie-up the sale before anybody else can buy it when they don’t even know if they want to. Then they cancel two days later. There are also the guys who slap down an earnest money deposit and then try to renegotiate after a home inspection over the very same defects they saw with their own two eyes in the first place.
I try to help my sellers to select the best offer, but it can be difficult. Although, over the years, I have sold so many fixer homes, I can say I am an expert now. Not to mention, I’ve also got a lot of hands-on experience fixing up houses. It’s hard to pull the wool over my eyes. Of course, I also rely on my private list of losers I’ve accumulated over the years who have flaked on previous sellers, and I share that information with my sellers, should an offer originate from one of those.
Having said all of that, let’s talk about this opportunity. For starters, the comps in the area show fixed-up homes are selling between $500 and $550K. These two houses are for sale at $295K. One of the houses has had a fire in the kitchen, and part of the ceiling is gone. The other house is not permitted. Not permitted means there is no permit on record. The front house is 3 bedrooms and 2 baths, with a fireplace in the living room. The Sacramento County Assessor shows 2,112 square feet and it was built in 1936. The back house is a 1 bedroom, 1 bath. There is also RV parking and a two-car garage, all situated on approximately 1.42 acres (*not verified).
7945 Mariposa Ave, Citrus Heights, CA 95610, is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $295K. For more information, see the virtual tour or call Elizabeth at 916.233.6759.
The information in this advertisement, including, but not limited to, square footage and/or acreage, has been provided by various sources which may include the Seller, the Multiple Listing Service or other sources. Lyon Real Estate has not and will not investigate or verify the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the Property and this advertised information utilizing appropriate professionals before purchasing this Property.
Sacramento Triplex Fixer Offers Investors Upside Income Potential
Sacramento triplex fixer needs work, on almost a half acre.
This Sacramento triplex fixer is finally on the market. The poor seller has been hounded by “well meaning” neighbors asking if they could buy the property, but the seller instead elected to list the triplex with a top Sacramento Realtor working at the top real estate brokerage in Sacramento. You know the name of Lyon Real Estate. You see our signs everywhere.
With nearby duplexes selling in the $220,000 range, imagine what you can do with a triplex for $200,000! It already has 3 meters from SMUD installed.
Competition nearby for sale (within a 1/2 mile) consists of a lonely fourplex listed at $449,000, but that lot is smaller. This parcel shows at .46 acres, per the Sacramento County Assessor’s office, which means it’s almost half an acre! There is also a garage that had been converted.
The property is fenced and secured. The previous tenant trashed the interior, and the sellers spent $5,000, per legal advice, to haul out the trash. The Sacramento triplex fixer is sold in its AS IS present condition. What you see is what you get. There are no warranties and limited disclosures.
Still, this property is situated on a fabulous street in the south Curtis Park neighborhood of Sacramento, that area between Sutterville and Fruitridge and West of Franklin. Below is a view of the street. Looks like everybody could be at work during the day, which is a good sign.
Front yard of Sacramento triplex fixer, east view toward Franklin.
2961 29th Avenue, Sacramento, CA 95820 is exclusively offered by Elizabeth Weintraub at Lyon Real Estate at $200,000. Please call your Sacramento Realtor, Elizabeth Weintraub, at 916.233.6759 for more information. Inspect property with offer, and all offers sent to the sellers immediately. Note to agents: please submit an offer on a Probate Purchase Agreement. Fast closing (10 days) is possible, no court approval.
How to Pick a Sales Price Without Comparable Sales
Trying to pick a sales price when there are few to none comparable sales is a little bit tricky in our Sacramento real estate market, but this is when an experienced real estate agent can be very helpful. Sometimes it comes down to relying on gut instinct, mixed with a bit of pixie dust sprinkled on top of those dusty old comparable sales, to come up with an accurate and reasonable number.
Further, I might do goofy things that are right on target such as grab a random sales price from 2005, divide it in half, multiple that result by 50%, and then slap another 25% on top to arrive at an estimate of value, which is often much closer than Zillow’s screwy Zestimate and computed about in the same fashion. But that’s just to double-check the ballpark. It’s not to pick a sales price.
When talking with a seller who just closed escrow yesterday on a fixer home I had listed, we had discussed the sales price and reviewed how we arrived at the final number. I confessed that it wasn’t based entirely on the comparable sales. My input was based a lot on how much I thought we could get for the property, resulting in the intrinsic market value of that home. The seller laughed and said he realized I had grabbed it from thin air when I made the recommendation.
Well, I wouldn’t say thin air. But it was an educated guess. It was an educated guess because although I had examined the comp prices for turnkey homes, I had not arrived at a value for the unknown condition of the property, which was basically trashed. I had been expecting to see a home in move-in condition. These types of homes are a bit difficult to price when the home has so much wrong with it that you can’t even figure out which part of the house you’re standing in. Oh, this must be the living room, I muttered to nobody, when it dawned on me where I was as the floor suddenly sloped down under my feet.
After hitting the market, lots of agents called to give me push back and to complain about the price. They thought it was too high. Many offered substantially less. They moaned and groaned. Hey, give the sellers what they want, I suggested; it’s simple, just do it. Don’t yak at me about the comps and your honorable intentions. Put up or shut up. Then, two buyers submitted offers that were very close to our asking price, and those were the two buyers we worked with, closing with the best offer and zero renegotiations during escrow.
Sometimes, you just get lucky trying to pick a sales price, but it helps to have experience on your side when you’re the seller.
