How did this place go for almost 50% off?

99.999% sure that is the foreclosure price. Whether it was the bank or the investor, that was what happened. If you knew, what I know, is in the pipeline for foreclosures... then you would have a ton of hope.
 
I am a bit naive when it comes to real estate as I have never owned or purchased a place. In a foreclosure, does the bank take bids from buyers like you and me? I'm a bit unsure as how one would get the price of 335k especially when the original owners paid 655K. does that mean the bank is taking a lost of about 320k here?
 
<a href="http://www.irvinehousingblog.com/forums/viewthread/346/">Check out the foreclosure thread</a>. I know there is a ton of posts, but skim through what you can. After that, I will be happy to answer your questions.
 
[quote author="Irvinian" date=1235146240]I am a bit naive when it comes to real estate as I have never owned or purchased a place. In a foreclosure, does the bank take bids from buyers like you and me? I'm a bit unsure as how one would get the price of 335k especially when the original owners paid 655K. does that mean the bank is taking a lost of about 320k here?</blockquote>


The bank takes bids from cash buyers at the foreclosure auction, whoever they might be. Gotta cashiers check? Good to go.



With those numbers, yeah the bank took a loss. Note the current banking system crisis...



Now, go peruse the Foreclosure and Distressed Properties thread like Graph said. It's long, but informative.
 
[quote author="graphrix" date=1235146745]<a href="http://www.irvinehousingblog.com/forums/viewthread/346/">Check out the foreclosure thread</a>. I know there is a ton of posts, but skim through what you can. After that, I will be happy to answer your questions.</blockquote>


I've read your orginal post from that thread back in 07 just havent been following it. I'll take another look.
 
You must log in or register to reply here.
Back
Top