This Laguna Niguel listing is a bit shocking for at least two reasons: 1) from the photos and description, we can tell the property is a total mess; 2) this property - a foreclosure - had more than $925,000 worth of loans made against it over the course of only a few months in 2005.
Do you want to roll the dice on 24002 Estacia Avenue after reading this description?
This 5 bedroom fixer home sits on a large lot. Needs alot of work. Property has geological history. Mold in laundry room. Buyer to check with the city regarding permits on the pool and add on family room. Buyer should not enter pool area. Covered to keep everyone out Please. Property is sold as is, including termite estimated at $15,000.
Points for honesty and up-frontedness. The asking price of $399,900 equates to $187 per square foot, but go ahead and tack on a significant amount of extra cash to deal with the geological history, mold, dangerous pool area, termites and possibly unpermitted additions. Is there anything not wrong with this property?Don't think think a bank would feel comfortable loaning someone a lot of money to buy this property. Especially not in today's uncertain climate.
7 comments:
No one in their right mind would want a place with geological history. Does that mean it's going to slide into a valley?
This is a lot loan, period. Someone could only buy it, scrape it, flake and form it, then rebuild.
Why the HELL did a bank think this house was worth close to a million dollars?
Now you know why our economy is getting ready to seize-up
They should find that appraiser and put him in jail.
The description (even though it was honest) was hilarious.
There is another listing like this one in Laguna Niguel that also has geo problems and needs to be torn down and rebuilt. Also there is one in Shorecliffs in San Clemente with the same geo issues. Realize a lot of these 1960's ranch homes are built in hillside communities with earth movement. Buyer beware. I think the previous owners who stripped these now moneypits of equity should be the one's thrown in jail. Instead honest people are made to pay for the greed of these sleazeballs who lived high on the hog during the boom.
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