496 Williams Street For Sale As REO

As mentioned a couple of entries ago, I said Prairie Oaks would probably see another foreclosed (reo) home for sale.  The home located at 496 Williams Street was auctioned off on June 17.  What a difference a bank makes.  It took almost 3 months for the bank to put 811 Travis on the market.  It took the bank for 496 Williams Street about 2 weeks to put it on the market!

The home at 496 Williams Street is the larger US Home, 4090 square feet with 5-6 bedrooms, 3 baths, loft and bonus room. It has a pool (empty currently, can’t tell condition of it) and does back on the greenbelt (possibly park at some time).  As REO’s go, it could be worse.  Every room is in need of paint due to really bright unique paint colors.  Overall, not in bad shape (as always I would recommend a home inspection to determine true condition).  Listed at $595,000 or $143.77/sq. ft. it is obvious the bank wants it sold.  I know there is at least one offer on it, and I would bet it will be in multiple offer situation.  At that point buyers would have to be careful.  Depending on what the buyer thought necessary to make home livable, adding that cost to their offer, it might put them higher than other comparable homes on the market that don’t need some TLC. The same floorplan (708 Taylor) sold at $623,500 on 5/27/08.  That home was on a larger lot, backed to greenbelt, no pool. It was turnkey.

Currently the hot market is REO’s.  But buyers need to make sure they are a good value to them. Sometimes they aren’t.