Tuesday, February 08, 2005

House 3

House 3 is actually a small condo - 1 bedroom, 1 bath. It's in a complex of 36 condos that has a pool and a big grassy area in front. The complex is totally gated and is pretty nice and well-kept. The neighborhood isn't too bad either, but there are about 4 other units for sale in the complex. I was able to get in the complex (the gate opened as a car drove out and I waltzed in) and peek in the windows. The property looks to be in good shape. The toilet and sink/vanity were out in the living room though.

Spoke with the listing agent this afternoon and he tells the unit has been vacant about a year (some research shows the original owner died and it went into foreclosure). The toilet was pulled out by the HOA because it was leaking. He claims the plumbing is good and the items just need to be reinstalled. (So why didn't they just turn off the water instead of ripping the things out?) Similarly, the vinyl flooring in the kitchen was pulled up because the refrigerator was leaking Freon. The HOA also put a lien on the property for unpaid HOA fees, but that was recorded after the mortgage, so the mortgage foreclosure has wiped that lien away.

The agent tells me units sell in about 2 months there, mainly because they are 1 bedroom, not 2. This particular unit has been on the market a while and never sold because the initial price was too high. It's been lowered about $15,000. The agent tells me he's gotten lots of calls on it and he expects it to sell quickly. I'll be making an offer on this property and maybe one or two of the others as well.

I'm not giving all the details here (like my offer price) because this is a VA foreclosure, which means it's basically an auction and the highest bidder gets the property, so giving out my bid before the close of the auction would be counterproductive. If I get it, I'll post full details.

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