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Seventhree_IHB

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This just popped up on Redfin. Not sure if this is legit, but if it is, this looks like a decent deal in Oak Creek.



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1651695">Link</a>



Thoughts?
 
[quote author="Seventhree" date=1208561956]This just popped up on Redfin. Not sure if this is legit, but if it is, this looks like a decent deal in Oak Creek.



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1651695">Link</a>



Thoughts?</blockquote>


Someone asked me about that one yesterday via PM 7. It's a big time short. The have received their NOD and owe likely $200K more than the list price. The price is likely a teaser. They want to draw out a viable offer to present to the bank...
 
[quote author="CalGal" date=1208562965]According to Zillow it was purchased on 08/31/2006 for $585,000.</blockquote>


They bought it with 10% down but later doubled the size of the HELOC. If they drew down on the line to the max, they'd owe almost the purchase price.



I'd expect the lender holding the 1st to counter an offer in the $460-470K range since that is the 1st's value. That assumes $460-470K could be supported by recent comps.
 
Some of the lenders won't even start the Short Sale process without an offer, so an agent drops the price really low to bring in offers. Once they get a ballpark of what the bank will accept, then they raise the price. This is quite a frequent happening in today's market. Good contacts in loss mit are really important - otherwise, you're involved in a fishing expedition and a waiting game.



Go Lakers!
 
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