Dan Melson: October 2006 Archives

The Best Loan Right NOW



6.125 30 Year fixed rate loan, no points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2430, APR 6.165! This is not an Option ARM! This is a thirty year fixed rate loan without points. The payment and interest rate will stay the same on this loan until it is paid off! With points, 30 year fixed rate loans as low as 5.625%!



5/1 ARM loans available as low as 5.25%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down, and the rate is fixed for five years!



These are actual retail rates at actual costs available to real people!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score on a full documentation loan. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with either of the above loans!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

The Best Loan Right NOW



6.375 30 Year fixed rate loan, no points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2496, APR 6.416! This is not an Option ARM! This is a thirty year fixed rate loan without points. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 5.75%



5/1 ARM loans available as low as 5.25%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down!



These are actual retail rates at actual costs available to real people!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

Surprise! Updated Home of Quiet Street in Older Neighborhood



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $475,000 and $500,000. I'd probably offer about $440,000 to start.



Why you should be interested: Larger home with plenty of room, nicely updated. Great schools, just far enough from the freeway that you don't get traffic noise.



Selling Points: The kitchen is quite nice, as is the living room. Laundry room is seperate, off the kitchen. Has an extra room that would be easy to convert to a fourth bedroom or an office.



Why I think it's a potential bargain: On the market and vacant for months, there's been a $50,000 in price reductions, and there are now comparable properties selling for this asking price.



Obvious caveats: Didn't notice any



Why it hasn't sold already: It was overpriced until recently. It will not last at this price!



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $440,000, the property would be worth approximately $710,000. If you held it those ten years before selling, you would net about $340,000 in your pocket, assuming zero down payment. As opposed to renting the $2100 per month most comparable current 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: This is, once again, one of the better properties in the neighborhood, but the owner is desperate enough that it's selling for an average price.



Obvious way to enhance value or appeal of property: Update the bathroom fixtures. Make that extra room into a legal bedroom or a nice office!



This property does not appear 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!

Great View on Large Lot!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $400,000 and $425,000. I don't say this much, but it's worth every penny. I'd probably offer $380,000 just to get the talks started.



Why you should be interested: Smallish house on a huge lot with room to grow. Has a great view, and if the neighborhood is older, it's also quiet and very nice, and the schools are pretty darned good.



Selling Points: Practically new kitchen! The place has been taken care of very well, from what I can see. Sits on a very large lot.



Why I think it's a potential bargain: Even if you offer full asking price, there are places selling in the neighborhood for more, that aren't as nice. Plus the seller can't afford the mortgage.



Obvious caveats: Asphalt driveway looks like it hasn't been resealed - ever.



Why it hasn't sold already: It was overpriced until a few days ago. Most agents haven't noticed the reduction yet.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, the property would be worth approximately $620,000. If you held it those ten years before selling, you would net about $300,000 in your pocket, assuming zero down payment. As opposed to renting the $1750 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: This is one of the better properties in the neighborhood, but the owner is desperate enough that it's selling for an average price.



Obvious way to enhance value or appeal of property: Updating the bathrooms fixtures. Reseal the driveway. If you're ambitious, building an addition! There's plenty of room!



This property appears 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!

Nice House With a View in Great Neighborhood!



General: Urban East County, 3 bedroom 2 bath. Asking price between $475,000 and $500,000. I'd probably offer about $450,000 to start.



Why you should be interested: Nice House, well maintained, with a good view, and $650,000 homes around it.



Selling Points: The back yard has a spectacular view of the valley, and a spa to sit in while you enjoy it. Nice high cielings, it feels bigger than the square feet.



Why I think it's a potential bargain: Any time you've got the smallest home in a neighborhood, that's got the potential for being a great investment.



Obvious caveats: Bathrooms look a little out of date.



Why it hasn't sold already: Good question. I don't have a good answer. It's priced $20,000 above the homes in the valley below, but it's worth the difference and then some.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $450,000, the property would be worth approximately $730,000. If you held it those ten years before selling, you would net about $350,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $170,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: One of the smaller houses in the neighborhood. Open space starts not far away.



Obvious way to enhance value or appeal of property: Update the bathrooms is about it.



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!

Lender Owned Fixer!



General: San Diego City, 3 bedroom 1 bath. Asking price between $375,000 and $400,000. I'd probably offer about $330,000 to start.



Why you should be interested: Cosmetic Fixer in a quiet neighborhood but close the the freeway and a major mall.



Selling Points: The back yard is fairly nice. Sits on a 7000 plus lot, so there is at least room for additions.



Why I think it's a potential bargain: Between the owner and the lender, this thing has been on the market for over a year. Nobody wants it because it doesn't look good. It needs work. The lender should be ready to talk to anyone.



Obvious caveats: Didn't see any.



Why it hasn't sold already: It was and is overpriced compared to similar properies around it. Unless and until this changes, you're not going to have a lot of folks looking.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $330,000, the property would be worth approximately $530,000. If you held it those ten years before selling, you would net about $250,000 in your pocket, assuming zero down payment. As opposed to renting the $1600 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $140,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: This should be the cheapest property in the neighborhood.



Obvious way to enhance value or appeal of property: Just updating what needs it. Paint, carpet, fixtures. If you're real ambitious, building another bathroom or an entire master suite would probably be worthwhile.



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!

Minor Fixer with Lots of Room for the Family



General: Urban East County, 4 bedroom 2 bath. Asking price between $475,000 and $500,000. I'd probably offer about $430,000 to start.



Why you should be interested: Minor fixer needs updating in a great neighborhood! Decent sized lot, RV Parking, detached garage, living room and den!



Selling Points: You want to live in a great neighborhood? Want your kids to go to great schools? You don't mind doing a little work to get a great bargain? This is it!



Why I think it's a potential bargain: Vacant and on the market for months, these people need to stop paing two mortgages!



Obvious caveats: A lot of the yard has been taken up by additions.



Why it hasn't sold already: It was overpriced. It isn't any more.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $320,000 in your pocket, assuming zero down payment. As opposed to renting the $2200 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $230,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Some points are really nice, others are a little dated.



Obvious way to enhance value or appeal of property: Just updating some stuff that needs it.



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!

Big Lot and Beautiful Inside!



General: Urban East County, 3 bedroom 1 bath. Asking price between $450,000 and $475,000. I'd probably offer about $420,000 to start.



Why you should be interested: Nice home on a quiet street, with a quarter acre flat lot and huge family room. Excellent schools and close to everything.



Selling Points: Public area floors are hardwood and travertine! Both front and back yard fully fenced, front yard has mature shade tree. Family room and kitchen are gorgeous!



Why I think it's a potential bargain: These people have already moved out of town. They don't want to have to come back!



Obvious caveats: Carpet in bedrooms could use replacing.



Why it hasn't sold already: Only one bathroom, but the lot has plenty of room to add more!



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $320,000 in your pocket, assuming zero down payment. As opposed to renting the $1650 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $100,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Obviously, this is an older home, but it looks like it's in really good shape



Obvious way to enhance value or appeal of property: Add another bathroom.



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!

The Best Loan Right NOW



5.625% 5/1 ARM, 1 point total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2302, APR 5.756! This is not an Option ARM! This is a loan where the real rate is fixed for five years and the payment actually pays the loan down and you are welcome to keep for a full thirty years if you like it! 5/1 ARMS as low as 5.375%



30 year fixed rate loans available as low as 5.75%!



These are actual retail rates at actual costs available to real people!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

Or, Some Are Born Scum, Others Achieve Scum-hood, and others have scumminess thrust upon them.



I spent several hours Thursday "house-fishing". Kind of like people hunting for a house to buy for themselves, but I'm looking on behalf of clients. This eliminates embarrassing moments in front of clients, taking them to a place that may look great on the MLS, but has one or more factors about it that renders it a waste of the time I have with a particular client. I want the time a client gives me to be productive, and show them that I'm on the ball and know what I'm taking them to and that I won't waste their time. I really don't like taking clients to properties I haven't previewed. I won't do it without what I consider an over-riding reason, and there aren't many of those. But while out there, I had two really strong, "Some people are scum!" moments.



The first was mid-afternoon. I'd looked at several properties already and had half a dozen left to do. A little dog, maybe a Shelty or maybe a Corgi limped up to me when I parked. Poor creature looked dirty, bedraggled and hurt, but seemed friendly enough, so I petted her and got her calmed down. She had a license, so I called animal control, and the automated system gave me the owner's number. "Cool!", I thought, "I get to do a good deed today!" Called the number, left a message, left my phone number. She seemed willing to stay, so I was going to take a quick two minute look at the house while I left her outside, give the owner one more call and take her to the shelter. I've even got a couple bites of sandwich left in the car. Well, up drives an older man and the first words out of his mouth are "Bad dog!" That should have set alarm bells ringing, but it didn't, I'm ashamed to say. He apologized to me for her having run off, and she went off with him willingly. All was happy with the world, or so I thought. It wasn't until they were gone that I thought there were maybe some signs of, if not necessarily abuse, at least neglect. She was so happy to get some positive attention.



Then about twenty minutes and two houses later, my cell phone rang. Yes, they had owned a female Corgi - she was stolen about two years ago. I was standing there thunderstruck at what a idiot I had been. I hadn't even written down the license plate of the car the guy was driving. Imagine: Your dog is stolen. Two years go by, and you get a message on your answering machine that maybe, against all odds, someone has found your dog. Then the dimwit (that would be me) lets the thief make off with the dog again without even writing down the license plate of the car. I apologized, told the lady what neighborhood I found her in, and offered to at least describe the car and the man, and meet her and whomever else she wanted to bring at the corner closest, and we could all walk the neighborhood and look. If there ever is a next time, I'll write down the plate at the very least, even if the dog is wriggling in excitement and the six year old is happily crying that they got their doggie back.



Later on, something about the last house on today's route seemed a little familiar. No, I hadn't been there before. I couldn't put my finger on it, hard as I tried, and then I saw a picture, left behind on the floor. It was a guy I'd been working with about four months ago; he had been screwed badly by an unscrupulous lender. So badly that there was nothing I could do to salvage the loan situation. I priced him out with over seventy lenders, and the only place that would do the loan, the rate wasn't enough lower to help, and with the drop off in prices, then an appraiser I asked for a ballpark said the value had gone down so much that it was below that one lender's guideline. I felt rotten about it, but the only realistic solution was a quick sale. Comps suggested $455,000 as a realistic price, but the guy couldn't make the payments so I estimated the quick sale price was most likely about $430,000. Well, he was talking to other folks also, which was good and smart and I couldn't argue with the logic, and that other guy swore he could get the guy the loan. Well, the guy wanted to save his long-time home if he could, so I did the ethical thing: Told the guy while I sincerely doubted that a loan would actually be consummated given the situation (low credit score, high loan to value, and inability to document sufficient income), but if this other guy was certain, I understood and I wasn't absolutely certain it was impossible, just very unlikely. I basically got the heck out of the way of the guy's attempt to save his house.



Well, it's on the market now with a pending Trustee's Sale. It took me about five minutes to confirm the whole story when I got back to the office. This clown wasted the entire summer - peak buying season - trying to do a loan that I should have been more certain could not be done, while prices started to collapse, and then was rewarded for his perfidy with the listing, and since prices are further down now, and the guy trashed the place during the move out, I really don't think it will sell for more than $390,000 at the very most, and that's if it sells. If it doesn't, he gets a full-on foreclosure which is not something he can recover from at retirement age. Even if it sells for top possible dollar, it will end up with the guy having a net liability of several tens of thousands of dollars to the lender, or a tax bill to match for debt forgiveness if the lender forgives it. And I scored an assist for doubting myself, for not speaking out more strongly, for thinking that maybe someone else might be able to help where I couldn't, despite the evidence I get every day about what f-ing sleazeball incompetents out for a bigger commission no matter what it does to the client that so many people in my profession are.



(One of the earlier houses had a card with the agent's name, and the title was "Attorney/Realtor." Impressive enough, but he had left a Loan Worksheet there, promoting a thirty year fixed at 6.5% for "only" one point, or a 3/1 at 6.375 for "only" one point. Ladies and gentlemen, I have a 30 year fixed at 5.875% for that cost today, and a 5/1 at 5.625% for that cost. Last week, I had the thirty year fixed at 5.75% for that cost. The Dread Pirate Attorney's quoted loans have two points of yield spread on top of the point of origination he's charging. With the same assumptions he's using and no pre-payment penalty, I could do a literally zero cost loan - pay all the loan costs out of what I make and still come away with my usual compensation, if not more. That's the kind of difference shopping around can make.)



So I'm feeling lower than the repository of whale excrement right now, but lesson learned. From now on, no enabling the scum-meisters. I may not have been in it long enough to know everything, but I've spent enough time and effort looking for ways to make it happen, and systematizing everything such that I shouldn't be afraid to communicate in much stronger terms that something just isn't possible, and I'm going to start writing up contracts - simple written promises on a piece of paper - to give to people so they can ask the scum-meisters who promise something I know isn't going to happen. Sign it, or admit you can't do it. That way there's no pretense about it. If you really think you can do it, there's no reason why you shouldn't sign. I couldn't have saved the guy's house, but I sure could have kept the situation from being quite so bad - if I hadn't thought that just maybe somebody else might be able to do what I knew I couldn't and wouldn't pretend that I could. Yes, I am angry. Yes, I am disgusted. But I'm going to turn that around right now and start doing something positive about the situation. From here on out, nobody else gets victimized if I can do something reasonable about it.





Caveat Emptor.

Short Sale Fixer!



General: Urban East County, 4 bedroom 2 bath. Asking price between $400,000 and $425,000. I'd probably offer about $370,000.



Why you should be interested: This property is getting foreclosed upon. They owe the bank more than the property will sell for. If the bank is smart, they just want out.



Selling Points: It's a four bedroom house with a pool in a suburban neighborhood with good schools, has a sizable back yard, and it can be had for under $400,000.



Why I think it's a potential bargain: Ugly but fixable, and livable right now.



Obvious caveats: It's on a busy street. Pool obviously has a maintenance issue of some sort.



Why it hasn't sold already: This thing is ugly as it sits, and the owner isn't motivated to do anything because they're not going to get any money.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $370,000, the property would be worth approximately $610,000. If you held it those ten years before selling, you would net about $280,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $165,000 ahead of the renter, after the expenses of selling. If you update it right, of course, the difference will be more.



Fact you should be aware of: There's a fairly busy street in front.



Obvious ways to enhance value or appeal of property: Pick up the trash. Paint the inside and replace the carpet. Pour a little more concrete around the pool and fence it. Water the yard.



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!

Pay A Little, Get A Lot!



General: San Diego, 3 bedroom 1.75 bath. Asking price between $475,000 and $500,000. It could use some updating, but it's nice. I'd probably offer about $430,000 to start.



Why you should be interested: Nice home on a quiet street with a lot of features, including a great view, near excellent schools and close to everything.



Selling Points: That view! Nice covered backyard patio for entertaining or just watching the sunsets! Indoor greenhouse! Nice high cielings! Lots of storage space plus a workbench and room for 2 cars in the garage! Nice low maintenance front yard with irrigation system!



Why I think it's a potential bargain: All of the hard work that can't be rushed has been done. If you want to update it, it's mostly cosmetic work. Furthermore, it is vacant and the owners have owned it over thirty years. Given the realities of the situation, they are going to get a lot of money, even if it sells for a low price by today's standards - but they do have to sell to cash in!



Obvious caveats: One side effect of them having lived in it so long is that it looks like it was last updated in the seventies.



Why it hasn't sold already: It was severely overpriced. Comps support something close to the current ask - and it's a nicer property than those comps.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $335,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $180,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just that the lot is a little smaller than some.



Obvious way to enhance value or appeal of property: Update the bathrooms and kitchen.



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!

The Best Loan Right NOW



5.625% 5/1 ARM, 1 point total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2302, APR 5.756! This is not an Option ARM! This is a loan where the real rate is fixed for five years and the payment actually pays the loan down and you are welcome to keep for a full thirty years if you like it! 5/1 ARMS as low as 5.375%



30 year fixed rate loans available as low as 5.75%!



These are actual retail rates available to real people!



The rates are higher than last week. Don't wait!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com



(sorry this is later than usual. Some of my automated updates had trouble yesterday)

Cabin Feel, Needs Update!



General: Urban East County 3 bedroom 1.5 bath. Asking price between $375,000 and $400,000. I'd start around $370,000 because of how dated it is.



Why you should be interested: Flat lot of over a quarter acre with mature trees and a huge garage and workshop! Lots of upscale properties in the area, and you're within about 20 minutes of Mission Valley or downtown!



Selling Points: It has a cabin feel to it! The front yard is very low maintenance, and the back yard is quite lush! Real wood floors!



Why I think it's a potential bargain: This is what $650,000 properties in this neighborhood look like before someone spends $20,000 to $30,000 updating them.



Obvious caveats: Window air conditioning. Put in a modern system if you want to be comfortable - or sell for the best price!



Why it hasn't sold already: Most folks don't see the diamond, only the rough. There has just been a large price drop so I don't think it's going to last long!



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $370,000, the property would be worth approximately $600,000, without taking into consideration updates. If you held it those ten years before selling, you would net about $290,000 in your pocket, assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $150,000 ahead of the renter, after the expenses of selling. If you fixed it up right, the difference would be much more.



Fact you should be aware of: The inside of the house looks like something out of the 1940s.



Obvious way to enhance value or appeal of property: Buff the floors, paint the walls, put in a real air conditioner!



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!

The Bank's Loss Is Your Opportunity!



General: Semi-Rural East County (30 mins to downtown, 25 to Mission Valley), 3 bedroom 2 bath. Asking price between $425,000 and $450,000. I'd start around $390,000 because it needs work.



Why you should be interested: This lender-owned property has some real potential to be a showplace if you're willing to put in the work! Solid if dated, spectacular views over a valley and up the hills! Sloped lot, but the terracing has already been done for you! There's no end to what you might do with the level areas of this nearly half acre lot!



Selling Points: That view! Nice deck for entertaining! Living room fireplace! Terraced areas behind the house!



Why I think it's a potential bargain: I can see ways to turn this into a showplace if you've got the willingness to work. It's dated and the lender isn't spending any effort to fix it up, so most people won't make offers if they did. But if you buy before someone spends $20,000 turning it into a $650,000 property, you have that opportunity.



Obvious caveats: The roof itself looked okay, but I saw signs of wear on the eaves.



Why it hasn't sold already: It was overpriced for the condition it is in, is now reduced some. It also needs updating.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $390,000, the property would be worth approximately $630,000. If you held it those ten years before selling, you would net about $300,000 in your pocket, assuming zero down payment. As opposed to renting the $2000 per month most comparable current 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. If you fixed it up right, the difference will be more.



Fact you should be aware of: Road to property has not been well maintained, but is still flat if bumpy.



Obvious way to enhance value or appeal of property: Update everything! Add a little pizazz to the outdoor entertaining areas!



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!

Rural Living Close to the City!



General: Rural East County (30 mins to downtown or Mission Valley), 3 bedroom 1.5 bath. Asking price between $475,000 and $500,000. I'd start around $400,000.



Why you should be interested: This two level house feels much larger than 1500 square feet, and sits on a third of an acre lot with magnificient views. Country living close to the city.



Selling Points: The views from the living room and two of the three bedrooms are wonderful! Plenty of room for kids to play, or for grown-up projects as well.



Why I think it's a potential bargain: On the market and vacant for months, it has had a major price reduction. Needs to be updated, so they're not seeing offers.



Obvious caveats: The only parking I really saw was the garage, which is the only thing that keeps it from having entertainer's showplace appeal.



Why it hasn't sold already: It was overpriced. It also needs updating - it's not everyday you see that seventies avocado green.



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 $315,000 in your pocket, assuming zero down payment. As opposed to renting the $1800 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of fixing and selling.



Fact you should be aware of: It sits largely above the property. Fence looks like it could use some work, as well.



Obvious way to enhance value or appeal of property: There's some sheet linoleum floors that could stand upgrading. Get rid of the avocado green counters! Update the bathrooms!



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!

The Best Loan Right NOW



5.75% THIRTY YEAR FIXED RATE MORTGAGE, 2 points total, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2334, APR 5.977! This is not an Option ARM! It is not an adjustable loan at all! This is the "gold standard" a fully amortized loan and a fully amortized payment that will never change for the life of the loan!



30 year fixed rate loans available as low as 5.5%!



I have 5/1 ARMs as low as 5.25%. Assuming a $400,000 loan, payment $2209, APR 5.564. This is not an option ARM! The payment, the real interest rate, and everything about it stay the same for five full years.



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com