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Buying a Bank Owned Beach House in Pismo Beach CA, Shell Beach CA & Grover Beach CA
The Central Coast of California offers a wide range of housing for those who want their own little piece of the coastline. From a one bedroom "beach shack" in Oceano or Grover Beach to a million plus beach estate with panoramic ocean views in Pismo Heights; everyone can find their perfect vacation beach home on the Central Coast. "Beach shacks" as they are dubbed locally, or "beach bungalows" start as low as $200k and go upward depending on their condition and location. At the lower end, many beach bungalows are priced without the value of the home considered, as structural issues make some borderline "tear downs." Potential purchasers should be prepared to put between a 20%-33% down payment on this type of house, as some lenders will see this as the purchase of a lot (and thus a riskier investment) with the home having no value at all. Some property owners have improved these shacks and updated them, but many in their existing states would not qualify for the low down payment government backed financing programs such as VA or FHA. Beach bungalows in Grover Beach, Pismo Beach, and Shell Beach are usually no more than 2 bedrooms and one bathroom ... more
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