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Answers (8)
- fantastic4
- Contributions:4
Thank you again. Wow, it is amazing that one can still get loans upto the FMV of a property. They must have made good money considering it only took them a week to fix and sell it. I wonder if the second loan was to buy a different property.
Thanks Pacita.
Thanks Pacita.
- Pacita Dimacali
- Contributions:1254
Here's the story on 11 Cascade, from what I can see.
Sept 2006 Previous owner bought this for $1,165,000
Dec 2006 Took out line of credit for $200k
Sept 2009 Trustee deed, sold to private investors (who may have bid during the trustee sale and got it for $750,100. That bid would have been based on what the bank wanted as an opening bid, what was the balance of the loan.
Sept 25, 2009 - listed for $925K (with remarks that seller is a private investor). Not a short sale or REO, and in contract by Oct 2, 2009
Oct 09, 2009 looks like the private investors took out loans up to $1.02M (first loans), and $250K (2nd) --- probably to prepare it for sale. Why they needed to take out loans is not apparent.
Oct 28, 2009 Sold to current owners for $1.025M
Sept 2006 Previous owner bought this for $1,165,000
Dec 2006 Took out line of credit for $200k
Sept 2009 Trustee deed, sold to private investors (who may have bid during the trustee sale and got it for $750,100. That bid would have been based on what the bank wanted as an opening bid, what was the balance of the loan.
Sept 25, 2009 - listed for $925K (with remarks that seller is a private investor). Not a short sale or REO, and in contract by Oct 2, 2009
Oct 09, 2009 looks like the private investors took out loans up to $1.02M (first loans), and $250K (2nd) --- probably to prepare it for sale. Why they needed to take out loans is not apparent.
Oct 28, 2009 Sold to current owners for $1.025M
- fantastic4
- Contributions:4
Thank you for your answer Pacita. Related party and refi's okay but would REO's sell for so low? First came across this at 11 cascade Lane in Orinda. The home sold in 06 for $1.165m and then Sep 09 for $750K and then a month later for $1.025m. Does this mean that $750K was the foreclosed amount and the actual sale price is $1m?
- Pacita Dimacali
- Contributions:1254
Depending on the sources of your information, there are several possibilities:
The transfer of title (showing as "sold") may be due to
1. refinancing
2. personal transaction between two parties (relative selling to another relative, or relative bequeathing property to another)
3. foreclosure -- the amount that the bank foreclosed on, but not necessarily what the bank will sell it for
4. short sale --- property sells for less than what is owed. The lenders will still want to sell at, or close to market value
.
I didn't see where 350 Cordell was listed for sale -- so it could be a direct transaction between parties
And unlike other cities in the East Bay, I saw very few properties as being in pre-foreclosure (notice of default/notice of trustee sale) in Orinda. I did see a property on 18 Berkeley Avenue that was foreclosed by the bank for $579,744 (the published bid was $799,812) in March 2010.
The transfer of title (showing as "sold") may be due to
1. refinancing
2. personal transaction between two parties (relative selling to another relative, or relative bequeathing property to another)
3. foreclosure -- the amount that the bank foreclosed on, but not necessarily what the bank will sell it for
4. short sale --- property sells for less than what is owed. The lenders will still want to sell at, or close to market value
.
I didn't see where 350 Cordell was listed for sale -- so it could be a direct transaction between parties
And unlike other cities in the East Bay, I saw very few properties as being in pre-foreclosure (notice of default/notice of trustee sale) in Orinda. I did see a property on 18 Berkeley Avenue that was foreclosed by the bank for $579,744 (the published bid was $799,812) in March 2010.
- LilysukaurMichael
- Contributions:5
I still can't see why they would sell for so low. Example - 350 Cordell Dr. in Westside of Danville sold for $333K.
- none75
- Contributions:1
This home is in port orange florida!
- fantastic4
- Contributions:4
I still can't see why they would sell for so low. Example - 350 Cordell Dr. in Westside of Danville sold for $333K. Just the lot would have sold for twice more than that. So, I am curious!
- Rich Lewetzow, "RichLewetzow"
- Contributions:74
They could be short sales or REO's
27 Moraga via - what type of sale is this?
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