Hot Bargain Property June 15, 2007
Lender Owned - Nice Inside!
General: San Diego City, 3 bedroom 2 full bath bath. Asking price between $425,000 and $450,000. I think an offer of $400,000 net would get it sold.
Why you should be interested: I don't think I've ever seen a lender owned property that's in this good shape.
Selling Points: Bathrooms and Kitchen are nicely modernized.
Why I think it's a potential bargain: You don't find lender owned properties already modernized like this!
Obvious caveats: The yard is a mess. The back yard, in particular, is ugly and needs work. There are a couple of small holes in drywall inside as well.
Why it hasn't sold already: The landscaping issues just jump out at you. Before they even open the front door, the average person has decided they aren't interested.
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $300,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2100 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Flat roof.
Obvious way to enhance value or appeal of property: Clean up the yard, fix the few holes in the drywall.
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 am looking to represent buyers, so 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 bargains 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, and there is no reason not to sign such an agreement unless you're an agent yourself.
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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