And taken off the market in the afternoon.
You can buy a piece of it if you want to
It’s been good to me if it’s been good for you.
Take the grand look now the fire is burning
Is that your reflection on the wall?
I can show you this room and some others
If you came to see the house at all.
The House Song — Peter, Paul & Mary
It is Wednesday, so I assume the house is for sale. I suppose part-day listings is one way to generate a sense of urgency. During the rally flippers were practically day trading houses.
Income Requirement: $146,250
Downpayment Needed: $117,000
Purchase Price: $585,000
Purchase Date: 12/01/2004
1st Loan $468,000
2nd Mtg. $87,750
Sq. Ft.: 1,216
$/Sq. Ft.: $481
Lot Size: 5,000 sq. ft.
Year Built: 1970
Stories: One Level
Area: El Camino Real
On Redfin: 16 days
From Redfin, “BEAUTIFUL SINGLE LEVEL IN A GREAT LOCATION WITH PRIVATE ENCLOSED FRONT COURT YARD. WALKING TO SCHOOLS, PARK & LIBRARY. NEW KITCHEN, BATHROOMS, HIGH BEAM CEILING, DOBLE PANEL WINDOWS, SLIDING DOORS, SKYLIGHTS, HARDSCAPED, COVERED LATTICE PATIO, 20X20 PORCELAIN TILE, CENTRAL AIR AND HEATING SYSTEM.”
ALL CAPS, AGAIN.
What is a DOBLE?
$481 / SF in El Camino Real? Good luck with that. If this property sells for its asking price assuming a 6% commission, the borrower stands to lose $29,250 (a total loss), and the bank stands to lose $5,850.
What commentary would you like to see closing this post?
- Greedy buyer gets burned?
- Poor homeowner leaves broken hearted?
- The market continues to drop?
- California dream a nightmare?
- Stupid buyer should have known better?
- Another victim of unscrupulous lenders?
How about, “It is what it is?”