11650 Lower Colfax, home has been pending for 4 months, listed for $335,000. What’s up with that?

So, here is a home that most certainly is a “fixer” in every sense of the word. The home looks great on stats sheets, and the pictures in the MLS don’t reveal anything wrong with the home, but a site inspection shows this home has serious challenges. The yard is a full acre, but it is neglected, has lots of trash, an abandoned motor home, and barn that is near ready to fall down. There is also a dry pond, that is about 15 feet deep and held back by a berm, but it is filled with brush and no water. Where does the water come from and where does it go when it run down on to the neighbor’s property? Far from appearing like an asset, this pond looks like it could be a major headache if it were ever fill up with water.
The inside of the house is a disaster. There is personal trash in every corner of every room, fixtures and appliances are broken, missing, and everything is at least 30 years old. Broken windows, broken doors, it needs new paint and floor covering, and the bathrooms are thrashed. The floor plan is unconventional. It looks like the owner may have split the upstairs and downstairs into separate units, both have kitchens and one bathroom. Both have two bedrooms, and each has its own living room. Do any of these improvements meet county codes or are they allowed in within the permitted uses for this home? I doubt it.
I called the listing agent and asked what’s up with this house. He told me an investor put down deposit on the house last year but the title company has not been able to get clear title due to and IRS lien on the house. Once the IRS lien clears the investors is ready to close up the deal. Really? At $335,000? Yes, the listing told me that price the investor was offering was $335,000. That seems way over the top for this property. This is no $500,000 house when it is all fixed up, maybe not even a $400,000 house! Even with two new kitchens, and 2 new bathrooms, and all the cosmetic fixing, and clean up the landscaping, even with all those things, this house would be mid $400,000, and it needs everything! OK, well, that’s why I go out and look. You never know. I will keep watching this one. Don’t be surprised if the buyer has an epiphany when the IRS lien is settled and this one is back on the market at $300,000.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004