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Miguelckarlen, Home Buyer in Encinitas, CA

What's wrong with this property? Why has it been listed for so long?

Asked by Miguelckarlen, Encinitas, CA Sun Feb 12, 2012

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This question is about this property: http://www.trulia.com/property/3043042354-7546-Gibraltar-St-…

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6
John DL Arendsen’s answer
Old run down condo complex with very steril amminities perhaps? No eyeball or curb appeal. Beat up property in an upscale community where buyers are looking for more bang for the buck. Just some thoughts.
0 votes Thank Flag Link Sun Feb 12, 2012
Sometimes there is no clear cut reason. The property is stunning, it's in a great community, but is split level which not everyone is comfortable with. It also backs onto El Camino. The noise isn't bad, with the windows closed, it's pretty much non-existent. But the street is there. The property has a large patio yard with some beautiful landscaping. Let me know if you have any other questions!
0 votes Thank Flag Link Sun Feb 12, 2012
Along with the suggestions given below, the reason for a long market time could have been the original list price of $215,000 may have been too high and tenants in the home may have made access difficult or the showing condition poor. Once the price was lowered to $190,000 on 12/14/11, an offer was accepted within a couple weeks. It was off the market for a month and then came back on the market 1/27/12 with the new price of $170,000. It got a new offer within a couple days probably from a cash buyer who may intend to rent it out. Rent of $1,800/m on this purchase price, even with HOA dues of $305/m makes a pretty good monthly net income.
0 votes Thank Flag Link Sun Feb 12, 2012
Miguel,

You asked:
"What's wrong with this property? Why has it been listed for so long?"

There are several answers to your question.
This is a short sale. Depending on the skill of the listing agent and which bank(s) hold the loan, it can take 6 to 12 months to close on a short sale. It has been in escrow twice which ads time to the sale. Short sales often fall out for many reasons.

A big reason is that this is a small complex of 14 units. One person owns 2 or more so the Government porgrams like Fannie Mae, Freddie Mac and FHA will not finance it in most cases. There are not as many cash buyers until the property makes financial sense. This home has come down from $215K to $170K.

It is also "contingent" which means there has been an offer accepted (1/30/12) which has been submitted to the bank for Short Sale approval. They will ontly take backup offers at this time.

If you are not already working with an agent, please contact me or another agent so you do not waste time on properties like this.

See the link provided for more info on home buying and Short Sales-foreclosures.

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® DRE# 00476662
Certified Distressed Property Agent
RE/MAX BY-THE-SEA
0 votes Thank Flag Link Sun Feb 12, 2012
Miguelchkarlen,

The property is currently in Contingent status according to the MLS as of 1/30/12. This means the seller has accepted an offer, but they are waiting for bank approval of the short sale. This is a short sale property that does have one lien on it. There is also a comment about the room added at ground level with a bathroom-permits unknown. If you are interested you could have your REALTOR inquire to see if they are accepting back up offers.

Kind Regards,

Marcie Sands, REALTOR
SImply The Best Real Estate Co., Inc.
760-644-1562
0 votes Thank Flag Link Sun Feb 12, 2012
The listing details say that financing is hard - which I take to mean difficult. Sometimes homes in a condo complex where there are too many non-owner homes (rentals) are very difficult to finance. One almost has to come in with cash to purchase. There may be other factors that are present with this home also. You should be working with a professional real estate agent to explore this home further.
0 votes Thank Flag Link Sun Feb 12, 2012
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