This one’s in danger. It’s very vacant, though has been subjected to a semi-recent and pleasing updating. I’ll be surprised if it makes it through the winter with copper intact.
Purchased in November of 2006 for $175,000. Foreclosed on in May of 2008.
Nearby Houses:
None yet photographed. Please take a picture if you see one.
“Purchased in November of 2006 for $175,000. Foreclosed on in May of 2008.”
One of the “dirty secrets” no one is talking about is that approximately 90% of foreclosures take place within the first 2 years. If nothing else, this suggests that the owners could never afford them. I am sure the lenders knew this, as did the borrowers. It was thought that “rising values” would bail everyone out. (my figures are about a year old, there may have been some variation)
A dumpster showed up yesterday and today it was full of junk and some guys were pulling the boards off some of the windows. Hopefully soon to be occupied once again. This was an easy rehab since it was just renovated prior to the foreclosure. Hopefully it didn’t suffer too much, however I noticed a few weeks ago that the plywood on the door in the back had been torn off.
Glad to see some progress, that one did seem to have a lot going for it.
I have heard that the “banks” have a sort of secret marketing program going on, directed at licensed contractors. They don’t want to get involved with “amatuers”.
This property was NOT foreclosed on last year as your presentation states nor has it ever been foreclosed upon. It was a short sale and a success. The reason this property was boarded up was to protect it from damage. The buyer choose to risk the expense before he even purchased the property. There was no secret marketing program – just a lot of very hard work to bring this sale to fruition.
Foreclosure notes come directly from Providence Journal legal notices. There are two such notes on the books for this property: once in April of 2006 and another in May of 2008. Are you saying there is a discrepancy in the legal notice filings? The ProJo list is obviously not a confirmation of said foreclosures, but…
Did your client buy it out of foreclosure in May of 2008? Is that what you mean?
Or is there a different issue with the foreclosure documentation you’d like to address?
By “secret”, I don’t mean nefarious. For understandable reasons the banks don’t want to get involved with people who don’t have a track record.
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