Today's property is a short sale/rollback/preforeclosure in Mission Viejo. It's essentially priced the same as it sold for in September 2002.
27465 Cabeza, 92691
Asking price: $359,999
Asking price/ sq ft: $321
Purchase price: $359,000
Purchase date: 9/3/02
Size: 4 beds, 2 baths, 1,123 sq ft (built in 1976)
MLS: S547131 (183 days on Redfin)
ZipRealty price tracker: Price Reduced: 12/04/08 -- $385,000 to $365,750
Price Increased: 12/10/08 -- $365,750 to $370,000
Price Reduced: 3/06/09 -- $370,000 to $369,999
Zillow Zestimate: $404,000
HOA dues: $16
Type: Single Family Residence
Style: Ranch
Stories: 1
Lot size: 5,246 Sq. Ft.
From listing: A MUST SEE!!! Colorful Bright Clean Family Home In Excellent Quiet Neighborhood Close to Shopping, School's, Public Transportation, Easy Access to the Toll Road. Up-Graded Built in Entertainment, Custom wood work in Living Room area, Great for family entertainment. NO MELLO ROOS!!! Nearby Lake Mission Viejo for swimming, fishing sun and sail.
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Sorry, but we don't feel much pity that the current owners are likely going to lose the house. They already spent it away a long time ago. They used 100% financing to buy the house in 2002 from First Franklin Financial.
They have since refinanced six times. The latest was for $625,000 through two loans with SBMC Mortgage in February 2007. The lender is now shuttered.
The property went into default in May 2008, and the notice of trustees sale came in August. The house is scheduled for auction in April with a starting bid of $524,497. That is the NTS amount.
If somehow the property sells for the current asking price before it becomes an REO, someone (not the owners) is going to lose about $286,600.
An interesting aside: Think the bubble was really only from 2003-2006 or so? Check out the previous sales prices on this property. In the three years between 1999 and 2002, it appreciated an unnatural 57%.
Thursday, March 12, 2009
'02 rollback in Mission
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5 comments:
These folks who steal make me want to vomit. There is one in San Clemente 6110 Camino Forestal that was listed in the paper as going to auction soon. It was bought in 02 for 475K and now has 836K worth of loans in default. I remember the people who lived there bought their daughter a new car and who knows what they did with the rest of the money. Vacations, college tuition? Please some politician have the guts to say these folks should be arrested and forced to pick up litter or help rebuild our infrastructure. Something to make restitution for destroying our economy with their unrepentent greed.
Sickening!
Well, it has a drive way. A
nd I can see the garage door just plain as day.
What? Did you say $369,999?!!
And no Mello Roos!??
Gee, where is that stampede o' buyers anyway? Should be comin' along any minute now.
Yep, any minute.
Just waitin'.
Any minute here.
They're gonna waltz right in here and make 'n offer...
Yesiree Bob...
Stamped o' buyers, I say...
Actually the house would have sold a long time ago if it weren't a short sale.
I had a realtor take me to look at it about 4 months ago, the folks living there were, how would you say, not all that friendly about us even coming into the house. In fact you could say they were downright nasty about it, so we moved on. This was when 1600 sqft houses in MV were selling quickly for $400,000.
Houses (not crappy condos) under 500K are moving strongly here in North MV. Our neighbors put a wishing price of 495K on their 4/2 and it was in escrow in less than two weeks.
Markus, I think you may be a little off on this one, but since it is a short, it will likely sit longer.
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