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South Anchorage Bank-Owned |
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South Anchorage Bank-Owned
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In this South Anchorage quiet neighborhood called Sunset View this modest-sized home represents an outstanding opportunity. Although some of it is in cosmetically poor condition, a makeover should create real value. Prevailing prices for similar homes are significantly above the bank's asking price. Many offers are expected and we are not predicting how much above list this home will sell for.
The price more than reflects its condition. At this price there will be many offers, but financing may be an issue.
I'm offering this opinion to everyone about the price: that it's far below the most pessimistic view of the property's as-is value. When this happens, the price becomes irrelevant. The market will set the value when offers are made by buyers who have done their homework and know what such properties are worth. The best such offer will set the actual value of the home, which is likely to be closer to, or even above, $200K. Once people understand this is how it's going to go, some with less financial capacity, or a lower price ambition, will probably choose not to participate.
I've never felt compelled to say this about price from this seller before, so understand this isn't just puffing on my part. The market may prove me wrong. But if I'm right I just don't think it would be fair for people to get their hopes up about obtaining this home, with its assessed value of $226,400 for 2009, to sell for $168,000 or less just because of its easily curable cosmetic deficiencies.
Please download the information package and review all deficiencies I have noted. The price does not include any assumption that the seller will pay for repairs: this is presumed to be an as-is sale.
It is still your responsibility as buyer to do your own due diligence on this or any property.
This is an acquired asset of a lending institution. The property is being marketed in its "as-is" condition. There is no property disclosure form being provided. Please call me concerning their policies and practices, including special forms and procedures to follow. The seller's standard contract forms are available for review in the information package.
Conventional financing would be best for a property in this condition. Or, an all-cash purchase. If the purchase is to be financed, there must be a credible plan showing that the lender will not have a concern over the condition of the property.
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Directions: Old Seward Highway south past Huffman, E. on Karen, property on right hand side of the street.
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