This is a property owned by Wachovia, it is totally remodeled in perfect move in condition.
What’s the reason behind it? The lenders have learned, they used to list the property at a price close to what was owed on the debt, that didn’t work. Now, what they are trying to do is to lower the listing price and start a bidding war, usually with a perfect property like this, multiple offer will happen and the bank can get rid of this property in less than 10 days. It is listed at around $320k, it should close around $350k
It DOES NOT mean that you can’t get it at a low price, some lenders play the FIRST COME FIRST SERVE game, if you are the first one offering full price with good down payment, you can get it at the low listing price.
Categories: Investment properties
Market condition in San Jose, CA.
Current inventory level for min. 3 bedroom / 1 bath, 1000 sq ft, Max. price $400k SFR in San Jose, CA is around 23. 8 months. It seems to be a lot but what was it a few months ago? 60 months.
The inventory level has dropped drastically, which is an indicator that lots of buying is going on.
What’s the reason behind this? Typcial rent for these SFR in San Jose ranges from $1,800 ~ $2,400. For people who can afford the down payment, buying a $350k SFR is cheaper or same as paying rent, so what would they do?
On the other hand, for investors with lots of cash who can afford 20~30% down payment, it is also an attractive investment, since it would cash flow.
Categories: Investment properties
