Is this an example of shadow inventory that everyone talks about?
- Thread starter ABC123_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
So potentially (but not likely), the owners could have walked away with $1,200,000.00 cash? WOW!
Can you explain this to me or maybe it is a foreclosure radar error. If Hanmi had the first mortgage at $5 Mill, why does it come up as going back to Wamu?
Foreclosureradar showos them filing an NOD against the 2.9MM Wamu loan of 3/07. This just a foreclosure radar error or does Wamu own this place and not Hanmi?
Somethings not right about the mortgage information. It not only shows a $5 mill loan from Hamni bank, but also a $8 mill mortgage on the same day by Hamni bank. Not to mention, the property went back to Wamu.
Good point. I think all properties go through the same process and banks are neither rushing as fast as they could or holding properties off the market. Except, I have heard a few circumstances where banks are holding onto their undeveloped land assets. Some properties are required to go through an unbelievable amount of red tape and it takes foooorever for them to get listed. Others get listed in 5 weeks. It just depends on the property.
EvaLSeraphim_IHB
New member
I would think so, but not so egregious. REO on 7/27 and listed on 9/23 is pretty fast, actually.
No_Such_Reality_IHB
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Jul 27, 2009 Sold $2,146,250 -25.0%/yr Public Records
Mar 28, 2007 Sold $4,201,000 -- Public Records
$2,054,750 loss... ouch. Anybody know how much was the bank and how much down was used in '07?
Mar 28, 2007 Sold $4,201,000 -- Public Records
$2,054,750 loss... ouch. Anybody know how much was the bank and how much down was used in '07?
usctrojanman29_IHB
New member
Oh, you'll love this....the buyer purchased the property for $4,201,000 on 3/28/07...Hamni Bank provided a first mortgage of $5,000,000 on 4/25/07 and then WAMU provided a second mortgage of $400,000 the very nice day...total loss to the lenders = $3,253,750.No_Such_Reality said:
davenlei_IHB
New member
USCTrojanCPA said:
So potentially (but not likely), the owners could have walked away with $1,200,000.00 cash? WOW!
usctrojanman29_IHB
New member
Yup, and the best part is that it was tax free.davenlei said:
redline122_IHB
New member
I am amazed at the walkaway of $1.2mil. I am equally amazed as to how someone at Hanmi thought that $5mil note on a house that was merely purchased a month prior went up by $800K. Something smelled fishy to me - fraud perhaps?
xoneinax_IHB
New member
Anyone way to know what the starting bid at the TS was ? Hard to look back that far
Gohabsgo_IHB
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It sold for 2.2 at auction and now they ask 3.3?
ABC123_IHB
New member
25inIrvine_IHB
New member
USCTrojanCPA said:
Can you explain this to me or maybe it is a foreclosure radar error. If Hanmi had the first mortgage at $5 Mill, why does it come up as going back to Wamu?
Foreclosureradar showos them filing an NOD against the 2.9MM Wamu loan of 3/07. This just a foreclosure radar error or does Wamu own this place and not Hanmi?
ABC123_IHB
New member
Are banks trying to rush homes on the market right now since interest rates are low and there still is a buying frenzy?
http://www.redfin.com/CA/Irvine/4-Summer-Breeze-92603/home/5618896
It looks this one was put on the market after five weeks.
http://www.redfin.com/CA/Irvine/4-Summer-Breeze-92603/home/5618896
It looks this one was put on the market after five weeks.
RobertLarsen_IHB
New member
25inIrvine said:
Somethings not right about the mortgage information. It not only shows a $5 mill loan from Hamni bank, but also a $8 mill mortgage on the same day by Hamni bank. Not to mention, the property went back to Wamu.
RobertLarsen_IHB
New member
ABC123 said:
Good point. I think all properties go through the same process and banks are neither rushing as fast as they could or holding properties off the market. Except, I have heard a few circumstances where banks are holding onto their undeveloped land assets. Some properties are required to go through an unbelievable amount of red tape and it takes foooorever for them to get listed. Others get listed in 5 weeks. It just depends on the property.