RS reporter David Benda did some digging into the past of the Brigadoon Castle. The unique foreclosure home first featured in my prior post. David interviewed a former owner, and it was a bittersweet tale.
Now, the castle/home is ready for its next chapter. What will it be?
We had been waiting to see what this fascinating castle-influenced foreclosure home ultimately sold for, and this week it closed escrow for $491,000.
Back when it had been listed for $1.7M, the agent described it thus:
“Tudor style castle was extensively renovated in 1996.Features lath and plaster interior walls, exquisite woodwork throughout. 3 story tower marks the impressive entry. The Great Hall has 30′ceilings with exposed scissor beams. 3 fireplaces built of Utah brick. Gourmet kitchen, Italian red marble counters. Sub-Zero refrigerator. 1200 sq.ft.Guest cottage. Year round stream. Beautiful stream.”
It really was beautiful. But it had been caught up in what seems to have been a ponzi scheme elsewhere, and then stripped in foreclosure. Now just a shell of its former loveliness. I had inquiries about it from as far as Great Britain. We showed it a few times, but ultimately our clients passed up on restoring this big project. Somebody bought it though. Click on either image for larger images of Brigadoon Castle in Igo that I took while showing it.
This isn’t some academic problem. I have real buyers, first time buyers, who are being told that they may not be able to purchase a foreclosed Freddie Mac home on which they have made a good offer because it is being considered now to be pulled from the market for a bulk sale to an investor buyer. With our severely reduced local housing inventory, this policy can only harm first time homebuyers. Buyers who may now be seeing some of the best prices and lowest interest rates of their lifetime. How can this policy possibly square up with the purpose of our U.S. Treasury owned Freddie Mac organization? Do we taxpayers maintain Freddie Mac (“to the current tune of almost $142 billion”) to serve homebuyers or investors? It’s a serious question, and one which I posed today to my representative in congress, Wally Herger.
I’ve never asked Congressman Herger for any favors before, so I have no idea what results I may expect. As I understand it, he has been in Congress for a very long time, and so should have some influence. We’ll find out. I’ll keep you informed of his response.
This could be important to some of you. Watch this brief video from the Fed, no less.
Here’s a link to the real IndependentForeclosureReview site. Beware, there are very similar looking sites all over. Or call 1 888 952 9105.
Why get a review?
You may have heard the term “Robosigning.” We used to call it “Forgery.”
Unfinished now, and bank owned, the Vineyards was once the jewel in the eye of Anderson. At least, the promise of a jewel.
I could go on and on about this development. Call me if you’d like more info. Somebody is going to get a terrific bargain. The buildout of this lovely project would change the face of Anderson in a overwhelmingly positive way.
Call or Text (530) 255 4070
Here’s some upcoming foreclosure sales from your US Treasury owned Freddie Mac organization. These don’t have prices yet, but are usually priced aggressively for a rapid sale. We’ve added what information we could find about the property through public and MLS records. If you have an interest in any of these, let us know and we can make sure you are among the first to know when they are assigned a sale price. Call (530) 244 7603
Zip Code: 96002
1107 5TH REDDING SHASTA CA 3 1.00 $0
1952 built 927 sqft 3/1 1 car garage Last sold in 2008 for $159K
3090 FOREST HILLS DRIVE REDDING SHASTA CA 0 0.00 $0
1968 built 2240 sqft 4/2 Near Sun Oaks Tennis Club. Recently remodeled kitchen, Landscaped 1/2 acre with 20′x40′ inground pool/spa. Newer roof, windows. Separate Living Room and Formal Dining Room with Kitchen/Familyroom. Covered patio. 540 sqft garage. Last sold in 2003 for $291K
Zip Code: 96003
22134 LOOKOUT REDDING SHASTA CA 0 0.00 $0
1984 built 784 sqft 2/2 Jones Valley area. Was last listed as a failed short sale in 2010 for $105K
Zip Code: 96019
1240 NORTH BOULEVARD SHASTA LAKE SHASTA CA 1 1.00 $0
1959 built 690 sqft 1/1 1 car garage
Zip Code: 96051
20695 OAK ST LAKEHEAD SHASTA CA 3 1.00 $0
1966 built 1064 sqft 3/1 Large single car garage attatched, and a 24′ x 30′ detatched, insulated garage, with a 1/2 bath & wood stove. Near Lake Shasta. Last sold in 2005 for $221K
Zip Code: 96059
5152 WILSON HILL ROAD MANTON SHASTA CA 0 0.00 $0
1998 Manufactured home on 1 acre. 1296 3/2 Last sold in 2007 for $185K
Zip Code: 96073
21807 BELMONT DRIVE PALO CEDRO SHASTA CA 3 2.00 $0
1965 built 1398 sqft 3/2 Mel Mar neighborhood 110 X 200 lot, last sold in 2003 for $210K.
That’s all for now. Contact us you want more information about any of these, or to set up a showing or whatever you need. (530) 244 7603 Thanks for reading.
As always, you can find the latest complete list of Distress Sale homes in the Greater Redding area at http://ReddingForeclosures.info
RS business reporter David Benda points out that Short Sales are not getting any easier to accomplish in his latest blog post.
Why would an average person care?
I know why short sale listing agents care. But nobody has explained to me the real advantage for a homeowner in doing a short sale, over a deed in lieu, or a foreclosure. I expect that individual circumstances dictate the best path for underwater homeowners who must bail out of a house. But seriously, what’s the clear advantage to a short sale for the homeowner? I’d like to hear a straight answer from a credible attorney.
Certainly, there are economic reasons that a lender might accept a short sale over risking a foreclosure on the asset. But the entire matter is complex, and the possibility of short sale fraud is very real, so it takes time and care to do correctly. If you hear of legislation to “speed up” the short sale process, be sure to read that as “encourage fraud.”
Mostly, the advantage is to short sale real estate agents listing the house. They get paid commission on a short sale. They don’t get paid if it goes into foreclosure. Hence the whining you hear about how long it takes to accomplish a short sale, and how hard they are to get done. Wah. If I wanted to hear real estate agents whine, I could just hang out the office. I don’t care, and neither should you. No doubt your profession has much to whine about as well.
Probably, individual circumstances might dictate that short sales should be an option. But certain real estate agent interest groups make it sound like it should be viable option for nearly anyone, and easier to accomplish, to boot. No mention of the inherent moral hazard is ever heard. No compelling reason is presented that doing a short sale is better for the homeowner than deed in lieu, or foreclosure.
tl;dr Short sales are difficult, say whiner real estate agents. So what?
Here’s the latest crop of Freddie Mac foreclosed homes that will be coming up for sale soon. They are not yet priced, but if you have an interest in any of these we can get you more information.
Property Status: PRE-LISTING
Address City County St Bed Bath
Zip Code: 96003
1729 MARIGOLD WAY REDDING SHASTA CA 3 2.00 $0
1560 HOMINY WAY REDDING SHASTA CA 0 0.00 $0
Zip Code: 96007
1051 AQUADO AVE ANDERSON SHASTA CA 0 0.00 $0
24453 DERSCH RD ANDERSON SHASTA CA 0 0.00 $0
Zip Code: 96022
17970 PACK SADDLE RD COTTONWOOD SHASTA CA 2 1.00 $0
For more info: Call or Text (530) 255 4070
As usual we keep a complete complete list of all local foreclosed homes for sale at: