Profile picture for Undone

Would you buy for pre-90's pricing?

I've been casually looking at local properties, and one caught my eye.
75k for a 3/1, built in the 50s. It's nothing spectacular, but it's in a decent area (West Sacramento, on a cul-de-sac, has had some updating, on a large lot (third of an acre).

Last time it was sold was for 88k...in 1992.

What are the realists thoughts?

  • March 16 2009 - US
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Answers (17)

Interesting.  How long has it been on the market?  Is it bank-owned or a short sale?
  • March 16 2009
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Profile picture for sunnyview
Sounds good. West Sac has has some issue inthe past, but the new development has put shopping, services and very commutable jobs within reach. Based on rents I'm seeing on craigslist for that area, I think it would be hard to lose in the long term unless the neighbor was a serial murderer.
  • March 16 2009
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Profile picture for Undone
It's only been on the market a week. It's a short sale.
I know things can get crazy, and it might sell for way more...I'm not saying 'look, I'm gonna get this house!!!!11one'

Just pondering if it would be worthwhile if I could indeed pick it up at that price. :)

Here's the link to the Zillow listing:
http://www.zillow.com/homedetails/2024-Manzanita-Way-West-Sacramento-CA-95691/16513252_zpid/


MLS number is 90020179
  • March 16 2009
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I wonder why it is short if they have been paying the mortgage since 1992.  HELOC?

  • March 16 2009
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Profile picture for Undone
sunnyview - Yeah, some areas in West Sac are still a little rough, but those are further north of this house...and they have a great police force...every time I drive through, I always see at least one cop patrolling, if not two or three.
  • March 16 2009
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Profile picture for Mr Caveat
I wouldnt try to time the market. wait for it to level off/bottom out. you might be surprised if, after just a couple of years, 1990s prices seem high, under the light of a stronger dollar and 10% unemployment
  • March 16 2009
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Profile picture for Undone
K101 - Must have been. All I could hope is that they put at least some of that money back into the house.
NTETS - PITI would be ~$500 less than rent on comparable houses (almost $1k less than what we're paying now). What if I were to buy this house, then in two or three years, buy a much better house on the leveled market, and rent this one out?

And for the record, I'm not trying to convince anyone to tell me I'm right...just rolling these thoughts around the ol' noggin.
  • March 16 2009
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Profile picture for sunnyview
Pretty cute. Your rental income would more than cover the mortgage so I would look into it. They may be trying to do the multiple bidder thing, but who knows. At that price, who cares.
  • March 16 2009
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For what it is worth, here is my take on short sales these days.  The listing agents have figured out that they need an offer (any offer) in order to submit the short sale package to the bank and get the ball rolling.  So, in my area, I see some eyebrow raising prices that are always short sales.  They go off market within about a week.  Then, the bank does it's review, gets a BPO/appraisal and usually rejects the first offer.  Sometimes, they will counter to the original buyer (if they are still around).

Once the bank gets their BPO number, they then can run their formula and give the listing agent a "will do" price.  The agent then relists the house.  From what I read here on Zillow from the Cali folks, it sounds like the banks like the listing agent to relist at a really low price in order to attract a flock of buyers that hopefully bid up the price.

Just wanted to throw that in to give a sense of what might be ahead with a house like this (if you are sure it is a short sale - bank owned is a different story).  We are looking at a short sale in our area right now (central FL).  Another buyer put in the first offer that got the wheels moving.  We came into the picture while the house was in MLS pending status, and the first buyers had moved on.  We are now working with the listing agent to learn the bank's "will do" number and then jump in with a new offer without it ever being relisted (if all goes well).

  • March 16 2009
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well, the real question, is this going to be a real price or a waste of time? With most short sales, its a waste of time, but then again, once in awhile its the real deal. If you have done your homework correctly, and your rental prices are accurate, then give it a try. Is it guaranteed to be the bottom? of course not! But then again, if you are ok living there, and will save several thousand a year versus renting, well, that is money in your pocket too!
  • March 16 2009
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Profile picture for SlickPoetry
that's the most cheerleader-y post i've ever read from rob. :)
  • March 16 2009
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Here in Reno, we are being gamed by the asset managers.

They are holding back properties and dribbling them out. They are throwing out low-ball listings and letting the multiple offers flow in.

The overall trend is still down, however. When the price fits my criteria, I'm bidding over the list. I'm guessing my last offer, which I bid over list, got beat by at least $10K but it was still not a bad deal (just not the great deal I want).

I'm not bothering with short sales at this point, though I am thinking about it. I'm watching them to see if they go to foreclosure but I think that takes a long time. There are some shorts that are really interesting and I am tempted to address them but I really am afraid of the hassle.

I got emotionally entangled in a home that I bid on but I made it a rule not to ever re-bid when they send out the "Best and Final" notice letter. So I watched it go away. Don't want to chase the dream into unsupportable price territory.
  • March 17 2009
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Re shorts:

My biggest problem with shorts is being tied up for long time with an offer out there. My real estate agent doesn't want me to shotgun offers out there... says it could be trouble backing out of one down the road.
  • March 17 2009
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nvchaz: depends on how short sales are handled. In Arizona, the contract doesn't count as started until the bank agrees to the short sale, and the buyer can back out until then. After that, the buyer still has an inpsection period. Read up on Nevada rules, your agent may simply not know how this works. 
  • March 17 2009
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Thanks for the tip ... I'll search through the Nevada Revised Statutes for that....
  • March 17 2009
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Profile picture for Undone
I went and drove by/peeked inside the house in question.
It's alright. If I could get it for 75k, I would be happy, but since there were two other people there at the same time as me...I don't think that will happen.
  • March 17 2009
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Sounds like you really like the home... and hey the price seems right... Good Luck.
  • March 19 2009
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