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David Gibbons

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what's wrong with this house?

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azmkom

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Builder sold for over $525k, 3yr ago. on Market for $480k. Foreclosed. on market for $450k, then $423k, then $412k, still no movement in a year.  originally most expensive builder house on cul-de-sac. only 2 car garage (but next door neighbor is 2car as well), good size lot, 15-20degree inclined backyard and no retaining wall, nice neighborhood, great schools, only 8ft ceiling, 4story(incl basement), huge unfinished walkout basement, 6BR/4B, huge trex deck, great views from all sides!, great front elevation and porch, great upgrades, houses on back, one side faces road 200ft away.  So is it haunted!! or ??  
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May 12 - Denver
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Tucker Mullen, "tuckermullen"

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Its a bank owned property. That explains the pricing. Bank owned homes are the thing to buy. As you can see, prices can't be beat. That is why its so hard to sell anything BUT a bank owned home right now. The banks want nothing more than to get these properties sold, so they price them to sell them.
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May 15
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azmkom

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my point was..... no one wants to buy this house. 

drawbacks are 2 car garage (one can put shelves and hangers to keep 2 cars easily with 'other junk'!), and inclined backyard (which can be fixed with retaining wall), and open space-next-to-road on one side but that side has a nice 'hill' on other side of road!.    Else its awesome house with awesome views, very nice neighborhood (where there are other 2 car garages and inclined lots) upgrades, 4 story,  etc etc.

Would these drawbacks drop the cost from 530 to 390 and still "no one buys it"?  That's the question.
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May 16
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Linda Strasberg, "L Strasberg"

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It's possible that the BPO wasn't priced correctly.  What have similar comps sold for within the last 30-45 days?  What do you like about it?  Are you ready to make an offer? 
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May 16
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COJody

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I asked that question once too. It turned out that the answer was, "There's nothing wrong with it." The only way you can answer the question is to go through the investigatory steps it takes to learn everything you can about the house, and whether it's right for you. If you take your time and do things right, you won't risk anything but your time.
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May 26
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source1casey

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Another reason could be that the buyer pool for this property is small.  Depending on the location, it may not qualify for an FHA loan because of FHA loan limits.  As an REO Specialist and listing agent for several banks, I do not think that the answer is something as simple as the BPO (broker price opinion) was done incorrectly as at this stage of the game the bank has had several broker price opinions and an appraisal (or two) of the property done.  What are the other bank owned/ distressed properties listed at/ selling for?  If there are none in the immediate subdivision, expand your search parameters.  Of course, a thorough inspection not only of the property but also of the title and deed may give you more answers.
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0 Yes

July 07
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FredFarg

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From what we can tell from your question, answers include -
3 years ago was the height of the over-priced market (almost exactly for Denver)
The sour Real Estate Market (which perhaps bottomed at about your May posting)
The general economy (I doubt we're at the bottom, yet)

What we can't tell -
Foundation &/or expansive soils issues
Inside destruction by previous foreclosed owners (have you been inside?)
Plumbing stripped (have you seen the price of copper?!  I've seen high-end new construction foreclose after installing plumbing one day, and having it stripped out that night for salvage-resale.)
Other damage/vandalism

What to do? 
Get a showing/walk-thru.
Have a RE Agent do comps - if they come in around $500k, or anything substantially above asking price, move forward.  Prices WILL rise again...eventually.
Be sure to consider condition (damage, etc) in comp value of THIS house.
Make an offer with standard contingencies for financing, inspection, survey, etc
If the numbers continue to work, close on the house and move in.
Sell at the next housing bubble (good luck timing THAT!!!)
:-)
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0 Yes

September 12
 

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