There’s a new Foreclosure home in Danville this week.
Not all foreclosure homes are created equal. Some are little cream puffs all dolled up and ready to move right into. This new foreclosure home at 605 Glasgow is not one of those. This new listing (courtesy of Albert Garibaldi of Intero Real Estate Services) needs some love.
First here are the basics; 2528 sq. ft, 4 bedroom, 3 bathroom, built in 1995, 5700 sq. ft. lot, fireplace and 2 car garage in a very nice neighborhood. This home is owned by Bank of America and, as is quite common, the bank is requiring any buyer making an offer on this home to FIRST be pre-qualified for financing by B of A. this does not mean that you must get your loan from them, they only want their people to check the strength of all buyers before they accept an offer and take the property off the market. It does not cost you anything but I thought you should know this ahead of time.
Is this foreclosure home in Danville a good deal?
At first glance, on paper, it looks like a decent deal. The current asking price at $635,000 seems reasonable since a similar home on the same street sold recently for $625,000 and two others, which were normal equity sales, both sold for over $700,000. Here is more information about those comparable properties:
Let’s look closer.
I have people in my database looking for a home like this in Danville so I went out to look at this property today so I could give them more information about it. Boy did I get some more info! Let’s let the photos tell more of the story:
Some areas of the home are fine, such as the master bedroom and bathroom and the other upstairs bedrooms and even the guest bath. Yes, they can use updating, but they are normal and functional. The main problems are downstairs where the floors need replacing… oh, and it needs a kitchen. Why this home has what it has now for a kitchen is, I think, only so that it is not disqualified for a loan. There is the cheapest metal sink and garbage disposal installed that you see in the photos and that’s about it. Everything else is gone. The hardwood and laminate floors are all torn up and need to be just tossed.
So to come up with a fair market price for this home you will need to add in the cost of a kitchen and basic floors to even be comparable to the home which sold for $625,000. So that should give you some indication of where to start your bidding if you have any interest in this home. I can be more specific if you call me at (925) 998-1510.
