For Sale, Great Price at only $99,000!
Found in the central valley areas of California there are many bank owned properties to be had for under $100,000. The property's long vacancy has attracted vandals. Graffiti is spray-painted on the fence. As soon as you walk in, the stench of a mildewed carpet is apparent. All the plumbing - pipes, faucets, toilets - has been ripped out. In one room, daylight filters in through a hole in the wall, a great magnet for vandals. You might even find squatters occupying the property.
So would a real estate agent hold an open house on such a property? How would you stage them? Not many realtors would take on the challenge.
Many under-$99,000 houses, especially if they're in poor shape, are sold in all-cash deals. Banks won't write mortgages for uninhabitable properties, although the Federal Housing Administration insures a loan for fixer-upper homes called the 203(k).
Recently buyers from the Pacific Rim and elsewhere have traveled here to snap up these five-figure homes. They might be surprised to find themselves in bubble-style bidding wars as everyone want to find a bargain.
You have to get to them very quickly. Most banks will have a property actively marketed for three or four days before they look at offers, but once they do, they will take the highest and best offer.
For a complete listing of homes in California, go to www.andrewbatesrealestate.com and click on MLS Property Search. After signing in you can view all of the available properties for sale in California.