The average price per-sq ft in Tempe, even in this market, is $154 per-sq ft. Anytime a house comes in significantly lower it peaks my interest, and in this case, the interest of a client. Here is a home that was built in 1979, has 2,336 sq ft, 5 bedrooms, 3 bathrooms, a pool, two-sided fireplace, and a 13,395 sq ft lot (.31 acres)!
Here are the financials:
- bought on 12/27/05 for $319,900
- Listed for sale on 11/06/2007 for $390,000 (what were they thinking?)
- claimed by the US Bank at the trustee's sale on 7/14/2008 for $217,520
- listed as a REO property for $224,900
We were there on the 2nd day of the REO listing. My buyer was impressed with the house and took many pictures. Of course it needs paint, carpet, minor repairs, and the poorly installed wood laminate floors ripped out -- but it looks to be a great buy in this foreclosure market.
Mr. Client is out of town on a business trip so Mrs. Client will be sending him the pictures. If they really want this house a quick decision will be necessary.
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