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By Roz Rogoff

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About this blog: In January 2002 I started writing my own online "newspaper" titled "The San Ramon Observer." I reported on City Council meetings and other happenings in San Ramon. I tried to be objective in my coverage of meetings and events, and...  (More)

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House on Hondo for auction

Uploaded: Feb 23, 2014
I was doing a little surfing through online Real Estate sites to see where the prices are now for homes in my neighborhood. I'm not considering selling, but I just want to keep up to date on the value. I came across a house on Hondo Place being auctioned with a starting bid of $250K. I was very tempted.

The auction is being held on Auction.com, which is an online auction site that lists properties all over the country and anyone who registers can submit a bid. The bidding period for this house started on Saturday, February 22, and will run through Tuesday, February 25.

It seemed like an opportunity too good to pass up. I remembered that house sold a number of years ago for around $450K. It might have sold again more recently and the owners got in over their heads.

The listing is "Non Financeable – Cash Only" and requires $2500 to bid and 5% of the winning bid amount as a "Buyer's Premium." Right now it is up to $300K with the next bid at $325K, but so far the first three bids have not met the reserve. My guess is the reserve is at least $350K or even $400K. Still that would be a great price for a house estimated at over $600K.

It is being sold "As Is" of course, and is occupied. I'm not sure if the occupants are the owners or renters. I wouldn't want to be in a situation to evict the previous owners. However if the property is bought as a rental, the occupants might be willing and able to continue paying the rent. Otherwise it could be a very sticky situation.

I don't know how often these online property auctions come up in San Ramon. This is the first one I've stumbled across, and I'm only interested because the house is in my neighborhood. For anyone who doesn't know where Hondo Place is, it is off Estero Drive walking distance from Pine Valley Road where the Pine Valley Middle School and Walt Disney Elementary School are located. This is a nice cul de sac in a very convenient and sought after neighborhood.

If anyone reading this wants to learn more about it, and happens to have half-a-million dollars in cash to throw around, here's a link to the auction site.

I just emailed the link to Mayor Bill Clarkson, who is a Real Estate professional. Anyone who is interested should contact a local Real Estate Agent to get more information about it before placing a bid. It's too rich for me, or to put that better, I'm not rich enough for it.

Comments

 +  Like this comment
Posted by Morris Cumberpatch, a resident of Another Pleasanton neighborhood,
on Feb 23, 2014 at 4:28 pm

Superb news, Roz! If I buy this house, I can rent it out to multiple families and thereby help stave off the unnecessary need for low income housing in Pleasanton. Perhaps we can notify the Governor of this recent development? By the way, does the house come with a shed in the back? I imagine at least of couple more renter families might be squeezed in if that's the case. So far more preferable to the warehousing of families in their own homes. Keep up the good work.


 +  Like this comment
Posted by Cholo Pololo Mololo, a resident of Livermore,
on Feb 24, 2014 at 12:05 pm

but wait...what if I purchase the property and only rent to people of color?

might that pose a problem?


 +  Like this comment
Posted by Cholo, a resident of Livermore,
on Feb 24, 2014 at 12:09 pm

what if one of the bidders lives in abject poverty could they possibly win the auction...hmmmmmm...ponder that...i rest my case


 +  Like this comment
Posted by Ms. bunny, a resident of San Ramon,
on Feb 25, 2014 at 8:23 am

Ah Morris, it is a "new" world in the east bay (-and of course, permeates MUCH of California already and other parts of the US) With multiple family/relatives living "style". I find many immigrants, Asian, Eastern Indian, Arab as well as Russian and others think nothing of this manner of living and it isn\'t always temporary. It\'s we Americans who seem to value our independence, privacy, space. Cousins, Aunts, Uncles, doesn\'t matter to them. It truly is amazing how many they can "pack in". They seem to enjoy this tribal type living no matter WHAT the size of the property. I find for me? It\'s far more a concern of numerous cars parked on our residential streets continually creating more hazardous road conditions (i.e., animals, people crossing, street cleaning efforts thwarted as well as trash pickup, etc.)

I\'m afraid it\'s here to stay (sigh)


 +  Like this comment
Posted by Shawn, a resident of Foothill High School,
on Feb 25, 2014 at 9:35 am

One should use great caution when purchasing a home in this manner. The homes are sold as-is with no inspections, and in this case the home is occupied as well. Buying a home sight unseen with no inspections is not desirable to say the least, as there could be major issues with the home structurally or major items in need of repair. If it is on auction.com, it is either a bank owned or short sale property,so there is a distinct possibility of financial hardship with the current occupant, which may not make them the ideal tenant. The fact that there are no pictures on the listing also indicates that the tenants are not cooperative in the whole process and will probably have to be evicted. Evictions can be long and very costly. The huge risks involved outweigh the potential upside and considering that bid is now up to $425K, any potential upside is quickly vanishing.


 +  Like this comment
Posted by Morris Cumberpatch, a resident of Another Pleasanton neighborhood,
on Feb 25, 2014 at 11:56 am

Yes, sigh, all these tribal immigrants. Disrupting trash collections and street sweepings. I mean, sign, where will it end?

Signed,
Freedom Loving American


 +  Like this comment
Posted by Jake, a resident of Alamo,
on Feb 25, 2014 at 12:49 pm

Adding to cautions already mentioned is that it is not financeable which indicates that indeed there are problems with the home itself regardless of the buyer's ability to pay or the size of the down-payment.

Re Immigrants: Most first generation immigrants do what the prior immigrants have done. They come here to live free and for a better life. Except for their dreams they have very little so they pool their resources. By the time they are 2nd and 3rd generation they adopt the "American" style although the family connections remain stronger than average.


 +  Like this comment
Posted by Cholo, a resident of Livermore,
on Feb 25, 2014 at 4:28 pm

Hopefully it will all end up with Plutonians being forcibly relocated to a reservation in Montana...i rest my case.


 +  Like this comment
Posted by San Ramon Observer, a resident of San Ramon,
on Feb 25, 2014 at 4:51 pm

San Ramon Observer is a registered user.

It's gone from the Auction.com website. So the last bid, which would have been $450K, must have met the Reserve. Now whoever bought it has to deposit $22,500 or 5% of the price as the buyer's premium, and come up with the $450K when the deed is ready for transfer. We might hear stories about the eviction soon if the current occupants do not go quietly. Not such a bargain after all!

Roz



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