Hot Bargain Property! October 20, 2006
Great View on Large Lot!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $400,000 and $425,000. I don't say this much, but it's worth every penny. I'd probably offer $380,000 just to get the talks started.
Why you should be interested: Smallish house on a huge lot with room to grow. Has a great view, and if the neighborhood is older, it's also quiet and very nice, and the schools are pretty darned good.
Selling Points: Practically new kitchen! The place has been taken care of very well, from what I can see. Sits on a very large lot.
Why I think it's a potential bargain: Even if you offer full asking price, there are places selling in the neighborhood for more, that aren't as nice. Plus the seller can't afford the mortgage.
Obvious caveats: Asphalt driveway looks like it hasn't been resealed - ever.
Why it hasn't sold already: It was overpriced until a few days ago. Most agents haven't noticed the reduction yet.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, the property would be worth approximately $620,000. 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 $1750 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 selling.
Fact you should be aware of: This is one of the better properties in the neighborhood, but the owner is desperate enough that it's selling for an average price.
Obvious way to enhance value or appeal of property: Updating the bathrooms fixtures. Reseal the driveway. If you're ambitious, building an addition! There's plenty of room!
This property appears eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.
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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