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!
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
Measure Of Adulthood
Measure Of Adulthood 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