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Serves them right, MCM has last laugh on the remuddlers


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Yeah, bowl sinks are great in hotel rooms, but not for everyday living.

I saw a sink in Architectural Digest once that simulated a stainless steel stream running down your counter.

Looks great until the kids start piling dishes in it and make a dam!

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  • 1 month later...

The story continues...

This one is a REO now owned again by Compass Bank. Opening bid on this is $358,000, but could go lower easily. They hope to get $358,000. The interesting point in that price is that they can't even sell it for the lot price. And funny enough there is a broker on HAR still trying to sell it for $619,000. Nice little trick there. This one should be on Wikipedia under re-muddling.

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Although I am in a twelve step program as a recovering contractor - I always tried to have a one word reply to troubled clients with money impassioned to do the wrong thing - "no." It seems in today's world of lowest bidder "just shut up and do it" world - there still is a glaring reason to use a real professional designer with a historic background to add rational balance to restoration. These people obviously spent a ton of money with what they considered the best of intentions that resulted in alienating any possible profitable market appeal. Someone is paying a very big cost for I hope an education. I weep for the Realtor saddled with a dead horse to sell as a stud when the only option was to sell as dog food and glue.

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The story continues...

This one is a REO now owned again by Compass Bank. Opening bid on this is $358,000, but could go lower easily. They hope to get $358,000. The interesting point in that price is that they can't even sell it for the lot price. And funny enough there is a broker on HAR still trying to sell it for $619,000. Nice little trick there. This one should be on Wikipedia under re-muddling.

How do you know this info? Do you know someone at Compass Bank? You imply that you have inside information, but it appears you were getting your info from the tax rolls.

The buyer's loan amount listed in the tax rolls is $358,000. I'm sure that's what you are basing your comment on.

It seems to me that the list price might be based on the tax appraisal, not always the best strategery. Although I don't know the market in that area and Compass Bank was probably relying on the Realtor's "expertise".

CyKat

Edited by CyKat
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I'm curious to know what you guys would think is the best course of action if you were able to buy this place...

Tear it down and start over? That's my knee jerk reaction, but it's not supposed to be my philosophy, especially as a conservationist.

Could one take this down to the studs and start over or is it too far gone? The lot is gorgeous and if you can live on Gessner the price seems right. Let's say $250K for a restoration. That brings you up to $600K... They want $1M for the Lindsay House, debatably a comprable house a couple of neighborhoods away.

It would be very interesting to see someone revamp this house, but I'm sure even at this price you'd have to sink more money into it than you'd get out of it any time soon.

Jason

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I thought about that too, was this project possible? Plus the fact you just know they screwed around with the electrical and that would be fun to find and fix properly. I guess it could be done, but that would take skilled craftsman and a whole lot of custom work. Would love to see that though. I have seen some SF Bay area Eichlers brought back.

BTW, if anyone wants a foreclosure list, just go down to 1115 Congress, downstairs to the snack bar of all places. Auctions are the first Tuesday of every month. Not to be a downer here again, but did you all see the WSJ story on mortgage defaults to double in 2009 to be something like 7.7% ?

The Lindsay house is not worth anything near $1M, the comps in no way support that. As I mentioned previously, this downturn will save a whole lot of homes that would have been torn down. I think the Lindsay house is one of those saved. Good thing too because that thing is built to last, what craftsmanship ! :)

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That is not in the info you see. That is from another source, where all detailed pricing is given. That one would not have been bid on when it was at forclosure auction, 97% are not. Then technically it is "purchased" back by the lender. These REOs are the best deals and lenders will make deals to unload them.

Foreclosure Information

Status Bank Owned

Recording Date 6/9/2008

Entered On 6/13/2008

Opening Bid $358,373

Property Information

Property ID 19426817

County Harris County

Type Single Family Residence

Beds 4

Baths 3

Square Feet 2258

Lot Size 33130

Parcel Number 093-231-000-0001

Lot Number 1,2

Year Built 1965

Estimated Market Value $608,000

Estimated Market Value Range $581,000 - $611,000

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Personally I find the fireplace to be particularly awful. In addition to being out of place from a style standpoint, it also appears to be physically out of place. The placement looks like something an inspector would throw a fit over.

This poor home is now scary in so MANY ways!

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  • 1 month later...
The story continues...

This one is a REO now owned again by Compass Bank. Opening bid on this is $358,000, but could go lower easily. They hope to get $358,000. The interesting point in that price is that they can't even sell it for the lot price. And funny enough there is a broker on HAR still trying to sell it for $619,000. Nice little trick there. This one should be on Wikipedia under re-muddling.

There is no opening bid of $358k

That is probably from some foreclosure listing service that just has their computer fill in the blanks with what sometimes seems like random information.

The broker on HAR pulling a 'nice little trick' is hired by Compass Bank who is trying to get their money out of the property--and is not pulling off any trick at all. In Texas, if there is a surplus on a foreclosure sale, the bank must refund the surplus to the owner. The actual loan balance is most likely more than the $619,000 by a large margin.

The 'opening bid' of $358k should probably read 'second mortgage' of $358k. The HAR listing is now $550,000, Which means there is still no way to get this house for close to $358k (at least according to the 'experts')

Edited by rbarz
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  • 3 months later...
There is no opening bid of $358k

That is probably from some foreclosure listing service that just has their computer fill in the blanks with what sometimes seems like random information.

The broker on HAR pulling a 'nice little trick' is hired by Compass Bank who is trying to get their money out of the property--and is not pulling off any trick at all. In Texas, if there is a surplus on a foreclosure sale, the bank must refund the surplus to the owner. The actual loan balance is most likely more than the $619,000 by a large margin.

The 'opening bid' of $358k should probably read 'second mortgage' of $358k. The HAR listing is now $550,000, Which means there is still no way to get this house for close to $358k (at least according to the 'experts')

Well RBARZ and CYKAT, looks like I was almost pretty close on the selling price. It sold for $399,900 Looks like I know what I am talking about. B)

2gessner.jpg

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Well RBARZ and CYKAT, looks like I was almost pretty close on the selling price. It sold for $399,900 Looks like I know what I am talking about. B)

2gessner.jpg

the seller contributed $10,000 to the buyer's closing costs, so for comp purposes I'd consider it $389,900

.

flipper

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The story continues...

This one is a REO now owned again by Compass Bank. Opening bid on this is $358,000, but could go lower easily. They hope to get $358,000. The interesting point in that price is that they can't even sell it for the lot price. And funny enough there is a broker on HAR still trying to sell it for $619,000. Nice little trick there. This one should be on Wikipedia under re-muddling.

Why would someone pay $399,000 for a home today, that had "an opening bid of $358,000" over 5 months ago?

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