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This property will surely get sold for dirt cheap. It would most likely be used as a comp for future purchases. The reason why it will likely sell in the mid $300k's is because the lot is sliding. It is pulling the house off the foundation. The agent has a report from a structural engineer indicating that the repair cost would be in excess of $209k.
How would an appraiser know not to use these types of properties for comparison? It is not indicated in the description, public or private.
This home literally went from "well maintained" to likely a tear-down after the last buyer walked because they ordered the inspection. It probaby was an investor/contractor that walked. They only scheduled 7 days to close escrow so it was probably an all-cash offer.
http://www.redfin.com/CA/Daly-City/204-San-Fernando-Way-94015/home/1076282
Sold for $400k and a bank was willing to finance it.
That's about ~$120k less than what it would have sold for had it not had the structural problem.
I think the buyer intends to restore and resell. I'm expecting to see a cover up on the structural problem. If this property was restored/remodeled, it might get $580k or so. At that price, there's just no way they are planning to fix the foundation. That's not counting other repairs. My father thinks the foundation will last another 10 years or so if left as is.
I don't like Daly City area, it is too forlky & rainy in the morning & evening most of the time , and it is very close to the hospital, I prefer close to El Camino Real SUNNY & BRIGHT level flat land area as known as San Bruno & Millbrae area, however airport noisy is only objection sometime
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