arp14 Posted May 27, 2008 Share Posted May 27, 2008 There are several townhomes on har.com selling for about 300k but their taxable appraised value is almost 500k. Are these just good deals or have they just mis-appraised by a lot? If I buy one of them, would I be able to get the appraisal down? What are the chances of the actual value being that high? These places come out to be about $100/sf. There are several on Dolores St. if you want to look them up.I appreciate any advice you guys can give me. I've been reading the forums for a long time but just now got around to posting. Quote Link to comment Share on other sites More sharing options...
arp14 Posted June 23, 2008 Author Share Posted June 23, 2008 (edited) 350+ views and no opinions? I'd like to hear from you all. This would be my first home purchase. Edited June 23, 2008 by arp14 Quote Link to comment Share on other sites More sharing options...
sevfiv Posted June 23, 2008 Share Posted June 23, 2008 Well, 5631 A and B are foreclosures. 5629 B (option pending now) is owned by the same person that used to own 5631 A before the bank (and who still owns a couple more of them).The appraised values for all of them are $488,397, and they're all selling for about $312-$326,000. Two recent sales of those were in the $300-375,000 range, and I wouldn't think they are worth much more than that. While the sales price doesn't seem bad, the appraisals do seem too high. Looks like investors bought in and are stuck trying to get out. All that said, if this were my first home purchase, I'd look elsewhere - my gut reaction says "stay away," especially if there's that initial hesitation (but I also have a bias against the galleria-area and those style homes, fwiw). Quote Link to comment Share on other sites More sharing options...
sifuwong Posted June 26, 2008 Share Posted June 26, 2008 Well, 5631 A and B are foreclosures. 5629 B (option pending now) is owned by the same person that used to own 5631 A before the bank (and who still owns a couple more of them).The appraised values for all of them are $488,397, and they're all selling for about $312-$326,000. Two recent sales of those were in the $300-375,000 range, and I wouldn't think they are worth much more than that. While the sales price doesn't seem bad, the appraisals do seem too high. Looks like investors bought in and are stuck trying to get out. All that said, if this were my first home purchase, I'd look elsewhere - my gut reaction says "stay away," especially if there's that initial hesitation (but I also have a bias against the galleria-area and those style homes, fwiw).Any links to these homes? I'd like to check out the pics. Thanks. Quote Link to comment Share on other sites More sharing options...
sevfiv Posted June 26, 2008 Share Posted June 26, 2008 5629 B Dolores Placehttp://search.har.com/engine/dispSearch.cf...mp;backButton=YHCADhttp://www.hcad.org/records/details.asp?ta...t=12675600100065631 A Dolores Placehttp://search.har.com/engine/dispSearch.cf...mp;backButton=YHCADhttp://www.hcad.org/records/details.asp?ta...t=12675600100095631 B Dolores Placehttp://search.har.com/engine/dispSearch.cf...mp;backButton=YHCADhttp://www.hcad.org/records/details.asp?ta...t=1267560010008 Quote Link to comment Share on other sites More sharing options...
jscarbor Posted June 26, 2008 Share Posted June 26, 2008 Temitope Sodeke owned atleast 2 homes and I bet Tayo Oyekamni did to? This smells like a mortgage scam deal where they were able to get big appraisals for these and get cash back as a "marketing fee" on these. These look like houses that would have gone on the market for about $380,000 a couple years ago. An "investor" I use this term very loosely comes in and cuts a deal. They("investor and his client) buy it for $480,000 and after some fees someone walks away with $60-80k or so and never lives in it. It worked best when the scam group could buy all the houses in a town home community. So, without looking at these $320,000 might be a pretty good deal? That third floor balcony is worth looking into for leaks. I would need to run some comps but I think it might be a good deal. It would be nice if someone could get a handle on the HOA and start building that up and making the exterior common space upkept and looking good. Soon scammers will all be bought up and new "real" buyers will be in. Quote Link to comment Share on other sites More sharing options...
arp14 Posted June 30, 2008 Author Share Posted June 30, 2008 (edited) Thanks for all the info everyone.Sevfiv- I am curious about your bias against the Galleria area and the style of home. Is the Galleria not a good area to live in?I drove by the area and the exterior common area does look a little unkept (needs a landscaper to trim back the bushes/grass)... There were for sale signs everywhere on that street... bad investments? bad area? bad construction? mortgage scams? No way to really know I guess..jscarbor- do you know those names? Both of those are the people listed in HCAD ownership history... Edited June 30, 2008 by arp14 Quote Link to comment Share on other sites More sharing options...
BryanS Posted June 30, 2008 Share Posted June 30, 2008 There are several townhomes on har.com selling for about 300k...Even that is too much. Quote Link to comment Share on other sites More sharing options...
sevfiv Posted July 1, 2008 Share Posted July 1, 2008 Thanks for all the info everyone.Sevfiv- I am curious about your bias against the Galleria area and the style of home. Is the Galleria not a good area to live in?I drove by the area and the exterior common area does look a little unkept (needs a landscaper to trim back the bushes/grass)... There were for sale signs everywhere on that street... bad investments? bad area? bad construction? mortgage scams? No way to really know I guess..jscarbor- do you know those names? Both of those are the people listed in HCAD ownership history...I lived in the area once, a little farther west - the traffic is horrible, I don't work near, and there just aren't a lot of places that I would frequent to make it worthwhile for me. The townhouse - I just don't care for the way the exterior looks. And I prefer older places. Quote Link to comment Share on other sites More sharing options...
jscarbor Posted July 8, 2008 Share Posted July 8, 2008 Thanks for all the info everyone.Sevfiv- I am curious about your bias against the Galleria area and the style of home. Is the Galleria not a good area to live in?I drove by the area and the exterior common area does look a little unkept (needs a landscaper to trim back the bushes/grass)... There were for sale signs everywhere on that street... bad investments? bad area? bad construction? mortgage scams? No way to really know I guess..jscarbor- do you know those names? Both of those are the people listed in HCAD ownership history...I only saw the names on a quick click of the hcad account #. Quote Link to comment Share on other sites More sharing options...
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