A reader asked about a property transaction reported in the GT today showing this place going to RBS for a buck. “Is that a foreclosure?” he asked? Yup.
The unfortunate homeowner originally bought the place (across the street from the water so never worth all that much) for $739,000 in 2000 and must have run into financial trouble in 2006 because he put it up for sale at $1.595 with the notation that “seller eager for expeditious closing”. My advice, which he obviously didn’t get from his broker, is that if you’re in trouble, don’t mess around with a bad price. In any event, it didn’t sell and I’m pretty sure it went over to the bank awhile ago. At least, Weikert was trying to sell it as land for $949 and showed the owner as “retained property” which sounds like a bank/owner to me. That was back in November ’06 so perhaps the foreclosure dragged on but it now officially belongs to the bank. Lucky bank.