$100K or more bank owned loss in RP

[kicksavedave]

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=061102252&mls=mls_sandiego&source=SANDICOR&propertyType=SFR

Bank owned, in the middle of a renovation, the flipper walked away from this 37 year old Rancho Penasquitos dump. This place is a total mess, and the bank is asking $445K.

Sold in Dec 05 for $525K. Not a chance this sells for $445, looking at it I’d be hesitant to offer $375K.

Ouch.

[Anonymous]

Nice find Dave. I’ve actually walked around inside this place (the front door was open and unlocked back in December). What a total POS. It is not only a gut reno, but probably better just to tear it down and start over. Problem is, the lot is on a very busy road (loud road noise), the neighborhood sucks, and there is no back yard to speak of. Rationally, this lot and the ramshicle “house” on it should sell for about $80K, at most.

[Author]

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