CFAH

As we reported last week:

In 2006, the 1,286 square foot Opera Plaza two-bedroom sold for $612,000. A year later, the “Best in City Living for the Savvy Buyer” marketed condo sold for $665,000.

The 2007 purchase was financed by way of a $531,750 first mortgage, a $100,000 second and $33,250 (5%) down. By the beginning of 2011, the savvy buyer was already $34,945 past due on the first alone.

Having been listed as a short sale this past January, and with a list price that was changed to $465,000 last month, 601 Van Ness #75 is currently in contract but contingent according to the MLS. At the same time, 601 Van Ness #75 is also scheduled to hit the courthouse steps this afternoon.

We’ll let you know who (fore)closes first.

Postponed by a day, the bank successfully foreclosed upon 601 Van Ness #75 on March 8 with no bidders at $489,000 in cash on the courthouse steps. We hate to be the one to tell you, but if you thought you were in contract, you’re probably not anymore.
A Savvy Buyer’s Short Sale And Race Against The Courthouse Steps [SocketSite]

Comments from Plugged-In Readers

  1. Posted by WH

    Vindicated!
    [Editor’s Note: As “WH” predicted on the earlier thread: “The condo is worth significantly more than $362 PSF. Bank forecloses, eats transfer taxes, brokerage fees, etc., and still comes out on top.”]

  2. Posted by El Bombero

    This certainly didn’t turn out to be the “can’t miss” investment that the realtor promised back in 2007!

  3. Posted by [anon.ed]

    +”This certainly didn’t turn out to be the “can’t miss” investment that the realtor promised back in 2007″
    Why encourage people to make stuff up? Don’t get it.

Comments are closed.

Recent Articles