Issue #266
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hope all’s well
with you and yours. …Just back from a foreclosure conference in
Broomfield/Denver, CO. One banker told me of selling an Indiana home for ONE
DOLLAR. It was dilapidated, in a bad neighborhood, and the city was scheduled
to demolish it and bill the bank $4,500 for the work. With the lot worth
$5,000, the bank unloaded the house for a buck.
From An Amazing Email My
Brother Alan Sent Me:
Jim and Jennifer kept getting huge water bills. They had the plumbing
checked for leaks, to no avail. One day Jim was home alone, sick in bed and
heard water running downstairs. He got up to investigate and stumbled onto the
cause:
Watch Video
click the play button to view the video.
Loan Scam Warning
Here are two recent situations where lenders fooled people into getting a
home loan with them. In one, the scammer knocked on a homeowner’s door, falsely
saying their current lender sent them to
refi the owner out of their adjustable loan. The scammers put them into a
horrible, high-rate loan. In another, a scammer called a homeowner about
refinancing. Coincidentally the owner was starting a refinance with Countrywide.
So the caller falsely said he was from Countrywide, “hijacked” the refinance,
brokered the loan to Countrywide, but charged the owner several extra points for
profit.
True Story: Don’t Judge A House By Its Cover
Some foreclosures are caused by “mortgage fraud”. Often this involves
over-appraising a home so the bank makes a loan way over the value. The scammer
gets the loan proceeds and the bank forecloses on a home worth much less than
they thought. …In this true story, an agent drove up to a beautiful home the
bank had just foreclosed on. But when he went around the back, he discovered a
burnt-out shell. The fraudsters had created a handsome façade in order to get a
high appraisal. Just think if they devoted their creative energies into
something legal!
True Story: A Proposition
For You…
Send me a shocking, funny, or interesting true story (it’s gotta be true!) that
happened to you or someone you know. If I print it, I’ll send you a $10
Starbucks card. Email your stories to me at
TrueStory@GaryKent.com. Let’s see
what we get!!
You Know You’re In San
Diego When…
…people say it’s freezing when it’s 60 degrees ~
(Got one of your own?
Email it to me.)
U.S. Cities Ranked: Top 10
Cities With Highest House Prices
Per a recent study, these cities have the highest home prices for the same
hypothetical 4BR/2.5BA, 2200 square foot house:
1. $1,800,000 Beverly Hills, CA
2. $1,766,666 Santa Monica, CA
3. $1,762,500 La Jolla, CA
4. $1,700,000 Santa Barbara, CA
5. $1,652,042 Palo Alto, CA
6. $1,566,250 Newport Beach, CA
7. $1,410,662 San Jose, CA
8. $1,403,750 Greenwich, CT
9. $1,366,139 San Mateo, CA
10. $1,363,750 San Francisco, CA
Hmmm… nine out of ten in California. I guess this is a pretty nice place to
live.
Next week: Cities with the lowest house prices…
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here:
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This Week’s Special
Offer:
FREE Guide: "How To Buy A Home In San Diego"
Knowledge + Action = Power. So expand your knowledge, take some action, and
order this free guide. You'll discover:
- How to find the right home & best loan
- An easy strategy to persuade owners to sell you their home for $1,000s less
- Make a strong "cash offer" even if you're getting a home loan
- 5 questions you MUST ask your lender before you sign anything
- Other homebuying secrets that may surprise you!
Call (800)748-1340 to have this sent to you FREE via mail. Call 24 hours / 7 days a week; free recorded message. It should arrive at your home within 72 hours.
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(None currently scheduled. Please check back.)
"How much deposit am I required
to make to have a binding contract?"
***ANSWER:
This may surprise you and many readers, but you’re not legally required to make
a deposit at all.
While contracts require what is called “consideration” to be valid, that doesn’t
mean you need to have a deposit.
Per the good attorneys of the California Association of Realtors:
“The buyer's good faith deposit in a real estate purchase agreement has no legal
significance. It is not required as consideration for the contract because the
purchase agreement is a bilateral contract and the mutual promises of the
parties serve as adequate consideration to make the contract binding and
enforceable on both parties. (Bleecher v. Conte, 29 Cal. 3d 345, 350 (1981).)”
That being said, don’t get any ideas…
Virtually every seller and their agent is going to expect a deposit. That amount
is typically .5% to 3% of the purchase price.
"I just got a letter in the mail
from someone who says he wants to buy my home. I’m a little suspicious. Do you
think it’s legit?”
***ANSWER:
Probably not.
Odds are it’s an investor looking to buy your home way under value or a
dishonest agent posing as a buyer.
A client called me in April because of such a letter. I called for her and, sure
enough, it was a “bottom-feeder.” That’s our affectionate term for an investor
who misleads people to get a good deal and/or wastes their time by making
insultingly low offers.
And years ago a dishonest agent had his wife (who had a different last name)
send letters to homeowners in my neighborhood. She wove a sad story of how they
were unable to find a home and wanted their help. I guess she forgot to mention
that her hubby was a shady character misleading people for profit. I never liked
that guy!
The point is, most of those letters are bogus. So be careful!
Investing or Financing Question
"How much
under-market do I need to buy a home to make money on a fix-and-flip?"
***ANSWER:
There’s no simple formula, because of all the variables:
- Financing
- Fix-Up Cost
- Fix-Up Time
- Added Value
- Market Time
- Negotiation
- Transaction Management
- Appreciation
- Financing –
Obviously, you want to get as low cost of a loan as possible and avoid any
prepayment penalty.
- Fix-Up Cost –
Whether you DIY (do it yourself) or hire it out makes a big difference. If you
hire it out, do you pay full retail or find a way to save money on labor and
materials?
- Fix-Up Time –
You may not be as fast as Extreme Makeover Home Edition, but planning ahead
(before you even close) and keeping a good pace on the repair work saves you
time and money.
- Added Value –
This is key. Some people freshen up a blah home and add a little value. Others
dramatically transform a home and really pump up the value. In the 80’s, I sold
a friend of mine a home. He took this filthy pig pen of a home and transformed
it into a showplace. Plus he topped the neighbor’s trees and opened up a
fabulous bay view. He was rewarded handsomely.
- Market Time -
Get a good agent to give you honest pricing advice and market the heck out of
it. The last thing you need is to watch your profits erode as the home
languishes on the market.
- Negotiation -
Again, a good agent can often squeeze an extra $2,000, $10,000, even $50,000
more for you in negotiations. And a bad one can give just as much away.
- Transaction Management –
This means not having your escrow fall out at the last minute. It also means
managing the process so your escrow closes on time and it means holding your
costs down when negotiating repairs and avoiding other junk costs.
- Appreciation -
During the recent blazing hot market, many people paid market value, barely
improved the home, and still made money strictly from appreciation. In fact,
many investors mistook market timing for genius and later lost their shirts when
the market changed and didn’t bail them out of bad investments.
I know, that’s a bunch of theory. And you were hoping for a %. So I’ll give you
one, but don’t hold me to it.
On average, in a flat market, for a home where you’re going to do some quick
basic cosmetics, figure that you need to buy 15-20% under market to make a buck.
And finding a value like that is NOT easy. Good luck!
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
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Spectacular BR/BA:
5/4.5 Sqft:
5,541 Price:
$2,639,900 1521Nautilus
|
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For more information on this Delightful Home and Open House Click Here | |
"COMING SOON"
(Click
Contact Me to be contacted BEFORE these properties hit the market!)
New – Carmel Valley –
Foreclosure! Spacious 3BR/3BA “twin home” w/ large yard on quiet
street. Price TBD
Contact Me
– Chula Vista – Foreclosure! Gorgeous upgraded 3BR/2BA townhome right next to “tot park.” 300K? Contact Me
- Chula Vista – Foreclosure! Cute remodeled 3BR house w/ white picket fence. $300s? Contact Me
- Clairemont – Foreclosure! 4BR/3BA 1614 sqft home in quiet neighborhood. Lo $400s? Contact Me
- Clairemont – Foreclosure! 3BR house w/ garage. Quiet street. More info to follow. Lo $400s. Contact Me
New - College Area –
Foreclosure! Top-floor 2BR condo: FPL, laundry
in unit, large balcony, low HOA fees. Lo $200s.
Contact Me
- Downtown –
Foreclosure! Tenth-floor 1BR condo
in Acqua Vista. Very low 300s..
Contact Me
- Downtown – Foreclosure! 1BR/1.5BA ground-floor condo with direct street entrance.Price TBD Contact Me
– Downtown – Foreclosure! Luxury 2BR/2BA 1684sqft vu condo in “The Grande.” Lo800s? Contact Me
– East San Diego – Foreclosure! 2BR condo in gated community w/ security guard, pool. Low $200s Contact Me
– East San Diego – Foreclosure! Redone 3BR/2BA condo w/ granite, some ocean vu! Hi 200s? Contact Me
– El Cajon – Foreclosure! Spacious 2297sqft 4BR home on 1/2 acre w/ pool, cov’d patio, many extras. Price TBD. Contact Me
– El Cajon – Foreclosure! 2 Units on .56 acres: 3BR house + 1BR cottage. Low 500s? Contact Me
New – Encanto – Foreclosure! Stunning, just remodeled 4BR/2.5BA, 1656 sqft home on large lot: just 400K? Contact Me
- Encanto – Foreclosure! Lovely 1-year-new 3BR/2.5BA 1628sqft house, dbl garage. Lo/mid 400s? Contact Me
– Escondido – Foreclosure! Remodeled 3BR/2BA end-unit condo w/ gas FPL. Price TBD. Contact Me
– Fallbrook – Foreclosure! Amazing 2-year-new 3704sqft view estate on 5.28 acres! 6-car garage! 1.1M? Contact Me
– La Mesa – Foreclosure! 1572sqft 3BR/2BA home on almost 1/4 acre. Panoramic views! Mid 400s? Contact Me
- La Jolla – Foreclosure! Stunning 3BR view home 1.5 blocks to the beach. $1.3M??? Contact Me Contact Me
- La Jolla – Highly upgraded ocean vu home w/ granite, hardwood, marble, new roof, new windows, new MBA. 2M+? Contact Me
- La Mesa – Bank Owned
Foreclosure! Remodeled 5BR/3BA 2537sqft view home on .41 acres.
$500s?
Contact Me
- Lakeside –
Foreclosure! Cheap, cheap, cheap 1BR condo in nice
complex. Low 100s!!
Contact Me
New – Lemon Grove – Foreclosure! Huge 2674 sqft home on oversize 8,900 sqft lot, spacious MBR suite. Price TBD Contact Me
– Lemon Grove – Foreclosure! Newly converted 1008sqft 3BR/2BA condo in attractive complex! Contact Me
– Linda Vista – Foreclosure! 1646sqft 3BR house. Remod kitchen: granite, cherry cabinets. 400s! Contact Me
New – Mira Mesa –
Foreclosure! 3BR/2BA house w/ 2-car garage on
6,000 sqft lot. Mid-400s?
Contact Me
– Mission Valley –
Foreclosure! 2-year-new “Escala” 2BR 1611sqft townhome,
DBL garage. 600K?
Contact Me
– Normal Heights – Foreclosure! 2-yr-new 3BR/3.5BA 1765sqft condo w/ dbl garage. Hi 500s? Contact Me
- North Park – Upgraded 2BR/2BA townhome w/ garage, hardwood floors, large bedrooms. Very high $300’s? Contact Me
- Oak Park – Foreclosure! Cute, upgraded 2BR cottage w/ garage & large yard
$300’s?
Contact Me
- Oceanside – Foreclosure!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Oceanside – Foreclosure! Stunning 2-yr-new 3210sqft home w/ spectacular views! Price TBD. Contact Me
- Pt Loma – Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Ramona – Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me
– San Carlos – Foreclosure! 5BR/3.5BA, 2300sqft home w/ fam room, solar pool. Hi $500s? Contact Me
– San Ysidro –
Foreclosure! 3BR 1323 sqft townhouse w/ 2-car
garage. Low 300s?
Contact Me
- Scripps Ranch – Mint La Merida
3-4BR/2.5BA “model home” w/ travertine &
cherrywood floors! Low 700s.
Contact Me
- Scripps Ranch – Foreclosure!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
New – Spring Valley – Foreclosure! 2BR, 1088 sqft townhome. Large kitchen & only 1 common wall! Low $200s? Contact Me
- Spring Valley – Foreclosure! 3BR/2BA home on large lot. 2-car garage. 300s? Contact Me
- Spring Valley – Foreclosure! Sunny 2BR top-floor condo, large deck, laundry in unit. Lo-200s? Contact Me
- Temecula –
Foreclosure!
3BR/2BA house on corner lot. More info to follow. 300s?
Contact Me
– Vista –
Foreclosure! 3 Units. Price TBD.
Contact Me
- Vista – Foreclosure! Cute 2BR cottage w/ white picket fence, 2-car garage,
big yard. 400-ish?
Contact Me
NEWLY LISTED (Your Property Here!)
 |
- Downtown – Foreclosure! Newer 1BR/1.5BA ground-flr condo in TREO in Little Italy. Direct street entrance. $424,900! More Info |
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– City Heights – Foreclosure! You can own this affordable 2BR condo in “Harbor Vista” for only $174,900! Property Features |
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New - Oceanside – Foreclosure! 3BR/2.5BA “Emerald Point” detached home on culdesac w/ 2-car garage. $429,900! Check It Out |
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– Paradise Hills – Foreclosure! 3BR/2BA on oversize 8,200 sqft lot. Large BRs & kitchen. $429,900 See For Yourslef |
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– Paradise Hills – Foreclosure! 3BR house w/ spectacular bay & city views, bonus room, 2-car garage. $428,000 Take A Look |
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– Rancho Penasquitos –
Foreclosure! 4BR/2.5BA
home w/ family room, 2-car garage, quiet culdesac. $563,000 View Details |
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– University City – Foreclosure! Newer 1BR condo conversion in The Venetian. Granite, travertine. Two blocks to UTC. $249,900! More Information |
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
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– Chula Vista – Foreclosure! Stunning 3-year-new 4BR/2.5BA Mediterranean home w/ mountain views: $664,900! Take A Look |
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– Chula Vista – Foreclosure! 4BR, 2019sqft house on culdesac w/ pool, many upgrades! $559,000 Check It Out |
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- Chula Vista – Foreclosure! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. Reduced to $379,900. More Info |
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- Chula Vista – Foreclosure! 3BR/2BA house in Pepper Tree area on huge .7 acre lot! Now $469,900 View Pictures and Features |
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- Chula Vista – Foreclosure! 8yr-new Rancho Del Rey townhome w/ dbl garage, gated community. $416,900! Take A Look |
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– Chula Vista – Foreclosure! 2-yr-new 4BR/3BA, 2335 sqft Eastlake Trails house, 3-car garage. $649,900 Find The Answers To Your Questions |
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- Downtown – Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. Reduced to $495,000 Check It Out |
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- Downtown – Foreclosure! 2-year-new 2BR/1BA high-rise condo w/ views in hip “Acqua Vista”. Reduced again: $514,900. See The View |
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– East San Diego – Foreclosure! Cute, upgraded 2BR house w/ garage and huge backyard. $359,900 View Details |
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- El Cajon – Foreclosure! 4BR/2BA house on oversize 11,300sqft lot w/ pool, garage, big yard. $479,900. See For Yourself |
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– Escondido – Foreclosure! 5BR/3BA house on large corner lot, 2-car garage, newer paint. $449,900 Take A Look |
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Sold - La Costa – 200K Reduction! Remodeled luxury Mediterranean 4,800 sqft estate on huge lot, on La Costa Golf Course. $1.299M View All Listings |
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- La Jolla – Foreclosure! Spectacular 2yr-new never-lived-in 5541sqft 6BR custom mansion w/ sweeping views. $2,639,900! Beautiful Pictures and Open House Info |
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- La Jolla - Spectacular 400K remodel w/ hdwd flrs, granite, travertine, spectacular views, pool, more. 1.295-1.395M! Virtual Tour |
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Sold - Lakeside – Foreclosure! VERY affordable 1BR condo. Starter home or great investment! Reduced again to $129,900! MLS Search |
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- Logan Heights – Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features |
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- Mira Mesa – Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Reduced to $529,900. Look For Yourself |
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- Mission Valley – Short Sale! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. A great value at just 358K. Find Out More |
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- National City –
Foreclosure! Vintage Victorian home
built 1864! 4BR/3BA, 1852sqft. Just $418,900!
Contact Me |
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- Nestor – Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Reduced to $444,900. Find Others Like It |
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- Nestor – Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Reduced: 295K! Free MLS Search |
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- North Park – Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. $439,900. This Could Be Your Home |
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- Oceanside – Foreclosure! 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). Reduced $237,900 Property Information |
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- Oceanside – Foreclosure! Immaculate 3-yr-new 3BR/2BA + xtra room, 2069sqft house on culdesac. Reduced: $507,900 Property Info |
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- Oceanside – Foreclosure! Sunny & bright 4BR/2.5BA home w/ sweeping views & large bkyd. Reduced: $519,900 This Could Be Your Home |
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- Pacific Beach – Dramatic rebuild by owner/designer. Offers turret entry, ocean views, hardwood flrs, more. 1.25-1.35M! More Information and Open House |
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– Paradise Hills – Foreclosure! 3BR/2.5BA townhome w/ nice patio. Priced under market @ $269,900! Property Features |
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- Paradise Hills – Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. Price Cut: $296,900! Check It Out |
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- Paradise Hills – Foreclosure! Sharp 3BR/2BA 1373sqft condo w/ 2-car garage. Just $364,900. See For Yourself |
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– Poway – Foreclosure! Spectacular Green Valley home on huge lot & tree-lined street. $839,900. Free MLS Search |
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- Ramona – Foreclosure! Spacious 3077sqft home on a full acre! Vintage home, built 1938. 2-car garage. $509,900! See For Yourself |
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Too New For Photo |
- Rancho Bernardo – Smart 2BR/2.5BA, 1458sqft townhome w/ garage, central a/c, golf course view! 345-405K Contact Me |
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– Rancho Bernardo – Foreclosure! Newer beautiful 3BR/2BA manufactured home. Live in RB for $374,900! Contact Me |
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- Rancho Penasquitos – Foreclosure! 4BR/2.5BA house on corner lot in desirable
neighborhood. Reduced to575K See For Yourself |
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Sold - San Marcos – Bank Owned Foreclosure! Stunning near-new 3BR/3BA, 2259sqft view house, gated community. Slashed 50k to $514,900!! MLS Search |
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- San Marcos / San Elijo Hills – Stunning, sunny & open 4/2.5 home w/ bonus room. Built 2004 w/ all the upgrades. 612K. See For Yourself |
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- Scripps Ranch – Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. Reduced to $429,900! More Info |
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- Scripps Ranch – Foreclosure! Stunning newer 4BR 2536sf home on quiet street, many upgrades. Reduced: $783,900! See What This Home Has To Offer You Plus Open House |
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Sold – South Park – Two units: cute detached 2BR/1BA cottages with garages on 5,000sqft lot. Can add 1 unit: 485-525K! Find Others Like It |
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- Tierrasanta – Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Reduced again...a bargain @ $604,900! Free Info About the Home |
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– Tierrasanta – Foreclosure! Beautiful 3-story townhome w/ large 2-car garage. 5 minutes to 52 & 15 freeways. $389,900! More Information |
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– University City – Foreclosure! Sharp 2BR/2BA condo in gated security “Lucera” complex w/ garage, granite. $369,900 See For Yourself |
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- Vista – Foreclosure! 4BR culdesac home w/ gleaming hardwood flrs + oversize backyard. $470,800 Check It Out |
Call me at (858)457-KENT to find out more or for a private showing. To find other homes, go to Free MLS Homesearch.
Clicked on a property, but there’s no info? It may be sold. Call me to double-check or discover other similar properties we have for you.
Thank you Frank M. for referring your daughter to buy a home…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
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