15 Comment

  • “The problem with putting two and two together is that sometimes you get four, and sometimes you get twenty-two.” ― Dashiell Hammett, The Thin Man

  • Wow. Based on the toys it appears that there was a little kid living in that house. Unbelievable.

  • Description didn’t mention a heater in the bathroom.

  • Short sale? I wonder how much they owe. A buyer may just want to ask the owner (at the risk of being shot, I guess) and offer to pay off the loan in exchange for the house. Everyone wins. Zoned to Parker, this house is worth more than $169k, even in this condition.

    P.S. The 80′s glamour shot on the green flocked wallpaper is everything.

  • With an 11K SQ corner lot, I’d think $169K is a deal for the land. But I’d want a hazmat team to empty it before it was demod.

  • I can smell the stale smoke through my monitor. Gah.

  • I think I am going to go dust now.

  • Given the information on HCAD, it’s a rental. Can you imagine dealing with tenants like that?

  • Me either…….

  • Very sad.

  • Sadz: what you do, and I’ve done this, is you buy the property from the guy for $10k or whatever plus assumption of his existing note (via a wrap). Seller walks away clean. Even a few bucks in his pocket after closing costs. And isn’t hit with a short sale on his credit. You as a buyer are only into the property for the $10k (vs buying all cash), leaving plenty of budget for repairs. Then you fix up the place and sell it to a traditional buyer – paying off the existing note at closing.
    .
    This only works if the loan balance (plus a likely past due amount + past due property tax) makes the deal worth doing. But if so, everyone wins.
    .
    Yes. I’m aware of due-on-sale clauses of loans but that literally never happens if the note is being paid. I’ve never even had a lender contact me after buying a property and taking on the existing note. So long as you continue to make the payments all is good.

  • Vonnegut: hcad will note if it’s a rental? That’s news to me. How the hell would they know?

  • Problem with buying this as a flip is there are several homes right near buy under $300k. Some around $230-250k. So if $169k = short sale then they owe more. So even if they owe only slightly more, you could be in it for $180k before even picking up your paint brush. Even with a modest upgrade budget, the numbers become VERY skinny when your own closing costs to sell are factored

  • Cody, if the house doesn’t have a homestead exemption, and the owners address is for another house or an office, it’s usually a rental.