Hot Bargain Property November 10, 2006
Lender Owned Listing Getting Close to Deadlines!
General: Urban East County, 3 bedroom 1 bath, optional fourth bedroom or office. Asking price between $375,000 and $400,000. I'd probably offer something close to $350,000.
Why you should be interested: Three bedroom house 15 minutes from Mission Valley at an affordable price. Minor fixer.
Selling Points: Mature yard needs work, but it's nicer inside than out.
Why I think it's a potential bargain: This is a lender owned property about to expire off the MLS. Any kind of decent offer is going to have the listing agent on our side, and the lender is starting to come up against regulatory deadlines.
Obvious caveats: Traffic noise, and I found some small cracks in the stucco.
Why it hasn't sold already: The yard hasn't been looked after in some time, and yards like this need at least some care. Big visual push away.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $350,000, the property would be worth approximately $570,000. If you held it those ten years before selling, you would net about $270,000 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 $130,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Traffic noise in the yard.
Obvious way to enhance value or appeal of property: Clean up the yard and update the fixtures. Water the lawn.
This property does appear to be 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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