Hot Bargain Property December 5, 2006
Lender Owned in Upscale Neighborhood!
General: Urban East County, 3 bedroom 1.75 bath. Asking price between $575,000 and $600,000. I would offer about $520,000.
Why you should be interested: This is one of east county's more upscale neighborhoods, and this is a nice large property with a nice courtyard in front and a good sized back yard with a beautiful view of the hills. The property appears to be in really good shape for a foreclosure. Master suite has a fireplace and a nice extra room that you could use for an office or a nursery.
Selling Points: The kitchen and dining room are nicely tiled, the living room carpet looks new, there's a formal dining area that looks out the back at the hills!
Why I think it's a potential bargain: It's lender owned, and it's in pretty good condition, and it's in an upscale area. There are million dollar properties nearby. Nonetheless, until it sells, the lender is paying taxes and has a non-performing asset.
Obvious caveats: Like I said, lender owned, which means no transfer disclosures.
Why it hasn't sold already: It was in escrow and fell out. Their loss is your gain.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $520,000, the property would be worth approximately $840,000. If you held it those ten years before selling, you would net about $840,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2500 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $250,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Just the usual warnings for lender owned properties.
Obvious way to enhance value or appeal of property: Water the plants. Maybe update the extra room. It's pretty nice as it sits.
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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