Good deal on an REO

By
Real Estate Agent with Century 21 M&M

Deals in Tracy: Well about 20% of the market is bank owned forclosures so take your pick and make an offer.

besides that I do really like one property in perticular for an investment, Listing # 70082559
http://prospector.metrolist.net/scripts/mgrqispi.dll?APPNAME=Metrolist&PRGNAME=MLSLogin&ARGUMENT=dcj3pgUiwZfZTn1NiRrtc2dfimRhg%2Bpt%2F04ZkO9vayA%3D&KeyRid=1&isPreview=Y


Its in a small town called banta which is just north east of Tracy on Grantline but pretty much considered Tracy. Its on a nice sized lot . The inside needs to be completly gutted. Some nice upgrades like new roof and siding.

The house is set back on the lot pretty far and I was thinking that you could get a modular home on the lot eazy. I am NOT sure if all of the rooms are even permitted. Its a mess for sure. With the condition of the inside its going to need a good down payment conventional loan or some kind of construction loan. Since the property is bank owned there is no chance for a seller carry.

I would say that the property could be appraised for 350K(fixed up and nice) but what it would sell for in this market right now is a lot less. Now is not the time to flip in my market. I think it's a good buy hold investment, because with a good down one could fix up and rent out, then sell when the market comes around. This price is really low even for this area.

Also like I said if I was buying the property I would put a mobile or manufactured home on the property to get some extra income since the lot is big enough and banta is pretty rural. Its vacant if you want to take a look at it.

On another note, there is a city funded grant program for Tracy that will get you 75,000 that works as a silent second, when you sell your home you only have to pay the 3% interest. there are requierments such as income, location and owner occupancy.

Read more here:

http://tracyrealestate.blogspot.com/2007/08/free-money-get-you-share-of-1-million.html

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