Madison AL – Fire-Sale Only Sale $43 a Square Foot

Post image for Madison AL – Fire-Sale Only Sale $43 a Square Foot

by Tim

in Huntsville Featured Listings,Huntsville Real Estate Investing

Sometimes the @Homes Deal Finder comes up with a Huntsville Real Estate Listing that is somewhat unexplainable on the surface. I mean hey, $43 sqrFt,  in a very nice neighborhood in one of the best school districts in the Metro Area. What’s up here anyway!

At the very least if you’re in this market, you have got to go and take a look, if only for educational purposes.  Hey perhaps even just entertainment purposes. 🙂

For sure there are reasons for such a fire-sale, especially given that it has been on the market already for ~60days. Yes, it is a foreclosure, sold as is, with a first right of redemption (but from whom?), and for cash only, but surely there is more to this story! Is it truly a short sell with a public listing price well below what anyone involved with decision making ability is willing to take? I don’t know, but I sure want to learn more!

Well I am going over personally to take a very close look at this home and based on what I find and what I learn with a few phone calls, I’ll come back and comment on this post as an update. Something is up, that’s for sure.

– Tim


N. Drummond December 17, 2009 at 1:18 am

I’ve looked at this already and turned it down- but if someone had the right construction skills, it might be workable. As you may find out, the interior has been stripped (no carpet or appliances, and no light fixtures in the new additions) and the majority of pictures show just the 2 major additions (which are not quite finished) with some work still to be done in finishing them out. Quality of build on the additions is suspect when one looks around the foundation- the exterior wood pillars at the end of the 1 addition already are rotting off at the base, concrete pour wasn’t vibrated on the foundation (air gaps in the aggregate concrete) and the plumbing PVC drains got shoved to the outside of the concrete forms exposing the pipes to the outside. Water damage around the outside walls of the dining room; kitchen floor is springy/ shows signs of water damage= structural issues to the subfloor. A buyer would probably have to sink another $50k to really make it liveable- a new kitchen, new floor coverings, and some possible structural work in several places.

Tim January 5, 2010 at 3:02 pm

Greetings …Thanks for the comment …I have little doubt your assessment was/is correct. …We just got back from a holiday vacation and when I went to check on viewing the home it was already off the market and no longer listed. …We will have to wait for the closing before the selling price becomes public information but it should be interesting nonetheless.

Kind Regards …Tim

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. © 2016 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

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