2760 Sacramento #6 is a Below Market Rate (BMR) one-bedroom condo in Pacific heights which was purchased for $211,500 in February 2003 with restrictions limiting its future resale value and pool of buyers.
Despite the aforementioned restrictions, the owner refinanced the condo with a $272,013 first mortgage in 2005 to which a second for $50,000 was added in 2006 and a third for $390,001 was added in 2008.
With a total debt of $712,014, the 1,220 square foot Below Market Rate unit at 2760 Sacramento was taken back by Wells Fargo and is now back on the market and available for a restricted $250,765.
Yesterday, the sale of 2760 Sacramento #6 closed escrow at its restricted price of $250,765. Lenders take note, don’t forget those invitations to the housewarming, and all comments on our original thread.