There are some homes that need some serious work to bring them back. Currently there is a house in the LaCarre tract on Lou drive in escrow at $189,000. Even with the number I figured to repair it, it will still be below market. When that house closes it will be one of those very Low homes. There was another over on Hudspeth and another in the Pride Tract.
I currently have a REO listing that is a 3 bedroom 2 bath on a flat lot - more than a quarter acre with a pool listed at $350k that is a very good rehab buy.
There are properties out there that will be very low and 99% of the time they will have deferred maintenance issues or repairs that are driving the price lower than if it was in good shape.
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Sometimes, there are what is referred to as Seller Concessions, or credits to the Buyer. Even though it looks "too good to be true" the trend is still for home prices to continue declining. The better homes are selling at or above list price. Figure 3-5% of the sales price for your Buyer Costs. The lender will present you with an estimate of your closing costs at application. I post monthly sales numbers for Camarillo on my website