2007 N. 6th Street, Burbank, has closed. Hooray!

The probate fixer at 2007 N. 6th in Burbank has closed for $450k.  This property is rough and I wish the new buyers all the best for this.  Yes, they plan to re-do it and sell it. 

We received a total of 11 offers and all of them were cash.  And, surprise surprise, we got into a late bidding war (usually bidding wars happen at the beginning of the listing).  Three buyers duked it out (and wanted to duke me out) over about $1000 dollars at a time. 

The house had been vacant for many years and had holes in the ceiling, holes in the floor, etc.  Yes, it was jungle-y around the outside which is why the picture above isn't better. We worked around break-ins, trash-outs, board-ups, etc.  The probate attorney was a real asset (don't be afraid of probate, buyers!) and some of the sellers were, too.  I'm sure the new house will be a welcome addition to the neighborhood.

Unvarnished truth in real estate advertising? We gots it.

Need a 3000+ sf short sale home in Sherman Oaks for $602,000? Check out the listing agent's text for this new listing on Meadville (unedited): The house has major foundation issues with mold. No warranties are giving. Buyer to hire a general contractor and mold company. There are cracks in the foundation with 3 to 4 inches off the back of the house. No termite report or termite completion. The retaining wall has major issues with water running into the back of the house. Part of the house in not in liable condition. Buyer to be aware of dog in backyard.Please be aware there is freeway noise. The seller holds a valid CA Real Estate. Their was additional structural damaged found after buyer inspection. The pool does not work or in operating condition. A lot of draining issues with leaking roof. If you are LOOKING FOR A HOUSE WITH MAJOR DAMAGE YOU FOUND IT. The retaining wall is worse condition then expected.
Such candor is kind of refreshing, no? Yes, that's the best picture, above. How long do you think it will take it to go pending?

Major price reduction on 2007 N. 6th, Burbank

Big news: 2007 N. 6th Street in Burbank has just had a price reduction to $450,000.  That's down from $485,000, folks.  We received several all-cash offers -- this is a serious fixer and won't qualify for a loan -- but they were all lower than what the sellers want to take.  Some details about the house: it's a 3 bed, 2 bath, 1712 sf, on an 8989 sf. lot.  It's in a great neighborhood and has a lot of upside potential.  But it is a serious fixer and not a DIY project. Do you know anybody that would like to live here and is a contractor?

Why my listing at 2007 N. 6th in Burbank must be purchased for cash

2007 N. 6th Street in Burbank needs to be purchased for all cash because it is a FIXER. Yes, there are some FHA programs and banks that will loan on fixers, but not one that's below minimum standards like this one.  This house has been vacant for many years and needs way beyond the typical DIY coat of paint and new windows.  So, do you know anybody with $485k in cash that wants a project?

New Burbank listing coming tomorrow! Probate fixer!

I will be listing 2007 N. 6th Street in Burbank tomorrow for $485,000. This probate fixer offers stellar upside opportunities and expansion possibilities.  And it's right across from Jefferson Elementary, one of the best elementary schools in Burbank.  It's 3 bedrooms, 2 baths, 1712 sf on a 8989 sf lot and has a bonus room, attached garage, fireplace, big backyard, etc.  But people, this is a serious fixer and NOT a DIY project, so contact your contractors.  It won't qualify for a loan, so offers will need to be all cash.  And it doesn't need probate court confirmation, but there are special probate procedures involved.  If you're interested, please contact me at my email address and I'll send you an information sheet.

The Rapture: good for the real estate market or bad for the real estate market?

...It depends, but mainly bad.  Those of us left behind will have to contend with empty houses, unwatered yards, and unpaid condo association fees.  And that will have a depressive effect on property values.  So if you're a seller, my advice is to sell your home within the next six hours.

But if you're a buyer, here might be your chance for some real bargains.  Houses don't hold up well when they sit empty, so plan on doing some fixing.  Hey, maybe this is an idea for a new HGtv show -- how about "Fix this Rapture"?

And if you're a bank, you can look forward to getting your oily mitts on yet more property when you have to foreclose on all these empty homes.

And if you're a Realtor, you will not be getting raptured (except for maybe a few of you in Texas), and there will be plenty of houses to show and sell.  Begin courting bank asset managers today to position yourself as a post-foreclosure rapture specialist!