Flipflops

[Cougar]

http://www.redfin.com/stingray/do/print ... id=1683174

I see more and more of these as I drive around. Unfinished, abandoned projects left open for vandalism and an eyesore for neighbors. Not only are home prices declining so are property values for neighborhoods.

[deejayoh]

Incredible! I bet that thing is so loaded up with liens you'll be out double what you paid for it.

[mukoh]

[Rhonda P]

The new owner may be protected from mechanics liens from the title insurance policy. Mechanics liens have to be filed within a specific amount of time or they're not valid (I think it's 90 days but it's been 8 years since I wore a "title insurance/escrow" hat).

[ira s]

Funny that the description reads "value is in the land". Really? I thought it was in the exposed moldy medium density fiberboard.

[redmondjp]

[Ubersalad]

How do you finance an unfinished as-is property? Seller carry back?

[mukoh]

Something like this is financed through a construction loan only. i.e. 30% down, 7-8% interest, ad about 10 months of reserves.

[deejayoh]

The buyer may be protected from liens - but that was not my point. The price is listed as $300k - which probably doesn't take into account any liens.
Which may not be discovered until the title search. So what the seller (or more likely the bank) really needs to be whole is potentially much higher than the "asking" price.

Rhonda - I may be misunderstanding your post, but from what I recall in my home buying past - the new buyer isn't protected by title insurance until a title search is done, and any liens that are discovered are cleared. Only then would the title company insure the title. Am I remembering wrong?

[mukoh]

[deejayoh]

Given that it is a foreclosure, I'd agree.

As of yesterday -there was no indication this was a bank foreclosure. The suspicious text was "Property sold as is, buyer to verify to their satisfaction all information regarding the property". That did not say REO to me. It said "short sale"

RedFin actually launched FSBO/Foreclosure feature today

http://seattlepi.nwsource.com/business/ ... fin30.html

nice

[biliruben]

Very.

Have you zoomed out in Redfin and checked out the south-towns yet?

Yikes. I wouldn't want to be selling in Auburn.

I can get in right now, however. I have a feeling FSBOs and foreclosures were more popular than they thought.

They need to hire Akamai or someone if they want to retain their page views.

I'm finding myself gravitating towards Estately these days, due to both speed and the fact that they maintain a history of your saved properties and what happens to them (sold, off-market, price reduction etc...). You can also screen based on keywords like "-townhome", which is nice. Then I pop of to redfin to see the exact property location and purchase history. Could get that from Zillow as well, I suppose.

[Cougar]

Did some digging. The guy got it a divorce settlement. Took a promissory note out from a private lender and they became beneficiary. How would one qualify to buy this POS?

[deejayoh]

[rose-colored-coolaid]