Woodbury 2005 home - list price $685000 sold on Jan 4 for $230934

[palomalove_IHB]

Remember this house – in woodbury – check the second link to see how much this was sold for!!!!

http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?listing_num=S508259&property_type=CONDO&mls=mls_so_cal&cKey=4rk19wsw&source=SOCALMLS

http://www.redfin.com/stingray/do/printable-property?external_id=5978855

How is this possible? What should I do to get such a deal.

Scares me. Your Input please..

 

[Stuff It_IHB]

REO

 

[palomalove_IHB]

this is the house -

Description

Unbelievable price for most popular 3 br 3 ba woodbury tuscan 2-story townhome w/ 2 master suites - one downstairs & master retreat upstairs, both w/ sumptuous baths & walk-in closets. Totally upgraded with 20' travertine tiled floors downstairs, custom paint, plantation shutters, professional kitchen w/stainless steel appliances. Has great room downstairs with custom standstone mantel with elegant 'fire & ice' fireplace. Inside laundry room and 2-car attached garage w/ epoxy finished floors.

ZipRealty Price Track:

Price Reduced: 10/09/07 -- $799,000 to $779,000

Price Reduced: 10/23/07 -- $779,000 to $749,000

Price Reduced: 11/05/07 -- $749,000 to $695,000

Price Reduced: 12/21/07 -- $695,000 to $685,000

Bedrooms:

3

Full Baths:

3

Partial Baths:

1

Square Feet:

2,165

Lot Size:

N/A

Year Built:

2005

Listing Date:

10/04/07

On Market:

152 days

Type:

CONDO/TH

Status:

INACTIVE

MLS #:

S508259

 

[jbatzmaru_IHB]

My guess is that is how much it cost the builder to build the place and then sold it back to the bank for 40 cent on the dollar. sorta like that lennar deal with morgan stanley.

 

[tenmagnet_IHB]

Wow, $231K is an incredible deal. Unbelievable price cut if it’s true. From the description, this one was fully loaded with upgrades galore.

Hopefully, someone will be able to provide us with additional information on this one.

Where can/do we find more of these?

 

[rickhunter_IHB]

GREAT JOB! whoever was able to buy it for this price.

They got off their ass and made it happen.

Hell, they can turn it around and make a nice profit RIGHT NOW!

Keep them coming...

 

[saf_IHB]

Get me one of those deals.. I will buy it right now.. I am looking to buy a house in Irvine but i can't seems to find any house on the cheap.

 

[biscuitninja_IHB]

Pssh get me one of those deals and i'll throw a block party with the money left over! No... i really mean it!

I mean saving 200k, the party is very little compared to the few dollars you're going to save!

-bix

 

[saf_IHB]

Party sounds like a perfect idea.

 

[reid_IHB]

I wonder if that data point will be included by Zillow when calculating Zestimates for other nearby homes.

 

[PURPLEHAZE_IHB]

Sorry to burst your bubble ok ok, pun intended @bubble!

In 2005 the owners took out a mortgage for $616,000. The current value of the home is $850,000-ish. The owners negotiated a "Deed in Lieu of Foreclosure" with the lender for a buy out before they went bust. It seems that the bank bought the home back before the foreclosure process by giving them closer to market value, and avoiding the cost and holding time and hassle of foreclosing on the home.

 

[Kali_IHB]

This seems to good to be true...

 

[rickhunter_IHB]

Can we still have the block party?

 

[reason_IHB]

I am sorry. So what is the actual price?

 

[PURPLEHAZE_IHB]

Kali, believe it or not. This is what my agent's research shows.

 

[biscuitninja_IHB]

Ohh, so the bank got a "smoking" deal. But you or me would get only a half-assed deal. Oh well... the parties will come later.

-bix

 

[k.o._IHB]

I will bring punch. And pie.

 

[lendingmaestro_IHB]

The current value of the home is $850,000-ish.

Sounds like realtor speak to me. And no, it's nowhere near that.