Buy a single family home in Rancho Santa Margarita for under $425,000! What?????
I am frequently asked by my clients to keep an eye out for certain types of properties that are either rarely on the market, or for properties that are on the market but rarely within a given price range. One client in particular has been looking for a four bedroom, two or three bathroom home in Rancho Santa Margarita. They are currently in a condo and looking to move up before the housing market corrects and home values start to go back up.
While there are plenty of 4 bedroom homes listed in Rancho Santa Margarita, there are very few listed for under $425,000, and even fewer still that are single family homes.
Today I came across a Rancho Santa Margarita short sale that appears to match all of my client’s requirements, including a listing price of $415,000. Let me say that again: $415,000! Not a condo, a single family home.
The property is located in RSM’s California Tesoro tract, near Avenida de las Banderas and Antonio Parkway. It has an interior location (great), with a yard (sounding good), has approximately 1,800 square feet (even better), with very low association dues (ching! ching!). The dues cover Rancho’s master association, SAMLARC, which grants member-residents or their tenants access to three community pools, The Beach Club, and restroom facilities at Rancho’s numerous parks.
There are a number of things to consider with this property:
- It is a short sale and short sales require patience, patience, patience
- It is attached (common wall) on one side - which may or may not be a concern to a buyer
- It appears to be priced under market value, so the Lender may not actually accept an offer of $415,000
- Subject Property Comps are higher than subject (both in California Tesoro and all of RSM)
- The home has a synthetic lawn - which is great when you’re thinking about keeping the water bill down, but maybe not what one would look for if they enjoyed gardening. (This could be changed)
- California Tesoro is located within walking distance of Arroyo Vista Park
I’ve been searching for several months and with the exception of the common wall, and possibly the synthetic grass, this is the first property I’ve come across that looks like it satisfies my client’s needs. I’m holding on the double back flip until I preview the property, but this may just be the one.
Finding the ideal property can be extremely frustrating for a buyer who is limited to a price range that is just under market value and who may find him or herself in competition when making an offer on that one perfect home. Ask me the five steps you can take to increase the chances your short sale offer will be accepted.
