Hot Bargain Condo November 2nd

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3 Bedrooms under $300,000



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $275,000 and $300,000. I'd probably offer $250,000 just to get the talks started.



Why you should be interested: 3 bedroom condo in quiet neighborhood with good schools under $300,000.



Selling Points: Nicely tiled hall and kitchen. Laundry facilities right next to the bedrooms!



Why I think it's a potential bargain: Even if you offer full asking price, there are places listing in the complex for more, that aren't as nice. Plus, the seller needs to sell for tax reasons.



Obvious caveats: There are downstairs neighbors



Why it hasn't sold already: Usual story: Overpriced initially, then realized that they really need to sell it.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $250,000, the property would be worth approximately $410,000. If you held it those ten years before selling, you would net about $195,000 in your pocket, assuming zero down payment. As opposed to renting the $1500 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $125,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Units that aren't as nice are selling for more.



Obvious way to enhance value or appeal of property: See if you can cover your patio.



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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About this Entry

This page contains a single entry by Dan Melson published on November 2, 2006 8:27 PM.

Real Loans for Real People: October 30th at 1:30 was the previous entry in this blog.

Real Loans for Real People November 6th at 3:00 is the next entry in this blog.

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