Can someone explain these cheap sells? Irvine/Tusin

NEW -> Contingent Buyer Assistance Program
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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
 
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.
 
"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."

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