We are working on several Los Gatos Fixer Uppers that would start hitting the market in May 2014. So, you have some time to get prepared specially if you are not going to purchase these homes for cash.
Here are some basic information about this specific Fixer Upper that is located in the 95032 zip code:
1) Size: Lot size is above 10,000 sqft.
2) Floor Plan: The home has 2 bedroom and 1 bath. This is rather irrelevant since the home is a complete tear down and is not livable.
3) Age: The home is about 60 years old.
4) Price: The Median Home prices sold in Los Gatos in the last 3 months are $1,475,000!
5) Opportunity: Remodeled home on the same street have already sold for $1.8-$2.8M after a complete remodel. These homes are about 2900-3600 sqft in size..
6) Terms: Cash or a Pre-approved loan from a lender with more than 20% down payment. Keep in mind that we can not recommend your offer to the sellers if your pre-approval can not be validated. Major lenders such as Wells Fargo, Bank of America now issue pre-approvals which are only contingent on the appraisal. This means that your loan is can be funded as quickly as your lender can get an appraisal completed.
7) Designers & Architects: We can introduce you to designers and architects whose plans have a better shot of getting approved by the Planning Commission of Los Gatos because of their long history of developing neat projects in town.
8) County Pocket: Some of the Los Gatos Fixer Uppers we are targeting are located in un-incorporated area of Los Gatos which means the plans have to be submitted for approval to the County as opposed to the town of Los Gatos. This is a huge advantage if you have every tried to develop a project in Los Gatos. In fact, last year a family who wanted to add a 800 sqft to their existing home was dragged through the mud by the Los Gatos for more 2 years and still cold not get their approval despite their plan meeting ALL of the Town’s requirements.
So, Contact Us if you are ready to buy in Los Gatos Fixer Upper.