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Regular Contributor
Rippling
Posts: 172
Registered: ‎12-27-2012
0

opinion on this "cheap" Blackhawk property

HI,

 

First post of mine, so please go easy on me.

 

I've been looking for this one for a while, it was pending and now its back on market for the same price, which is way below the estimates.

 

http://www.redfin.com/CA/Danville/3402-Silver-Maple-Dr-94506/home/683879

 

  I Thought for sure it would receive multiple offers and that if the high offer would be appraised too high and rejected by the lender, the seller would then choose his second best offer and so on.  Why?  Well, I 've heard about multiple, 50 something offers elsewhere, figure Danville/Blackhawk would command at least about 10?nd no cash buyers here?

 

Elsewhere in Danville I've seen multiple, but small higher offers in Shadow Creek, and houses that won't sell in Sycamore.   If the market really hot, or getting there, what happened (speculation is fine, just want to understand the workings of it)  Inventory is very low if you want some reasonabe lot in the 800-950 range.

 

Any opinions?  How much would be a winning offer on this one you think?

Silver Contributor
SidewalkHomes
Posts: 412
Registered: ‎08-01-2008

Re: opinion on this "cheap" Blackhawk property

There was about 10k of termite work that needed to be done, which was completed a few months back.  Needs a new roof and lots of things showed up on the home inspection report as well (any realtor, including myself, can email these to you), so it will take a buyer willing/able to fix some things - previous buyer did not qualify for loan, lender likely wanted at least roof addressed to fund.  My experience, especially after 1 buyer backs out, seller focuses on buyer's financial strength rather than just looking at highest priced offer. 

Silver Regular Contributor
Michelle1x
Posts: 738
Registered: ‎02-17-2008

Re: opinion on this "cheap" Blackhawk property

It is priced only slightly less than the Zillow and eppraisal estimates to right of the redfin listing- not that I trust Zillow but it can be used as a guideline.

 

The roof in the picture doesn't look bad... certainly better than many of my rental houses  :smileyindifferent:

Silver Regular Contributor
Dukey
Posts: 676
Registered: ‎07-08-2011

Re: opinion on this "cheap" Blackjack property

[ Edited ]



Welcome to Redfun!

 

1st - I don't think this house is "cheap".  Not when you add another $180 monthly for the HOA, sounds like needs major work (as noted termite and new cedar shake roof), poor location (1st house off of entrance and dark inside), etc.  Many Redfun agents have been there and I'm sure it created a lot of buzz when it came out but the fact that it has not sold says louder than words about its poor condition.  Anyway you should go check it out yourself and ask if the seller can provide a copy of home inspection.

 

Shadow Creek like Bettancourt is OK but I did not care for older homes, and Bettancourt's exorbitant HOA due to the guarded gate.  Prices in Tassajara Ranch went up a lot this year as there were decent unsold inventory last year.  Even Shappel's Alamo Creek was literally giving away the houses in Dec last year.  My advice is to wait if possible till next spring.

Regular Contributor
Rippling
Posts: 172
Registered: ‎12-27-2012
0

Re: opinion on this "cheap" Blackhawk property

Thanks all for the valuable input. I'll be looking for one like this but I can only secure funding in March/2013.

What's issues might come from a 10k termite work? if it was made by a reputable company, should I be concerned? I'm not familiar with the technology against termites for a while and thought this was a thing of the past.

Also about the roof. Do you know if its something structural or if its just the shingles? I cant believe they can be that expensive to replace, are they?

I dont mind the HOA in blavkhawk much, i think the golf course, the pools and the tennis courts pay for it. At Bettencourt, i agree, its too much for one small pool (not olympic) two or three tennis cts really?

Thanks again!
Gold Trusted Contributor
Jil
Posts: 2,744
Registered: ‎10-24-2011

Re: opinion on this "cheap" Blackhawk property

Out of 10k termite work, how much is section 1 and how much for fumigation? Even though you spend 10k, section 1 tells how much is the high damage on the house. If sect 1 is heavy and across the whole house, it is tough to decide. 

Silver Regular Contributor
Dukey
Posts: 676
Registered: ‎07-08-2011

Re: opinion on this "cheap" Blackhawk property

Good points from Jill on whether the termite work is Section 1 work.  You should ask if the seller is willing to share the termite and home inspection reports. Also have a roofer do an inspection.  I lived in the Seattle area and cedar shake roofs were costly to replace.

 

I brought in a roofer for roof inspection and HVAC person to do heating and AC inspection including duck work in addition to the termite and typical home inspection.  This was on a 4 yr old house.  It was lot of inspections but my new employer picked up the tabs. 

 

Roofer found few problems including 3 roof tiles with cracks reworked with clear silicone, couple of tiles slipping and gutter cleaning due to typical construction debris.  Seller fixed it including paying $250 for gutter cleaning even though it really didn't need it.

 

One lesson I can share is NEVER use the termite and home inspection company your RE agent recommends.  Go to Angie's List and sign up for a month to get list of highly rated home inspection, roofer, plumber, electrician, etc.  I went along with the home inspection company my agent recommended with decent rating but it was by far the WORST inspection report.  The idiot told me not to accompany him and gave lame boiler plate report.  Worst part was that he didn't include many of the items he found and I pointed out.  I realized the RE agent did not want the sales to get derailed.  My trust in my RE agent hit rock bottom and I even considered asking for another agent since she was assigned to me by default. 

Regular Contributor
Rippling
Posts: 172
Registered: ‎12-27-2012
0

Re: opinion on this "cheap" Blackhawk property

Insteresting stuff.   Seems that there's a lot to learn until March!   By then I think this house will be long gone, but I elected it (among with a few others in Danville/Blackhawk only) for price comparison and market performance.  

 

I wonder why the seller didn't do the work on the roof himself, since now he knows inspection will notice.  Maybe he's desperate, maybe not, can't wait to see what will happen to this house.

 

It definitely doesn't look that the Danville/Blackhawk is attracting many offers, EVEN with low inventory.   Another home I was looking at:

 

http://www.redfin.com/CA/Danville/673-Tunbridge-Rd-94526/home/1398231?utm_campaign=instant_listings_...

 

Just got it's price reduced by $9K yesterday.  My searches usually return 3-4 houses in the area (700-1K 10K lot or more), so inventory is low.   Looks like the Danville/Blackhawk is not seeing the multiple offers frenzy others are seing.

Super Contributor
PoorOwner
Posts: 213
Registered: ‎10-08-2012
0

Re: opinion on this "cheap" Blackhawk property


Rippling wrote:

Insteresting stuff.   Seems that there's a lot to learn until March!   By then I think this house will be long gone, but I elected it (among with a few others in Danville/Blackhawk only) for price comparison and market performance.  

 

I wonder why the seller didn't do the work on the roof himself, since now he knows inspection will notice.  Maybe he's desperate, maybe not, can't wait to see what will happen to this house.

 

It definitely doesn't look that the Danville/Blackhawk is attracting many offers, EVEN with low inventory.   Another home I was looking at:

 

http://www.redfin.com/CA/Danville/673-Tunbridge-Rd-94526/home/1398231?utm_campaign=instant_listings_...

 

Just got it's price reduced by $9K yesterday.  My searches usually return 3-4 houses in the area (700-1K 10K lot or more), so inventory is low.   Looks like the Danville/Blackhawk is not seeing the multiple offers frenzy others are seing.


looks like a flip... it was "remodelled" trying to fetch in $200k profit, that's why it sits.

 

Silver Regular Contributor
Dukey
Posts: 676
Registered: ‎07-08-2011

Re: opinion on this "cheap" Blackhawk property


PoorOwner wrote:

Rippling wrote:

Insteresting stuff.   Seems that there's a lot to learn until March!   By then I think this house will be long gone, but I elected it (among with a few others in Danville/Blackhawk only) for price comparison and market performance.  

 

I wonder why the seller didn't do the work on the roof himself, since now he knows inspection will notice.  Maybe he's desperate, maybe not, can't wait to see what will happen to this house.

 

It definitely doesn't look that the Danville/Blackhawk is attracting many offers, EVEN with low inventory.   Another home I was looking at:

 

http://www.redfin.com/CA/Danville/673-Tunbridge-Rd-94526/home/1398231?utm_campaign=instant_listings_...

 

Just got it's price reduced by $9K yesterday.  My searches usually return 3-4 houses in the area (700-1K 10K lot or more), so inventory is low.   Looks like the Danville/Blackhawk is not seeing the multiple offers frenzy others are seing.


looks like a flip... it was "remodelled" trying to fetch in $200k profit, that's why it sits.

 


Yep it looks like flip of ex-REO sold for $749k 2.5 months ago with what appears to be new cabinets, granites, carpet and paint.  This flipper is asking $200k more than he/she paid sans quick and cheap upgrades (low grade pad, carpet, watered down paint, etc). I mean asking $307/ sq ft on 33 yr old house likely in needs of other work with flaws covered with fresh coat of paint?  Swimming pool is minus for most people and wouldn't be surprised if it has issues.

 

Good luck getting financing on this house as will the appraiser under bank's leash have gall to appraise it $200k more than what it was worth 3 months ago?  Whatever but this house will sit around for a while as houses priced right in good location and decent shape fetched multiple offers last late spring and summer. 

 

The house I bought last year was on the market for 5 months till I made the 1st offer, walked away until the seller countered 2 weeks later and another week of going back and forth.  We stood our grounds and I suspect the RE agents from same firm in different office representing both relo clients chipped in to consummate the deal.  What we did not know was not only was the seller moved due to job transfer but also going thru divorce and they wanted to close the deal by certain time.  I also found out there are lot of people who "think" they can buy but are not able to.  I remember bringing my family to see the house (I saw it before) and my agent got tied up so asked us to go to the open house.  There was this family wheeling and dealing with the listing agent with words like "yeah I want to put an offer today, we can move in a month as we're living with the in-laws BS"  Well it kind a freaked us out but it turned out that they could not afford to buy and living with the in-laws because they took the strategic default short sale route.  This turned off the seller as there is no way they can line up financing.  Seller was motivated to sell by certain time and it worked for us.  I think the RE agents who specialize on relocation and working for same firm was assurance to seller that buyer can close the deal without drama.

 

So again I think you ought to wait till spring.  Don't let the low and stale inventory rush you into making not so astute decision.

 

Cheers