FSBO - I Read, I Learned, I Tried, I am Disappointed
2010 Apr 24, 1:54pm 6,075 views 21 comments
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Kat7507
@
2010 May 5, 4:20am
I agree with CrazyMan...too funny. 799k! This is not Fantasy Island.
Household combined income of $265,000 per year + $160,000 down? For that? BLECH.
Update: This guy has just enlisted his home for sale with a realtor. I see a realtor sign on the front lawn now. There's going to be major disappointment.
Seems a lot like the people we've run in to down in Norco (Horsetown USA) and Temecula. They regularly tell us "I know what it's worth!" and "property taxes are cheaper here than there, so I can justify asking more $$$", and then the typical "this house was worth $850K in 2006!!!".
I'm still at a loss as to who is buying these properties at these still-ridiculous prices in California, essentially propping up the market. Horse property homes, the types we're looking for, are still $550K +, but 95% of them are sold "as-is" from investors that somehow managed to buy these homes from the banks for dirt cheap (cash) without the home ever having seen the market - then the guys come back out and ask outrageous prices, claiming there are "tons of buyers out there".
One house we looked at in Temecula was 2.5 acres, an interior that, although was clean, dated back to the late 70s in style, and had nothing spectacular. Called the agent, he said his group of investors would take no less than $599K and would wait, as there were a ton of buyers out there ready for a "deal like this". This was in March 2010. It's almost July 2010, and the house still sits, unsold, weeded out, and still at the $599K asking price.
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So I tried to learn a thing or two. I learned that realtors suck money out of a deal. So I found myself a For-Sale-By-Owner.
I think a realtor can sell his home for 510k max.
I just spoke to him. He's a real jerk and his asking price is $799k. That's a peak bubble price! I asked him "why so high? This neighborhood is selling for high 400's to mid 500's." All the homes are more or less the same lay out with a slight variation in fascia.
His response: "This is not a foreclosure."
I didn't even need to see what the home had to offer. Avoid.
A picture of the home:
475 Northaven Dr
Daly City, CA 94015
He picked this house up for $46k in 1976 circa.
#housing