I ran across an article that claimed the wrong house was foreclosed upon and the owner lost all of their possessions. Although the article's title mistakenly says that the couple's house was "mistakenly foreclosed," that is not accurate. In reality, the firm (commonly known as a 'field service' company) that Wells Fargo hired to secure a property went to the wrong house. Whether Wells Fargo gave them the wrong address or the field service company went to the wrong address is not mentioned in the article. The house … [Read more...]
Dorm Room or Big Home in the Suburbs?
I missed this article when it ran about two months ago, so you may have seen it already. If not, you may be a bit envious of these college students who are living in luxury homes for less than the cost of a dorm room. Of course, they'll be the envious ones when they graduate and can't find a job, right? … [Read more...]
$150 Million Mansion Set to Close
One of the largest homes in the US is set to close soon. After being on the market for several years, the mansion built by the late Aaron Spelling is under contract. Priced at $150 million, a 22-year racing heiress from Europe is buying it. Click here for the full article. My favorite quote is this one: "Ms. Spelling has said she wanted to downsize. She closed in December 2010 on a 15,555-square-foot condominium in nearby Century City for $35 million." I guess there aren't too many people who downsize to over … [Read more...]
Homeowners Foreclose on Bank of America
Here's a new twist in the foreclosure world - a couple actually foreclosed on a bank. Bank of America attempted to foreclose on a Florida couple's house, but not only did they not have a mortgage with Bank of America, they never had a mortgage at all. The couple successfully sued BofA, but after five months, still had not paid them. At that point, they legally padlocked a Bank of America branch and sheriff's deputies began to remove the bank's furniture. The bank quickly paid the money they owed the couple. Read … [Read more...]
Pooch is President of HOA
Today I came across this humorous article about the election of a dog as president of a neighborhood association. Enjoy. … [Read more...]
Family Moves into World’s Most Expensive Home
India's wealthiest man, Mukesh Ambani, has moved into his new home. Worth approximately $1 billion, this 27 story home in Mumbai, India, has spectacular views of the city and the Arabian Sea. The home has almost 400,000 square feet and contains a gym, dance studio, ballroom, and theater. There are three helipads and underground parking for 160 cars. There is a staff of 600 to operate the house. The full article can be found at … [Read more...]
WCID 17 Offers Free Toilet Upgrade
Travis County Water Control and Improvement District (WCID) #17 is offering free toilets to residents of the district who qualify. If your house was built prior to 1992, you can replace up to two toilets with ones that are low-flow. It is funded by the district's water conservation program. The offer expires on August 31, 2010. For more information, including an application, visit their website. … [Read more...]
Building a Castle…In Arkansas
Happy Memorial Day to all, espcially the veterans who have bravely served our country on the front lines of freedom and to the families of those who gave the ultimate sacrifice. On a lighter note today is the man who is building medieval castle in the Ozarks. Not only he is building it, but he is building it with only the tools available in the 13th century. Here is the full story from the Wall Street Journal. We don't have a lot of castles in the Austin area, but here is the list of houses on the market that … [Read more...]
Texas is Sticky
While flying on Southwest Airlines over Thanksgiving, I found an interesting grid about state populations. It measured the states' "stickiness" and "magnetism." Stickiness is a measure of the number of natives who never move out of the state. The higher the stickiness, the more the natives stay put. Magnetism measures the number of residents who were born elsewhere. The higher the number, the higher the number of transplants in the state. As it turns out, Texas is the stickiest state in the country (and that … [Read more...]
Driveway Tolls
How would you like to have to pay a toll to access your driveway? That's just what some folks are being asked to do after one of their neighbors bought the land that provides access to their homes. While it almost seems humorous, there are actually some very interesting real estate laws at play with this case. Here's the local TV news coverage of the story. I'll follow up when the judge issues a ruling. Thanks to my friend Flo Edelman, a Realtor in Houston serving the Fort Bend area, for letting me know about … [Read more...]
Squatter Moves In
I found this one in a recent issue of The Real Estate Professional. A vacant house in Jupiter, Florida had been on the market for two years. In January, a woman and her children moved into the $750,000 house, removed the sign, and put the utilities in her name. The problem was that she never bought or leased the house. She not only moved her furniture into the 5 bedroom, 3 bathroom house, but she also decorated it. It wasn't until several months later that the listing agent bothered to stop by to check on the house … [Read more...]
Party at the Foreclosure
Working with foreclosed properties apparently can have its perks. An executive with Wells Fargo reportedly moved into one of the houses the bank foreclosed upon. But it wasn't your average foreclosure. This was a home along the beach in a ritzy section of Malibu valued at $12 million (it is unclear to me whether that figure is a current or past value). Cheronda Guyton, an executive in the foreclosed property division, moved into the house in May with her family and threw lavish parties. Neighbors in the … [Read more...]