Hello Fence,

We have experience with both construction and extensive repairs to properties. I discussed this issue with the listing agent and they have posted the reports on the listing on the MLS, have your agent get them and have a contractor (or two) read the reports and give you a written opinion with an estimate to repair the situation.

They currently have offers over list price. You would have to consult with your lender as to what their requirements would be related to property defects, etc.

Best regards,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Investment, Foreclosure & Short Sale Specialists,
Development Opportunities & Traditional Real Estate

The structural damage could cost anywhere from 50-100k to repair. That is what the listing agent has said. Take that into consideration when putting in an offer. Also for resale you will have to deal with it then if you don't deal with it now. Another thing, I don't know if the bank takes the stuctural damage into consideration when going for loan approval.

Kudos to Chris Keller.

Chris,

This info should be in the listing as it is a material fact of the large kind.

Thanks,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Investment, Foreclosure & Short Sale Specialists,
Development Opportunities & Traditional Real Estate

Thanks for all your answers. I knew the price was too good to be true. As a first time home buyer, I'm really not prepared to deal with structural damage.

I would love to get off the fence, but the lack of inventory is discouraging. That's not to say that things will improve, but I'm really not in a rush to buy. We'll probably get preapproved in Jan or Feb and start looking then.

Additional research of the subject property discloses settlement issues. Here's a summary:

"The house has undergone fairly significant distress in the form of settlement toward the south (street) and to a lesser extent to the east side. The cause of this settlement is not readily apparent as there was no grading plan to review possible amounts of fill soils on the lot. The distress to the structure is seen in the cracks and separations both inside and on the exterior and the variation in elevation in the floor level survey."

Get off the fence and hire a local Carlsbad Realtor to help you! If you think the comps are between 568-720K, then 550 might not cutt it. But according the the info provided by Mark and Kari Shea, below, the comps fall in between 510-540K. I guess the bottom line is if you are doing financinig, it all depends on what the appaised value will come in at. Cash buyers will most likely have the advantage with no appraisal contengencies. You are most likely correct that a cash buyer will snatch this one up, but like Tony said, all you can do is try your best and not have any regrets. We are all here to help. So GET OFF THE FENCE FENCESITTER!

Good Luck!
Dustin Brazil http://www.CarlsbadNeighborhoods.com
760 207 7245

The home backs to Aviara Parkway, so that affects the value somewhat. This is a busy area across from the schools.

With bank owned homes, you never know what offer they will accept. Come in with your best offer based on the comps and what the house is worth to you. Don't expect a counter offer. It's always nice to have an idea what you are competing against, but generally this information is not disclosed. As long as you did the best you could, even if you don't get it, you shouldn't have any regrets.

Hello,

Good to see you back asking questions again. As for your question:

First, the property is is very good condition.
1790 Blackbird is a one story where all the others arr a two story.
This property is Near Aviara Parkway, where the others are not

The comps are $510,000 to $565,000 for this home
The $510,000 is a short sale that has the offer submitted to the bank.
Closed for the past 6 months is $530,000 to $565,000
$530,000 closed on 05/13/09 and was bank owned, listed at $528,650
$530,000 closed on 06/15/09 and was standard sale, listed at $599,000
$530,000 closed on 07/24/09 and was bank owned, listed at $549,900
$560,000 closed on 10/03/09 and was bank owned, listed at $560,000
(Was reduced to $535,000 before they received offers)
$565,000 closed on 08/26/09 and was standard sale, listed at $669,000
(Was reduced to $550,000 - $599,000 before they received offers)

In our opinion, this home listed at $475,000 will result in a sale between $510,000 & $540,000.

The bank wants a Wells Fargo pre-approval.

Best regards,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Investment, Foreclosure & Short Sale Specialists,
Development Opportunities & Traditional Real Estate

They are going to not consider offers until 5 business days after the list date. You need to have your buyer's broker ask the listing agent how they are going to handle multiple offers. Can you come in at the list price with the assurance of a counter offer? If so you have the possibility of understanding price. Otherwise, they will take the highest and best offers from the start and your broker will need to evaluate.

If you are not cash, the best financed loan (conventional with large down payment) with no concessions will we the best bet.

All financed loans require a Wells Fargo pre-approval per the listing agent.

Good luck!

Chris Keller
858.213.9999

QuestStar Realty

Gosh...you have to pay for it. Don't ask us what we would pay for it. I would go even higher if the comps are higher and it is getting 200 bids. Where did you get your comps? That is the source I would check.

Good Luck,
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483