Get it before the bank does

59 Old Mill Rd

This owner paid something like $1.3 million for a run down house, completely renovated it and put it back up for sale in 2008 at $2.375. He’s under severe financial pressure, or so I hear, and he’s now dropped the price to $1.2 million. That’s a bargain. Yes, its 2 1/2 acres are right on the  (lightly traveled) north-bound entrance to the Merritt, but if you want a discount for that nuisance, you have it now.

13 Comments

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13 responses to “Get it before the bank does

  1. A.O.

    Assessed at….?

  2. Andrew

    Almost like the bargain for 18 Sandy Lane (almost across the Merritt from this house) that sold last April for $1.3 million with 4 acres, tennis, and 5000 square feet brick colonial.

  3. Andrew

    well only with minor differences: this one is 50 years older and 2000 square feet.

  4. Andrew

    I think a better bargain was 309 Stanwich that went in no time…probably around asking of $1.6 million.

  5. FMG

    Chris,

    Do you, the owner, and his broker really think the bank will go for $1.2MM? Word is, there are close to $2MM in liens. Will a bank really forgive that kind of debt?

  6. Buyer

    When a house is put on the market, how closely do realtors examine things like roofs or electrical systems, the age of oil tanks or the quality of a renovation? It’s obvious that you pay attention — that you know what to look for and what questions to ask. But I’m starting to wonder if other realtors even view this as part of their job. Sure, the house has a new kitchen and master bath, but if the oil tank is 25 years old and boiler is on its last legs, shouldn’t a buyer’s realtor alert a buyer to it? I mean before the house inspection, at the first walk thru. I have asked questions about the quality & age of mechanicals/structure before and have been stunned to get radio silence. Is it asking too much?

  7. FMG

    Buyer,

    I think it is equally important that a buyer’s agent (and seller’s agent for that matter) confirm if work has been completed without a permit and if the home has a CO.

    • christopherfountain

      Well FMG, a competent real estate attorney should and will do that (in Greenwich, at least). I try to stay out of that area for liability reasons, to be honest – let my former colleagues take it on their own errors and omissions policies!

  8. FMG

    As a buyer would you not want your agent to preliminary research prior to an submitting an offer?

    • christopherfountain

      Nah – the contract contains a provision that certifies that all improvements were done per code and accompanied by a c.o. If not, seller’s agent should say so up front, because it will be discovered.