Foreclosure of the Week: 136 Underhill Ave (via Brownstoner)

raulism · May 2008

brownstoner.com wrote: This is one of the most—if not the most—valuable townhouses we've seen fall into the foreclosure hole in this market cycle. The four-story, two-family house has a lien of $990,000 on it and, depending on the condition of the interiors are in, would fetch over $1,500,000 on the open market. Kinda makes you wonder why the owner doesn't just sell it quickly at a small discount, pay off the lien and keep the difference.

To read the discussion about Underhill, such as "I see drugs going down all over. I see a dysfunctional Fulton St. Things have NOT change all that much!" go to
http://www.brownstoner.com/brownstoner/archives/2008/05/foreclosure_of_9.php

arches · May 2008

Ah, the usual enlightening brownstoner commenters hard at work there.

Does seem quite odd that the owner wouldn't just cash out to pay down the mortgage and back taxes. Maybe it's only pre-foreclosure and he can still go the sales route? Not exactly sure how that works. Hopefully it works out ok for him.

sir_eccles · May 2008

What classy commenters they have on Brownstoner, makes us look positively well behaved.

If the suggestion made by someone there that it is a refi gone titsup that would explain why it wasn't "just simply sold off" and I would hardly take that as a sign of the end of the world.

kdb · May 2008

The only reason this owner would choose an auction is timing. It takes time to sell a house. Currently about 3 months when you price right more if you overprice.

Usually an auction yields an instant buyer with the deposit in hand, plus the property is sold "as is". It saves a lot of back and forth hussle.

Foreclosure of the Week: 136 Underhill Ave (via Brownstoner)

Comments

Howdy, Stranger!

Categories