Going, going, gone!

The same headline as the title of this post showed up on ESPN.com moments after the L.A. Dodgers traded for slugger Manny Ramirez. It's also an appropriate label for this property in Ladera Ranch, which was hoping for a sale an on the market but is now "gone" since it went back to the bank at a foreclosure auction yesterday.

Another REO that will eventually be adding to the local inventory...

43 Bedstraw Loop, 92694
Last asking price: $699,000
Last asking price/ sq ft: $233
Income requirement: $174,750
FB purchase price: $870,000
FB purchase date: 4/29/05
Size: 4 beds, 3 baths, 3,000 sq ft (built in 2004)
MLS: S536445 (48 days on Redfin)
ZipRealty price tracker: Price Reduced: 7/01/08 -- $849,000 to $799,000
Price Reduced: 7/14/08 -- $799,000 to $699,000
Zillow Zestimate: $845,028
2007 property tax: $14,019
HOA dues: $205
Type: Single Family Residence
Style: Mediterranean
Stories: 3+ Levels
From listing: Lovely home in Ladera Ranch Claibourne 'green' community, largest model with upgrades galore. Spacious open floorplan includes formal living room with french doors leading to private courtyard. Formal dining room has butler's pantry which leads to gourmet kitchen with center island & breakfast nook and open to family room accented with french doors also leading to entertainer's courtyard. Second floor includes bonus room and master suite which opens to luxurious bath including soaking tub, separate shower and large walk-in closet. Third floor bonus room can be used as a bedroom and includes a balcony overlooking dramatic area view. Features including marble flooring, upgraded carpet, 2 car direct access garage, A/C unit with 3 floors of zoning and solar panels add to the energency efficiency of this 'green' home, upgraded Multi-Locks. Fabulous home that must be seen to appreciate!

The property is still showing up on Redfin as active, which is why we have a link to the property summary. Wonder how long it will take to come down...

The (now) previous owner purchased the home at the peak in 2005 using 100% financing. He didn't stop there.

A little less than a year later, he re-financed into $1,050,000 of debt thanks to the good folks at Fremont Investment & Loan.

A notice of default was filed against the first loan on the property in April 2008, but nevertheless the property went up for sale in June asking $849,000. That would have been a bad enough loss. Unfortunately, no buyer appreciated the home enough to make a deal that satisfied both the owner and, more importantly, the lender.

The last asking price on this property was $699,000. If we assume the property had actually sold, the shortfall for the lender would have been around $350,000. The "owner" would have turned nothing (the lack of a downpayment) into a $180,000 windfall.

The notice of trustee sale came in mid-July in the amount of $904,233. The original loan amount had been $868,000. Despite the fact that unpaid interest and other fees had pushed the NTS amount well above the original loan balance, the minimum bid at auction was $507,000 - a 44% discount off the NTS amount.

No takers.

Here is the ForeclosureRadar map of Ladera Ranch. This image is only displaying 200 of the 285 hits: