A couple more REO listings came my way from Bank of America.
The builder had it listed for $1,200,000 towards the end of construction in 2006, but he refinanced with a $880,000 loan in March 2007, and proceeded to go down with the ship – he never listed it for sale again.
The projected value is between $500,000 and $550,000.
The zip code snafu looked like a mistake, until the second REO came over – in the Fallbrook zip of 92028, but east of the I-15 not far from Pala!
This is a single-level 1,610sf house built in 1990 on a 4,356 sf lot. The former owners paid $415,000 for it in 2005 and financed 100%, and they refinanced their second mortgage twice and took out another $70,000 cash.
The original balance of the first mortgage was $332,000 but by the time it got foreclosed the amount owed was $383,355 – $50,000 in neg-am and back payments!
They had tried to short sell it last year, listed for $274,000, but no luck. The listing agent did include this exciting fact:
Home is a modular design on raised foundation.
Is this just a test? Does B of A figure that if he can sells these, he can sell anything, and we’ll load him up with the Carlsbad-to-Carmel Valley gems?
Another note – both of these were assigned to me within a day or two after the trustee sale, just like the last bunch back in February. Hopefully it’s a sign that they are pursuing these vigorously!