re-forclosure

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Submitted by all on April 19, 2013 - 11:20am

2x foreclosed house.
It first sold as foreclosure in 2008 for $786K. The bank took it back last August and the price was $866K. Where did the difference come from? That's $80K in late fees (assuming 0% down, which was not available at the end of 2008).

Submitted by SD Realtor on April 19, 2013 - 11:40am.

Actually the home first sold at trustee sale for 880k in 2008. It was then purchased by a private party for 786k in late 2008. That party then lost the home to foreclosure.

As for the 80k.... well imagine if the guy that bought the home in late 2008 never made a payment on the home. He bought in in November of 2008 and the first notice of default is in September of 2010 for 74k! So yeah he could very well of bought the home and essentially not paid a cent, not paid property taxes, and pretty much hung out until he finally got booted as the trustee sale was end of August 2012.

Submitted by moneymaker on April 19, 2013 - 12:39pm.

So SD Realtor are you saying whoever purchased it at trustee sale for 880k took a loss of 94k in less than 1 year? Holy cow!

Submitted by SD Realtor on April 19, 2013 - 1:00pm.

I cannot say. There is a trustee deed recorded 7/21/08. The transfer was between cal west recon and the buyer was Residential Funding Co LLc. The amount was 880,951. Then there was a corporate grant deed in November of 2008 to National City Mortgage. A week later there was a grant deed to the first buyer for 786k.

Submitted by Upvote_Anything on April 19, 2013 - 9:47pm.

Then, what do you guys think about the price right now?

Submitted by SD Realtor on April 20, 2013 - 9:16am.

I think it will sell pretty fast at or above sales price.

Submitted by Essbee on April 20, 2013 - 10:35am.

I live a few blocks away and drive by that house all the time. (Twice this morning, so far).

The home has a huge sign above the main sign saying "HUD home". Not sure what the implications of that are. Also, it was interesting that we got two flyers informing us of an open house there yesterday and today. I have never received a flyer for an open house in this neighborhood before.

Submitted by all on April 20, 2013 - 12:08pm.

Essbee wrote:
I live a few blocks away and drive by that house all the time. (Twice this morning, so far).

The home has a huge sign above the main sign saying "HUD home". Not sure what the implications of that are. Also, it was interesting that we got two flyers informing us of an open house there yesterday and today. I have never received a flyer for an open house in this neighborhood before.

We (everyone in subdivision) got several reusable bags with Voak's picture and info when he held the open house for a house on our street (and the flyer). I'm guessing he does not expect us to buy the house, he probably wants to recommend himself for the listing agent when we decide to sell.

EDIT: I believe 'HUD home' means it was an FHA home. It might be that someone really got it at close to 0 down (2008/2009 were the years of the tax credit) and decided to live rent-free for few years.

Submitted by all on April 20, 2013 - 12:04pm.

Upvote_Anything wrote:
Then, what do you guys think about the price right now?

The location is not good (busy side street, significant school traffic, especially in the afternoon) and the house is stripped. Which would make difference 2-3 years ago.

Submitted by SD Realtor on April 20, 2013 - 2:54pm.

The nice thing about that is that only owner occupant offers are considered in the first 30 days. Investors cannot make an offer unless the home is still available after 30 days on the market.

Submitted by Essbee on April 20, 2013 - 3:07pm.

all wrote:
...and the house is stripped. Which would make difference 2-3 years ago.

Ooh, I hadn't noticed the missing sink fixtures until you pointed that out. Anything else missing / other damage other than some dirt on one of the rugs? I thought the pictures made it look pretty nice, although that bright orange used for some of the accent walls is a little odd.

Submitted by all on April 20, 2013 - 9:44pm.

Essbee wrote:

Ooh, I hadn't noticed the missing sink fixtures until you pointed that out. Anything else missing / other damage other than some dirt on one of the rugs? I thought the pictures made it look pretty nice, although that bright orange used for some of the accent walls is a little odd.

I did not see the inside in person. The Redfin agent's comment says oven/range/dishwasher/door handles are missing. You can see plumbing fixtures missing in at least one of the showers. The handles on faucets seem to be missing as well.

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