Temecula – 1/2 acre lot – $335K

[dharmagirl]

Hey fellow large lot lovers in Temecula…earlier today, I looked at a 20 yr old home in North Temecula. Just on the market. The selling agent wont even accept offers yet.

It’s on a .47 acre lot about 20K sq feet. Surrounded by trees on one side with fence on the other. It feels private.

This is the listing: http://www.redfin.com/CA/Temecula/40486-Yardley-Ct-92591/home/6241953

This is the cleanest and most updated REO I’ve seen in Temecula – in this price range. Fresh paint, tile, 3 updated baths, granite, new – albeit cheap – carpet, new windows. The backyard is lush and lovely. Decent pool, spa, gazebo wired w/ceiling fan and pond/waterfall.

Things I didnt like: at 2200 sf the house is a bit small for us. We didnt care for the master bdrm configuration, but a handy person could probably make some adjustments, knock out a wall and expand it. Oh, it even has a nice storage shed in the RV parking area.

My agent said that the house will “probably sell for at least 20% over asking”. She said that banks are pricing the REOs low to generate bidding wars/multi offers. My agent said that the selling agent has already received a ton of calls on the place.

Just curious to know what you all think. Are people waiting to snap up these places fast, and pay more for a larger lot?

[cashflow]

Hi DG,
I think that by the picts the yard looks amazing…I too think the house looks a bit tight, but 2200 sf isn’t tiny. I always look at the family room/kitchen combo as I like that to be spacious….in my opinion it’s priced okay, but they definitely are pricing in all the upgrades to the backyard…I know you are set on buying right now, but I would never get into bidding wars….we were looking casually in that area as well, but stopped as I’ll never get in bidding wars in an area I KNOW has so much over-inventory…it’s just the season right now…this too shall pass…better deals ahead!

I thought you had an offer accepted on a house already??

[cashflow]

Hi DG,
I think that by the picts the yard looks amazing…I too think the house looks a bit tight, but 2200 sf isn’t tiny. I always look at the family room/kitchen combo as I like that to be spacious….in my opinion it’s priced okay, but they definitely are pricing in all the upgrades to the backyard…I know you are set on buying right now, but I would never get into bidding wars….we were looking casually in that area as well, but stopped as I’ll never get in bidding wars in an area I KNOW has so much over-inventory…it’s just the season right now…this too shall pass…better deals ahead!

I thought you had an offer accepted on a house already??

[cashflow]

Hi DG,
I think that by the picts the yard looks amazing…I too think the house looks a bit tight, but 2200 sf isn’t tiny. I always look at the family room/kitchen combo as I like that to be spacious….in my opinion it’s priced okay, but they definitely are pricing in all the upgrades to the backyard…I know you are set on buying right now, but I would never get into bidding wars….we were looking casually in that area as well, but stopped as I’ll never get in bidding wars in an area I KNOW has so much over-inventory…it’s just the season right now…this too shall pass…better deals ahead!

I thought you had an offer accepted on a house already??

[cashflow]

Hi DG,
I think that by the picts the yard looks amazing…I too think the house looks a bit tight, but 2200 sf isn’t tiny. I always look at the family room/kitchen combo as I like that to be spacious….in my opinion it’s priced okay, but they definitely are pricing in all the upgrades to the backyard…I know you are set on buying right now, but I would never get into bidding wars….we were looking casually in that area as well, but stopped as I’ll never get in bidding wars in an area I KNOW has so much over-inventory…it’s just the season right now…this too shall pass…better deals ahead!

I thought you had an offer accepted on a house already??

[cashflow]

Hi DG,
I think that by the picts the yard looks amazing…I too think the house looks a bit tight, but 2200 sf isn’t tiny. I always look at the family room/kitchen combo as I like that to be spacious….in my opinion it’s priced okay, but they definitely are pricing in all the upgrades to the backyard…I know you are set on buying right now, but I would never get into bidding wars….we were looking casually in that area as well, but stopped as I’ll never get in bidding wars in an area I KNOW has so much over-inventory…it’s just the season right now…this too shall pass…better deals ahead!

I thought you had an offer accepted on a house already??

[dharmagirl]

Yup. We’re in escrow right now. But ZipRealty still emails listings to me, and that listing piqued my curiosity. Hey, the deal isnt done till it’s done, right? We’re still in our contingency period.

One of the things that bugged me about the house is that there is no way to separate the master bath from the bdrm (both are smallish) without knocking down walls and remodeling.

[dharmagirl]

Yup. We’re in escrow right now. But ZipRealty still emails listings to me, and that listing piqued my curiosity. Hey, the deal isnt done till it’s done, right? We’re still in our contingency period.

One of the things that bugged me about the house is that there is no way to separate the master bath from the bdrm (both are smallish) without knocking down walls and remodeling.

[dharmagirl]

Yup. We’re in escrow right now. But ZipRealty still emails listings to me, and that listing piqued my curiosity. Hey, the deal isnt done till it’s done, right? We’re still in our contingency period.

One of the things that bugged me about the house is that there is no way to separate the master bath from the bdrm (both are smallish) without knocking down walls and remodeling.

[dharmagirl]

Yup. We’re in escrow right now. But ZipRealty still emails listings to me, and that listing piqued my curiosity. Hey, the deal isnt done till it’s done, right? We’re still in our contingency period.

One of the things that bugged me about the house is that there is no way to separate the master bath from the bdrm (both are smallish) without knocking down walls and remodeling.

[dharmagirl]

Yup. We’re in escrow right now. But ZipRealty still emails listings to me, and that listing piqued my curiosity. Hey, the deal isnt done till it’s done, right? We’re still in our contingency period.

One of the things that bugged me about the house is that there is no way to separate the master bath from the bdrm (both are smallish) without knocking down walls and remodeling.

[pizzaman]

There was a discussion earlier about how the lenders have been using this strategy of listing low hoping to start a bidding war. There is a house I have been following in Murrieta that listed $100,000 below market and went quickly into escrow after receiving multiple offers. Yesterday it fell out of escrow for the third time and once again was active at the original low listing price. So today I called there bluff and made a full price cash offer, hoping that they are tired of people not qualifying for loans and having to start the process again. Gee, I hope I didn’t offend them with my full price offer.

[pizzaman]

There was a discussion earlier about how the lenders have been using this strategy of listing low hoping to start a bidding war. There is a house I have been following in Murrieta that listed $100,000 below market and went quickly into escrow after receiving multiple offers. Yesterday it fell out of escrow for the third time and once again was active at the original low listing price. So today I called there bluff and made a full price cash offer, hoping that they are tired of people not qualifying for loans and having to start the process again. Gee, I hope I didn’t offend them with my full price offer.

[pizzaman]

There was a discussion earlier about how the lenders have been using this strategy of listing low hoping to start a bidding war. There is a house I have been following in Murrieta that listed $100,000 below market and went quickly into escrow after receiving multiple offers. Yesterday it fell out of escrow for the third time and once again was active at the original low listing price. So today I called there bluff and made a full price cash offer, hoping that they are tired of people not qualifying for loans and having to start the process again. Gee, I hope I didn’t offend them with my full price offer.

[pizzaman]

There was a discussion earlier about how the lenders have been using this strategy of listing low hoping to start a bidding war. There is a house I have been following in Murrieta that listed $100,000 below market and went quickly into escrow after receiving multiple offers. Yesterday it fell out of escrow for the third time and once again was active at the original low listing price. So today I called there bluff and made a full price cash offer, hoping that they are tired of people not qualifying for loans and having to start the process again. Gee, I hope I didn’t offend them with my full price offer.

[Author]

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