2002 rollback in San Juan

Sightings of 2002 rollbacks are still pretty rare in South OC, but this REO property in San Juan hits the mark...

26205 Maplewood Ct, 92675
Asking price: $229,900
Asking price/ sq ft: $175
Bank purchase price: $229,000
Purchase date: 6/25/08
Size: 3 beds, 2 baths, 1,310 sq ft (built in 1971)
MLS: S546538 (6 days on Redfin)
Zillow Zestimate: $368,000
HOA dues: $263
Type: Single Family Residence
Stories: 2 Levels
Lot size: 2,027 sq ft
From listing: Bring your paintbrush and imagination to this one and make it shine! It features a main floor master bedroom suite plus a second master upstairs...and there's a 3rd bedroom. The kitchen features tile floors and counters, oak cabinetry, white appliances with an inside laundry and direct access to your garage! There's a backyard patio for entertaining plus the front door opens onto a grassy greenbelt area with wonderful privacy!

The previous owner used 100% financing when she purchased the property in 2005 for $530,000. The property went into default this February before ending up at the foreclosure auction.

Even though the opening bid amount was discounted almost 50% from the notice of trustee sale amount ($449,801), it went back to the bank at auction. Poor WaMu.

Assuming a sale for the current asking price (we assume there will be more than one bid on this property, unless the inside is so thrashed that it's not worth the repairs), it would mean a depreciation of 57% off the bubble price. It also would be $100 below the 2002 sales price of $230,000.