why is houses at serravista ave daly city very inexpensive?

Asked by Johnny Sy, Original Daly City, Daly City, CA Mon Jan 11, 2010

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J Mario Preza, Agent, Burlingame, CA
Thu Dec 9, 2010
First of all, the prices in many areas in and around Daly City have adjusted due to the economy and the high number of foreclosures and pre-foreclosures. Many of the properties in Daly City at one point were commanding prices that far exceeded the capacity of all but a few to buy with a traditional mortgage, and thus these sales were built on financing that incorporated two loans, a first and a second deed of trust. If you were to look further into this, you'll find this to be the case with a high percentage of these properties. "Inexpensive" as you put it, in today's new real estate market, is about 30 to 40 percent off what had been the norm. So, if you're in the market to buy something a bit more affordably, now would be a great time to do so. Oh, if you're planning to buy a short sale property, there are many things to consider. Bank owned is another story. I would like to walk you through the differences if you're interested.

J. Mario Preza, CRB
DRE 00668667
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Jeffrey Tung, , Burlingame, CA
Mon Jan 11, 2010
Hi Jonny,

The homes were more a 2 years ago, however the economy has corrected the prices to where they are today.
Web Reference:  http://jefftung.net
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Andre Mettler, , Daly City, CA
Mon Jan 11, 2010
They are also next to the freeway and have an HOA!
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David Tapper, Agent, Burlingame, CA
Mon Jan 11, 2010
Hi Johnny, this is questoin that has come up before. There's always a few reasons, but the biggest is because many homes have been hit by either short sales, or foreclosure.

Everyone wants a deal, including myself, but many times consumers are not willing to invest the time it takes to close escrow on short sales. I'm actually posting a blog on my team site today on this very subject.

If you have time, short sales can be very good buys.

I hope this helps.

Cashin Company
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Vicki Moore, Agent, San Carlos, CA
Mon Jan 11, 2010
Hi Johnny - I just looked at the two that are under contract; they're both short sales. That type of sale will often cause the prices in the rest of any neighborhood to go down.

If you're not familiar with the term short sale - it means that the bank will not receive all that it is owed under the term of the loan. Thus the bank will be "short" is what is due on the loan.

Hope that helps and answers your question.

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