MLS #: 07_233409
List Price: $829,200
Bedrooms: 4
Baths: 3
Square Feet: 2,160
Lot Size: 5,600 Sq. Ft.
Year Built: 1964
Listing Date: 11/02/07
Last Sale: 08/16/06
Sales Price: $1.15M
Zestimate™ $1,384,777
Once upon a time, before the rampant loan and appraisal fraud was exposed for what it is, I considered buying the little house across the street from this monstrosity. As I stood on the front lawn of the little house I wondered if this hideous structure (pictured above) was an apartment building. But no, it's not. It's just the ugliest house in the neighborhood. And some fool paid $1.15M for this hideous hideous structure and now he (well, technically, the bank) is offering to sell it for the low low price of $830k. Nothing like a $320k haircut (and that doesn't take into account the carrying and transaction costs).
Speaking of appraisal fraud, I hope you saw the article in the Times today about the NY Attorney General suing First American Corp. and its appraisal management subsidiary, eAppraiseIT, for complying with Washington Mutual's demands for padded appraisals (some as high as $720k over market value). It's not like we didn't know appraisals were being padded, but somehow I didn't think the banks were actually strong-arming the appraisers and creating written records of their wrongful conduct. It'll be interesting to see how this shakes out.
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