Flipflops
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.
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.
Comments
Liens are either paid by seller at closing or the deal doesn't close. A lot of times the banks will pay the leans just to walk away from this.
There was a whole project of 98% finished homes in Bothell that sold for 50 cents on the dollar.
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?
Title search can be done through http://www.metrokc.gov on this tax parcel. The listing price for this home is what the bank will walk away from it for.
If there are any liens that are pending or issued before closing the seller either pays them or the buyer walks. I have seen banks cover all the liens without raising price to clear mess ups like this from their books.
Also an extended title insurance policy would protect the buyer from any future leans.
The home looks like it hasn't been worked on for at least a couple of months, and since the bank has it, more likely over 3 months. In order to file a lien it cannot be longer then 90 days from work done.
This is still not bad considering the home looks good. I bet the bank would even take $250k to walk away from this failure.
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
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.
lol. I pop b/t estately and redfin too. I met with one of the guys at redfin and told him I found the personalization a bit lacking. But I do like the sales and price history (which used to be only at Zip). The perfect R/E site is still out in the future somewhere.
I LOVE the RSS feeds for searches from estately
By laying down cash. And then shouting "Booyah!"
The only way is to get a construction loan. You need a GC (General Contractor), bids to finish, appraisal, and all the other requirements as 30% down, and blah blah blah.
I did not say GC License. General Contractor is what a lender is going to want. Very experienced one at that to take over a mess left that way. By experience is the meaning of having built quite a few homes in the last two years.
Bonds and insurance is easy, with good assets and credit history.
Uber, try to go get a construction loan right now, and it doesn't matter who you are every bank will give it to you pending:
Verified income of $150k+ a year for this type of loan.
Extremely good credit history.
Assets which are at least close to a yearly income that are liquid
Cash reserves of at least 8-12 months of interest
30% down payment at closing.
Taking bets,
#1 Teardown
#2 ReHab
#3 STI falls thru
I vote #3
Maybe it'll burn down, and they'll blame it on the Earth Liberation front.
Source: Bank-Listed Foreclosures
Status: Bank Owned
http://www.redfin.com/WA/Kirkland/12433 ... ome/511968
It needs a lot of work, but unless there is considerable damage due to exposure it doesn't look quite like a tear-down to me. The location isn't bad, the lot size is pretty good, and the house itself is fairly large.
So if you could find a shell of a house, and it needed a lot of work - like this one - what would be a fair value for the house? For instance, could this house be repaired for $150k? If so, $200k might actually be a good deal for it.
Thoughts?