Real Homes of Genius

One of the blogs I frequent is Dr Housing Bubble in LA County.  (http://www.doctorhousingbubble.com/  ).  Great commentary on the state of So Cal real estate.  Besides his personal pet-peeve for garbage cans and Realtor cars in listing photos on the MLS (which I share,) he regularly posts about "Real Homes of Genius".

A real home of genius is one where a bank and buyer broke all rules of sanity in overvaluing a property to the point of ridiculousness.  We've got one here in my area this week, and I think I"ll keep them coming.

Real Home of Genius - Santa Maria Style...

First,
The original sales info.  Purchased in 1/2003 for $320,000

Second, Purchased in 11/2005 for $450,000!!

Third, Notice of Default, Notice of Trustee Sale 4/22/2009

Fourth, Trustee Sale on 1/14/2010

Finally, onto the market in 5/23/2010 for $165,500 and reduced on 6/17/2010

Here's the video I shot this morning. A true gem.



Enjoy!
Taylor

Bank Repairs Property Without Asking!

I know it sounds crazy.  I didn't believe it myself when it happened, but I have video to prove it.  Check it out.



Here's the backstory.

I have a client that made an all-cash, as-is offer on a bank-owned (REO) condo.  It was in pretty good shape and she loved the unit so she offered close to retail.  In fact, all the unit needed was carpet, paint and install some hand-rails and it would be good to go.

Offer was accepted in a day and we moved into escrow.

Yesterday, the listing agent called me in a huff because there were contractors in the condo tearing out carpet and it looked like a painter had already come and gone....

I called my client and she didn't know a thing about it.  No answers...

Until later that afternoon when the listing agent called me to apologize.  The bank had hired and scheduled to have the contractors paint and carpet the unit and didn't let the agent know.  (weird.)

So, my client gets carpet and paint.  On an AS-IS bank REO.  Gratis.

Gotta love these banks... Never the same thing twice.

Cheers,
Taylor