While browsing through REO listings in Oakland CA, I came across a duplex that is listed at $37,500. Yes, you read that right. The MLS confidential remarks said "Go see 1st, then call."
Before taking my clients to see the property, I checked the history, and saw how many times it was listed until the bank finally foreclosed at $338,960. So I thought perhaps they left off a digit --- and maybe the REO agent meant $338,500.
HUFFY REO AGENT
I called the agent asking if the price is right. He called back, he said the price is right. He huffed that he specifically said see the property first before calling, and that if we had gone there first, that we would notice the house next door has slid down the hill. He said if agents did what he instructed, then he wouldn't have to return so many phone calls. (So, it's HIS time that's being wasted calling us back!)
But what if the buyers and their agents have a long drive? Couldn't the agent gone ahead and provided that info in the confidential remarks? It would be in the disclosures anyway --- and he would have entered his observations on the Agent Visual Inspection disclosure.
HOMES SLIDING DOWN THE HILL
That's a pretty significant fact. In hilly areas, houses sliding down the hill is HUGE! I remember seeing a report on a mansion in Sea Cliff in San Francisco sliding down the hill, and another like in this month's story in Oregon.
After further research, I came across news articles that mentioned problems of houses falling down the hill on this street in Oakland and that the cause of the problems are unknown.
A Redfin blogger said: "Three homes on Wallace St. in Oakland's San Antonio District are cracked and sliding off the hill. Uninhabited for a number of years now, the three homes had to be abandoned by their owners due to foundations damaged by moving down the slope.
However, according to an inside source, though several investigations were done to determine the cause of the houses' movement, engineers have not been able to figure out just what has caused this unfortunate (and heartbreaking for the owners and neighbors) situation. From what I hear, the city is finally agreeing to pick up the tab to demolish the homes (since the homeowners' insurance has not covered it).
This $37,500 house is on this street.
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I agree, Pacita. The fact that ground was unstable should have been reflected in the listing -- you were too kind to suggest the confidential remarks -- it should have been noted in the marketing comments because it's a material fact.