Can some real estate guy tell me why this went for only 108 K ?
- Thread starter Doug
- Start date
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Most likely it was a Short Sale or REO Sale. Zillow estimate's are just another resource but, a Broker BPO would be a more accurate valuation.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Most likely it was a Short Sale or REO Sale. Zillow estimate's are just another resource but, a Broker BPO would be a more accurate valuation.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Whatever, but the taxes and assessment value are huge in relation to this sale price. This is a hood of 300k+ homes in a Lilly White no crime area.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Whatever, but the taxes and assessment value are huge in relation to this sale price. This is a hood of 300k+ homes in a Lilly White no crime area.
SeaDawg
EOG Veteran
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Short sale or they might of had a hard money loan, and when the property was released from the trust the amount of the loan was listed as the sale price.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Short sale or they might of had a hard money loan, and when the property was released from the trust the amount of the loan was listed as the sale price.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Probably because nobody would pay more than 108K for it.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Probably because nobody would pay more than 108K for it.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
I found three homes under 200k in this zip code
06437 Real Estate - 06437 Homes for Sale in GUILFORD, CT - Realtor.com?
I grew up in this town, I know the place well.
Re: Can some real esatate guy tell me why this went for only 108 K ?
I found three homes under 200k in this zip code
06437 Real Estate - 06437 Homes for Sale in GUILFORD, CT - Realtor.com?
I grew up in this town, I know the place well.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
taxes are a killer in 06437
Tax History
<table id="taxHistoryTable" class="view-history"><thead> <tr> <th>Year</th> <th>Taxes paid</th> <th>% Change</th> <th>Tax assessment</th> <th>% Change</th> </tr> </thead> <tfoot> <tr> <td colspan="5"> More entries Fewer entries </td> </tr> </tfoot> <tbody> <tr class="alt"> <td> 2010 </td> <td> $4,937 </td> <td> 4.0% </td> <td> $237,000 </td> <td> -- </td> </tr> <tr> <td> 2009 </td> <td> $4,749 </td> <td> 46.2% </td> <td> $237,000 </td> <td> 40.0% </td> </tr> <tr class="alt"> <td> 2008 </td> <td> $3,249 </td> <td> -21.1% </td> <td> $169,310 </td> <td> -- </td> </tr> <tr> <td> 2007 </td> <td> $4,118 </td> <td> 5.0% </td> <td> $169,310 </td> <td> -- </td> </tr> <tr class="alt"> <td> 2006 </td> <td> $3,921 </td> <td> 4.0% </td> <td> $169,310 </td></tr></tbody></table>
Re: Can some real esatate guy tell me why this went for only 108 K ?
taxes are a killer in 06437
Tax History
<table id="taxHistoryTable" class="view-history"><thead> <tr> <th>Year</th> <th>Taxes paid</th> <th>% Change</th> <th>Tax assessment</th> <th>% Change</th> </tr> </thead> <tfoot> <tr> <td colspan="5"> More entries Fewer entries </td> </tr> </tfoot> <tbody> <tr class="alt"> <td> 2010 </td> <td> $4,937 </td> <td> 4.0% </td> <td> $237,000 </td> <td> -- </td> </tr> <tr> <td> 2009 </td> <td> $4,749 </td> <td> 46.2% </td> <td> $237,000 </td> <td> 40.0% </td> </tr> <tr class="alt"> <td> 2008 </td> <td> $3,249 </td> <td> -21.1% </td> <td> $169,310 </td> <td> -- </td> </tr> <tr> <td> 2007 </td> <td> $4,118 </td> <td> 5.0% </td> <td> $169,310 </td> <td> -- </td> </tr> <tr class="alt"> <td> 2006 </td> <td> $3,921 </td> <td> 4.0% </td> <td> $169,310 </td></tr></tbody></table>
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
"value' is a relative term these days, and a 4 letter word.
When the prices were triple what they should have been then buying something for half is still not a good enough deal. I remember when I left maine for Ca 11 yeras ago and saw what houses sold for here, and people said that the prices would go up (which they did), but as we saw the prices were still too high, but there were also enough suckers around that are now completely ruined for life that they still sold them for way more than they were worth.
When you look at prices and compare them to prices from a few years ago, it is akin to looking at baseball stats and comparing them to a few years ago. The housing market was in a steroid era with shady loans and even shadier banks and agents extending credit to people who had no business getting it. Houses are still over priced actually but because the banks got bailed out and didnt get completely desperate to unload their properties the prices havent fallen nearly enough. And enough people have been getting faked out by the make believe economic upswing and the lowered interest rates thatthey are venturing into these seemingly 'sweetheart' deals.
had the banks not been bailed out and forced to sell these properties just to recoup something to remain in busieness you would have seen these places selling for about half what they are now. But people got scared, thought it would cripple the economy and thus kept them from failing.
Only thing is they might have stopped the collapse then, but sooner or later it is really going to happen, and when it does it wont be pretty.
Re: Can some real esatate guy tell me why this went for only 108 K ?
"value' is a relative term these days, and a 4 letter word.
When the prices were triple what they should have been then buying something for half is still not a good enough deal. I remember when I left maine for Ca 11 yeras ago and saw what houses sold for here, and people said that the prices would go up (which they did), but as we saw the prices were still too high, but there were also enough suckers around that are now completely ruined for life that they still sold them for way more than they were worth.
When you look at prices and compare them to prices from a few years ago, it is akin to looking at baseball stats and comparing them to a few years ago. The housing market was in a steroid era with shady loans and even shadier banks and agents extending credit to people who had no business getting it. Houses are still over priced actually but because the banks got bailed out and didnt get completely desperate to unload their properties the prices havent fallen nearly enough. And enough people have been getting faked out by the make believe economic upswing and the lowered interest rates thatthey are venturing into these seemingly 'sweetheart' deals.
had the banks not been bailed out and forced to sell these properties just to recoup something to remain in busieness you would have seen these places selling for about half what they are now. But people got scared, thought it would cripple the economy and thus kept them from failing.
Only thing is they might have stopped the collapse then, but sooner or later it is really going to happen, and when it does it wont be pretty.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Doug- come down to lower fairfield county- I pay that amount for my condo. Ridiculous
Re: Can some real esatate guy tell me why this went for only 108 K ?
Doug- come down to lower fairfield county- I pay that amount for my condo. Ridiculous
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
The Fed didn't make the same mistakes as were made in the '30's, which was the largest US economic contraction prior to this one.
They made mistakes, yes, but not the same ones as in the '30's.
As I said in the other thread with all the predictions of gloom and doom, it's at least as likely that the policy decisions (the new mistakes) made this time 'round will lead to prolonged Japanese-style stagnation as a careening slide into the abyss.
Wantit, you're definitely 100% correct that the excesses from all that easy money won't go away tomorrow, but the script still is being written as to how it's going to play out this time. I'd be more worried at this point about the feverish pace of the Chinese economy hitting a big air pocket and sending the rest of the world economy into a tailspin.
Re: Can some real esatate guy tell me why this went for only 108 K ?
The Fed didn't make the same mistakes as were made in the '30's, which was the largest US economic contraction prior to this one.
They made mistakes, yes, but not the same ones as in the '30's.
As I said in the other thread with all the predictions of gloom and doom, it's at least as likely that the policy decisions (the new mistakes) made this time 'round will lead to prolonged Japanese-style stagnation as a careening slide into the abyss.
Wantit, you're definitely 100% correct that the excesses from all that easy money won't go away tomorrow, but the script still is being written as to how it's going to play out this time. I'd be more worried at this point about the feverish pace of the Chinese economy hitting a big air pocket and sending the rest of the world economy into a tailspin.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
something is off here ( the price is correct), you can't buy a home in Guilford, CT 06437 for 108k, the place assesses for well over 200k. I'm going to drive by this one next time I'm in Guilford.
Re: Can some real esatate guy tell me why this went for only 108 K ?
something is off here ( the price is correct), you can't buy a home in Guilford, CT 06437 for 108k, the place assesses for well over 200k. I'm going to drive by this one next time I'm in Guilford.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
I haven't really gone to that county since Bridgeport Jai alai closed.
Re: Can some real esatate guy tell me why this went for only 108 K ?
I haven't really gone to that county since Bridgeport Jai alai closed.
SeaDawg
EOG Veteran
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Google the county that the home is in and there will be a map and list of taxes owed, liens, and the first and second mortgages. Type in the address and most of it will be public info. Also consider that maybe a relative bought the house just to keep it in the family.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Google the county that the home is in and there will be a map and list of taxes owed, liens, and the first and second mortgages. Type in the address and most of it will be public info. Also consider that maybe a relative bought the house just to keep it in the family.
Doug
2
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
good info there.
it would be New Haven County
The 108 k price would be cheap at double that....unless somehow trashed, this is a street of 300-500 k fairly modern homes ( 70's and later). the land alone might be worth 108k.
108k in Guilford doesn't add up !
Re: Can some real esatate guy tell me why this went for only 108 K ?
good info there.
it would be New Haven County
The 108 k price would be cheap at double that....unless somehow trashed, this is a street of 300-500 k fairly modern homes ( 70's and later). the land alone might be worth 108k.
108k in Guilford doesn't add up !
scrimmage
What you contemplate you imitate
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
The 108k in all probability wasn't what this house ultimately sold for;housing fraud hasn't ended its just changed form.
NickPappagiorgio
EOG Dedicated
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
100k for a house in Guilford is quite a deal. There can be alot of reasons for the owner to agree to that price.
Re: Can some real esatate guy tell me why this went for only 108 K ?
100k for a house in Guilford is quite a deal. There can be alot of reasons for the owner to agree to that price.
scrimmage
What you contemplate you imitate
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Did the owner sell it?Does the person or "investor" who bought it for $108,000 still have it?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Did the owner sell it?Does the person or "investor" who bought it for $108,000 still have it?
scrimmage
What you contemplate you imitate
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
If some are still making money on real estate by playing an artificially created spread,well the losses are still being realized too,Bank of America's booked $30 billion in settlements and writedowns in the last year:
BofA Mortgage Settlements Magnify Capital Strain as $50 Billion Gap Looms
<CITE class=byline>By Hugh Son -<SCRIPT type=text/javascript>document.write(dateFormat(new Date(1310997150000),"mmm d, yyyy h:MM TT Z"));</SCRIPT> Jul 18, 2011</CITE>
Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan?s pledge to raise the firm?s dividend as mortgage losses drain funds.
Moynihan, 51, has booked about $30 billion in settlements and writedowns to clean up mortgage liabilities at the biggest U.S. bank since succeeding Kenneth D. Lewis last year.
Mortgage Disputes
That plan may be stymied as Moynihan writes checks to settle disputes inherited from the 2008 takeover of subprime lender Countrywide Financial Corp., whose lax underwriting led to soaring defaults on mortgages and claims from investors who bought or insured them. He announced a $3 billion accord with Fannie Mae and Freddie Mac in January, a $1.6 billion deal with bond insurer Assured Guaranty Ltd. in April and the $8.5 billion settlement with institutional investors last month.
The lender still faces more mortgage-related costs that may sap capital. The five largest servicers may pay more than $20 billion to settle probes by the U.S. Department of Justice and 50 state attorneys general over shoddy mortgage servicing practices, said two people briefed on the matter.
Bank of America may also have another $5 billion in costs tied to repurchase demands from institutional investors and could face other expenses related to securities and fraud allegations on soured Countrywide loans, the company said.
Excerpts from:
BofA Mortgage Settlements Magnify Capital Strain as $50 Billion Gap Looms - Bloomberg
Re: Can some real esatate guy tell me why this went for only 108 K ?
If some are still making money on real estate by playing an artificially created spread,well the losses are still being realized too,Bank of America's booked $30 billion in settlements and writedowns in the last year:
BofA Mortgage Settlements Magnify Capital Strain as $50 Billion Gap Looms
<CITE class=byline>By Hugh Son -<SCRIPT type=text/javascript>document.write(dateFormat(new Date(1310997150000),"mmm d, yyyy h:MM TT Z"));</SCRIPT> Jul 18, 2011</CITE>
Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan?s pledge to raise the firm?s dividend as mortgage losses drain funds.
Moynihan, 51, has booked about $30 billion in settlements and writedowns to clean up mortgage liabilities at the biggest U.S. bank since succeeding Kenneth D. Lewis last year.
Mortgage Disputes
That plan may be stymied as Moynihan writes checks to settle disputes inherited from the 2008 takeover of subprime lender Countrywide Financial Corp., whose lax underwriting led to soaring defaults on mortgages and claims from investors who bought or insured them. He announced a $3 billion accord with Fannie Mae and Freddie Mac in January, a $1.6 billion deal with bond insurer Assured Guaranty Ltd. in April and the $8.5 billion settlement with institutional investors last month.
The lender still faces more mortgage-related costs that may sap capital. The five largest servicers may pay more than $20 billion to settle probes by the U.S. Department of Justice and 50 state attorneys general over shoddy mortgage servicing practices, said two people briefed on the matter.
Bank of America may also have another $5 billion in costs tied to repurchase demands from institutional investors and could face other expenses related to securities and fraud allegations on soured Countrywide loans, the company said.
Excerpts from:
BofA Mortgage Settlements Magnify Capital Strain as $50 Billion Gap Looms - Bloomberg
Seymour
EOG Dedicated
Re: Can some real estate guy tell me why this went for only 108 K ?
There can be so many reasons - maybe it went for a tax deed - maybe it went for foreclosure - what if it was a second and there is still a first? What if there is no house there? U cant go soley by these sites - but if u have all day there r deals that fall between the cracks
There can be so many reasons - maybe it went for a tax deed - maybe it went for foreclosure - what if it was a second and there is still a first? What if there is no house there? U cant go soley by these sites - but if u have all day there r deals that fall between the cracks
Re: Can some real estate guy tell me why this went for only 108 K ?
Ditto. Property could have been vandalized either by the former owner on the way out or by, e.g., copper thieves.
Ditto. Property could have been vandalized either by the former owner on the way out or by, e.g., copper thieves.
Doughy
2
Re: Can some real estate guy tell me why this went for only 108 K ?
That's a hell of a lot of unpaid taxes. These are all issues one can research. Go to the county property appraiser's website, find out the owner's name. Then go to the county clerk of court website and run a public records search on that individual. You'll see things like Warranty Deeds and Quit Claim Deeds, etc. all publishes for all to see. You may even get lucky and research a previous owner with an uncommon name. Then you can find all the lawsuits filed against him in that county and if there are any outstanding judgments. You'll know if, say, he stiffed his hospital for $20k and the hospital has a lien on the house. But really the only way to be 100% sure you're getting marketable title is paying a couple hundred for a title search. Before someone says "title searches are $500, you don't know what you're talking about", go and pay for a title search yourself. It doesn't take a rocket scientist to read title and you'll save a few hundred.
pantherman
EOG Enthusiast
Re: Can some real esatate guy tell me why this went for only 108 K ?
Re: Can some real esatate guy tell me why this went for only 108 K ?
Not an arms length sale would explain it well. Doug, you seemed to disregard this response and it seems the most likely.
fyi: Arm's Length Transaction Definition
I.e. two family members transferring a house from one to the other, etc.
Re: Can some real esatate guy tell me why this went for only 108 K ?
Not an arms length sale would explain it well. Doug, you seemed to disregard this response and it seems the most likely.
fyi: Arm's Length Transaction Definition
I.e. two family members transferring a house from one to the other, etc.
Seymour
EOG Dedicated
Doughy
2
Seymour
EOG Dedicated
Re: Can some real estate guy tell me why this went for only 108 K ?
Yes, if a bank has a loan against the property they will typically advance the taxes and inlude the amount in a foreclosure - not all properties have a mortgage - even if a bank has a loan they may not be aware of the tax sale - it's not the clerks job to actually find all the interested parties - they simply send a letter to the mortgagee at it's address on the recorded mortgage - u know how many times the mortgage is likely to have been assigned? U know how often the addresses r not current? I see condos sold all the time
Yes, if a bank has a loan against the property they will typically advance the taxes and inlude the amount in a foreclosure - not all properties have a mortgage - even if a bank has a loan they may not be aware of the tax sale - it's not the clerks job to actually find all the interested parties - they simply send a letter to the mortgagee at it's address on the recorded mortgage - u know how many times the mortgage is likely to have been assigned? U know how often the addresses r not current? I see condos sold all the time
Seymour
EOG Dedicated
Re: Can some real estate guy tell me why this went for only 108 K ?
I've never bought a cert - not looking for an interest rate - I only buy tax deeds (where u get a deed to the property) - mostly banks buy the certs but that's only an interest rate - if the owner never pays the cert holder can foreclose his cert (force a tax deed sale) but he only acquires the property if there r no bidders - if such he is probably "stuck" with the property - if the property is valuable most likely there will be bidders at the tax deed sale but people make mistakes - hey, I got a lot downtown 2 years ago for 10k and I'm selling it for 350k in December
I've never bought a cert - not looking for an interest rate - I only buy tax deeds (where u get a deed to the property) - mostly banks buy the certs but that's only an interest rate - if the owner never pays the cert holder can foreclose his cert (force a tax deed sale) but he only acquires the property if there r no bidders - if such he is probably "stuck" with the property - if the property is valuable most likely there will be bidders at the tax deed sale but people make mistakes - hey, I got a lot downtown 2 years ago for 10k and I'm selling it for 350k in December
Viejo Dinosaur
EOG Master
Re: Can some real estate guy tell me why this went for only 108 K ?
Seymour...when you coming back to Pattaya with Fig? LOL
Seymour...when you coming back to Pattaya with Fig? LOL
Doughy
2
Re: Can some real estate guy tell me why this went for only 108 K ?
I was very disappointed to see that there were 10 properties bid on when I expected 50. This happened several times. Is this atypical? Of the 10 being bid on, maybe 2 or 3 were good values IMO. I saw vacant land for sale, but it was in horrible neighborhoods like Liberty City or Little Havana. Kudos on your steal with the empty lot. Maybe I just went to a few weak auctions, let me know.
Seymour, I wrote a lengthy response to this, but then the server screwed up again and lost my post. I know the difference between tax deeds and tax certificates. My last post was referring to deeds except the last couple sentences. In any event, I've been to several tax deed auctions. Who knows, maybe you were there. They posted 50 or so properties online in advance of the auction. Then, at the auction they have a big white erase board and write only 10 or so that are up for bidding. Evidently, the owner or the bank steps in last second and pays the delinquent taxes.
I was very disappointed to see that there were 10 properties bid on when I expected 50. This happened several times. Is this atypical? Of the 10 being bid on, maybe 2 or 3 were good values IMO. I saw vacant land for sale, but it was in horrible neighborhoods like Liberty City or Little Havana. Kudos on your steal with the empty lot. Maybe I just went to a few weak auctions, let me know.
Seymour
EOG Dedicated
Re: Can some real estate guy tell me why this went for only 108 K ?
It's common for better properties to be redeemed the days before - and yes there is a lot of junk in lib city that goes unbid on - yes, I'm sure I was there when u came - I go to most sales and everyoneknows me there - I have a tons of pics of me up on these forums so if u see me say hello
It's common for better properties to be redeemed the days before - and yes there is a lot of junk in lib city that goes unbid on - yes, I'm sure I was there when u came - I go to most sales and everyoneknows me there - I have a tons of pics of me up on these forums so if u see me say hello