Does this home have improvements that significantly increase the comfort and value of the home? Based on this criteria, and the points below, we believe so!
This three bed, two bath home originally built in 1905 in San Jose has had a number of upgrades, including to key systems such as the electric panel, ABS//copper plumbing, new high efficiency heater and AC, and double pane windows. The bathrooms have been updated, while the exterior has an updated backyard. Plans for a 664 sqft ADU and a new 2-car garage to replace the existing one have also been submitted to the city already.
This combination of extensive remodeling and new high-quality finishes to improve this home earns the property ZeroDown’s “Best Upgrades” Hot Pick.
To ensure that the buyer (and lender) is paying a fair amount for the home, buyers insert an appraisal contingency, which allows the buyer the ability to walk away from the purchase without penalty if the appraisal returns a value lower than a set value (usually the purchase price). Aside from walking away, the buyer can renegotiate for a lower price with the seller, request that their lender make an exception, and approve their loan as if the property had appraised to match the purchase price or make up the difference between the purchase price and appraised value via their own funds. In most cases, if the buyer makes use of the appraisal contingency to walk away, they are likely to receive a complete refund of their earnest money. However, buyers must be cautious and include this in the contract to avoid problems at a later stage.
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Serious about buying a home? Realtors prefer showing homes to buyers with a pre-approval letter. Learn the difference between pre-qualification and pre-approval, the benefits of a pre-approval letter, and why you need one.
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