San Diego My Home - San Diego Real Estate-Buying a Fixer

Buying a Fixer Upper

Buying San Diego Fixer Homes

1. Fixer Upper Properties

You can find distressed properties or fixer-uppers in most communities, even wealthier neighborhoods. A distressed property is one that has been poorly maintained and has a lower market value than other houses in the immediate area.

Ascertaining whether the property you're interested in is a wise investment takes some work. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.

Most homeowners know how to paint a bedroom or install a new light fixture, but those routine chores are a far cry from adding a second bathroom, remodeling an out-dated kitchen, landscaping an entire front yard and the like. Tackling these improvements without the necessary experience and expertise can lead to costly mistakes. And if the home really only needs easy, inexpensive or purely cosmetic repairs, your efforts probably won't add enough value to be profitable. Do you have the expertise required to meet with contractors or make major improvements yourself?

As a general rule of thumb, improvements that are invisible to home buyers or merely bring the home in line with expected minimum standards don't add much resale value. If you make the wrong improvements, you won't see much, if any, return on your investment. Another potential pitfall is over-improving the home compared to other homes in the neighborhood. Do you have a working knowledge of which improvements are likely to add value?

Mark Kunce have more than 30 years experience in home remodeling and possesses strong working knowledge of carpentry, plumbing, electrical and design. And he is happy to help you.

Mark Kunce and Investors Flipped This Home in 2006

2. Short Sale, Foreclosure, REO Properties on MLS

If you know why a seller wants to sell, it can help you negotiate a better offer. The more motivated the seller, the more you can negotiate.

We have an access to pre-foreclosure, foreclosure information.

And we can use this information to identify and research potential home purchases, negotiate the price.

Whenever anyone sells a house in California, he must by law give the buyer a Transfer Disclosure Statement (TDS). This document describes what is included in the house, what is broken, and other legal and environmental disclosures. The seller has to tell you about any defects he knows about, especially if they are hidden and you might not see them. The seller can be held liable for defects that appear later that were not disclosed when you bought the house.

The exception to this law is an REO. Banks are exempt from giving you a TDS. For this reason it is absolutely imperative that you do a thorough inspection with a licensed and bonded contractor before purchasing any REO. You must be extra diligent in all your inspections, because you have no recourse after you buy it.

Are you thinking about buying a fixer home in San Diego? Please feel free to contact us. We respect your privacy and will not release your information to anyone.

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