I’m thinking the properties you have already seen are off the table. Time for 17 and 18. Is that where we are here?
After research the properties in La Mesa are not right. So I won’t even bother to number them.
I’fe still got two offers out on #13 and #16 but they have technically expired.
I’m sure something will come up!!
Update on #16 - the absolute mess in San Carlos area with pool that is owned by bank after foreclosure. The bank seems to be proceeding along getting estimates for ‘clean up’ and termite report. This means that they will probably insist on listing the house, although it could be that they are getting the estimates to help them determine current value of house in order to compare to my offer. Who knows.
Agent will share the bank’s estimates with me this week.
Back in business - out searching again. I am going to view 4 houses this afternoon.
Wow, cb! Good luck with the hunt.
Found a couple of good ones today. I think we are at #17
Property #17
Very large house in an inland neighborhood that I am not familiar with, but my listing agent keeps begging me to find something there because it is highly desireable for families searching (she is representing two different families that are searching there right now). I don’t understand the neighborhood - University City.
House is going into foreclosure and the single woman Seller is trying to sell before the auction comes up. In this case, it is a smart move because she has about $300,000 in equity and she should have sold earlier before she got into hot water. Now, it’s a fire sale. They want an all cash, quick close buyer. I think they are going to get multiple offers but I went straight to the listing agent to make my offer. I don’t have time to do a completely thorough inspection (crossing my fingers) because they are going to review the offers Monday morning.
My agent went through the Open House with me and she really likes it. I’m not that emotionally attracted to it. But, I sent in an offer.
Property #18
Cute older Grandma home in Point Loma with… views!!! sweeping views that are not being maximized by the little house. Not in horrible distressed condition, just needs walls moved, new kitchens and baths and some new curb appeal. It’s on a steep slope lot but the entire house is at street level, so single level living. One small garage at street level and then there is a steep driveway along side to a 2 car garage under the house. I’m thinking of converting the downstairs garage area to a large guest suite with bath and den. Need to add inside stairs between upper level and lower level. I envision this as the perfect retiring couple home. Not a lot of yard maintenance, they can lock and go. Single level living with really good views on a quiet street.
Met with the Listing Agent and he shared that the property has fallen out of escrow twice already and the Seller is just plain motivated to sell. It is the grandson of the owner who is the Trustee. Going to drag my carpenter over there tomorrow evening for a thorough inspection so I can make a strong offer
Fingers crossed!! :)>-
That one sounds like it’s right up your alley!
18 sounds great!
Both sound promising! Yippee!
.@zipyourlips, "That one sounds like it’s right up your alley! "
Right up OUR alley!
Awesome. Here’s hoping one of these pans out.
CB - both of the ones above sound great! I have quite a few friends that live in UC. Many moved there when kids were young as the schools are good and they have stayed as the location is very central with easy freeway access if you work anywhere north or south of there.
Welcome back, cb - both of these new houses sound promising. We seriously considered University City because of the housing stock in our price range but in the end DH said it was too much like any suburb.
Why did a deal for #18 fall through twice? There must be some issue lurking there.
I had a long discussion about the prior escrows on #18 with the listing agent. The house was originally priced at $795k and they went into escrow with owner buyers. The house passed inspection, or at least the buyers released the inspection contingency. The Seller had to do about $10k of termite repairs and fumigation. They had to get out the tenants that had been living there (with Liberace furniture that is still in the listing photos!!) and then 2 days before close of escrow they just cancelled. Seller was pretty furious
Then they dropped price to $750k and had a cash investor offer that was accepted. Investor never delivered the deposit so they put it back on the market.
The listing agent is going to give me the full inspection report from the first buyer which should be very helpful in determining how much work is needed. The main issue is the house is in the flight path which a lot of people don’t like. But, on the other hand, the house has been through the Airport Quiet Home program which means they have brand new triple pane windows and sliding patio doors, brand new furnace and brand new AC. That, with the termite work, reduces my renovation costs a lot.
I’m still debating whether it is a good investment to pull permits and do an entire garage conversion to the downstairs area. I would gain square footage, a guest suite and a large family room. It’s really difficult to analyze whther it is an over improvement or whether it would increase profit potential. It usually does increase future price, but it has to be balanced against the time and effort required.
Yes, University City is a large tract home area in the ‘suburbs’. I personally do not get the appeal but I think it is desireable for larger homes, better schools and easy freeway access. On the other hand, that is the area of the freeways that are choked with bad traffic. This house was built in the 1960s and one of the issues I can see is that there is aluminum wiring which is scary, but can be mitigated with a retrofit, does not require re-wiring the house.
@coralbrook: What might the house sell for once your renovations are done? $750K is a pretty big price tag already.
I agree… way more than I would normally spend. It’s only going to command about $900k fixed up, very tight margins.