119 Fallingstar

[quote author="tkaratz" date=1243499932]http://www.redfin.com/CA/Irvine/119-Fallingstar-92614/home/21622321



Anyone have the downlow on this piece of estate?



Listed for $299K ($244 a square)



Listing agent claims there are 16 offers already. Many above the asking price.</blockquote>




<a href="http://www.redfin.com/CA/Irvine/119-Fallingstar-92614/home/21622321">119 Fallingstar</a>



I guess they listed it low to get the attention and we'll see if it works. It has been said many times, if you want to sell now, price it to sell.
 
Agents sometimes price shortsales artificially low to let a bidding war begin. It also has the added bonus of getting them in front of more potential buyers. "I'm sorry this home didn't quite work out for you. Maybe you would be interested in having me show you some other options?"
 
Total debt may be as high as $325k. Assuming that she paid down the principal on the FHA loan, likely less.



There's always the chance that the 2003 loan is mis-marked, and was actually a refi that she used to pay off the 1998 FHA loan and put some cash in her pocket.





04/30/1998

Sales Information

Sales Price: $171,000



04/30/1998

Loan Amount: $163,050

Loan Type: FHA



06/04/2003

Mortgage Type: NON-PURCHASE MONEY

Loan Amount: $161,500
 
[quote author="NoThereThere" date=1243555589]Total debt may be as high as $325k. Assuming that she paid down the principal on the FHA loan, likely less.



There's always the chance that the 2003 loan is mis-marked, and was actually a refi that she used to pay off the 1998 FHA loan and put some cash in her pocket.





04/30/1998

Sales Information

Sales Price: $171,000



04/30/1998

Loan Amount: $163,050

Loan Type: FHA



06/04/2003

Mortgage Type: NON-PURCHASE MONEY

Loan Amount: $161,500</blockquote>


I believe that 2003 loan is a refi. The amount looks like the remaining balance on a 30-year fixed after 5 years plus some fees.



I was going to profile this property as an equity seller who is wisely cashing out while there was still some bubble equity.
 
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