Qs: This 4,782-square foot brick mansion for only $165,000 on account of it being a forecloser??????

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http://www.homepath.com/listingdetails.html?zip=&openHouse=&src_ref=&openhouse=&cno 0&pi=&mlsid=&pg=6&bhi=&y=6&xT&pa=&st=NY&bdi=&ci=&listingid!252189
This is the cheapest mansion I've ever seen. Keywords "REO" (meaning foreclosed) and "foreclosed" call up web sites with the best priced houses in America. This begs the question Can anyone who has the money to buy a foreclosed house get to own it, or is there a catch? My guess is that buying a house way way waaaay " " " below it's market value is too good to be true.
Also, can you keep on buying foreclosed houses and reselling them at their market value or are you only limited to one house?
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http://www.homepath.com/listingdetails.html?zip=&openHouse=&src_ref=&openhouse=&cno 0&pi=&mlsid=&pg=6&bhi=&y=6&xT&pa=&st=NY&bdi=&ci=&listingid!252189
It sold for $259K the last sale so that isn't much discount in today's market.
Who the heck could afford those property taxes?
Property Tax Roll Details a.. Property Tax: $11,897 b.. Tax Year: 2009 c.. Elementary School: Newark Central School District d.. Subdivision: Village Of Newark
11K on 259K assessment.
No wonder people are moving South.
Colbyt
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On 4/3/2010 8:39 AM, Colbyt wrote:

City taxes are high and I've seen worse elsewhere. I would worry that house this old could be a huge money pit. Says nothing on how it has been kept up. I've seen 50 year old identical houses in the city where price varied by 2X because more expensive one was kept up.
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On Sat, 03 Apr 2010 08:39:18 -0400, Colbyt wrote:

Holy cow. I think we pay about $600... (assessment somewhere around $140k)
cheers
Jules
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We pay $4500 for assessment of $150k
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I pay about $4,000/yr on about $100k.
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Re Re: This 4,782-square foot brick mansion for only $165,000 on account of it being a forecloser??????:

What's the relation between assessed value and appraised (estimated market) value in your area?

$500/year on appraised value of $156k on 5 acres in rural N.W. Alabama. Nearest neighbor 1/4 mile away. Nearest Wal-Mart 20 miles away. Much nicer than New York City where I grew up.
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Chris Tsao wrote: ...

What you don't seem to grok is that that _IS_ market value at the present--

See above...
As the Montana rancher told Johnny Carson years ago after winning one of the first $1M lotteries while visiting a daughter in the big city when asked what he'd do now -- "Wa'll, guess I'll just keep on ranchin' 'til the money runs out."
You can buy and try to sell as many as you've got deep-enough pockets to subsidize.
--
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Buy alll you can, 11000 taxes, maybe 7000 utilities, 3000 insurance, 15000 mortage, upkeep, repairs, then if it stays vacant you go broke too, its a big house.
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wrote:

Built in 1840, it probably won't need much upkeep either What could possibly go wrong after only 170 years.
It actually looks like a nice house though, if it was kept well and updated utilities. I was surprised at the last sale price just 7 years ago. Seems low then for the size of the house and lot.
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Ed Pawlowski wrote:

Hi, Maybe ghost house?
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wrote:

Does this qualify as one of those houses that has to be inspected by the US Gummint and certified as energy efficient and all that falderal? If it is, count on spending about $5.4 million on bringing it into compliance. Or if you do buy it, and then the law changes, it will cost double that in two years to bring it into compliance to sell it.
Steve
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Ed Pawlowski wrote the following:

It's in Newark, New Jersey. Newark is one of the most crime ridden cities in the US.
--

Bill
In Hamptonburgh, NY
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http://www.homepath.com/listingdetails.html?zip=&openHouse=&src_ref =&...

No it is in Newark, NY, near Rochester. I'd consider buying, but the 345 mile commute to work is a little too long.
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Ed Pawlowski wrote the following:

Ooops, my bad! Never heereda Newark, New York. There's a Newark, Delaware just over the Delaware Memorial Bridge from New Jersey, but they pronounce it New'-Ark. Jersey pronounces it New-Work.
--

Bill
In Hamptonburgh, NY
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Chris Tsao wrote:

http://www.homepath.com/listingdetails.html?zip=&openHouse=&src_ref=&openhouse=&cno 0&pi=&mlsid=&pg=6&bhi=&y=6&xT&pa=&st=NY&bdi=&ci=&listingid!252189
Hi, Of course if you have unlimited fund of your own. Upkeep cost, maintenance, repair cost until it is sold. Yup, keep buying and selling, you'll be the most rich in America.
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In article
snipped-for-privacy@aol.com says...

enhouse=&cno0&pi=&mlsid=&pg=6&bhi=&y=6&xT&pa=&st=NY&bdi=&ci=&listin gid!252189
Sure. But how are you going to sell it if they can't do it?
--
DT



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says...

Don't you need buyers for that?
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http://www.homepath.com/listingdetails.html?zip=&openHouse=&src_ref=&openhouse=&cno 0&pi=&mlsid=&pg=6&bhi=&y=6&xT&pa=&st=NY&bdi=&ci=&listingid!252189
Hmmm. "one of a kind residence" with just one photo. Nahhh... *that's* not a red flag....
"One of a kind" can mean a lot of things, not all of them good. "The money pit" with Hanks and Long comes to mind.
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Someone mentioned ghost house a post or two up. Maybe that is the real house from the Amityville horror.
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