Laguna Niguel - What do you think of this house?

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JP Morgan (WaMu) took it at $810,000 on 7/27/09, looks like it at $1,056,000 in loans on it... $956k primary and $100k HELOC.
 
stone007 said:
Went to check ou this house today - REO. Don't really know the area but 5 minutes to the beach isn't bad..Thought I'd post and see what folks thought. Can anyone tell me what the bank took this house back at?

http://www.redfin.com/CA/Laguna-Niguel/21-Trestles-92677/home/4904977
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Here are the agent-to-agent comments for the property:

"Please submit all offers via email to: rosemaryhieber@cox.net. Offers must be complete, or they cannot be sumbitted. FOR SPECIAL FINANCING AND INCENTIVES, SELLER REQUESTS POTENTIAL BUYERS CONTACT CHASE LOAN OFFICER jane doe AT 949.xxx.xxxx. Please include the preapproval letter, verification of funds, & copy of the earnest money deposit check with contract. EMD must be 3% for financed offers and 10% for all CASH Offers. Thanks for Showing. Commission will be paid on Seller's net price (Sales price - buyer concessions)"

Overall the property looks pretty nice (despite the somewhat outdated bathrooms) with a decent price tag. JP Morgan Chase is the proud owner of the property which they picked up for $810k. The previous owner paid $990k on 5/6/05 and had a first mortgage of $956,000 from WAMU and a second mortgage of $100,000 from WAMU.
 
We were at that open house also. The home was built by Standard Pacific. It definitely needs some work. In the kitchen I noticed that the cabinets needed to be repainted, knobs replaced, granite needs some work and it doesn't really go with the tile they selected. Also needs new appliances (oven, stove top, etc). The whole place needs carpet and paint. The upstairs bathroom (not the master) had some water damage and the windows are all single pane. It did have some nice hardscaping but does need some new landscaping. The agent told us they had several offers on it already. She thought it would cost only about 50k to clean it up. I'm thinking more if you address all of the above items listed.
 
We went by it this morning - Seemed like it needed paint, carpet and new appliances done prior to moving in. How much does it cost for paint for a 2700 sq foot home? New carpet for 1400 square feet? Appliances? $15k maybe?
 
My husband has done four complete remodels and feels 50k would be on the low side. It could easily be 75k to 100k depending on your taste. A good rule of thumb is to figure out what you think it would cost and double it.
 
Cameray said:
My husband has done four complete remodels and feels 50k would be on the low side. It could easily be 75k to 100k depending on your taste. A good rule of thumb is to figure out what you think it would cost and double it.
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True.
 
Remodels really double in price in this economy! Crazy..

This home is listed below comps but I think it will sell for more. My guess $745k. What do you think? My realtor friend said $760k.
 
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