6655 N Los Leones Dr in Skyline Country Club was listed as a foreclosure on July 15th. Prior to that it was a short sale for $795,000. And prior to that it was just your average grossly overpriced listing, first at $1,395,000 which left the market at $1,195,000.
And it’s a wonderful house in Skyline and has been on the market for almost 2 years, and it’s still for sale.
It’s a classic Tucson burnt adobe territorial that’s been nicely updated with new travertine floors, a top to bottom new high-end kitchen, new baths and more. And it sits on a very private lot with gorgeous mountain views in Skyline. I’d rank it an 8.5 out of 10 in this category.
Listing it for $1,395,000, or there abouts, was suicidal, a no-way
no-go. So it became a short sale.
And when it was a short sale listed at $795,000, every time I had someone who was interested and I called the listing agent, I was told there was an offer in hand that was about to be final approved by the lender at any moment. And that went on for months, but it never closed. Short sale-itis maybe. Instead it became a foreclosure, listed on July 15th for $579,900. A screamin’ deal in my opinion.
So now it was finally cleared for takeoff and we could do something.
So on July 19th, for buyers I was representing, I submitted a
full-price cash offer to close within 14 days of acceptance.
What could be better than that.
Well apparently something was, because last week our offer was rejected. A full price cash offer, rejected. I was told the lender was only considering offers over $650,000 and that they had a few.
But there’s a fly in the ointment with this house. One that could easily scuttle a deal that’s being financed, which I took care to explain to the listing agent.
There’s a 687 sf discrepancy between the square footage as listed – 3466 sf – and the square footage as shown by the assessor – 2779sf. And it looks as if a space off the garage was converted, without benefit of permits, from storage space or a workshop or something, to what is now a heated/cooled living space that’s used as a rec room. And is being counted as part of the total living space, but legitimately, is not. My buyers knew this, I told them, and they were OK with it.
And while it may be OK with other buyers too, it’s very likely that, at the very least, the lender financing this deal will require that it appraise based on the 2799 square footage shown by the assessor. And not 3466. So unless they’ve got another cash offer, I wouldn’t be surprised if this deal falls through too.
And it’s now 8/11, closing in on 4 weeks, and a decision has yet to be announced.
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