The price of this Lake Forest foreclosure property has been set lower than the price paid in 2003. No small condo here - we're talking about a single family house.
The rollbacks continue...
22991 Vesper Rd, 92630
Asking price: $389,900
Asking price/ sq ft: $253
Income requirement: $97,475
Purchase price: $415,000
Purchase date: 10/16/03
Size: 4 beds, 2 baths, 1,540 sq ft (built in 1974)
MLS: S541597 (4 days on Redfin)
Zillow Zestimate: $638,002
Type: Single Family Residence
Style: Traditional
Stories: 2 Levels
Lot size: 4,472 sq ft
From listing: Great Opportunity to own a 4 bedroom home in Lake Forest. Private feel with no one behind you, this home is light and bright and close to everything; shopping, freeway and centers of business! Spacious floorplan with large living room, gracious dining area and open kitchen allows for plenty of entertaining possibilities. 2 bedrooms downstairs, and 2 bedrooms upstairs provides privacy and convenience. This is a great property at a great price!
As usual, we have our doubts on what the inside looks like since there are no interior photos.
The latest owner bought the property in 2003 using 100% financing. In early 2006, she refinanced into $555,000 worth of debt - a $480,000 first loan from No Red Tape Mortgage, and a $75,000 second from WaMu.
The first loan went into default in February, and the notice of trustee sale came in June. The NTS amount was $543,931, which is $63,931 higher than the original loan amount. Assuming the property is sold for the current asking price, it would mean a depreciation of $25,100 or 6% after nearly five years.
And, since the homedebtor pulled cash out, the loss to the lender is even more significant than it appears on the surface.
Tuesday, July 29, 2008
'03 rollback action in Lake Forest
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3 comments:
That is quite an improvement. It's just too bad that the schools in Lake Forest close to the 5 freeway are some of the worst in south oc.
Rockfield is a freeway, ajacent to a freeway. No thanks.
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