50 Maple Street Up for Auction
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street….
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street. The lien is $286,056, a relatively modest figure given what a stately home this is. Any neighborhood scuttle on this one? GMAP P*Shark
DCB- On the one hand, you say you want to bid on this house and hope it doesn’t get away from you. Then, OTOH, you are “screaming at the top of your lungs” for others to beware of possible hidden debt associated with it. Sounds to me like this is a case of one hand washing the other, huh? LOL! That said (and as one who admits to knowing absolutely nothing of the foreclosure market), wouldn’t any serious, seasoned buyer of such do a title search before bidding?
Assuming that the debt burdens are not unreasonable, I personally think this house is a definite grabber. In the minds of some, Maple I is the premier block of the Manor. Regardless, this is a great house, in a great nabe(that’s getting greater every day, btw), on a great block in the historic district. And, now we’ve got the nighttime observations of Traditionalmod who deems the peek-accessible interior as “beautiful.” That’s the stuff of wishing for the right 6 numbers, IMO. Sigh
Exactly – even if the inside of the house were a total wreck it could still get $700K at minimum, so there’s no reason for them not to sell – unless they know they can work things out with the bank.
Looks like there is a Doctor renting a space in the house for an office. If you have the money you can find the owner. Pay the lein for them and make a deal for the remainder. Then it would not go to auction. That would be the best approach for getting this house cheap.
That’s the problem with foreclosures – you don’t get to see the inside, or do full due diligence – you just need to show up w. 10% of your offer in certified funds. Then you have a brief period to come up with the rest. So I guess if in this period you found out other liens, etc., you would just not put up the rest, but I’m not sure about your deposit. And even if you do get the house, then you’ve got to deal with getting the owners out of it at times – other times, they’re gone, but usually strip the inside down to the wires, taking out every fixture and appliance – which can make getting a moertgage yourself pretty hard. No thanks. And I doubt this house will come to auction anyway – the owners and the bank will work something out for a few more months.
All the known encumberances are disclosed before the sale, I believe any undisclosed encumberances would constitute a breach of contract. If I’m allowed to hypothesize, It seems to me that there are two loans on the property each for 300 and change. This kind of makes sense as it would mean the buyer put down 10% when they purchased in 2003. If one of those loans is 286K, the other one is probably around the same amount. so, about 570K is owed plus interest/penalties. Barring any other unknown encumberances, the auction price would go well north of this.
However, I doubt this will make it to auction. It will be delayed and delayed for ever. I don’t know the owner – but if they were really in trouble, and the assumptions above are correct. They would put the place on the market and settle for cool million (or more!)
DCB, could one structure the contract whereby one can get out of it when title search finds other liens?
Screaming at the top of my lungs: Hey Zarathustra, you have to know the other DEBT!!!
Thus spoke DCB
This will sell for well over the outstanding note. Are you all crazy?
M4L, I cant move that fast, and besides, a lot of calendered foreclosure properties never actually come up for auction on the day. I have already enriched more than enough attorneys.
It is tempting though.