North Park Property list for 959k, sold at auction 810k, Back on Mkt

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lemonlou_IHB

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Just wanted to get your comments on this one. I went to a real estate auction (ushomeauction.com) on Feb 3 to bid on 27 Oroville Irvine, CA 92602. The property went for 810,000 or at least I thought. To my surprise this property is listed on redfin once again at the same price it was listed prior to the auction. I guess the owner of this property can't get it through their head that this property is not worth 959,000. The OC Register reported on this sale so it is well documented.



http://www.ocregister.com/money/house-winning-bid-1972688-vachani-auction



http://www.redfin.com/stingray/do/printable-listing?listing-id=1518458
 
<p>4 years ago a foreign sex slave was kept in the garage for a year in Northpark. It was the Huntington by Richmand American. I wonder if this is the property. The style and detailing of this house remind me of Santa Venetia. McMansion that got to have a estate looking porte cochere but no room to make it deep so the depth of it is about a token 8'. It looks like Mickey Mouse Toon Town.</p>
 
<p>From looking at redfin, I think that home is REO that is one of those "phantom auction sales" that was 'closed' to either a shill or somebody who wasn't qualified.</p>

<p>In short, the auction is a sham and the home (from what I can tell) never sold and is still owned by the bank.</p>
 
27 Oroville is a Plan 1 in Medicino North built by Lennar. It's 2,283 sq ft per the builder. The auction sale fell through, and now the home is being offered for sale by the bank, again through the MLS. It is not the slave property which is in an totally different tract. Huntington homes are 3,500+ sq ft. Medicino North ranges from 2,283 to 2,468 sq ft.
 
Also, the auction had a 5% buyer premium, so the home actually sold for 850.5K at the auction. That home fell through several times at the auction. Not sure what was up with it?
 
I think for an REO, 27 Oroville is a nice property, if you could get it for the right price. It's on a good sized lot for the area (5, 052 sq ft), with a decent backyard. It's in an inside, cul-de-sac location, as well. It does need a good interior paint job, unless you like your rooms bright and hideous - think purple and orange, to name a few of the colors. It also needs carpet and I would refinish the cabinets in another stain that isn't so orange. Many buyers prefer 4 bedrooms, but the 3BR + small study could work for some.
 
bkshoper- It wasn't a sex slave scandal. It was a 14 year old girl who wasn't allowed to attend school. She had to sleep in the garage, and worked as a cleaner/maid for the owners. At any rate they lived in Huntington, and the owners were arrested. FYI- not the same house.
 
<p>This is the type of stuff you WANT to have wrong with the house. It will drive the price down, and really painting and carpeting is not that big a deal, and you can pick what colors you like. I would infinitely prefer that to buying a house completely recently done in beige. I saw one like that when I was looking, and if the the carpet had been yuckky instead, I would have thought of buying. It even had beige carpeting on the stairs. How the heck do you keep beige carpeting on stairs clean? Oh, yeah, the 14 year old cleaning slave.</p>

<p>My house needed complete painting and carpeting and linoleum changed to tile. It had the most hideous wallpaper imaginable, and screaming gator orange carpet in the master bedroom. Which we pulled off, repainted and changed.</p>

<p>One caveat however. If the colors are too dark, you may be forced to paint them more than once. i had a room medium blue, which I wanted to lighten and it took 2 coats of paint.</p>
 
This place was thrashed, at least that is what the pics showed from before the auction. This was a fraud property, that was rented out, and the renters were booted out. They probably thrashed the place before they left. It isn't worth $850k, let alone $959k. I can't recall if this is an Impac or Countrywide owned home, but Impac needs all the cash they can get, and if they were smart they would dump it for whatever they can get.
 
We stopped in and saw it. It was pretty gross. The bank selling it would have been wise to spend $500 and call in a housekeeping service prior to the show. The condition of the house was really off putting.
 
It's owned by American Home Mortgage. It must have been seriously refurbished, then. I just saw it on Friday and it was in much better shape than most REOs.
 
Somebody did a title search and their name came up. Whoever holds it now hasn't transfered title becaue banks are monsterously understaffed to do this sort of work.
 
Whoever took over this mtg company may or may not know what they owned. I suspect that quite a few properties will fall through the cracks, and eventually will get sold for failure to pay taxes. As no vas says, they don't have anywhere near enough staff to keep track of things.
 
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