43 Rising Sun in Woodbury : Portisol - Listed Again? What happened?

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PANDA DREAMING OF IRVINE_IHB

PANDA DREAMING OF IRVINE_IHB

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Any one knows what's going on with this listing. This was a short-sale house 9 months ago listed at $799,000. I thought it closed escrow, and it now it is back on MLS again as a new listing. The previous owner did a great job on the land scape. (very nice), but the master bath has no upgrades. Listed back up at $735,000. Any chance i can get house for $650,000. Honestly, I think this home will sell at about $550k by first quarter 2010. I may need to wait a year or so huh?



Just for fun, perhaps i can call my agent and put a low ball offer of $425k. That is what I think that small 1700 square feet box house should be really worth.



I love the fact that this home has low HOAs and is a true SFR, unlike Los Arboles, Paloma, and Manzanita in Portola Springs.



http://www.redfin.com/CA/Irvine/43-Rising-Sun-92620/home/5923095
 
FWIW:

Outstanding Loans on 43

1st - $609,850

2nd - $250,000

Possibly even a third for $76,250



Purchase price $678 6/9/2005.

1st - $609,850 (7/29/2005)

2nd - $76,250 (7/29/2005)



The loans right out of the gate was more than the purchase price, by about $8,100 (if i'm reading this right)
 
The bank will not accept your lowball offer. I already tried. I offered 610k back in November of 2007 and the agent and myself pushed hard for the deal to go through. The bank refused to accept anything below 710k. Eventually they found a buyer but the financing on the deal fell through. Hence why it is back on the market. I called the listing agent to get the scoop. She said the bank now wants at least 735k to compensate for their loss. Insane, I know! I believe the bank will either wait until they get their price or foreclosure. The bank (BOA) is extremely stubborn ( i was in contact with the loss mitigation myself) Plus, there was two recent comps that sold for 750 & 780k. They will probably find someone willing to buy it. But, on the bright side, you will be able to buy it from that sucker when they foreclose in a couple of years.
 
Mcdonna1980,



This will all change. Buyers will refuse to pay anything near $710k for a 1700 square 3bed/2.5 bath house. Remember, home prices have also dropped quite a bit since November of 2007. Let's wait and see. I've got my eye on this property as well.
 
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