September 2006 Archives

Move in Ready in Terrific Neighborhood!



General: Urban East County, 3 bedroom 1.5 bath. Asking price between $450,000 and $475,000. I'd start around $420,000.



Why you should be interested: This is a small but beautiful house in a great neighborhood, convenient to everything! If you've got kids, great schools at all levels!



Selling Points: Manicured front and back lawns, covered patio in the back with a very nice view of the hills.



Why I think it's a potential bargain: On the market and vacant for months, just had a major price reduction.



Obvious caveats: House and lot are kind of small



Why it hasn't sold already: It was overpriced. It's probably worth what they're asking for it now, but if you're willing to buy in this market, we can get it for less.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $320,000 in your pocket, assuming zero down payment. As opposed to renting the $1600 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $110,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: This home's in pretty good shape. Short of major additions, there's not much to make it worth more.



Obvious way to enhance value or appeal of property: There's some sheet linoleum floors that could stand upgrading. They look good, but people hate sheet linoleum One scuff or tear and the whole thing looks like excrement.



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. Ask me to find a bargain that fits you!

Major Project in Million Dollar Neighborhood!



General: Urban East County, 3 bedroom 2 bath. Asking price between $425,000 and $450,000. I'd start around $350,000



Why you should be interested: This building is basically an uninhabitable shell and major work would have to be done to make it habitable, but the payoff would be extremely lucrative. There are million dollar homes all around, and the last actual sale was a 2 bedroom 1 bath lower down the hill for nearly $600,000.



Selling Points: Lush mature trees and greenery, and 180 degree panoramic views of east county! Lot is sloped, but gorgeous!



Why I think it's a potential bargain: Worst house in one of the more upscale neighborhoods in the county!



Obvious caveats: This thing is a shell. It is missing windows and doors, there is no heat, you're going to have to do major renovations, and regulated lenders will not loan money on this property until there is an inhabitable residence on the lot. Only hard money will touch it, and you're going to have to spend a lot of cash to fix it up.



Why it hasn't sold already: Most buyers can not purchase properties with these constraints.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $390,000, and you spending $150,000 to build an $800,000 home, the property would be worth approximately $1.3 Million. If you held it those ten years before selling, you would net about $840,000 in your pocket, assuming zero down payment. As opposed to renting the $2600 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $750,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: Traditional financing is not available from any regulated lender on this property until the home is certified habitable.



Obvious way to enhance value or appeal of property: House needs major work!



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. Ask me to find a bargain that fits you!

Beautiful 4 Bedroom at a Great Price!



General: Urban East County, 4 bedroom 2 bath. Asking price between $425,000 and $450,000, and the comps actually support something higher. I'd start at $410,000



Why you should be interested: Beautiful, low maintenance yard! Most of the house has tile floors. Nice quiet street in an excellent neighborhood.



Selling Points: Front room is gorgeous. Low maintenance front yard, huge deck in the back.



Why I think it's a potential bargain: Just had a major price reduction. These people need to sell.



Obvious caveats: Kitchen could use some updating. Garage is full of stuff currently.



Why it hasn't sold already: It was overpriced. I doubt it's going to be there much longer.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $320,000 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 $180,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: This is not a fixer. The only work that really suggests itself to me is modernizing the kitchen cabinets.



Obvious way to enhance value or appeal of property: Modernize the kitchen cabinets.



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. Ask me to find a bargain that fits you!

Update This Blast From The Past!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $450,000 and $475,000, and the comps actually support around $430 to $440. I'd start at $390,000



Why you should be interested: Nice quiet street in a good neighborhood, close to park and freeway access.



Selling Points: Nice Courtyard in the front. Good closet space. Nice high cielings.



Why I think it's a potential bargain: These people have owned it forever and don't owe much. Nor do they have much cash, or they would have replaced the carpet, at least. Kitchen is straight out of the seventies and needs updating. People in this situation, it's kind of like found money when the house actually sells, but until then, they have to pay for upkeep and taxes.



Obvious caveats: Third bedroom is really more suited to a game room.



Why it hasn't sold already: Overpriced, and for no good reason. It would be a miracle to get more than $410,000 for this property in this market.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $390,000, the property would be worth approximately $635,000. If you held it those ten years before selling, you would net about $300,000 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 $190,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: Just that you're going to want to update everything.



Obvious way to enhance value or appeal of property: Replace the carpet and paint inside. Modernize the kitchen.



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. Ask me to find a bargain that fits you!

Best House on the Street



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $450,000 and $475,000, and the comps actually support that. I'd start at $420,000



Why you should be interested: This is a nice house in a quiet neighborhood that will not fetch what it would be worth elsewhere. A great place to raise a family!



Selling Points: Almost new kitchen with skylights, huge family room, master suite is nice.



Why I think it's a potential bargain: The fact that it's a misplaced improvement means that you get a lot for your money if you actually want to, you know, live there.



Obvious caveats: Your immediate neighbor behind is commercial, but past that is a nice view of the hills!



Why it hasn't sold already: Most of the buyers looking around to buy right now are looking to flip. This is the exact polar opposite of an ideal fixer or flipper target - the best house in the neighborhood. Whihc means you get a lot for your money, as the comps won't support a higher ask price.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. 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 $2100 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $210,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: This property has already been fixed up. Further work would be fiddling at the edges. Like I've said already, this is a place to live, not an investment.



Obvious way to enhance value or appeal of property: Water the back yard, put in a solid fence.



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. Ask me to find a bargain that fits you!

Lender Owned Fixer!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $375,000 and $400,000, and the comps actually support $450,000. I'd start at $330,000



Why you should be interested: This is a lender owned fixer property, and the owner vandalized it before leaving, but it appears that the damage is cosmetic. It does have an excellent view of the valley below.



Selling Points: Nice high ceilings, quiet street, the view from the kitchen and backyard!



Why I think it's a potential bargain: Buy it. Fix it. Have $450,000 home for maybe $350,000.



Obvious caveats: You're going to need to pay your own closing costs.



Why it hasn't sold already: It looks ugly inside, and people are driven off.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $330,000 and a fixed value of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $400,000 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 $350,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: You're going to have to fix some stuff.



Obvious way to enhance value or appeal of property: Clean, paint, carpet, water the grass, repair the damaged stuff.



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. Ask me to find a bargain that fits you!

Real Loans: September 25 at 2 PM

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The Best Loan of Right NOW



5.625% THIRTY YEAR FIXED RATE MORTGAGE, 2 points total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2303, APR 5.850! This is not an Option ARM! It is not an adjustable loan at all! This is the "gold standard" a fully amortized loan and a fully amortized payment that will never change for the life of the loan!



I have 5/1 ARMs as low as 5.375. Assuming a $400,000 loan, payment $2240, APR 5.574. This is not an option ARM! The payment, the real interest rate, and everything about it stay the same for five full years.



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (guarantee subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

I've been telling people that the flat spell on rents we've had locally in San Diego is going to change. Here's the first confirmation I've seen: $1,241 average reflects biggest climb in 4 years



The last few years, landlords have been buying in order to sell to a bigger fool. That has now changed. They've got to make money on their investment, and considering all of the ones that bought for too much, they are jacking rents up hoping to make enough not to lose their investment. Expect to see more of it. The article reports vacancy as being an incredibly low 1.8%. Supply and Demand. High demand, low supply. You can stay hitched to the rent escalator, or you can buy from people who have to sell right now. Yes, it'll cost more money per month, but within a few years, rent will be more than the mortgage, even without the consideration of tax breaks for buying. Your choice.



San Diego is a bleeding edge market. Most of what I predicted over on my other site in Looking Beyond The Bubble: What's Next For Highly Appreciated Markets has now come to pass, on the local scale anyway. Most of the national scale stuff is still pending, but I did say:



Rates have been rising of late, but there is a limit as to how far they are likely to go, if only because Bernanke and company are very shortly going to have irrefutable evidence of all of the above stuff nationwide. A nationwide economy has a lot of something analogous to inertia. Takes a while to move things in the direction you want them to go. More time, and more effort, than most folks, particularly bankers running our money supply, are likely to realize and sit still for without further pushing, which they have done a bit too much of, in my opinion, by about one full percent on the overnight funds rate





Now this was on March 31 (and one of the WSJ sites linked it on April 15th - blowing away the only Instalanche I've ever had as far as traffic is concerned).



What my point? That the next thing that starts to happen is rents rise, and when they do, more buyers move into the purchase market. We've already seen some of this. Also, some sellers have moved out of the market. A few weeks ago, I was seeing active listings total about 23,800 locally, and they're down to 22,500 now. Furthermore, the number of buyers has risen by about ten percent or so in the last couple weeks. Net result: We were at 38 or 40 sellers per buyer most of the summer. Last week it dropped to 34, and this week it's at 33. This is starting to look like it might be a trend, and when the ratio of sellers to buyers drops enough, prices are going to stabilize, the period of best deals will be over, and people are going to rush back into the market. It's got a long way to go, but where I have predicting Spring 2008 as the most likely market recovery point locally, I'm thinking now that it will more likely be some time next year, most likely early summer based upon current trendlines.



Those who are thinking that we're going to see $200,000 detached single family homes in San Diego are most likely going to be disappointed. I've said all along that the economic pricing support was there for $350,000 starter homes, providing rates stay about where I think they will, and rates going higher than I think they will (about 7 A paper 30 fixed par, where we're right at 6 now) means lenders will suffer even more in the short term in order to salvage their bottom line further out. I really don't think they will make that choice.



However long it takes, if you wait for the market to turn, you will now be at maybe 5 to 10 sellers per buyer, which is a more normal ratio, and when you don't have 30 sellers per buyer, you can't get them to work with you nearly so much. Prices will start moving back up, and if you wait for that to happen, you are hosed. It is far better to move now while prices are still moving somewhat downward. Yeah, you might "lose" a little on paper until the market turns. But you have the opportunity to negotiate a better bargain now than you will then.



Caveat Emptor.

Turn This Fixer Into A Showplace!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000, and the comps actually support that. Because it's a short sale, there's a limit to how low you can go, but I'd guess $400,000 would get it.



Why you should be interested: This is an older home on a huge lot. Nothing wrong with it, but it's old and not very attractive. However, it's also got all the stuff that can't be faked and can't be rushed. Huge lot with wonderful mature trees, hardwood floors. Modernizing it will be a project, but you've got room to work and a great setting! This has the potential to be a million dollar house.



Selling Points: Both the front and back yards are large, and have mature trees. Backyard is set up beautifully for entertaining. There's is room to expand the house, and the lot is big enough that you could put a pool in without using much of it. The front room has a great picture window.



Why I think it's a potential bargain: Flipper that got caught short.



Obvious caveats: It's old enough that it sits on piers. This has advantages and disadvantages.



Why it hasn't sold already: It's being mismarketed.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000, even if you did nothing. If you held it those ten years before selling, you would net about $310,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: Buildings this old sometimes have flaws I don't spot. Need a building inspector.



Obvious way to enhance value or appeal of property: Just modernize what's there. Buff the floors. Update the bathrooms. This thing is the best "diamond in the rough" I've seen in a long time.



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. Ask me to find a bargain that fits you!

Nice Home On A Quiet Street!



General: Urban East County, 4 bedroom 1.75 bath. Asking price between $475,000 and $500,000, and the comps actually support something close to that. I'd offer 430,000 net.



Why you should be interested: This is just a nice house with a decent sized lot on a quiet street that goes to good schools.



Selling Points: Travertine floors in kitchen, covered patio in backyard, enough room to move around.



Why I think it's a potential bargain: It's been vacant for months due to a transfer. If these people didn't have to sell, it would be rented.



Obvious caveats: I found cracks in the driveway. Might mean the foundation is in trouble, might just mean that most potential buyers get scared off for no good reason. A building inspector will know.



Why it hasn't sold already: Cracks in the driveway scare people off, and sometimes they don't mean anything.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. 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 $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $230,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: Like I said, a building inspector is a necessity here.



Obvious way to enhance value or appeal of property: Get rid of room dividers. Landscaping.



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. Ask me to find a bargain that fits you!

Limited Budget Buyer's Opportunity



General: Urban East County, 4 bedroom 2 bath. Asking price between $375,000 and $400,000, and the comps actually support something more than that. I'd start somewhere around $280,000 net.



Why you should be interested: If you don't have a down payment, you shouldn't be. This is a decent home that has two major problems. The first is that it is right next to the freeway, and the second is that it is a manufactured home, and so you cannot get 100% financing, which is what 95% of all buyers need. If the freeway was the only problem, $400,000 would be a reasonable price, but it's not. If you have a down payment but a limited budget, this creates an opportunity for you.



Selling Points: Nice large garage, open floor plan. Easily accessible to and from the freeway.



Why I think it's a potential bargain: Vacant, location, no curb appeal, but most important, financing.



Obvious caveats: This is a manufactured home, albeit on owned land, which means that appreciation will be limited. This is a place for someone who wants to raise a family, not flip for a profit.



Why it hasn't sold already: Location, Can't get 100% financing, lot is bare dirt.



Disregard everything I usually say about appreciation. It should appreciate, but nothing like most properties.



Fact you should be aware of: The combination of your down payment and seller carryback is going to have to be at least 20% of the purchase price.



Obvious way to enhance value or appeal of property: Landscaping. Grass. Plant a hedge in the back yard.



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. Ask me to find a bargain that fits you!

Entertainer's Home with a Gorgeous View!



General: Urban East County, 3 bedroom 2 bath. Asking price between $500,000 and $525,000, and the comps actually support something close to that. I'd start somewhere around $460,000 net.



Why you should be interested: This is a nice home with panoramic views. Open floor plan, ideal for entertaining. Has a deck to further extend your entertaining area.



Selling Points: Nice large garage with work area, and the neighborhood is excellent!



Why I think it's a potential bargain: It's been vacant for months. If these people didn't have to sell, it would be rented.



Obvious caveats: Steep Driveway.



Why it hasn't sold already: Good question. If buyers weren't so scarce, it would have gone by now.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $460,000, the property would be worth approximately $750,000. If you held it those ten years before selling, you would net about $360,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: Driveway is steep



Obvious way to enhance value or appeal of property: Update the bathrooms and cabinets.



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. Ask me to find a bargain that fits you!

Entertainer's Home 1 Minute From Freeway



General: Urban East County, 3 bedroom 1.5 bath. Asking price between $520,000 and $525,000, and the comps actually support something close to that. I'd start somewhere around $450,000 net.



Why you should be interested: This is a nice home, just far enough from a freeway that you don't get freeway noise. Open floor plan, ideal for entertaining. You could have entirely separate parties going on in the living room and back yard.



Selling Points: Nice large garage, open floor plan, covered patio, nice lawn. Easily accessible, children go to good middle school and great high school!



Why I think it's a potential bargain: Job transfer, and it's been vacant for months. If these people didn't have to sell, it would be rented.



Obvious caveats: Nothing I saw.



Why it hasn't sold already: It started out overpriced, and 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 $450,000, the property 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 $2350 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $250,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: I didn't see anything nasty



Obvious way to enhance value or appeal of property: Lighter carpet, replace the floor in the kitchen. They're both fine, but that would enhance the value. More light in the living room.



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. Ask me to find a bargain that fits you!

The Best Loan of Right NOW



5.625% 5/1 ARM, 1.5 points total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2303, APR 5.803! This is not an Option ARM! It is a fully amortized loan and a fully amortized payment! The rate is truly fixed for five years!



I have 30 year fixed rate mortgages as low as 5.75%. Assuming a $400,000 loan, payment $2334, APR 6.025. This is a loan that you never have to worry about adjusting! The payment, the interest rate, and everything about it stay the same from day one to the end of the loan!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (guarantee subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

Just a Basic Home in a Good Neighborhood



General: Urban East County, 3 bedroom 1.75 bath, with an optional room that could be a fourth bedroom or office. Asking price between $475,000 and $500,000, but the comps only support $450,000 at the most. I'd start somewhere around $400,000 net.



Why you should be interested: This is a decent single family home in a good neighborhood, that goes to some of the best schools around.



Selling Points: Newer kitchen. Nice large garage. Decent view from the back yard.



Why I think it's a potential bargain: There's not a lot that jumps out and says "oooh!" but I didn't see anything that said "Eeeew!" either. Vacant and on the market for months, it was initially way overpriced and it is still overpriced. But if these people have any clue at all, any actual reasonable offer should be jumped on at this point.



Obvious caveats: Nothing I saw.



Why it hasn't sold already: It's overpriced, and therefore the only people who are going to see it are also looking at superior properties for the same cost.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: I didn't see anything nasty



Obvious way to enhance value or appeal of property: Just the standard cosmetic stuff.



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. Ask me to find a bargain that fits you!

Bank Owned Fixer, Close to Everything!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I'd start somewhere around $320,000 net.



Why you should be interested: This is a decent single family home in a good area and within 2 minutes of two freeways. Lender Owned, which means they need to get rid of it.



Selling Points: Spacious kitchen. Shade trees in yard, and nice grass.



Why I think it's a potential bargain: The lender owns this and it needs lots of cosmetic work. Pool needs cleaning, the carpet is gone, there is some drywall that needs to be installed. The average buyer who doesn't know what they're doing will run away - making opportunity for those who do.



Obvious caveats: Obvious fixer work. I also heard traffic noise outside in the yard.



Why it hasn't sold already: The visual condition of the interior is a push away.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $320,000, and being worth $450,000 after repairs, the property would be worth approximately $730,000. If you held it those ten years before selling, you would net about $460,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $400,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: This place is ugly on the inside, but I didn't see any strctural problems. You want a building inspector, of course.



Obvious way to enhance value or appeal of property: Carpet, drywall, clean the pool!



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. Ask me to find a bargain that fits you!

5 Bedrooms With a Pool!



General: Urban East County, 5 bedroom 1.75 bath. Asking price between $475,000 and $500,000. I'd start somewhere around $420,000 net.



Why you should be interested: This is a pretty nice 5 bedroom home. Vacant and on the market for months, the seller should be getting desperate by now.



Selling Points: Nice wood paneling, and a backyard pool that looks pretty new! The carpet needs replacing, but the owner has even said they'll give an allowance so you can choose your own.



Why I think it's a potential bargain: The fact that they have not replaced the carpet, when their agent knows it would make it more attractive, says volumes. These folks need money.



Obvious caveats: Just needs sprucing up.



Why it hasn't sold already: People like to see things like carpet already replaced.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $320,000 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 $280,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Backyard fence could be higher.



Obvious way to enhance value or appeal of property: Water the yard, raise the backyard fence for privacy, replace the carpet.



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. Ask me to find a bargain that fits you!

The Bank's Loss Is Your Gain!



General: Urban East County, 3 bedroom 1.75 bath. Asking price starts near $400,000. I'd start somewhere around $300,000.



Why you should be interested: This is a bank owned property. It needs some significant work, but it's in a nice area. I think a general handy person could do most of the work, but let's get a contractor's bid to be certain. Fix it, and you've got a $480,000 property!



Selling Points: Nice neighborhood, and the house seems solid enough.



Why I think it's a potential bargain: The bank has to get rid of it and not only does it need the work, but the work it needs makes it visually unattractive. Most people aren't interested.



Obvious caveats: I can't prove it has air conditioning. One bathroom is currently not usable.



Why it hasn't sold already: UG-LY! (but fixable!)



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $300,000, and being worth $450,000 when the repairs are complete it would be worth approximately $730,000. If you held it those ten years before selling, you would net about $480,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $430,000 (minus the cost of repairs) ahead of the renter, after the expenses of selling.



Fact you should be aware of: One bathroom not currently usable, as I said. I can't prove it has air conditioning.



Obvious way to enhance value or appeal of property: Just cosmetic stuff that's mostly cheap and easy. Water the yard, for crying out loud.



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. Ask me to find a bargain that fits you!

The Best Loan of Right NOW



6.00% 30 Year Fixed Rate Loan, 1 point total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2398, APR 6.134. This is a loan that you never have to worry about adjusting! It will be exactly the same for as long as you keep it.



If you're sure you'll be in the property long enough to justify it, I have 30 year fixed rate mortgages as low as 5.5%. Assuming a $400,000 loan, payment $2271, APR 5.818. Once again, This is a loan that you never have to worry about adjusting!



I also have 5/1 ARMs as low as 5.625 with one total point. Assuming a $400,000 loan, payment $2303, APR 5.756. These are not option ARMS - that is the real rate fixed for five years and the payment is not only fixed but pays the balance down! Once again, no pre-payment penalty!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



These are the lowest rates I've seen offered on a real rate for a real loan for months!



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (guarantee subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

Because all of my house fishing time is taken up looking for specific clients! Until they tell me they are not interested in a property I find, I can't really put it up in public.



Ask me to find a bargain that fits you! Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com.

The Best Loan of Right NOW



5.375% 5/1 ARM, 1.75 total points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2240, APR 5.550. This is not an option ARM! This is the real payment on a thirty year loan, with a fixed interest rate for the first five!



This is the lowest rate I've seen offered on a real rate for a real loan for quite a while! If you act and I can lock while this rate is still in effect, I will guarantee the rate and the total closing costs in writing.



All these are retail rates! 30 year fixed rate mortgages available from 5.875%, and interest only is available!



On approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score.



Loans for bad credit, 100% loans and all other loan programs also available.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me.

Copyright 2005-2017 Dan Melson. All Rights Reserved

 



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This page is an archive of entries from September 2006 listed from newest to oldest.

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