http://www.homepath.com/listingdetai...ingid=21252189

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?

"Chris Tsao" wrote in message
...
http://www.homepath.com/listingdetai...ingid=21252189

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?


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

Chris Tsao wrote:
....

...buying a house way way waaaay " " " below it's market value
is too good to be true.

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

Also, can you keep on buying foreclosed houses and reselling them at
their market value or are you only limited to one house?

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.

--

On 4/3/2010 8:39 AM, Colbyt wrote:
"Chris wrote in message
...
http://www.homepath.com/listingdetai...ingid=21252189

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?


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


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.

On Sat, 03 Apr 2010 08:39:18 -0400, Colbyt wrote:
Who the heck could afford those property taxes?

Property Tax Roll Details
a.. Property Tax: $11,897

Holy cow. I think we pay about $600... (assessment somewhere around $140k)

cheers

Jules

On Apr 3, 7:31*am, Chris Tsao wrote:
http://www.homepath.com/listingdetai...use=&src_ref=&...

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?

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.

Chris Tsao wrote:
http://www.homepath.com/listingdetai...ingid=21252189

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?

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.

"ransley" wrote in message
...
On Apr 3, 7:31 am, Chris Tsao wrote:
http://www.homepath.com/listingdetai...use=&src_ref=&...

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?

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.

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.

"Jules Richardson" wrote in message
...
On Sat, 03 Apr 2010 08:39:18 -0400, Colbyt wrote:
Who the heck could afford those property taxes?

Property Tax Roll Details
a.. Property Tax: $11,897

Holy cow. I think we pay about $600... (assessment somewhere around $140k)


We pay $4500 for assessment of $150k

In article
,
says...
http://www.homepath.com/listingdetai...e=&src_ref=&op
enhouse=&cno=000&pi=&mlsid=&pg=6&bhi=&y=6&x=54&pa= &st=NY&bdi=&ci=&listin
gid=21252189

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...


Sure. But how are you going to sell it if they can't do it?


--
DT

Ed Pawlowski wrote:

"ransley" wrote in message
...
On Apr 3, 7:31 am, Chris Tsao wrote:
http://www.homepath.com/listingdetai...use=&src_ref=&...

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?

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.

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
Hi,
Maybe ghost house?

"Chris Tsao" wrote in message
...
http://www.homepath.com/listingdetai...ingid=21252189

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?


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.

"Ed Pawlowski" wrote in message
...

"ransley" wrote in message
...
On Apr 3, 7:31 am, Chris Tsao wrote:
http://www.homepath.com/listingdetai...use=&src_ref=&...

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?

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.

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.

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

"DT" wrote in message
...
In article
,
says...
http://www.homepath.com/listingdetai...e=&src_ref=&op
enhouse=&cno=000&pi=&mlsid=&pg=6&bhi=&y=6&x=54&pa= &st=NY&bdi=&ci=&listin
gid=21252189

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...


Sure. But how are you going to sell it if they can't do it?


--
DT

Don't you need buyers for that?

"Joe" wrote in message
.. .

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.


Someone mentioned ghost house a post or two up. Maybe that is the real
house from the Amityville horror.

On 03 Apr 2010 17:50:10 GMT, RobertPatrick wrote
Re This 4,782-square foot brick mansion for only $165,000 on
account of it being a forecloser??????:

Jules Richardson wrote in
:

On Sat, 03 Apr 2010 08:39:18 -0400, Colbyt wrote:
Who the heck could afford those property taxes?

Property Tax Roll Details
a.. Property Tax: $11,897

Holy cow. I think we pay about $600... (assessment somewhere around
$140k)

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


cheers

Jules


I pay about $4,000/yr on about $100k.

$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.

Ed Pawlowski wrote the following:

"ransley" wrote in message
...
On Apr 3, 7:31 am, Chris Tsao wrote:
http://www.homepath.com/listingdetai...use=&src_ref=&...


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?

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.

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.

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

--

Bill
In Hamptonburgh, NY
In the original Orange County. Est. 1683
To email, remove the double zeroes after @

On Apr 3, 12:28*pm, "Colbyt" wrote:
"Joe" wrote in message

.. .

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.

Someone mentioned ghost house a post or two up. *Maybe that is the real
house from the Amityville horror.


Real estate in the boondocks of upstate NY has always been cheap. If
the house does not show well and needs a lot of work, that price isn't
totally out of wack. On the other hand, property taxes of $11K are
very high for upstate NY and would be a key factor limiting the sale.
Similar size houses in lots of places in upstate NY have property
taxes half that or less. Without actually seeing it and knowing the
situation of the town it's located in, it's impossible to reach any
conclusions.

On Apr 3, 3:06*pm, wrote:
On Apr 3, 12:28*pm, "Colbyt" wrote:

"Joe" wrote in message

. ..

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.

Someone mentioned ghost house a post or two up. *Maybe that is the real
house from the Amityville horror.

Real estate in the boondocks of upstate NY has always been cheap. * If
the house does not show well and needs a lot of work, that price isn't
totally out of wack. *On the other hand, property taxes of $11K are
very high for upstate NY and would be a key factor limiting the sale.
Similar size houses in lots of places in upstate NY have property
taxes half that or less. *Without actually seeing it and knowing the
situation of the town it's located in, it's impossible to reach any
conclusions.

Any house 160 years old is a money sink unless you can do all the
repairs/upkeep yourself. It's bad enough with a 60 year-old house!!!

"willshak" wrote
http://www.homepath.com/listingdetai...use=&src_ref=&...


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.

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


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

hr(bob) wrote the following:
On Apr 3, 3:06 pm, wrote:

On Apr 3, 12:28 pm, "Colbyt" wrote:


"Joe" wrote in message

.. .

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.

Someone mentioned ghost house a post or two up. Maybe that is the real
house from the Amityville horror.

Real estate in the boondocks of upstate NY has always been cheap. If
the house does not show well and needs a lot of work, that price isn't
totally out of wack. On the other hand, property taxes of $11K are
very high for upstate NY and would be a key factor limiting the sale.
Similar size houses in lots of places in upstate NY have property
taxes half that or less. Without actually seeing it and knowing the
situation of the town it's located in, it's impossible to reach any
conclusions.


Any house 160 years old is a money sink unless you can do all the
repairs/upkeep yourself. It's bad enough with a 60 year-old house!!!

It depends upon what repairs and renovations were performed by the
owner(s). but, the more important thing is...
Location, Location, Location.

--

Bill
In Hamptonburgh, NY
In the original Orange County. Est. 1683
To email, remove the double zeroes after @

Ed Pawlowski wrote the following:

"willshak" wrote
http://www.homepath.com/listingdetai...use=&src_ref=&...


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.

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


No it is in Newark, NY, near Rochester. I'd consider buying, but the
345 mile commute to work is a little too long.
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
In the original Orange County. Est. 1683
To email, remove the double zeroes after @