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Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
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Sold in 16 days? Does it surprise you?

  I was perusing through some listings I found on a link provided by Jil when I found this interesting property if we see the short time it took to be sold on the market.

 

  We have talked about this so many times is getting kind of boring, but sometimes we get new people reading the forum.

 

  We also have stated that these deals are done between family members or perhaps pocket listings and the occasional "good deed" of the Realtor. I have seen some ads around stating "sell your home in 9 days", but in this case, it sounds the deal was in the wraps way before the listing went into the MLS. Who knows. But, I always say that in a hot market, the more exposure any property is given by its seller, it results in a better final price.

 

  When we see these prices taken for comps, what it does is that the properties around kind of take a crashing course on pricing. Because of the blind sight of appraisals, these properties make any other property with good features kind of fit in the same status, "cheap".

 

  So, here it is, closed in 16 days. I just wonder if the price is right, if this would have commanded better results for the seller. I know, it's a cash deal, but also, is there any chance we'll see it as a flipper pretty soon? I bet yes!

 

   http://www.redfin.com/CA/San-Jose/115-Oakland-Ave-95116/home/1729324

Silver Contributor
kinectimal
Posts: 442
Registered: ‎12-18-2011
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Re: Sold in 16 days? Does it surprise you?

But looking at the comps that price seems about right.  Alum Rock has always been less expensive.  Im Not exactly sure why.

Silver Contributor
bld999
Posts: 473
Registered: ‎04-15-2011
0

Re: Sold in 16 days? Does it surprise you?

I'll bite:  Why is the tax assessor saying it's value is 28k?   Does that county have a "parcel Viewer" type system that would show the transaction history? 

Super Contributor
Curmudgeon
Posts: 264
Registered: ‎06-14-2012
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Re: Sold in 16 days? Does it surprise you?

That's a pretty old building.  While it's possible somebody might plan to flip, that could get expensive with a 1900 house.  Price seems appropriate, as it could easily be a money pit.   The lot is decent sized, though long and narrow, could be the buyer will plan to tear down and build 2 units.

Gold Super Contributor
TerriM
Posts: 3,308
Registered: ‎05-02-2011
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Re: Sold in 16 days? Does it surprise you?

We really did have one on our street go in 10 days.  I made it to the open house and about a week later it said "Sold".  Not even a pending sign. Cash buyer I guess.  The house was nicely done.

Silver Super Contributor
ptiemann
Posts: 1,211
Registered: ‎08-07-2009
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Re: Sold in 16 days? Does it surprise you?


TerriM wrote:

We really did have one on our street go in 10 days.  I made it to the open house and about a week later it said "Sold".  Not even a pending sign. Cash buyer I guess.  The house was nicely done.


 

the "Sold" sign does not necessarily mean that they closed escrow.

It could mean that they accepted an offer,

possibly that contingencies have been removed.

 

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
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Re: Sold in 16 days? Does it surprise you?

  I think the unit in the back ($) is the one that's giving this property a leverage. Just imagine a room is worth about $600 a month, none the less to say a little cottage. The front? Well, who knows the condition but if it's still livable it could be rented for $1,700 at least.

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
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Re: Sold in 16 days? Does it surprise you?

[ Edited ]

Any time I cross these 1950 houses or older, I know I have to think about dealing with the wall furnace.

 

Something like need to or not ducting the heat into every room including the bath rooms, when the furnace finally stops running do I go buy another one or go switch to current style and how much, and do I need to do anything in front of a lender to get the loan approved (FHA/HUD).

 

Could you spare your 2 cents?

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
0

Re: Sold in 16 days? Does it surprise you?


Fishmarty wrote:

Any time I cross these 1950 houses or older, I know I have to think about dealing with the wall furnace.

 

Something like need to or not ducting the heat into every room including the bath rooms, when the furnace finally stops running do I go buy another one or go switch to current style and how much, and do I need to do anything in front of a lender to get the loan approved (FHA/HUD).

 

Could you spare your 2 cents?


  You should have seen me trying to find the famous thermostat on the wall. I swear, 2 of the flipper houses we toured didn't have that thermostat anywhere, nonetheless to say one didn't even have the registers nor the furnace!

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
0

Re: Sold in 16 days? Does it surprise you?

Most of the houses around have this type of cracks right in the middle of the garage.

Nice walkway. This is over 2 houses down the road.

 

 

 

When summers comes, you can see clothing hanging from that set up. No, it's the backyard, the front!