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!
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