It had a minimum bid from the bank (Wells Fargo) at $169,090. No one even bid on it. So it will now go back to Wells Fargo and we can expect to see it on the market “banked owned” or how its often referred too as an REO. If you want to see pictures of the unit it is still being marketed on the MLS for $219,000 This will happen from time to time because the broker and the owner were not aware that the unit was going to auction.
So for me the question is this; If most of us knew that the “fair market value” of this condo was just below $198,000. Would we buy it? Investors didn’t buy it because their margins for re-selling the condo are too thin. Could it work for an end-user though? One of us could have went the auction, bought the unit for $169,091 and walked away with a very competitively priced studio right in the heart of Belltown. So was this a good deal?
Side note: This unit was purchased for $335,650 in November of 2007.
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