Jay

Hello Fred,

I appreciate your respond. The area is in Encanto/Skyline - Central/South East San Diego. I know there are tons of real estate agents in San Diego, but we prefer ones who have experienced selling vacant land in all areas of San Diego, especially Central or South Bay. - Sat May 3 2008, 20:14

I have pictures taken and I'd like buyers/investors/contractors/agents to come take a look at the land. I would like my description to be place in the MLS database.

We would like a San Diego real estate agent experienced with selling vacant residential land. Specifically, one who has contacts with investors, general contractors, or buyers wanting to invest and build their own custom home.

I'm looking to sell the land immediately (at a great bargain price as we prefer cash) and need help.

$95K to $158K

http://img3.freeimagehosting.net/uploads/8b4e02ea3b.jpg
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http://img3.freeimagehosting.net/uploads/baff1b1b57.jpg - Sat May 3 2008, 17:44

For instance, a 4 Br 3ba 3,076sqft was sold a month ago in San Diego for $177,803! Is this possible?!?
http://www.trulia.com/homes/California/San_Diego/sold/680509…

What about a 4 bedroom/2ba, 1920sqft home in Pacific Beach that was bought for $465K in 1999 that was sold for $183,789! A 4 bedroom house in Pacific for less than $200K, is that posssible in Pacific Beach?!?
http://www.trulia.com/homes/California/San_Diego/sold/679391…

Currently, I'm looking to purchase a $200K home with a 20% down payment. The specs: 4 bed/2ba, and a 5,000 sqft backyard. It's a shortsale which was originally $400K several years ago, but the seller is willing to give me $200K for it. So, borrowing $160K with the current interest rate will cost me about $1260 (including property tax and homeowner insurance). Utilities and phone will cost me a more, so I'm looking at $1350. That is over half of my net monthly income.

What do you think of the house sitatuion in San Diego? Is it possible to buy a single-family house in the coastal area for less than $200K (3 bedroom)?

Also, I'm in the process of getting a short-sale home. How does that work? I found the home and got the offer for a low price and I'm pre-approved. The next step is to close the deal, right? How does it work? - Thu Mar 13 2008, 13:16

MaryAnn, yes, I have been struggling with this decision for several months now. First off, I'm on a budget and looking to get the highest return on investment 3-5 years from now. I wanted to go with the manufactured home decision but that was before the foreclosure trend. Now that there are many pre-foreclosure and bank repo homes, there seems to be many nice looking (3 bedroom) homes in decent neighborhoods.

Patti, as for the manufactured home - well, it's going to be in a private land/lot and will be constructed as a single-family home. The dealer even said the quality are stronger than an old stick-built home. Yet, there seems to be a stigma if I were to resell it as a single-family home when I reveal it was initially built in a factory.

Tom, I work right between Clairemont and Mira Mesa. Therefore, I am looking for a 3-bedroom home in Clairemont Mesa, Kearny Mesa, University Heights, and/or around the central San Diego area (Golden Hills, North Park, etc). If there's a chance of a nice pre-foreclosure home in the Point Loma area, I would consider that too.

The main thing is, my budget is around $250K for a 3-bedroom home with a potential resell value of $330K to $500K. I'm mainly looking for pre-foreclosure and bank repo homes, as I think I can take advantage of the foreclosure wave.

Fred, I'm really interested in a bank owned, 3-bedroom detached home for under $260K. And I'm also interested in working with a Real Estate agent specializing in bank owned/foreclosure homes. I also just registered on RealtyTrac and would like to find a real esatate agent to help me with the processing of buying a pre-foreclosure homes.

For others please give me more information on how I can get started. I want to buy a home while the interest rate is low and to take advantage of the bank-owned and pre-foreclosure homes opportunity in San Diego. - Thu Jan 31 2008, 14:12

To add more details:
The first option include the 3bed/2ba 1100 square feet manufactured home ( which costs about $110K total (options/setup) and construction cost about $110K (grading, foundation, permits, zoning, driveway, landscape, etc). There are many nice looking two-story houses at the area where I'm going to place the manufactured home (and the city do permit putting a manufactured home there as long the foundation is built as a single-family residence).

The problem is - will it appreciate within 2-3 years? I suppose as long as the house been maintain well, it should appreciate right? In addition, it's in a nice, quiet, neighborhood in a corner lot. Once the construction/foundation is done - the city will recognize it as a "single-family" instead of a manufactured home, once I resell it. The location is in the 92114 area in SE San Diego where I plan to resell for $350K after 3 years. Is this reasonable?

On the other hand, I am interested in buying pre-foreclosure homes in the Kearny Mesa, Clairemont mesa, and especially Mira Mesa area for no more than $250K. I see many listing for under $90K for a 3 bedroom house, how is this possible? My budget is $250K to live in a 3bedroom house in Mira Mesa. However, if I buy a pre-foreclosure home, is this a good investment? - Mon Jan 28 2008, 11:52

It's me again. I am still facing the dilemma of buying an old house (or foreclosure one) for less than $230K (3 bedroom) in which I have to sell my vacant lot or place a new manufactured home on my vacant lot for a total of $190K and then try to sell it later for $300K. Though the manufactured home will be listed as a single-family residence in a private property, how hard would it be to sell? - Fri Jan 11 2008, 09:40

Keith,

Thanks for your concern about the property value, but we are selling it at a fair price as the property was appraised a month ago. We are selling it for more than the equity we have on it.

Now, as far as getting an attorney, would this need to be a specialized attorney dealing with real estate properties or will any attorney do? What should I say to this attorney?
"Hello, we are planning to sell our property lot that we own. I would like an attorney to create a review of contract for us and help us with the transaction." Is that a proper message?

Thanks for the help Gale, Ginger, and Keith! - Thu Dec 6 2007, 23:11

So, what are the things that can go wrong? We already have the the grant deed and title and just want to transfer it when he pays us. Is it possible to do all of this without an attorney or should we really need to hire one? - Thu Dec 6 2007, 17:46