Realtor people. This listing seem underpriced?

[fitz19d]

Have someone looking at housing, they happened across this. http://m.homesincolorado.com/Mobile/Listing/ListingDetail.aspx?listing=82356682&search=04298dff-1020-4c5f-bc42-bfbde160803d&first=1

To me, doesn't this seem way cheap for what it is? Or maybe that price is low since you don't exactly get a yard or the location?

Heck I know 0 about home prices so maybe this is high.

[Scogin]

I am not a real estate person, but if you look up the address on Zillow it will tell you what that property has sold for in the past as well as all the properties around it.

[PugnacAutMortem]

That neighborhood is right on my way to work. They have signs out on 96th that say "from the low 100's" so that's probably about right. I wouldn't wanna live that close to the arsenal personally though. But yeah Zillow is a great resource.

[sniper7]

Take a look at the disclosures. You don't want that house.

[Bailey Guns]

1380 sq ft condo for $124K in Henderson? Doesn't seem underpriced to me at all. You can probably find single family homes for that price fairly easily.

[HBARleatherneck]

delete

[Inconel710]

Uh, HUD home in an HOA? No thanks...

[tmleadr03]

Personally I think all housing is still over inflated.

[ChunkyMonkey]

HUD is a bidding process. Keep that in mind.

The listing detail from HUD http://www.hudhomestore.com/Listing/PropertyDetails.aspx?caseNumber=052-404995
There is $550 repair escrow on this one. http://www.hudhomestore.com/pages/Attachments.aspx?FileName=XFxrZnNodWQxLmFzcDEueWFy ZGkuY29tXGtodWRkZWZwYXRoc1x1cyBodWRcbGl2ZVxSZWdpb2 4tNFxBZGRlbmR1bXNcQ09cMDUyLTQwNDk5NVxFU0NST1dfMTc5 NzkyNTkucGRm





Property Information


Address:
11944 Oak Hill Way Unit C
Henderson, CO, 80640
Adams County


Appraisal Date:
11/29/2012


Bed/Bath:
3/2.10


Total Rooms:
6


Square Feet:
1473


Year:
2007


Property Design:
Condo


Parking:
Garage


HOA Fees:
$0.00














http://www.hudhomestore.com/images/Verti_seperator.gif




Listing Information


List Date:
12/04/2012


Listing Period:
Exclusive


Period Deadline:
1/2/2013 11:59:59 PM CT


List Price:
$124,000.00


As-Is Value:
$124,000.00


FHA Financing:
IE (Insured Escrow)


203K Eligible:
Yes


Repair Escrow:
$550.00


Review PCR for Repair Escrow Items

[ChunkyMonkey]

1380 sq ft condo for $124K in Henderson? Doesn't seem underpriced to me at all. You can probably find single family homes for that price fairly easily.

THIS! :)

[spqrzilla]

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).

[ChunkyMonkey]

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).

Their repair escrow is simply to make the minimum FHA inspection/appraisal requirement. I agree it's a nightmare. The last HUD I brokered was actually for one of our ar-15.co members here. He can testify how bad of a process it was. [dig]

[Wulf202]

HUD estiimates of repair costs are always ridiculously low. If HUD says $550, then it needs $2K work minimum to be habitable, IMO. I almost bid on a HUD home last summer that had a $2K repair escrow that I estimated would take $9K just to make habitable (boiler heat with a boiler that was a pile of rust and all the radiators damaged as examples).
And I got a place with 11k escrow that took less than 5 to fix it. Do your due diligence.

[HBARleatherneck]

because you did it yourself, correct?

[Zundfolge]

Based on the 3 rules of Real Estate (Location, location, location) I'm going to guess that place isn't out of line price wise.

[meatman]

Looks like they got most traces of the meth lab out of there... :D

[Wulf202]

because you did it yourself, correct?

No I actually did it myself for much less and threw in some upgrades like new sewer service and flooring totaling 5k. The escrow had 1k for a new furnace which was a $55 spark ignition part.

[JoeT]

http://www.zillow.com/homedetails/11944-Oak-Hill-Way-UNIT-C-Henderson-CO-80640/82590291_zpid/

looks like at the height of the housing boom in 2007 the home sold for $153K at auction... and was forclosed again in 2012

[armstrong001]

My HUD home had an escrow of $1500 for a supposed furnace that didnt function, water lines that didnt hold air pressure, and no sump pump. My inspector said the people who develop those escrows don't look that hard into fixing the problem. Turns out there was a switch on the furnace that wasn't flipped, and it worked fine. The water lines didn't hold pressure because one of the exterior faucets was open. I bought a cheap half horsepower sump pump from harbor freight for $30, sent in the paperwork showing the stuff was "fixed" and claimed my escrow check. Do your dilligence, as has been mentioned previously.

[MrPrena]

1380 sq ft condo for $124K in Henderson? Doesn't seem underpriced to me at all. You can probably find single family homes for that price fairly easily.

+2.
There are bunch of town homes near north side of Thornton similarly priced for ~square footage.

[Irving]

I just read "Henderson" in Bailey's post and believe that it is likely priced correctly. Henderson is out of the way and doesn't take too long to get there from I-25.

[centrarchidae]

Maybe the repair escrow isn't too far out of line, but I don't think I could smoke enough crack to make an HOA seem like a good idea again. I've owned in HOAs before and the board members were exactly the people who shove nanny state crap down our throats, only without enough likeableness to get elected to a real non-job.

[armstrong001]

The key is to get on to your HOA board. I specifically ran for the board to make sure someone with a hardon for power doesn't get in. So now, i get to be the good guy. Very little work to do, just review plans for improvements every once in a while. Ive had neighbors ask me questions about what they can or can't do, and i've pretty much told them that while technically against HOA rules, if your neighbors don't care and you don't flaunt it, I'll never know whether they did it or not, since i'm not about to snoop around in people's back yards.

[Wulf202]

Few and far between as far as hoas go. I avoid them like boulder or the plague.