Hot Bargain Property September 21, 2006
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!
Buy My Science Fiction Novels!
Dan Melson Amazon Author Page
Dan Melson Author Page Books2Read
Links to free samples here
The Man From Empire
Man From Empire Books2Read link
A Guardian From Earth
Guardian From Earth Books2Read link
Empire and Earth
Empire and Earth Books2Read link
Working The Trenches
Working the Trenches Books2Read link
Rediscovery 4 novel set
Rediscovery 4 novel set Books2Read link
Preparing The Ground
Preparing the Ground Books2Read link
Building the People
Building the People Books2Read link
Setting The Board
Setting The Board Books2Read link
Moving The Pieces
Moving The Pieces Books2Read link
The Invention of Motherhood
Invention of Motherhood Books2Read link
The Price of Power
Price of Power Books2Read link
The End Of Childhood
The End of Childhood Books2Read link
The Fountains of Aescalon
The Fountains of Aescalon Books2Read link
The Monad Trap
The Monad Trap Books2Read link
The Gates To Faerie
The Gates To Faerie Books2Read link
Gifts Of The Mother
Gifts Of The Mother Books2Read link
The Book on Mortgages Everyone Should Have!
What Consumers Need To Know About Mortgages
What Consumers Need to Know About Mortgages Books2Read
The Book on Buying Real Estate Everyone Should Have
What Consumers Need To Know About Buying Real Estate
What Consumers Need to Know About Buying Real Estate Books2Read
Logical failures (straw man, ad hominem, red herring, etcetera) will be pointed out - and I hope you'll point out any such errors I make as well. If there's something you don't understand, ask.
Nonetheless, the idea of comments should be constructive. Aim them at the issue, not the individual. Consider it a challenge to make your criticism constructive. Try to be respectful. Those who make a habit of trollish behavior will be banned.
Leave a comment