648 Seal Costa Mesa

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stepping_up_IHB

stepping_up_IHB

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Can anyone tell me if 648 Seal went to foreclosure? It shows as a sale Sept 22nd, but it was never listed. I know there was an NOD on it, but they didn't owe that much. These are my neighbors and if it went to foreclosure, I suspect that they were talked into a stupid refi. They had moved to Texas for a while and rented the house out, but the tenants trashed it. They moved back and had to do some repairs. The husband's business is a bit slow, but these are not people who squandered a ton of money on toys.
 
Here's what I see:



11/10/2000: sale to current owner for 245k, 196k first, 49k second.



10/20/2003: HELOC for 100k.



4/26/2004: Refi first for 320k. I don't see a second mortgage here, so maybe they consolidated the original first/second/HELOC if used.



6/23/2005: HELOC for 60k.



4/10/2006: Second for 100k.



5/27/08: NOD.



8/28/2008: Notice of trustee's sale to occur 9/17/2008. Amount due: 539,248.38.



9/17/2008: WaMu becomes the proud new owner for 391,500.
 
[quote author="NoThereThere" date=1223899057]Here's what I see:



11/10/2000: sale to current owner for 245k, 196k first, 49k second.



10/20/2003: HELOC for 100k.



4/26/2004: Refi first for 320k. I don't see a second mortgage here, so maybe they consolidated the original first/second/HELOC if used.



6/23/2005: HELOC for 60k.



4/10/2006: Second for 100k.



5/27/08: NOD.



8/28/2008: Notice of trustee's sale to occur 9/17/2008. Amount due: 539,248.38.



9/17/2008: WaMu becomes the proud new owner for 391,500.</blockquote>


And just as a second confirmation: Yes, it was foreclosed on 9/17 for $391,500 (looks like an option ARM). Still not low enough for an investor to buy it, and turn around and make a profit that is worth it. It might be a long time before it gets on the market with WaMu being bought out.
 
Thanks! I had a misconception that the amount it goes back to the bank for is what is owed on it, but I forgot about possible seconds or HELOCs. I heard that he was having a tough time with his trucking business, so maybe that's where the money went? They drive mid '90's 4 runners and their son has a 20 + year old Honda. There's nothing fancy done to the house either.



I saw another sale on Redfin for 640 Surf for $566K last month. Again, it wasn't ever listed and no one in their right mind would pay that for it today. It's one of the uglier homes on the block, which tells you quite a bit. Was that a bad purchase or refi abuse?
 
One of our neighbors owns the house across the street and also wanted this house for $420K, so if WAMU lists it for sub $400K, I wouldn't be surprised if he picked it up. Landlords are getting $2,500/mo for these houses.
 
I still think that is some kind of weird sub-prime NINJA rental rate, though. Who knows how long they will get those rates with the current economy.



Bigger nicer houses are available in Mesa Verde, and townhouses on the east-side, for less than $2500.



I also see hints that rental rates are declining in CM when browsing craigslist, though that is harder to quantify.
 
BTW, a few weeks ago there was some moving going on, but they are still living there. It's been almost two months. When does the bank serve the eviction notice? It feels weird walking by the house knowing what I know.
 
two months after the foreclosure sale and they still haven't evicted the tenants?



that sounds wierd to me, but i guess WaMu loans are in limbo.
 
update.... they are still happily living there. However, the one on Surf that the bank foreclosed on back in April has finally moved and it came on the market today. I guess I missed the opportunity to see if they wanted to sell the bird bath. They were still living there a few weeks back, so they must have had over a year of no cost housing.



<a href="http://www.redfin.com/CA/Costa-Mesa/653-Surf-St-92627/home/4561978">653 surf</a>
 
heh, realtard says 5/2.5, and taxman says 3/2 in 1500sf. wonder how go that plywood partitioning is, and how their plumbing skillz were in putting the toilet in the former garage.



$358k...I guess we'll see.



Though the 3/2 on 19th street and pomona that was listed at $310k did go into escrow in three days. but that one was renovated nicely.
 
[quote author="freedomCM" date=1228987525]heh, realtard says 5/2.5, and taxman says 3/2 in 1500sf. wonder how go that plywood partitioning is, and how their plumbing skillz were in putting the toilet in the former garage.



$358k...I guess we'll see.



Though the 3/2 on 19th street and pomona that was listed at $310k did go into escrow in three days. but that one was renovated nicely.</blockquote>


I thought the one on 19th seemed like an OK deal, particularly if the west side redevelopment ever happens. The POS tear down on Pomona has gone contingent twice now too for sub $300K.



On the surf property, convert the garage back and you still have a decent size place. If the tax man says 1,500 sq/ft, then there's 500 feet of permitted add on.
 
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