Friday, December 28, 2012

A Twofer

Longtime readers may remember that I predicted this would happen.  A house that sold new in 2006 has REO'd twice.  First the sales history:

Price History for 11522 Greene Ct


Date
Event
Price
Source
09/18/2012Soldclose details$134,565Public records
 Recording Date09/18/2012
 Contract Date09/14/2012
 Sale Price$134,565
 Price TypeFull amount stated on Document.
 Transaction TypeREO and Trustee Deed
 Document TypeREO Repossession
07/31/2009Soldclose details$130,000Public records
 Recording Date07/31/2009
 Contract Date05/27/2009
 Sale Price$130,000
 Price TypeFull amount computed from Transfer Tax or Excise Tax.
 County Transfer Tax$143
 Transaction TypePurchase/Resale Arm's Length Residential Transaction
 Document TypeREO Resale
03/10/2006Soldclose details$427,500Public records
 Recording Date03/10/2006
 Contract Date10/14/2005
 Sale Price$427,500
 Price TypeFull amount computed from Transfer Tax or Excise Tax.
 County Transfer Tax$470
 Transaction TypeNew Residential Construction Transaction
 Document TypeGrant Deed
Talk about bad timing.  Even then they way overpaid even for top of the bubble.  

No doubt the inside looks as tired as the outside.  
Imagine the terrible personal issues that made it such that someone lost this place with only a $130k mortgage.  
Of course the bank (number 2) is listing for higher than they took it for on the courthouse steps.  Scroll down to the nearby sales map in the link to see why that is a stupid idea.  

6 comments:

W.C. Varones said...

FHA?

Seems likely to have been a near-zero-down. $26K of skin in the game and you'd probably keep paying.

Rob Dawg said...

The numbers seem to indicate a very low or no downpayment although it is possible it was 10% down and they stopped paying almost immediately.

TJandTheBear said...

$427K in Adelanto? Human insanity knows no bounds...

Rob Dawg said...

> $427K in Adelanto? Human insanity knows no bounds...

Depends on whether you are buying or selling. I'd sell at $27k. Right?

At $49/sf this place cash flows at $850/mo.

$850 is easy right now. The trick is holding $850 going forward.

TJandTheBear said...

Which is why none of us jumping in yet.

TJandTheBear said...

http://www.zerohedge.com/contributed/2012-12-29/another-california-housing-bubble-possible

Check out the historical chart on SoCal typical mortgage payments. People's howmuchamonth ain't much.