REO in Austin/Roundrock - Posted by Eric C

Real Estate Investing
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Posted by Eric C on June 09, 2000 at 02:30:26:

Hi Alex -

Thanks for the reply. As you can read in my post to Tim, the house was in Williamson County. I was looking at other properties as well. Sorry, I should have been more specific.

As for the 159K, you are completely correct; there were other sales in the ranges you mention. Like you, I thought it (the 159K) was high, but the sale was 4/22/00 and was the exact same floor plan only two blocks away. Nevertheless, I did not base my offer on that figure.

The house was built in 1981 and has all the attributes, both good and bad, of that period. It does sit on a VERY nice wooded lot. In fact, I based my offer more on the lot than the house!

In this case, I don’t really care. If I get it fine. If I don’t – well, I’ve got plenty of things to keep me busy and it looks as if I’ll have to add Austin to my “play” schedule for the first time since the mid 90’s.

Thanks again for the help and the advice. It is much appreciated.

Please let me buy you lunch, dinner, or a beer – your choice!

Yours,

Eric C

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REO in Austin/Roundrock - Posted by Eric C

Posted by Eric C on June 08, 2000 at 08:33:36:

Hi all -

I’ve been asked to bid on a single-family REO in the Austin area. Well, actually it’s in Round Rock west of 35. The high school is Westwood, if that means anything to you folks.

The house is about 2150 sq ft, needs lots of cosmetics, no structural work, but does need new HVAC.

The mirror image (flipped) plan of this house is located two blocks away and sold in April for 159K.

This is not my area; I live 200 miles away. I haven’t worked Austin since 1993 and finally the banks are starting to call me again. This one isn’t listed yet.

I’m just looking for some confirmation of the market conditions in the area.

Any input is appreciated.

Thanks,

Eric C

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Re: REO in Austin/Roundrock - Posted by Alex Gurevich, TX

Posted by Alex Gurevich, TX on June 08, 2000 at 16:07:27:

I agree with Tim, that it’s probably in NWest Austin, but still in the Round Rock school district.

The 2 things affecting the value are: the subdivision and age. Newer homes are selling for a bit higher than the original late 70s-mid 80s construction.

To me $159K seems somewhat on the high end. I don’t dispute the fact that something else sold for that much, rather I bet there were 5-6 other sales in the high $130s-mid$140s.

I just sold a house with owner financing in that very area for $135K, 2045 sq.ft. However, the house was a rental before for a while and didn’t show that well. I sold in the “as is” condition. You can look it up on my web site at http://www.austincash.com, 11510 Tanglebriar.

Good luck.

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Re: REO in Austin/Roundrock - Posted by TRandle

Posted by TRandle on June 08, 2000 at 13:23:15:

Depending on where it is, 159k would be within market range for an after repaired value. I’m confused by your location. Westwood High School is in Williamson County as opposed to Travis County, but it’s still within Austin city limits. If it’s in the Anderson Mill area, which is a large percentage of the population for Westwood, then it depends on the location. There are good pockets and not so good pockets. If you want, you can email me or call and we can discuss. I probably won’t be home until 8ish.

Tim
512.255.1669