Hot Bargain Property August 10, 2006
Unexpected Showplace At A Bargain Price!
General: East County, 3 Bedroom, 1.75 Bathrooms. Asking price range in the mid to high 400s. I think $420 to 430 net would be enough.
Why you should be interested: Beautiful property with nice front yard and fenced pool in good neighborhood.
Selling Points: Fenced pool! Front yard almost manicured! Nice interior decoration! Goldfish pond in front!
Why I think it's a potential bargain: Vacant and on the market for months. The seller can't afford it, and the bank is going to have no choice except short sale. Seller listed with a discounter, when they should have gone full service.
Obvious caveats: Short sales take a little longer.
Why it hasn't sold already: I am not seeing any evidence that the discount lister has done anything to earn their money. The price started too high, and while it is now reasonable, the market is bad.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $425,000, it would be worth approximately $690,000. If you held it those ten years before selling, you would net about $330,000 in your pocket, assuming zero down payment. As opposed to renting the $1900 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Nothing I noticed.
Obvious way to enhance value or appeal of property: Not much comes to mind. It's basically move in ready.
I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.
Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.
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