378 Park
In March 2007 the south Bernal Heights single-family home at 378 Park was refinanced with two mortgages totaling $763,000 for which the home would have had to appraise based on comps at the time (whether or not said comps were on a busy street or their buyers had “overpaid” in retrospect).
Yesterday, 378 Park returned to the market listed as a short sale for “$499,000” but without any mention of being pre-approved. That being said, we will note that both loans were underwritten by the same lender which might make negotiating a bit easier.
∙ Listing: 378 Park Street (3/1) 1,675 sqft – “$499,000” (short sale) [MLS]

Comments from Plugged-In Readers

  1. Posted by unwarrantedinlaw

    I’ve been bullish but I’m man enough to admit I’ve been wrong.
    Bears who have cackled at price drops and prayed for low cost houses have finally won.
    Here we have a dream home for under 500k, and don’t forget the manse at 1012 Brazil for under 400k. Better hurry, though!

  2. Posted by Sbk

    Tough location.

  3. Posted by Mole Man

    Cackled and prayed is going overboard. People predicted prices had bubbled and would come back down. There was denial, and still is. Just because emotionally involved agents prefer the commissions on higher end places doesn’t mean nearly half off the lower end won’t trickle up.
    A fixer in Bernal on the wrong side of Cortland isn’t going to be anyone’s dream home, but it is relatively affordable, in habitable condition, and has potential.

  4. Posted by [anon.ed]

    Looks like a drive by appraisal from somebody no longer in the industry who likely didn’t even have SF familiarity. Park st + that facade should have equaled a more thorough appraisal. But let’s face it, the bank probably had this hot hot hot 90% LTV home equity program.
    It was First Magnus Financial, actually, and they shuttered their lending a scant five months after the re-fi here. Also, judging from the listing agent, with the 925 area code who lists the cross street as “Mission,” (look at a map, that’ll confuse more than a few folks) I’m concluding that 499K is nothing that would be accepted.
    Still, the 560K intrafamily transfer in 2005 was a fair deal. If they had used that 203K to spruce the house up they wouldn’t be looking at this scenario right now. That house, fixed up decently, probably still has a shot at mid 800s or so.

  5. Posted by Sbk

    “emotionally involved agents”
    I wonder if some agents were financially involved, too. If so, is there some disclosure requirement?

  6. Posted by Looking

    Pardon the newbie question, but where does one look-up loan information on a property? – Thanks

  7. Posted by tc_sf

    “I wonder if some agents were financially involved, too. If so, is there some disclosure requirement?”
    You can google “HUD-1” or RESPA
    Related specifically to short sales, but if you have a quarter hour this podcast regarding short sale fraud may give you some insight into related party frauds:
    http://www.realtor.org/law_and_policy/hagberg_podcast

  8. Posted by Bernie Hill

    @Looking: check out propertyshark.com You have to register (free) but it usually has that information

  9. Posted by tmc

    Another newbie question: Are all short sales listed on the MLS? If not, where can one find a listing of these non-MLS listed short sales? thx.

  10. Posted by sfrenegade

    tmc — at the county recorder’s office. 🙂

  11. Posted by lol

    yes they usually are. Look for the flag “known short sale” on the property screen.
    But the SFARMLS web site doesn’t allow you to use short sale as a search criteria. Their interface is pathetically stuck in the 90s. Even Realtor.com which has a more complete interface doesn’t do it.

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