This is the first case that I’ve seen of a deed-in-lieu-of-foreclosure.
Hope we see more of them, maybe they are the answer to the robo-MERS-gate problems. The banks could do cash-for-deed-in-lieus, instead of spending big money on attorneys?
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Jim Klinge
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The way the bottom of the door to the elevator is up off the floor looks a bit strange. Guess you’d need to alter the slab to get the floor of the elevator even with the rest of the house. Still, I think I would prefer the have the door go all the way to the floor, even if the elevator floor is a step up.
Jim,
Just out of curiosity, what would the replacement cost be per foot on this place? I am sure it is way North of $182.00…
Jim, I think that the servicers preferred foreclosures to a deed in lieu because a foreclosure was more profitable for them, it also meant the lenders did not have to recognize the loss as soon. I suspect this is changing partially due to recent publicity.
There isn’t a “sales price” recorded at the county, just the D-I-L, so the gain/loss is probably still unrecognized?
If I were them I’d fire all my guns at once, and do loan mods, short sales, trustee sales, deed-in-lieu, bulk sales, auctions, REO listings, everything, due to recent publicity.
There has been a steady flow of REO listings this week, but could be window dressing for year-end.
We need an insurance salesman or contractor to pipe up, they have the books. But you can say this is under replacement value.
Someone said $180/sf could build above-average homes today, but I would think you’d need to be building in bulk – twenty or thirty homes at a time. But let’s use it.
Let’s say the house burned down, and you replaced it with 3,500sf x the approx cost to build $180/sf = $630,000 total cost to re-build.
The tax assessor recently re-assessed the property:
Lot = $383,000
Improvements: $469,000
Total assessment: $852,000.
If you paid $780,000 for this house today, and the lot is only worth $300,000, then the improvements are worth $480,000 or $150,000 under replacement cost.
It’s icing on the cake. Most buyers will be comparing to what else they can buy this moment to make the final decision to purchase.
I hope that elevator comes with a backup generator. I would hate to be in that thing when the lights go out.
Would be great to get 25-50k discount to have the elevator removed!
Same price as the one in PB on Missouri. This is much nicer.
Great information on the elevator. I can think of a dozen different instances where friends and family would have used this convenience for their older relatives/guests. Not to mention, if you’ve got a McMansion and really don’t want to move into a single-story as you age, this retrofit would be ideal. Maybe one of the few construction bright spots out there?
In our home under construction, we have an elevator shaft that will be used as closets. If we ever want/need one, we’ll have the space. It’s a sq ft eater, but hopefully worth it!
I remember when this house was a short sale @ 750k The owners, an elderly couple didn’t have one single offer despite having an approval at the price from a President at BofA. Something about that house turned buyers off even though the same floorplan 2 doors down sold at the same time. I think the elavator was a detractor for most people. That is why they made a deal for a Deed in Lieu of Foreclosure. And also because they didn’t want BofA coming after them for a deficiency judgement after the fact if they did do a short sale (BofA always reserves this option to come after homeowners in their Short sale approval letters) Additionally, the banks can come after you for a deficiency despite what everyone out their thinks even after foreclosure. Although the security interest is extinguished with the foreclosure the debt is not.