Posted on August 13, 2014 - 11:34 AM
by EXIT Castillo Realty
A Diamond in the Rough property 1510 Fathom Dr. Oxnard CA SOLD by David Tovar, Realtor, of Exit Castillo Realty. Listing courtesy of United Fund Mrtge & Rlty Inc.
Asking: $375,000 1510 Fathom Dr.OXNARD, CA 93035 Single Family Home, 3 Beds, 2 Baths,
1207 sq. ft., 6000 sq. ft Lot Size
Jul 31, 2014
157 Days on Maket
This was a Short Sale Transaction. The owner was heading straight to Foreclosure. However, it had been a rental property for over 10 years. The bank we negotiated with was Bank of America with only one loan on the property. This Short Sale took about three months to complete from the day the offer was accepted to the time we handed the key to the client. Financing provided by Kinecta Federal Credit Union through a Conventional Loan with 20 percent down payment. The property was SOLD below asking price at $345, 000. Initial Appraised value at the time it was on the market was $375,000. This initial appraisal was request by Bank of America. A second appraisal was conducted towards the closing upon request by the buyer’s bank before approving the loan and resulted in a value of $370,000.
Kitchen Area Back Yard Area
The property needed work to restore it back to its full potential which was considered in the negotiations. Also considered and critical for all parties was the fact that our client, the buyer, was patient and committed all the way through closing in exchange for a discounted price on the property. Finally, this resulted in a Win-Win situation for all parties: Seller avoids foreclosure, Bank had a committed buyer to take over the property, and new owner gets a discount on the home for being patient. New owner can now restore the property located in one of Oxnard’s most desirable neighborhoods: very close to the beach, close to schools, and excellent walkability score near supermarkets, restaurants and coffee shops.
This property was SOLD by David Tovar of Exit Castillo Realty. For similar results please Text or Call David at (805) 444-6366.
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EXIT Castillo Realty serves our local community with Real Estate solutions, including listing services, buyer representation, property management, and investment opportunities. We are proud to have agents that speak fluent Spanish, Vietnamese, and of course English. We serve the communities of Oxnard, Port Hueneme, Ventura, Camarillo, and Santa Paula CA. For any questions please feel free to visit our office at 418 W. Third St, Oxnard CA 93030 or call (805) 204-0920
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