Wells Fargo / Wachovia NA

[movedsouth]

Wells Fargo, using the old name Wachovia NA, has been buying a number of houses in the are on tax auctions recently, only to let them sit and decay. The operating mode is pretty much like the famous "Tarpon IV" that has caused so much destruction to our historic fabric:

These companies buy tax certificates, hoping that eventually someone will pay the back taxes and earn them interest. Nothing wrong with that. But then, after a number of years, the certificates expire and they will become worthless. To prevent this, they foreclose on these certificates. If nobody bids on the house, they end up owning the house, which they obviously don't want.

Here are some recent examples where Wachovia ended up owning the house:

1430 Liberty Street: This sad house was owned by Tarpon IV, a similar operation, before Wachovia took possession of it. Neither companies spent a dime maintaining it. Preservation SOS has boarded and cleaned it a couple times, so have other neighbors. I just attached a new board to cover the front door today (back door is still open)

1648 Liberty Street: Actually a pretty nice looking house. If it wouldn't be for the waist high weeds in the front yard

1930 Hubbart Street: If you subscribe to the black captain e-mails, you may have heard of "Hussle Man", how sporadically takes up residence in the carriage house that is part of the property.

Other properties owned by them:
30 E 4th Street
450 E 6th Street
217 W 11th Street

If anybody has a connection to the Main Street branch, maybe they can investigate who is supposed to take care of these houses.

(Wachovia National Association (NA) should be known as Wells Fargo NA after the merger, but I still see them using the Wachovia name, maybe because the tax certificates were originally purchased under that name)

[Gloria]

That is great info, Moved.

Truly, these certificate buyers without any connection to the properties are almost an insurmountable problem.

[movedsouth]

I did bring this to the attention of the local branch, as well as trying to get this addressed by contacting Wells Fargo corporate. The local branch manager actually called me back the other day to tell me that she is working on it.

Recently (last week?), the house by the Firestation ( 30 E 4th Street) went on sale for $65k. It is a nice deep lot, but the house is in pretty bad shape and needs a full restoration. Not sure I agree with the pricing on it, but at least it is on the market.

The other houses are still neglected and not maintained.

The listing for 30E 4th Street has plenty of pictures:
http://www.realtor.com/realestateandhom ... 1253-83168

[bananas]

That is waaaaay too much for that house based on the amount of work and back end value in this market. Unless a fool with cash comes along that house will continue to sit there...

[movedsouth]

That is waaaaay too much for that house based on the amount of work and back end value in this market. Unless a fool with cash comes along that house will continue to sit there...

I was actually surprised to see current pictures. Sometimes I think the realtors banks use don't even go to see the house.