I got a new property assignment today, way out in Salinas. Naturally, I had to rush right out and do an occupancy check. I've never had a property assignment that far out before, it's a good 45 minute drive from my office. Salinas is a town that has been very, very hard hit by foreclosures, and property values have been crushed. This particular house is a single-family attached residence, in a neighborhood that seems nice enough.The house had been listed for much of the year as a short sale for $469,000 or so. There was an abandoned "for sale" sign still on the property, and a notice that it had been winterized. I talked to the neighbor lady, she was nice enough, and said that the former occupants had moved out back in January.Tomorrow, I'll go back there with my locksmith. I told him hey, I can just find one in Salinas, it's a long way to drive to make $120 or whatever, but he said no no, happy to make the trip, blah blah - I guess he doesn't want to risk one of his best customers finding another locksmith...after all, Salinas is not very far from Watsonville, where most of my business is.It turns out, this place probably isn't going to sell for more than $200,000. I'll probably recommend listing it for $175,000 - I dunno, I have to do the BPO first. Ahh, BPOs. Love 'em. LOVE 'EM. Not. But now, I have to do one chop-chop, as it is due momentarily.
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