Fern Hill Foreclosure Goes Fast
Yes, the home was priced $200k below tax value. And, yes, it was located in a strong neighborhood (Fern Hill) near Cedar Lake, and sat on a one-third acre lot. Still, it was a bank-owned foreclosure with zero curb appeal and more than a little rough around the edges, being sold “as is, where is” (as they say) — no contingent offers entertained.
Don’t believe me about the curb appeal? Take a look for yourself:
http://matrix.northstarmls.com/de.asp?ID=5511934353
So what happened after 4221 Cedar hit the market late last Friday?
It touched off a mini-feeding frenzy, attracting a total of 14(!) offers. The deadline for submitting something was yesterday noon, so presumably the bank has either accepted an offer by now, or is working with a handful of finalists.
What happens now? Thirteen would-be buyers go back to the drawing board, looking for the next opportunity. When they find it, you’d guess that they bid a little — if not a lot — more aggressively.
It may not make headlines, but such is the stuff of market bottoms . . .
Upcoming: Are there really multiple offers? How to tell.
