This Bergen County property was purchased in July of 2004 for $675,000.
While I don’t have any details about the original financing, or if the loan was refinanced between purchase and today, I do know that the outstanding mortgage balance is currently $750,000, more than $75,000 more than the original purchase price. It might have been a cash-out refinance, or a greater than 100% loan, perhaps even some negative amortization.
The owner listed the property for sale shortly after purchase, for just shy of a million dollars. It was listed in March of 2006 for $990,000. The listing expired 212 days later, despite having been reduced to $945,000.
The property was listed for sale again in May of 2007 for $859,000. A month later the price was reduced by $30,000, bringing the asking price to $829,000. The listing was withdrawn after 91 days.
The listing has come back to market again, at the end of September, listed at $774,900. However, the listing description now carries an interesting caveat, “All offers subject to third party bank approval”. In today’s market, it’s a dead giveaway that the property is being sold short. If it wasn’t for the short sale, the seller would have had to bring roughly $20,000 to closing in order to sell this house.
A quick look at the Bergen County Sheriff Sale list shows that the owner is facing foreclosure. The property auction is scheduled for October 19th, less than two weeks from today.
The judgement amount? $751619.19
Isn’t this the ‘Duck’s’ house?
I feel like I’ve seen this house before. Hmmmm…?
Things aren’t so ducky Chez Duck.
This house is so ugly, it’s seared into my memory.
pls can you post a link e.g. mls…who knows i may be in the market for a fugly, over priced home…..
Not Ducks house, that one had a weird 2 story entrance thing.
Equally ugly though.
I love the smell of schadenfreude in the morning…
i think quack had a 2-car garage too and some type of balcony
It’s interesting to see these price drop histories, complete with picture of the listing.
Why would anyone think that a house like that would appreciate from $675K to $990K in less than 2 years??? That is sheer lunacy.
Loosk like the 14 food wide things they build in Fort Lee and then sell for a million +
That driveway and garage door looks like the entrance to a dungeon. Creepy.
This looks to be a short sale, too – has the bank approval line. It’s been floating by on craigslist for a while – in Edison.
Nice kitchen, but what’s up with the shutters on the exterior? :)
http://cnj.craigslist.org/rfs/431968537.html
Nice post, love to hear stories of Greater Fool lemmings imploding.
It’s not duck’s house, that had a balcony on the second floor.
Scribe, guess they wouldn’t fit? None of the shutters are the correct size (all too narrow), so they should have put up some 6 inch wide shutters for those close windows. :)
There’s a house nearby with shutters installed backwards on an arch-top window. Expensive house, too.
From the looks of this picture, that house isn’t even worth the original 675K paid for it. Granted, I can’t see the inside nor get an idea of the dimensions of the house, but from this picture, I’d be hard pressed to pay more than 300K for that place.
Nice. That flip flopped.
Even if this house isn’t Duck’s, he’s gonna have a nasty comp dragging him down when this one plays out.
Don’t worry .. he’ll teach’em, by upping his price by another $200k! HA! Take THAT !