Robin Street

$170,000
3524 Robin St.
Corporate Owned!
Sold/closed July '08

This three bedroom bank-foreclosed home is 1882 sq.ft., including a lower level with only about seven feet of headroom. The upstairs area of about 1450 sq.ft. qualifies as living area and the downstairs, consisting of a den and partially finished utility room, would be called by appraisal standards as "tall crawl space:"

The main attraction of this property -- a 50-year old home notwithstanding -- is its 9113 sq.ft. fenced yard and large deck. There's a play structure, a shed and an unheated workshop, too. The property runs all the way from 36th at the south end to a church parking lot at the north. The home has a very uncrowded feel, with large trees in front, generally low density in this older neighborhood, and the church property beside it.

The furnace and water heater appear to be somewhat newer, and so do the roof shingles. The interior is otherwise dated, with orange countertops, laminate flooring of poor quality and worn carpets. There is other evidence of deferred maintenance, such as a few medium-sized holes in walls. We have been asked to obtain a bid for "painting, carpets and flooring". Whether the listed price includes an allowance or plan to do this work is not clear at this time. The bid will appear in the downloadable information package on this site when it has been received.

For financing I recommend you compare rates and terms available from the Wells Fargo affiliate that has an office in the Coldwell Banker Building. Wells Fargo's asset management office is in charge of this property sale, so it only makes sense to consider obtaining financing from a lender which is close to the owner source. We would be happy to introduce you so you could explore loan programs with an originator who will have direct ties to the lending institution that owns the property.

To find a single family home on a detached large fenced yard for under $200,000 is very unusual. The listed price is $74,000 below tax-assessed value.

New, 5/6: the information package now includes bids for carpet, flooring and paint. There's also an estimate for the cost of replacing the kitchen counter, other repairs, and an appliance package.

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