patrick.net

Was on the market for a total of 3 days. I saw this last Friday on Redfin and asked my Realtor to setup an appointment for the weekend. Turned out there was a family living there that didn't want to be disturbed. There were only two showings set up, one on Monday from 10am to 12pm and one on Tuesday from 5pm to 7pm.

I saw this "condo" on Monday. It's more of a townhouse as there are two levels, two car garage, a small front yard and a back yard. 3 bedrooms and 2.5 bathrooms. It's considered to be Campbell area and close to Santana Row. The downside is that Payne ave is considered a large street and there are many apartments surrounding the area. Guest parking is mostly street parking. Crime Reports shows several registered sex offenders and stolen cars recovered, that's because thieves likes to dump stolen cars on apartment complex properties.

On Monday there were 2 different couples in front of me and when I left there were 8 couples wanting to see the property. Our Realtor suggested we bid 40k over asking price. Asking price for short sale (not bank approved) was listed at $410k. Since I'm buying this as a rental property and figure I can rent this for $2500 a month and make $200 to $300 profit even with the HOA and property tax included I bid 21k over asking.

I didn't get it. Someone bid way more than me. I personally don't think this property is worth more than $431k. The owner who purchased it at the peek in 2006 paid over 600k. It was built in 1988 so it's very 80's like with electric stove, vinyl and carpet through out. There wasn't much need for new paint or anything else, it was rental property ready.

#housing