Can someone explain these cheap sells? Irvine/Tusin

NEW -> Contingent Buyer Assistance Program

loke662_IHB

New member
Doing some looking at house prices, I came past some of these "freaks"


Single Family Houses, 1500+ sqft with some funky prices





Foreclosure? Auction? Bank REO sold to a relative? What gives?





7 Andalucia, Irvine


Sold 2/8/08 for $358,865k


http://www.redfin.com/stingray/do/printable-property?external_id=4661724





19312 Sierra Perla Rd, Irvine


Sold 12/28/07 for $331,500


http://www.redfin.com/stingray/do/printable-property?external_id=4741047





7 Bird Wing Irvine


Sold 1/04/08 for $400,000


http://www.redfin.com/stingray/do/printable-property?external_id=4675779





2322 Fig Tree Dr. Tustin


Sold 1/30/08 for $389,136


http://www.redfin.com/stingray/do/printable-property?external_id=4621345





14421 Birmingham Pl, Tustin


Sold 1/2/08 for $388,500


http://www.redfin.com/stingray/do/printable-property?external_id=4609852





1391 Bullard Ln


Sold 12/21/07 for $263,000


http://www.redfin.com/stingray/do/printable-property?external_id=3498195





This one takes the cake!


1562 Garland Ave, Tustin


Sold on 2/06/08 $82,750


http://www.redfin.com/stingray/do/printable-property?external_id=3495399





Now these are prices I can dig.!
 
Those are the prices at which the bank took them back. What's interesting is those are pretty low loan amounts for borrowers to be defaulting on.
 
you tell everyone and their parents too about this board..... and hold out until the banks gives in and lower the price. hahahaaa
 
<p>Tulip</p>

<em>How can we buy it at that price?</em>



Very easy to do. Just loan someone money to buy a home and when they default you get it back at that price.



Regards
 
7 Andalucia - foreclosed on by the 2nd (a private party lender) who still must pay the 1st of 600K+



19312 Sierra Perla & 7 Bird Wing were inter-family transfers and not actual sales or foreclosures



14421 Birmingham was bought at auction from the bank
 
<< Maybe it's the main loan amt. >>



Correct. Only the 1st TD gets recorded as being taken back by the bank. When the bank sells as an REO, they'll get as much or more from the retail buyer, depending on market conditions at the time of sale.



<< Those are the prices at which the bank took them back. What's interesting is those are pretty low loan amounts for borrowers to be defaulting on. >>



No doubt there were 2nds that got wiped out; otherwise, foreclosure and/or short sale investors would've scooped them up.
 
<em>"When the bank sells as an REO, they'll get as much or more from the retail buyer, depending on market conditions at the time of sale."</em>





Ordinarily, this is true. Lately, this has not been the case.
 
Back
Top