Okay....so its getting almost comical reading some of the listing remarks in Folsom and EDH:
436 Platt Circle: BANK OWNED/FORECLOSURE..NOT A Short Sale.
Saw another listing remark a week or so back boasting it was the only listing on a quite street.
Oh how times have changed.
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I've noticed lots of "quite" areas. And a house was listed as having a "big attack" in an ad that someone posted on Ben's blog.
NOT a short sale -- but a foreclosure, and bank owned. Hmmm.
It does make you wonder WTF they're trying to say, doesn't it?
From the Sacbee Home Sales Database, 436 Platt sold on
2007-04-16 for $360,500. This was, more than likely, the NOS back to the lender.
With the NOT a short sale comment, I believe they are trying to say they don't have to go back to the bank and get approval - they are the bank!
Cmyst - Ha...joke is on me....I am a bad speller, and even worse about checking my grammar. The "quite" was actually my bad.
On that listing I was actually smirking about the fact that "only one listing on a street" is a rare occurance with all the inventory out there. So they are using it as a selling point (i.e. if you don't buy this one...there aren't 12 others just like it within a 2 block radius).
Husman - That was my thought as well. Earlier it was a short sale, and no one wanted it (for the same price)...so they are banking (pun intended) on the fact that the sale will be faster since the bank owns it now.
Yes, a short sale is the owner advertising the home for less than the bank loan or loans - many times the bank will not accept the offer - big pain in the ass with everybody wasting several weeks of their time before getting a "no" answer.
So the first lender forecloses, whiping out the 2nd, and can sell it for a lower price sometimes.
There is a significant difference.
With a bank owned property ("REO") their goal is to recover the loan amount and costs, with a buyer who is able and qualified and non contingent(don't bring your "$0" down here). You're dealing with 1-2 persons making the decision.
Looked at Platt Circle. The neighbourhood is wonderful and the view is great. However, there are a number of minor and potential MAJOR flaws with the home, that should drastically reduce any ‘offer’ on the home. Without a detailed look, this is what I came up with:
* Roof doesn’t look good, possible replacement
* Gutter leak, need repair serious or replacement
* HVAC, looks bad and in need of repair or replacement.
* Hole in Garage Floor, unknown liquids previously drained to open area under house. Besides hole repair, further investigation needed.
* Siding on back side is warped, looks like a water problem – scary.
* Garage Doors. Doors damaged, no remote motors, needs replacement
* Carpets, worn, torn, need replacement
* Step below slider to rear patio need foot boards replaced.
* Window, front entry, 1 glass shattered, needs replacement
* Paint, very old needs it badly
* Landscaping, everything is either dead or dying, water systems not functional
* Steps Left Side of House broken
* Microwave – needs replacement
* Oven – needs replacement
* Indoor paint – entire house.
The hole in the garage floor and the buckled siding are the most risky and could entail great repair costs. If they turn out not to be major, you could probably get the list done in a reasonable amount of time for between $40k-$50k. That being said, an reasonable offer on this home could be around $300k and the bank should consider itself lucky to get this one off the books.
Husman -
Thanks for the low down on Platt. We had actually seen it back when it was still a short sale. However the electricity was shut off and we went at night (this was in winter when it got dark early). We loved the view from the backyard and the neighborhood as well. But suspected there were problems with the interior.
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