Hot Bargain Property August 12, 2006
Unexpected Showplace At A Bargain Price!
General: East County, 4 Bedroom, 1.75 Bathrooms. Asking price between $525,000 and $550,000. From Market Analysis, I think it'll comp out about $500k, and the seller would take $450k if they were smart.
Why you should be interested: Nice solid property in a good neighborhood with good amenities.
Selling Points: Nice pool, freshly redone. Concrete pad in front that can be used for RVs. Nice quiet cul-de-sac.
Why I think it's a potential bargain: Sellers are in serious financial trouble, and they're headed for foreclosure. Seeing as how it's overpriced, the agent is desperate for offers.
Obvious caveats: At a price they can get, this is probably a short sale, which takes longer.
Why it hasn't sold already: The asking price is too high.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $450,000, it would be worth approximately $730,000. If you held it those ten years before selling, you would net about $350,000 in your pocket, assuming zero down payment. As opposed to renting the $2400 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $260,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: There's a major street running behind the property.
Obvious way to enhance value or appeal of property: Fresh paint and more grass is about it.
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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