Hot Bargain Property April 7th, 2008
Lender Owned with Panoramic Views!
General: La Mesa, 3 Bedroom, 1.5 Bathroom
Con:
What's Wrong With It: Stained Carpet is the only thing I can find.
Why It Hasn't Sold: New on the market, and I wouldn't expect it to last!
Who it's Not Appropriate For: People who can't handle stairs.
Pro:
Selling Points: The view looks out over the city and goes all the way to the ocean. Good sized back yard, nice and private! Large family room. Two car garage with inside access!
Who Should be Interested: This would be a great place to live! Good schools for families!
Why it's a Bargain: The view is fantastic!
Financial:
What I think I can get it for: $410,000.
Monthly Payment examples: I've currently got a thirty year fixed rate loan available for qualified buyers at 5.5% with one point, or 100% VA financing at 5.75% for the same one point
With no down payment: VA 30 year fixed rate loan at 5.75% one point (FHA 97% financing) payment $2427, (APR 5.883)
With 20% down: Fully amortized payment of $1862 (APR 5.642).
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: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000 the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $325,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2150 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $270,000 ahead of the renter, after the expenses of selling.
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, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116
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