2003 rollback in Mission Viejo

Today's property is a short sale in Mission Viejo that has been priced roughly the same as its 2003 price. Five years of ownership will have earned this owner no profit, but a big black mark on their credit instead.

27541 Genil, 92691

Asking price: $424,990

Asking price/ sq ft: N/A
Income requirement: $106,247.5
Purchase price: $422,000
Purchase date: 10/28/03
Size: 3 beds, 2 baths

MLS: M08046724 (11 days on Redfin)

Zillow Zestimate: $469,500
2007 property tax: $4,664
Type: Detached, Single Family Residence

Stories: 1 Level
From listing: Great location!!! Property features 3 bedrooms and 2 baths. Tile floors throughout. Private patio in the back, perfect for entertaining. 2 Car garage plus driveway space. Very nicely landscaped with beautiful flowers. Must see to appreciate! Has great potential. Ready to move in condition. Walking distance from the high school.

Walking distance to the high school means expect huge crowds and traffic jams just about every Friday night in the fall for Mission Trabuco Hills football. And, as you can see from the street-level view below, it appears as if this there might be an issue with lots of cars parking on the street.

If this photo was taken during the week it probably means school was in session and students and others will be using your street for overflow parking. Something to think about if you were to become the next owner.
Zillow says the owners paid $422,000 in 2003. If we factor in inflation, it would be like paying $485,513 now.

Assuming the lender allows this short sale to go through, and that it is sold for full asking price, the loss would be $22,594, including 6% sales costs.