Wednesday, September 30, 2009

Morgan Hill Real Estate – An Active Market.

Morgan Hill Real Estate – An Active Market.
This past week I wrote an offer on behalf of some clients I am working with on a home in Morgan Hill. It was bank owned and in need of some TLC. TLC can be an ambiguous term so here’s a description of what the home needed. The pool pump and filter system was removed, as was the furnace, as was the hood over the stove, as were the appliances, as was a toilet or two. And what else did this person take with them? The covers to the electrical outlets were also missing. That’s right. I recently bought a two switch cover plate for 89 cents at Orchard Supply and it included 4 screws. So the person that left this home was kinda upset wouldn’t you say? From talking to other agents about this home, they told me that it was a mortgage broker who was foreclosed upon. In case you didn’t know, it can be a criminal offense to destroy your property if you are being foreclosed. This home is in a neighborhood of million dollar homes and if you’re familiar with Morgan Hill, you know that buys you quite a bit.

Back to the deal. My clients offered 50% down and about $50k over a list price of $775k. But we did not get the home because we were outbid by an all cash offer for more money. The funny thing is, I still have people say to me, “but it’s a buyer’s market isn’t it?” To partially plagiarize a popular Oldsmobile commercial: This is not your father’s real estate market. -Gary Nobile, Realtor (408) 247-4029

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