Hot Bargain Property! January 16th, 2007
Lender Owned Fell Out of Escrow!
General: Urban East County, 3 bedroom 1 bath. Asking price between $350,000 and $375,000. A little bird told me it was in escrow for $345,000 net!
Why you should be interested: Detached 3 bedroom Single Family Home for the price of many condos!
Selling Points: Solid neighborhood!
Why I think it's a potential bargain: Other than the fact that a little bird told me what it was in escrow for?
Obvious caveats: Only one bathroom, and this property is a largely original 1950s vintage structure. The little bird also told me there are some noteworthy maintenance issues.
Why it hasn't sold already: It's not too far from an airport is the only thing I can think of.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $345,000, the property would be worth approximately $560,000. If you held it those ten years before selling, you would net about $270,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1600 per month most comparable currently available 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: The little bird only told me that the inspector found some issues, but I would bet the roof and the wiring are among them.
Obvious way to enhance value or appeal of property: Update the wiring. Redo the roof. Add another bathroom. Spend a little money or a couple weekends landscaping the front yard. Update the existing kitchen and bathroom.
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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