Remember that story about the house in Fairfax, Virginia, that was selling for less than market value because it came complete with a squatter?
Well, there's a house in San Francisco that tops that nightmare.
Check out this beautiful Edwardian home in San Francisco's Russian Hill neighborhood that just went up for sale for $488,000. — yes, just $488,000.
For those of you who are a bit confused by this, the estimated value of the home is between $1.5 and $1.8 million.
Here's why the value dropped by so much.
See, the previous owner was 100 years old and recently passed away there. And now it looks like whoever inherited the home is looking to get rid of it, quickly.
Why?
Because, of course, there's a squatter living there.
We are talking about San Francisco here, so I guess I'm not surprised.
From the listing's description:
[T]he home is tenant occupied, to be sold AS IS and subject to all applicable Federal, State of California, City and County of San Francisco tenant's rights laws. Current tenant claims SF City- tenant protection class- status. Per tenant Estoppel, Tenant claims $416.67 current monthly rent and pays their own Garbage, monthly Water, & monthly PG+E. Tenant's current lease appears to grant tenants strong long term rent rate amount restrictions, unconventional method of rental payment, and possible occupancy rights until 2053.
The buyer won't be able to move in until 2053!!!
On top of that, the tenant has a 30-year lease with a guaranteed rent of $416.67 per month, or $150,000, over 30 years!
That means the buyer wouldn't even make their money back! Not to mention all the tax payments and repair bills.
And what does an "unconventional method of rental payment" mean?
Seller & listing agent do not guarantee access to the home.
Which is probably why there are no interior pictures of the house. Cuz why would you need photos of the inside of the home if you aren't even guaranteed access to the home?
Despite all the warning bells, however, potential buyers lined up on the street to see the property.
And believe it or not, the house's status is currently listed as pending.
I guess there really is a sucker born every minute!
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