I haven’t seen the Nightline show tonight, but I shot my own version while they were here last week for a day and a half. The TV crew followed while I was showing buyers some potential investment properties to buy in Oceanside, and we were looking for fixers. We found them!
We stopped for lunch to write an offer on a larger, but uglier, house, the one with the beehive between the plywood and window glass pane. We were scrambling because the listing agent already had tentative agreement with another buyer, and we were hoping to spoil their party. Even though we offered more, the bank clerk decided it was too late, even though she didn’t have signatures – so we missed out on that one.
Since then the buyers have seen 40 properties for sale, made 13 offers, and have 2 in escrow. All decent listings had multiple offers on them.
At the end of the video you’ll see the 6,800sf house next to Camp Pendleton. It was purchased for $1,352,500 in January, 2008, and 90% financed. Not long after purchasing, the owner called me to discuss his plight. He bought it brand new and had been in escrow for months and months, and while he had his concerns, he went ahead and closed. He never moved in, instead he let the bank have it, and it’s currently listed for $949,000.
Here’s the video: