These sellers are going for what I would call the "cut-and-run" play. That is, cut the price a ton right from the beginning, (hopefully) attract a buyer and then get the heck out.
It's almost like raising a white flag to signal they understand this "investment" was a total bomb, but I don't see any dishonor in this approach. This owner bought at the peak of the market and now needs to sell - whether it be because of unforeseen circumstances or a bad mortgage. They're now hoping to quickly cut their losses and move on. Unfortunate but respectable.
23331 Cobblefield, Mission Viejo, 92692
Asking price: $950,000
Asking price/ sq ft: $238
Income requirement: $237,500
Purchase price: $1,250,000
Purchase date: 3/16/2006
Size: 4 beds, 3.5 baths, 4,000 sq ft (built in 1999)
Income requirement: $237,500
Purchase price: $1,250,000
Purchase date: 3/16/2006
Size: 4 beds, 3.5 baths, 4,000 sq ft (built in 1999)
2006 property tax: $7,923
HOA dues: $169
Type: Single Family Residence
Stories: Single Family ResidenceHOA dues: $169
Type: Single Family Residence
From listing: Spectacular D. R. Horton Floor Plan In Prestigious Guard Gated. 3rd Story Attic/Bonus Room, 3 Fireplaces, Large Gourmet Kitchen, Granite Counter Tops, Grand Foyer w/ Dual Spiral Staircase, Extra Large Family-room w/ built In Speakers For Full Theater Surround Sound, Private Master Suite w/ Luxurious Bath, Entry & Formal dining room have chery wood, 18x18 Ceramic Tile Flooring w/ Granite Dots. A magnificent luxury home but do not take my word for it.
Don't take your word for it? Sounds a bit too defensive and confrontational for my taste, and makes me think we almost should be suspicious of something.And for a near million-dollar listing, the photos are way too small and grainy.
The property itself looks great. The yard is also very generously sized. Unless the new owner wants to spend half their Saturday mowing the lawn, or has one of those lawnmowers you can ride on to make things easier, I'd recommend bringing someone in to do yardwork.
Assuming a sale at this price and 6% sales costs, the loss would be $357,000. It also would equate to a 24% decline in value since the last sale, not including selling costs.
1 comments:
At the risk of asking a dumb question, how are you guys calculating the "income requirement" on these posts? Is it the income you think would be required to qualify for a 30 year fixed loan with 20% down, for example?
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