With three circa 2007 loans totaling $2,281,000 in debt, this past May the “magnificent Mediterranean home…located on one of the most sought after blocks in San Francisco” was foreclosed upon with a winning bid of $183,203 on the courthouse steps.
Keep in mind, however, that it was the third mortgage that was foreclosing and first (which was in default with $1,823,927 due) and second ($350,000) mortgages still exist.
All that being said, the three-bedroom Marina home just been listed for $2,595,000 while noting “[on] the market for the first time in almost 30 years!”
∙ Listing: 196 Avila (3/3) – $2,595,000 [MLS]
∙ Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]