Tuesday, July 8, 2008

A Real Concordia Fixer - 5421 NE 25th Ave

Here's a diamond in the rough for the handy and brave. It's only going for $129k in an area where similar homes are easily going for $250k and up, although it might need $100k to get it in similar condition. And unfortunately it sounds so bad that you won't get bank financing. Which is a shame as it excludes those that need this place the most.

It last sold for $45k (anybody know what SH stands for on the last sale/transfer?) and someone has at least pulled permits to do some remodeling. Maybe they ran out of money, who knows. But they still stand to make a profit.

The listing also lists Sabin elementary, when this is a stone's throw from Vernon. Where does this info come from?


Ron Ares said...

This is listed as an REO (bank-owned) property. Notes to agents say "Approach w/ caution, unstable flooring". Property will not qualify for conventional financing. And, yes, the school district should be Vernon.

Bank-owned properties often get short-shrift on disclosures and listing accuracy (although there is no excuse for looking into school boundaries).

PDX Outsider said...

Thanks for the additional info Ron. I wish I had access to the info you guys do.

Why is it that Bank-Owned properties get short-shrift? I assume the owners are much less emotional, but I can't see any less reason to market the property to help get maximum $ for it.

It's interesting that PortlandMaps doesn't show this as bank owned, and the listing doesn't state it either. PortlandMaps might just be slow, I don't know how long it takes them to update this info.

In your experience Ron are there any differences in a sale owned by a bank vs. a traditional seller?

Portland Gentrification said...

Someone ought to help us all out and decode Portland Maps. SH? OT? Warranty Deed? And what does it mean when the sale price is listed twice on the same day with two different "instruments"? And what does it mean when the sale price is listed as zero? etc etc.

Ron Ares said...

Many REO properties have deferred maintenance or have some defects that make conventional financing nearly impossible. They are priced with these issues in mind, otherwise they would have sold for a higher amount in pre-foreclosure.

With respect to disclosures, when a home is repo'd, the bank is not required to fill out property disclosures. They haven't lived in it, and know next to nothing about the condition. Buyers of REO property take on more risk and perhaps more due diligence expense.

REO listings are therefore, perfunctory. It's purely financial decision between the bank and potential buyer.

AllanF said...

Maps for the Portland Public Schools are available on the PPS web site.

As the maps have been in flux the last few years with closings and so forth, they are the only things you should trust.

Anonymous said...

Oh, I don't know if the new owner needs to put another $100k into it. $50k for the marijuana grow room in the attic, maybe, but then you just charge $700 per month for each of the 30 hipsters willing to do anything to live in Portland, and you're practically minting money.

WillJongIll said...

It looks like its been fixed up and back on the market.


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