How is this possible

NEW -> Contingent Buyer Assistance Program
While these may end up in a few years at that price ($231k), you can tell that this was a foreclosure due to the dollar amount $231,954. any price that is precise to more than $100 is almost surely a debt repossession. (no 'real' buyer would negotiate that price)
 
[quote author="freedomCM" date=1237353059]While these may end up in a few years at that price ($231k), you can tell that this was a foreclosure due to the dollar amount $231,954. any price that is precise to more than $100 is almost surely a debt repossession. (no 'real' buyer would negotiate that price)</blockquote>


Just like at the height of the bubble, when people thought prices would never go down, i think people are getting slightly carried away with how low they expect to go. Lower than today? very likely. 50% lower than today? I seriously doubt it. Last I checked, we havent converted to the peso yet.
 
[quote author="tenmagnet" date=1237353325]Looks legit, buyer paid all cash.

Stole it!</blockquote>




was it ever listed on the MLS? or is this an auction/investor buying it from the bank after a NOT?
 
Record shows:



Recording Date: 02/23/2009

Sale Price: $231,955

Nominal: Y

Buyer Name: Yin (vested as unmarried woman)

Seller Name: Hsu Family Trust

Document No: 81695

Document Type:Grant Deed



Mortgage History:

Mortgage Date: 02/23/2009

Mortgage Amt: $417,000

Mortgage Lender:93980

Mortgage Type: Conventional
 
To confuse matters even more, here's the MLS listing info:





--------------------------------------------------------------------------------

Listing Activity

--------------------------------------------------------------------------------



List Date 11/21/2008 Date Added 12/11/2008 Tran Date 3/1/2009 DOM 38 COE: 2/28/2009 LP/SqFt $315.77

Org Price $749,000 Prev Price $ Cur List Prc $699,000 CDOM 38 Off Market 12/29/2008 Comp 3%



--------------------------------------------------------------------------------

Pending/Sold Information

--------------------------------------------------------------------------------



List Price$749,000 Financing Cash Selling Terms

Cont Price $739000 Begin Escrow 12/29/2008 COE 2/28/2009

Sold Price $699,000 SP/SqFt $294.69 Sold/List 93% DOM 38
 
I don't know that it is. By the looks of the listing it was on the market for 38 days and sold for $699k. The public record shows the sale for $231,955 but notice the mortgage on the public record shows a conventional mortgage of $417,000. The listing agent got both sides of the transaction. Maybe some of the seasoned pros can explain it...
 
[quote author="freedomCM" date=1237361934][quote author="tenmagnet" date=1237353325]Looks legit, buyer paid all cash.

Stole it!</blockquote>




was it ever listed on the MLS? or is this an auction/investor buying it from the bank after a NOT?</blockquote>


I would like to buy at this price in irvine with all cash, Where does this kind of auction happens?

Or I'll buy it from bank at this price if any bank is in market to sell. :)

I think it is family transfer.



- Nomogy
 
This was not a family transfer and was a closed transaction for $699K.

There was a late seller concession (credit for repairs) which made the net offer $680K.

There was an error in the recording, apparently, which will certainly be remedied shortly.

It happens rarely, but does occur every once in a while.



(I called Opal, the listing agent.)



Good luck,

IrvineRealtor
 
[quote author="Astute Observer" date=1237431377]Deuce, can they keep the error on the recording to their advantage? And again, can it be exploited to lower one?s property tax obligation (error and family transfer)?</blockquote>


Probably not. Unfortunately, this



<img src="http://www.fightidentitytheft.com/images/blog/monopoly.jpg" alt="" />



is usually followed by this



<img src="http://www.useragent.ca/images/monopoly-go-to-jail-card.jpg" alt="" />
 
[quote author="bkshopr" date=1237434354]<img src="http://healthcare.zdnet.com/images/monopoly-get-out-of-jail-free-card.jpg" alt="" />



Any buyer for this card?</blockquote>




Bernie Madoff
 
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