2656* S. Cornell St, Hemet CA 92544...or

One Man's Trouble is another Mans Profit!  
by John Occhi, Hemet CA REALTOR  
Short Sale Real Estate, Hemet CA


I recently took a listing for a home from a single man that has his son and his son's wife and 2 young children living with him for the past 5 years.  The owner of the property will be leaving California very shortly and very much needs to sell his Hemet home.  Unfortunately, there just is not enough money to do what needs to be done to sell the place.

On top of it all, he maxed out his equity in November of 2005 and then lost his job in December 2005 - so it looks like he will be in a "Short Sale" situation.  Of course, the only problem with that is he is current on all of his bills, including his mortgage.

Ouch!

This home really does have a lot of potential...you can see that there is a room addition that was done with permits.  there is also a converted and enclosed back porch that adds permitted square footage to the home.  In total, the home is approximately 25oo square feet, 5 bedroom and 3 baths.  On top of that, there is a nice vinyl pool in the backyard.

Unfortunately, this home has it's issues.  The kitchen cabinets were taken apart a few years ago for refinishing...and no one seems to know where they went???

ahhh, but if this was the only problem...we are missing electrical covers and broken tiles....

Needless to say their are more issues - actually several that make the above look like an easy fix.

This property has already been sold after being listed with me for just 3 days, pending the lenders approval - so I am not going too deep into the transaction or the property until we close escrow.

This truly is an unfortunate situation.  I originally worked the numbers out where I saw a $400,000 value for this home but suggested $375K with the slow down in the market and the uniqueness of the room additions, etc.  I also know the seller has to be in Indiana before this month is up, so I figured $375 would generate some interest...that is until I was able to inspect in detail (I have over 100 photos of this, documenting the condition).

We decided to drop the asking price to under $300K with the caveat that it is pending lender approval.  The seller has not made (nor will he) the March payment - so lets see what happend as this tragic story unfolds - and yet it is a good thing for the buyer...life really does have a way of going full circle, doesn't it?

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR
www.JohnOcchi.Com