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Dream house slips to a nightmare

In the beginning of June I posted a sad story "You can never be too careful" on a house bought on probation auction that later collapsed when buyer was trying to fix its foundation. If you have not read it - you can click here to do it. Today, on Sunday, San Francisco Chronicle published on its first page the "Dream house slips to a nightmare" article describing the continuing story of not only Buyers, but also neighbors affected by the 149 Mangels Ave. house collapse. Today's story you can see online in SFGate.com.

Posted by Artur Urbanski on 06/25/2007 05:13 AM

Comments (7)

7 Comments on Dream house slips to a nightmare

JUN

2007

What a mess!

Fortunately no one was killed.

It always worries me when I'm working with folks who want a home to work on but I can't see that they have any, or enough, skills.

Wow, they bought the house for $125K over list and then tried to economize? Amazing... Let's hope the neighbors can recover from it alright!!!

Wow that is some story. I would hate to be that neighbor and have that house slide into mine, that would just be awful. I just hope their insurance company covers the damages without alot of hassle.

It's sad. The public are so gullible. Attach the word "auction", "foreclosure" or "below appraisal" and they'll buy anything.

Judging from what I can see in the photo, "dream house" is an example of cosmetic language.

It's amazing that no one was hurt in this mess. I wonder how their REALTOR was advising them when it came time for the auction. It should have been walk away.

Wayne, I and my agent with his client were at this probate auction (his client is a building contractor). The place was packed with 20-30 clients and agents. My agent was authorized to bid up to $450,000. Everyone knew that the house was in a bad shape as the Listing Agent made it very clear (Enter on your own risk - message in MLS and on the site). Obviously, many bidders got overexcited as the biding went to $524.5k

Mike, Chris, Linda, Lenn and Wayne - thank you for your comments.

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