Hot Bargain Property October 11th, 2007
Lender Owned in Good Shape!
General: Urban East County, 3 bedroom 1 optional, 2.5 bath (one full, 2x3/4). Asking price between $375,000 and $400,000. I think $350,000 net might get it sold!
Why you should be interested: Lush yard, light and bright inside! Easy to get around in, not cramped!
Selling Points: The optional room apparently lacks only a door to make a legal bedroom, and has it's own bathroom! Good home for entertaining in a quiet neighborhood!
Why I think it's a potential bargain:Nice pleasant place that doesn't look like much from the outside
Obvious caveats: Most of the furnishings are older, but clean. May be permit issues with converted garage.
Why it hasn't sold already: That is a good question. Even a few months ago something like this would have been snapped up in a hurry
Monthly Income to Qualify: (assuming no down payment and average credit on a thirty year fixed rate mortgage, full documentation, one total point or less) $5730 gross. If you have a down payment or want to buy the rate down more, it will be less.
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 (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2200 per month most comparable currently available 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: Probably more suitable for older children. Roof looks like it needs replacing
Obvious way to enhance value or appeal of property: Put a door on the optional room and resolve the permit issues. Update the kitchen and bathrooms
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. If your current agent was finding properties like this, you wouldn't be interested.
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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