SHOULD I BUY OR WALK OR RUN AWAY BASICS 101 OF FORECLOSURE INVESTMENT

THIS IS A FORECLOSED PROPERTY SOMEONE HAS EMAILED ME
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567 Oxford Rd Cedarhurst
Reduced and now listed at $410,000
4 bed, 2 bath
1 car garage, taxes 5,583.36 with added 686.73
Qualifies for 203k financing
OK LETS GO TO ZILLOW TO DO SOME RESEARCH
Description
This is a Real Estate-Owned (REO)/post-foreclosure home owned by a bank. Offers significantly less than market value are often accepted

Bedrooms: 4
Bathrooms: 2
Sqft: 1,957
Lot size: 5,400 sq ft / 0.12 acres
Property type: Single Family
Year built: 1954
Parking type: --

Zestimate®: $410,500
So this is the price zillow estimates this property for,lets get some comparable but first lets see the sale/price history on this property,shall we.
01/09/2011 Listing removed * $433,500 -- $221 foreclosure.com
12/08/2010 Listed for sale * $433,500 -3.8% $221 foreclosure.com
10/26/2006 Sold $450,500 0.1% $230 Public Record Flag Report a problem with the : Please select... Incorrect Transaction Other Details: Your e-mail*:

08/24/2004 Sold $450,000 -- $229 Public Record
01/09/2011 Listing removed * $433,500 -- $221 foreclosure.com
12/08/2010 Listed for sale * $433,500 -3.8% $221 foreclosure.com
10/26/2006 Sold $450,500 0.1% $230 Public Record








08/24/2004 Sold $450,000 -- $229 Public Record

1. Now lets do comps
2. 440 Buckingham Rd, Cedarhurst, NY 11516
Sold on 10/13/2010: $500,000
o Beds: --
o Sqft: 1918
o Built: 1923
o Baths: 2.0
o Lot: 4000
3. 422 Cedarhurst Ave, Cedarhurst, NY 11516
Sold on 10/29/2010: $420,000
o Beds: 3
o Sqft: 1982
o Built: 1923
o Baths: 2.0
o Lot: 5000
4. 409 Westminster Rd, Cedarhurst, NY 11516
Sold on 10/28/2010: $499,000
o Beds: --
o Sqft: 1060
o Built: 1946
o Baths: 1.0
o Lot: 5000
• See sales similar to 567 Oxford Rd
Address Price Sold On Beds Baths Size (sqft) Lot (sqft) Year Price/Sqft Dist. (mi)
440 Buckingham Rd
$500,000 10/13/2010 -- 2.0 1,918 4,000 1923 $260 0.31
422 Cedarhurst Ave
$420,000 10/29/2010 3 2.0 1,982 5,000 1923 $211 0.46
409 Westminster Rd
$499,000 10/28/2010 -- 1.0 1,060 5,000 1946 $470 0.12
360 W Broadway
$275,000 09/10/2010 -- 2.0 1,803 7,920 1966 $152 0.31
329 Buckingham Rd
$705,000 10/27/2010 -- 3.0 2,382 8,910 1957 $295 0.28
621 Oakland Ave
$781,950 11/24/2010 -- 3.0 2,921 6,780 1957 $267 0.38
375 Summit Ave
$475,280 10/22/2010 -- 2.0 1,768 6,880 1923 $268 0.63
525 Arbuckle Ave
$570,000 09/14/2010 -- 2.0 2,300 6,900 1950 $247 0.51
553 Barnard Ave
$520,000 09/20/2010 -- 2.0 2,335 6,800 1954 $222 0.53
364 Rugby Rd
$525,000 04/23/2010 -- 2.5 2,043 6,000 1960 $256 0.15
598 Barnard Ave
$450,000 10/12/2010 -- 2.0 1,656 7,500 1955 $271 0.60
249 Rockaway Tpke
$280,000 11/10/2010 5 3.0 1,582 7,500 1931 $176 0.52
426 Arbuckle Ave
$504,000 09/13/2010 5 2.0 2,105 6,000 1940 $239 0.63
505 Lincoln St
$400,000 09/21/2010 -- 1.0 1,170 6,000 1925 $341 0.34
437 Arlington Rd
$700,000 07/22/2010 -- 1.5 1,920 10,000 1927 $364 0.32
520 Edward Ave
$497,000 10/13/2010 3 2.0 1,744 8,000 1951 $284 0.73
63 Church St
$238,500 10/29/2010 -- 2.0 1,348 4,000 1935 $176 0.79
710 Van Dam St
$566,000 10/01/2010 4 2.5 2,218 8,600 1965 $255 0.77
26 Park Ave
$130,000 04/16/2010 -- 2.0 2,126 4,000 1966 $61 0.40
281 Leroy Ave
$560,000 06/02/2010 -- 2.5 2,414 6,000 1918 $231 0.48
791 Golf Dr
$525,000 11/29/2010 4 2.5 2,506 7,280 1962 $209 0.98
536 Oxford Rd
$375,000 01/11/2010 -- 2.0 1,973 10,500 1952 $190 0.08
257 Washington Ave
$565,000 07/01/2010 -- 2.5 2,120 7,500 1967 $266 0.59
484 Oak Ave
$570,000 06/30/2010 3 2.5 2,400 5,750 1926 $237 0.62
342 Forest Ave
$475,000 09/09/2010 -- 2.0 2,139 8,000 1953 $222 0.85
148 Donahue Ave
$620,000 10/29/2010 4 2.5 2,543 5,000 1951 $243 1.07
382 Clinton Ave
$500,000 04/05/2010 -- 2.5 2,777 5,200 1924 $180 0.45
94 Cedarhurst Ave
$998,000 07/06/2010 -- 2.0 1,648 4,200 1947 $605 0.79
312 Washington Ave
$285,000 08/25/2010 -- 1.0 1,584 2,233 1913 $179 0.50
57 Jaclyn Ct
$400,000 07/02/2010 4 2.0 2,300 4,895 1999 $173 0.92
430 Arbuckle Ave
$523,000 04/05/2010 -- 2.0 1,772 6,000 1926 $295 0.62
356 Grant Ave
$720,000 07/22/2010 -- 2.0 2,357 6,163 1955 $305 0.89
649 Diane Pl
$395,000 09/28/2010 4 2.5 2,464 6,798 1960 $160 1.04
637 Carlyle St
$650,000 07/19/2010 -- 3.0 2,001 9,500 1946 $324 0.67
346 Warren Dr
$515,000 12/07/2010 5 3.0 2,316 8,280 1964 $222 1.06
451 5th Ave
$250,000 09/01/2010 -- 1.0 966 3,196 1908 $258 0.50
556 Clubhouse Rd
$705,500 11/04/2010 4 2.5 2,729 9,052 1950 $258 1.06
78 Meadow Rd
$514,000 09/28/2010 4 2.5 2,200 9,988 1965 $233 1.01
248 Union St
$192,000 04/29/2010 -- 1.5 1,446 7,500 1950 $132 0.53
449 Peninsula Blvd
$330,000 03/29/2010 4 2.0 1,880 2,178,000 1952 $175 0.17
40 Merrall Dr
$910,000 11/17/2010 -- 3.5 2,348 7,200 1950 $387 1.06
839 Fanwood Ave
$470,000 11/22/2010 4 2.0 1,565 6,500 1958 $300 1.40
760 Wilson Ct
$580,000 07/21/2010 -- 2.5 2,358 7,168 1962 $245 0.90
10 Spaulding Ln
$400,000 09/21/2010 4 1.0 1,680 4,343 1952 $238 1.06
63 Church St
$238,500 10/29/2010 -- 1.0 828 3,500 1942 $288 0.79
287 Linwood Ave
$875,000 04/21/2010 4 2.5 2,194 12,501 1941 $398 0.62
8 Muriel Ave
$950,000 11/19/2010 -- 4.0 3,174 7,845 1924 $299 1.00
124 Cumberland Pl
$695,000 10/29/2010 -- 3.0 2,512 7,725 1923 $276 1.12
11 Meadow Rd
$585,000 08/05/2010 4 2.0 1,955 15,594 1965 $299 0.99
927 Midway
$505,000 11/06/2010 -- 3.0 1,808 6,100 1957 $279 1.28

Some other interesting facts in JUNE 2008 this house was worth $556k
But don’t forget that was the peak ,I looked at the 5 year stats, so
what is the bottom line?
To me personally I would walk away ,this is a perfect example of a bank
still playing games.
What these numbers tell me is that they are asking the market price,and to me personally especially during these days that is insulting.
The bottom line is we can always give an offer and if i was buying for my self as the primary residence I would start my offer at $340k but ,if I was working for an investor or buying an investment property it just would not be worth it,due to the fact that from extensive experience the bank will not entertain any offers below 390k.
It is a very exclusive neighborhood so maybe for a primary residence I would take it for 350-360k but thats all,and thats due to again it being a very exclusive neighborhood and the schools are one of the best.
Lesson over please any questions or comments feel free to ask away .
Thank You and please press the follow logo at the bottom of the screen.