Hot Bargain Property November 11, 2007

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Lender Owned on Large Lot with Great View!

General: Santee, 2 Bedrooms + 2 optional, 1 bathroom.

Con:

What's Wrong With It: Lots of Stuff, starting with settling and foundation trouble. Truthfully, the value is in the land, less demolition and haul away.

Why It Hasn't Sold: It will take significant cash to fix it

Who it's Not Appropriate For: People who want a turn key property. This is definitely not that.

Pro:

Selling Points: Location has a great view, and the schools are pretty good also. Central to everything.

Who Should be Interested: Investors with the cash or people looking for a good lot for their dream home..

Why it's a Bargain: The lot is twice the size of most stuff built in the last few years, and the view will add a major chunk to the value of any livable property. Plus, you can get residential housing financing on it because the house isn't condemned.

Financial:

What I think I can get it for: $210,000 or maybe a bit less.

Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 6% for one total point.

With no down payment: fully amortized payment $1259 plus $170 temporary PMI based upon $210,000 loan. (APR 7.146 includes temporary PMI)

With 20% down: fully amortized payment of $1007 (APR 6.176)

Other financing options are available, potentially lowering the payments, but I'm quoting real loans that real people can get, that will stay exactly the same until you pay it off.

Investment potential: This is a great property if you're looking to build a new custom home or if you have the ability to get multiple unit housing approved.

To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!

Contact Information:

Dan Melson, Realtor
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116

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About this Entry

This page contains a single entry by Dan Melson published on November 11, 2007 12:00 PM.

Loans with Stealth "Cash Out" was the previous entry in this blog.

Working with Multiple Agents for a Purchase is the next entry in this blog.

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