| Author |
Messages |
|
XBoxBoy
Posts:31
 |
| 11/30/2008 7:08 PM |
 Alert
|
Here's a listing for a Seahaus condo that was bought in 2005 for $1,489,751. It's now listing for $750,000 which would be just over 50% of original price. Now, Seahaus has been hit, but not 50% (at least so far) Reading the comments says that it is an auction, so presumably the $750,000 asking price is just an opening bid. Have others seen properties sold via this method? Is there any obligation from the seller to sell if the they don't like the bid?
http://www.sdlookup.com/Property-1238A144-5470_La_Jolla_Blvd_H203_La_Jolla_CA_92037
|
|
|
|
|
|
|
waterboy
Posts:25
|
| 12/01/2008 4:32 PM |
Alert
|
Just go to the site and read the fine print (copied below). It appears to be a short sale auction so up to lender to approve sales price. So as a buyer you waive many of the things that protect you and you pay a 10% buyers premium. If a lender doesn't approve your $1M bid (which most won't if approx $1.5M is owed) then you get the $5k deposit back. If this wasn't an auction/short sale I think you would have plenty buyers at an even $1M and a handful of buyers at $1.25M because of its location, size, condition, and views. Sorry, but this isn't going for anywhere near $750k.
You should be able to get a non view 2br/2ba in the building for low $700s or high $600s. I think one even went as low as $625k recently (not sure if short sale or they took a hit to down payment). I wouldn't mind buying there if units got into the high $500s range. Building right next door has a large 2br/2ba one for $599k. Looks like a nice remodel but older building without Seahaus amenities. On the plus side, it has lower HOA and not as many units.
Announcements and information, provided on the EPAX website will take precedence over printed material. THE PROPERTY IS SOLD "AS IS," WITH NO CONTINGINCIES AS IT RELATES TO FINANCING APPRAISAL OR INSPECTIONS AND ALL SALES ARE FINAL. THE SUCCESSFUL BIDDER ACKNOWLEDGES THAT THE AUCTIONEER AND THE SELLER HAVE MADE NO IMPLIED WARRANTY OR REPRESENTATION OF ANY TYPE AS TO THE PROPERTY AND THAT THE PROPERTY IS SOLD WITHOUT ANY WARRANTIES WHATSOEVER, EXPRESSED OR IMPLIED AND SPECIFICALLY THERE IS NO WARRANTY OR MERCHANTABILITY AND NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. Though all descriptions and information are believed to be correct, in no event shall auctioneer or seller be held responsible for having made or implied any warranty of description, genuineness, condition etc. The property is open to thorough public inspection at the published property preview dates.
Auctioneer reserves the right to withdraw any item before or during the auction. Only registered bidders may bid on the property being sold, any exceptions to this requirement shall be within the sole discretion of PACIFIC AUCTION EXCHANGE., Power House Team,Inc Pacific Auction Exchange,_Power House Team, Inc reserves the right to bid on behalf of the seller. No allowances, adjustments or rescission of sale will be allowed based upon failure of the property to correspond to a particular need. The registered bidder will be responsible for any purchase made with his or her unique EPAX identity and password.
A BUYER'S PREMIUM OF TEN (10%) OF THE SUCCESSFUL BID WILL BE USED TO ESTABLISH THE FINAL CONTRACT PRICE BY ADDING THE PREMIUM TO THE SUCCESSFUL BID.
Bidder acknowledges that a non-refundable deposit of $5,000.00 is required to be deposited into the trust account within 48 hours after becoming the winning bidder; this money will be refunded if the sale is not approved by the lender. If the bidder does not sign the purchase agreement within 48 hours of becoming the winning bidder as indicated by the website then the credit card used to register to bid will be charged $350.00 for not performing.
RESPONSIBILITY OF BIDDER AND INDEMNIFICATION: Bidder agrees to assume the defense of and indemnify and hold harmless PACIFIC AUCTION EXCHANGE,Power House Team, Inc. for all claims, loss, damage, injury and liability of every kind, directly or indirectly caused by acts of bidder and/or it's agents in connection with this auction or the use of the property by the successful bidder.
|
|
|
|
|
|