Real Estate Disparity

[LadyT]

So, I'm on Fannie Mae, looking at their bank owned homes and I come across a small description of what I'm assuming is a either a really nice townhome or Single Family that is misprinted on their website. I call up Century 21 and talk to the guy, I get the MLS number and look at this literal, piece of $hit that they are trying to sell for $415K. Keep in mind you can get half way decent single families that are bigger, for less. I bid one. What in the world is going on here?

Link

 

[uscitizen]

apparently that is the amount that Fanny Mae is out on the deal..they may well take much less though.

 

[Cancel 2016.2]

wow... if those were the best 8 photos they could take of the place, scoop it up.... looks like a winner.

 

[klaatu]

I cant believe these pics!

 

[Robdawg]

ive seen dog houses that look nicer, and what slobs, and your master bath is about as big as my closet.

 

[Robdawg]

also did you check out the property taxes on that?? over 6K a year....

LOL

 

[LadyT]

Yeah.....I know. Its pathetic. I actually bet I could offer like $100K on it and get it to be honest. Its a $hit hole. They will never sell it. And like you said, $6K on taxes. ON A 2 BR CONDO FOR FVCKS SAKE. They are insane. Who was the genius behind that pricing? The owners had to be on drugs. I can't see how any normally functioning person could live there.

 

[LadyT]

I cant believe these pics!

I could if it were priced $300K lower.

 

[uscitizen]

Yeah.....I know. Its pathetic. I actually bet I could offer like $100K on it and get it to be honest. Its a $hit hole. They will never sell it. And like you said, $6K on taxes. ON A 2 BR CONDO FOR FVCKS SAKE. They are insane. Who was the genius behind that pricing? The owners had to be on drugs. I can't see how any normally functioning person could live there.

Isn't it a foreclosure ?

 

[LadyT]

Isn't it a foreclosure ?

Its past the foreclosure stage. More than likely it was in fc a few months ago and the bank just absorbed the costs and kept the title and put it on the market. Its a REO. Its also quite obvious they put in their lawyers fees, the outstanding balance, and any other liens on the property into the pricing of this property. But this is ridiculous. I've never seen anything as mispriced as that piece of garbage in my life. Its not even close to being on par with other condos, townhomes or even Single Families in the area.