Where did this bank REO go?

[25inIrvine_IHB]

Hi, I have been lurking here for awhile and have finally just decided to sign up. I live in the Northwood area of town and noticed a few weeks ago on a Saturday (my best guess would be Feb 16th or 23rd) a sign was up for this house on Castillo that said bank reo open house. There were also many signs in the neighborhood pointing towards it. I drove by it that day, and saw a yellow hummer with a realtors name written on the side in red (sorry can't remember name) sitting in the driveway. After that day, I have not seen any signs or information online about what it went for or anything.



Can anyone (Im guessing ipop can) tell me what happened to this house? I'm sorry, I don't remeber what house it was exactly but I believe it was 25, 27, or 29 Castillo. I figured the signs would be there for awhile so didn't think to look at the address.



Thanks ahead of time for your help. Also, just thanks in general for all the advice you guys post on this board. It really helps a young guy out who has no experience in this field/market. This board has also greatly changed my viewpoint on renting. Before I thought it would just be throwing money away (I still live at home and am trying to save save save) but now I see some of the great advantages and benefits to renting compared to buying. Thanks!

 

[ipoplaya_IHB]

<p>hey 24. I suspect it was this one:</p>

<p><img style="WIDTH: 409px; HEIGHT: 314px" height="372" alt="" width="448" src="http://i-0.rfimg.us/photo/46/bigphoto/706/S525706_0.jpg" /></p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1570528">33 Castillo</a>. Went back to the bank on 11/14/07. Looks like they are just getting around to marketing it.</p>

<p>Was a 100% financing deal on $689K purchase in Nov 2006. Poor Fremont Investment & Loan, they have both the 1st and 2nd.</p>

<p>Place is a $hith0le and is probably only worth $500K in this market.</p>

 

[25inIrvine_IHB]

Thanks for checking the history on that one. I gotta admit my memory is pretty fuzzy on this since I wasn't really paying attention that day. But I believed the house was in between 33 and whatever the other thats for sale on that street right now (like 11 or 13 Castillo)



But anyways, if it is 33 Castillo. Why would they have that sign for bank REO open house that one Saturday in February then just take it down and try to resale it now?



I am not really interested in this house as I agree with Ipoplaya's assessment of it but still curious as to what happened to it.

 

[IrvineWorker_IHB]

The home was first listed on 12/17/07 for $659,900, then it was dropped to $649,900 on 2/11/08, and finally the listing expired on 3/18/08 & was relisted by the same realtor at the same price of $649,900. Total days on the market shows 100 days. It should go for a major discount, considering the location (backing Irvine Blvd. & the condition).



Interestingly and not surprisingly, at all, the home was leased on 1/02/07. I wonder if the tenants were able to get out before it went back to the bank?