Wednesday, October 7, 2009
F the bank!
It's been a while since I've seen a really bad REO. One where the previous pissed off home-debtor just trashed the place. But today a great one popped up. Now I looked at this house when the guy was trying to sell it (for $800k) It was gorgeous and had an amazing back yard. Not any more. Looks like they thrashed the pool, killed the palm trees, tore out the wrought iron fencing, poured paint all over the kitchen (cabinets and appliances), looks like concrete in the toilet. They pretty much did everything they could to thrash the place.
16661 Edge Gate Dr. Riverside. Tell ya what mr Realtor, I'll give ya $200k for it! They really didn't pay that much for the place. They bought it new for $607k. But they probably borrowed heavily to put that landscaping and hardscape in. There looks to be about $200k in outdoor work done to the place. Oh the bubble years, how people spent with reckless abandon... Now the bank owns this wreck. They actually tried to get $575k for this thing at the trustee sale. Now it's listed for $400k. NO WAY this thing will get $400k or anything near that. There was a nice home listed just up the street last weekend for $450k. It may have been the same model. It also had a nice backyard with a pool ( It sold in couple of days).