Saturday, July 10, 2010

HUD Report 7-9-2010: HUD Revue and Revival

Hey everybody!  Had to take a week off to soak in the beach and eat my weight in lobster, but now it's time to get back to business.  So you think the market is slow?  You're looking at the wrong stuff.  Go ahead and try to keep up with the HUD inventory like yours truly.  Rather than post the latest stuff and field phone calls about which ones are available, I present all of the currently active inventory.  Bid dates noted!  Enjoy!

HUDS FOR 7-9-2010!
click for pics of all the properties!

(in order of price)

513 5th Ave, Greeley: $22,500. 2 bed, 1 bath, 1008 sq ft, 1900, $100 Down with $3630 repair escrow.  Let's see, it's in a floodplain, has a fat repair escrow and thus a laundry list of repairs (Repair windows, Remediate mold like substance, Repair soffit and fascia, Repair furnace, Repair plaster, Correct interior defective paint). But it DOES have a basketball hoop attached to the front of the house and a cement ramp up the front steps! It has also been REDUCED to $22,500 with bids reviewed daily.  I have finally posted pics so you no longer have to scare yourself imagining its appearance! The pics start here:

  1117 12th Avenue, Greeley: $32,000. 2 bed, 3/4 bath, 995 sq ft, 1895, $100 Down with $1100 repair escrow, which is unbelievable.  Oh boy.  You ever seen Hoarders?  Yeah?  See the episode where the lady had cats upon cats upon cats in her house and had no idea how many layers of living and dead cats were stinking up the joint?  She lived 1117 12th Avenue in Greeley.  Well, at least it smells like she did.  I didn't even bother to take pictures, and a video walk through would have lasted 4 seconds.  I almost dropped my keys on the floor which would have sucked because they'd still be sitting there and I'd be in Greeley getting my car re-keyed.  Do you like weeds, dirty floors and have a lack of odor receptors?  Here's your place. Click here for more info, pics or a showing.  Minor update: this place just received a SECOND price reduction, owner occupant bids are due 7-13-2010, investors thereafter if available.

Relist: 37266 WCR 65, Galeton: $41,250.  3 bed, 2 bath, 1623 over full basement w/ some finish, 2001.  Reappraised, reduced and re-remarked: "Manufactured home. Previous owner shared neighbor's well, but there is no formal agreement. Septic tank subject to freezing in winter; appraiser recommends a survey of the septic tank to determine if it is buried deep enough and if it meets lot line requirements. Foundation inspection recommended due to moisture in the basement- may include replacement of gutters and regrading. Plumbing and heating systems are inoperable. Buyer must obtain permit and correct county code violations: shingles coming off roof, deck is unsafe, mold-like substance in basement, and loose electrical receptacles. Property was apprased 5/14/10 and valued at $55000."  Need I say more?  By the way, the gentleman that supposedly shares the well doesn't much care to share it.  He's also given me a bunch of other invaluable info.  My advice?  Unless you want to pay cash to buy something that needs major work out in the middle of nowhere (and yet be somewhat close to your neighbors), I'd pass.  And yes I've been in this one. Click here for more info, pics or a showing.  Update: This was briefly withdrawn and dwelled in the desolation of the Good Neighbor Next Door program.  It comes back to us a few grand cheaper but otherwise the same.  Owner occupant bids due 7-13-2010, investors thereafter if available.

344 4th St, Kersey: $52,500. 3 (kinda) beds, 1 bath, 1698 sq ft (main and bsmt), 1910, 2 car detached, $100 Down with $4400 repair escrow.  I like this place as a flip, and am dubious about the FHA repairs not exceeding $5000.  Sure they're close, but there's a lot to do here.  I don't recall seeing any plumbing fixtures (or plumbing), there's no trim and the layout is lame. The house is either half-finished or half-deconstructed, depending on your outlook on life. The major selling points for this house are: 1) Corner location directly across from cute lil' Kohler Park; 2) Massive lot with big 2-car detached garage; 3) Cheapo price augmented by 4) $100 Down incentive.  Oh yeah, there's a fireplace.  Pics start here: and Click here for more info, pics or a showing.  Owner occupant bids are due 7-11-2010, investors thereafter if available.

1219 23rd Ave, Greeley: $70,400. 3 bed, 1 bath, 1242 sq ft, 1956, 2 car attached, holes in roof/ceiling: 1 big one; $100 down with $1320 repair escrow.  Here's an example of HUD's hands-off approach to selling being a huge drawback.  Listed in the repair escrow items is $880 for roof repair.  Had the repair been done, I wouldn't have walked in the house and found half the living room ceiling sitting in a big, slushy pile on the hardwood floor.  As it is now, I'm sure there are other issues beyond simply fixing the roof (repairing the gaping hole in the ceiling comes to mind) which could have been avoided had the roof been fixed.  If not for the location on 23rd Ave I might tell you to check this one out.  Instead, I'll just present the facts and let you make your own decisions.  Check out the video for more.  Update: Now on its second price reduction, bids reviewed daily.  Pics START RIGHT HERE.  Bids reviewed daily!  Click here for more info, pics or a showing.

1952 29th Ave #3, Greeley: $84,600. 3 bed, 2.5 bath, 1696 sq ft over partial finished bsmt, 2 car attached, 1977, $100 down with $275 repair escrow.  Here's a different one.  The most shocking thing about this place is that yours truly had no idea this little subdivision even existed.  It consists solely of identical townhouse/duplexes that have well maintained gray exteriors.  The interior?  Well, it needs some love.  Carpets are trashed and if the exterior looks like 1999, the interior definitely feels more like the 1977 build it is.  The master is awesome though and has its own fireplace.  This place also has a fenced yard and the oversized 2 car garage (with 2 separate doors).  Might be worth a look see. I do have a video of this joint but am having issues getting it uploaded for some reason.  Pics start here: Bids reviewed daily!  Click here for more info, pics or a showing.

1337 29th St, Greeley (I say Evans): $76,500. 3 bed, 2 bath, 1337 sq ft (seriously), 1978, 2 car attached, $100 Down with $550 repair escrow.  This corner lot tri-level is in nearly-fantastic condition, and yesterday's price reduction  makes it a compelling buy.  The only drawback is minor cosmetic ugliness and a small repair escrow (for furnace repair).  Scope the video:   Pics start here: and click here for more info, pics or a showing.  Owner occupant bids are due 7-13-2010, investors thereafter if available.

2506 W 26th St Rd, Greeley: $90,000. 4 bed, 2.75 bath, 1185 over full mostly finished bsmt, 1974, 2 car attached, $100 down with $3850 repair escrow for mold, furnace, shingles, paint and drywall.  This is a smelly, ugly ranch a few blocks north of 34, and the basement appears to have been set up (not very well) as a 2nd unit.  It will need a bunch of TLC.  I'm going to be nice to this one and just leave it at that.  Bids reviewed daily! PICS START RIGHT HERE

818 20th St Ln, Greeley: $90,000. 4 bed, 1 bath, 1103 sq ft over full bsmt, 2002, 2 car attached, $100 Down, no repair escrow.  Our glut of Balsam Village inventory continues with another ranch, the basement of which is unfinished save for one large bedroom.  Fully insured, yes, but needs some paint and carpet.  Pics start here:  Owner occupant bids are due 7-11-2010, investors thereafter if available.

3621 Denise Ave, Loveland: $95,000. 3 beds, 2 baths, 1232 sq ft, 1985, 2 car detached, $100 Down with $1100 repair escrow.  Yes, this one is a manufactured home, but the lot and garage are awesome.  I'll let the pics do the talking on this one so pics start here: Owner occupant bids are due 7-11-2010, investors thereafter if available.

3714 Mountain View Dr, Evans: $97,000. 3 bed, 1 bath, 1111 sq ft, 2 car attached, 2000, $100 down with $715 repair escrow for plumbing repair and exterior paint touch-up.  There's something about this lil' ranch that seems backward.  The living room, dining room and kitchen are basically all one large room, and the sliding patio doors lead to, well, nothing.  The majority of the yard sits behind the garage, and can only be accessed via the garage.  The master bedroom is fairly large and it does have something resembling a walk-in closet. Bids reviewed daily!  PICS START RIGHT HERE.
4536 Kings Canyon Dr, Greeley: $90,900. 3 bed, 2 bath, 1212 sq ft over 1212 unfinished, 1999, 2 car attached, $100 Down with NO repair escrow.  This Hill-N-Park ranch yields tons of calls for me, and for good reason: corner location, curb appeal, good layout, clean appearance inside, etc.  But one step - and one whiff - inside changes all impressions.  This is a cat house, plain and simple.  The mailbox is a cat.  There's some weird contraption in the otherwise unfinished basement that I'm sure was used to separate cats.  And all of these cats have left their odor all up in the house.  Now that it has been reduced $10k, that should make up for replacement of the carpet & pad, and combined with some new paint I would *hope* the smell can be tamed.  Click here for more info, pics or a showing.  Owner occupant bids are due 7-13-2010, investors thereafter if available.
802 36th Avenue, Greeley: $94,500. 3 bed, 1.75 baths, 1170 over 1170 mostly finished bsmt, 1963, 1 car attached, $100 Down with $385 repair escrow.  A lot has happened since this one was first listed, in fact a lot happened to the house even after I took the video below.  Presumably when contractors went back to finish cleaning it out (it was gross) and winterize it (which was even more gross) the plumbing sprung a leak, which flooded the basement.  I went into the house weeks later and the carpet was still squishy, and several walls were starting to spot with mold.  The reduction comes as no surprise, so if you're willing to do some updating and overhauling you may want to consider this one (or maybe even the one across the street).    Pics start here:  Owner occupant bids are due 7-13-2010, investors thereafter if available.  

3009 Hawk Dr, Evans: $107,000. 3 bed, 2 bath, 1043 sq ft over full partially finished, 2001, 2 car attached, $100 Down with $1100 repair escrow for buckling driveway.  I mention the repair escrow in detail because the damage is readily apparent, even as you approach the house, briskly, and with scary music blaring.  The front door step is also leaning, so I might be cautious of the cement work overall.  This is a fairly small ranch with a full basement that has a 4th non-conforming bedroom and a large 2nd bathroom.  At $107k it's a bargain compared with the nearby property at 3714 Mountain View.  Pics start here:  Owner occupant bids are due 7-18-2010, investors thereafter if available. 

3826 24th Avenue, Greeley: $108,000. 3 bed, 2.5 bath, 1326 over 600+ unf.bsmt, 2 car, 2002, $100 down with $550 repair escrow for plumbing repair.  First of all, this is a townhouse/half duplex and has a $65/month HOA.  Secondly, the attached property is in incredible condition, and the neighbor has been maintaining this property's half of the yard as well, so it looks much nicer than your average HUD home.  This is a Bailey Homes 2-story with a fenced back yard, and it is well worn on the inside but not terribly beat up.  If you don't mind sharing a wall, give it a shot. Bids reviewed daily!  PICS START RIGHT HERE.
1406 25th Avenue CT, Greeley: $114,000. 4 bed, 2 bath, 2220 sq ft, 1963, one car detached, $100 Down with $4400 repair escrow.  The sole new listing from a couple weeks ago is a conundrum.  It's a bi-level with a detached garage and a MASSIVE yard and it sits in a beautiful and stable neighborhood.  And yes the house is technically intact, but the kitchen is in the lower level.  Is that a problem?  Well no, but it's just kind of....weird.  In the upper level in lieu of the kitchen is a long, pointless room that sits adjacent to the living room (and is elevated a couple of steps for some reason), and the rest of the house shows signs of the previous owners' rehab aspirations.  They never happened.  So what's left is a upper level bathroom with nice tile work and a PVC-and-nasty-piece-of-wood shower curtain rod, no sink (!) and a pointlessly small linen closet.  There's a lot of potential here, just be aware that most people prefer their kitchens next to the living room.  You know?    Pics start here:  Bids reviewed daily!
110 Beacon Way 5G, Windsor: $115,000. 2 bed, 2 bath, 1131 sq ft, 2001, 1 car detached, $100 Down, no repair escrow.  This Water Valley condo lacks appliances but is the cheapest in the area by almost $15k.  It also has a super-dope screened balcony, perfect for grilling.*  Pics start here: Owner occupant bids are due 7-11-2010, investors thereafter if available.  *Verify with HOA what types of grills, if any, are allowed on balcony....!
1621 Marilyn Ct, Loveland: $144,900. 3 bed, 2 (1!) bath, 1978, 1884 sq ft, 2 car attached.  From last month: This bi-level is literally missing the upstairs bathroom (it's an empty room) and the amount of work it needs is totally not in line with its current price.  When it eventually gets down to $145k it may be worth considering. UPDATE: Now that we've been reduced, yes, this place is worth considering.  Click here for more info, pics or a showing.  Owner Occupant bids due 7-13-2010, investors thereafter if available..

3839 Steelhead St A, Fort Collins: $148,000. 2 bed, 2 bath, 1468 sq ft, 2006 (!), 1 car attached, $100 Down NO repair escrow.  KILLER deal!   A similar unit is under contract and listed for $175k, and the prices go up from there.  All stainless kitchen appliances present, gas fireplace, big master with balcony that overlooks large grassy common area and the open space between the subdivision and east Harmony.  You can actually get right to the property by taking Cinquefoil (the dirt road that is now completely connected), so as you may have guessed this is a block north of Observatory Village.  There will be a bidding war on this one I'm sure, so call me soon.  Pics start here: here for more info, pics or a showing.  Owner occupant bids due 7-18-2010, bids reviewed daily thereafter.

2009 Falcon Ridge Dr, Fort Collins: $208,000. 2 bed, 2.5 baths, 1597 sq ft, 2002, $100 DOWN with $770 repair escrow.  That's no typo - this is a two bedroom.  Sure there's a large loft area (huge even) but this 2 story is set up with a massive master bedroom as the main focus.  The house is sharp inside and out, the only blemish being a funky fence line that wraps around a nearby drainage pipe.  Looking in SE FTC?  Wanna get into something on the cheap but slightly more upscale than usual $200k finds?  Check this place out. 
Wow, that took a while.  Get a kick out of the videos?  Subscribe!   Like or perhaps even love the blog?  Sometimes it isn't terrible to be a FOLLOWER.  As always, please drop me a line if you'd like to check any of these out or if you have any questions on HUDs or real estate in general.  Most of the HUDs are remarkable deals, and combined with the $100 incentive they are literally the best deals around.  As always, you can go to my website and search the entire state's HUD inventory.  Comments, questions and showings please send an email or call me at 970-988-5634.  Have a great week! Crip