They did seem to do a nice job, but 375K for a 900 sq ft. in Richmond? If one can afford a 400K home would they really want to live in Richmond? Just can't see it.

If surrounding comparables support that value then it will appraise for the higher price. An underwriter will ask for a list of expenses made during the time the property was rehab'd and could still shoot down the value to a more reasonable level. Unless your paying cash, most lenders want 6 months before they'll finance on this higher price - most, but not all. This is a WTF price, not the final one the home will settle in at.

Thanks for reading,

LoansbyJW

I think it looks better than when it was purchased.

What do you think of these two?

Before: Sold 6/25 for $226k

http://www.redfin.com/CA/San-Jose/1083-S-7th-St-95112/home/832193/mlsListings-80911292

After: Listed at $279.9k then raised to $339.5k

http://www.redfin.com/CA/San-Jose/1083-S-7th-St-95112/home/832193

thats how bubbles are made by slick flippers...

its only an offer $.. someone is greedy.

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amateur wrote:

Not much difference, just the kitchen? The neighborhood isn't good. 

No. The bathrooms were worked over. It used to have 1 full bath (with a tub) and 1/2 bath. Now there are two 3/4 baths squeezed into the same footprint. They added a closet where there used to be doors into the front bedroom changing the access and making the entry smaller and they pulled out the plumbing for the washer/dryer. 

Then, of course, there's the lack of permits to do any of this work.

As for the neighborhood it's not that bad. It's better than Alum Rock or Tropicana.