A couple more REO listings came my way from Bank of America.
They sent me a new 4,000sf one-story house on 4 acres in a gated community in Pala, whose zip code was marked incorrectly, it was listed as Oceanside’s 92054, when it was really 92059.
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!
After walking through some new developments under construction, I’m wondering if a factory-assembled modular might actually be better than what’s been stick-built during the past 10-15 years. At least if it turns out you have one of those lots with a soil/drainage issue it’d be easier to jack up a modular, and when the hard water eats through your hot water pipes in 15 years the leak will have somewhere else to go besides bubbling up through a slab…
Pala? They build there now? Jeez, I remember when it was tumbleweeds and dirt bike trails and that’s it.
Hey Jim, out of sheer curiosity.. how long did the person take to negam that loan $50k?
“Manufactured housing” took on a whole new meaning for me early in life. We had a developer come to town and completely prepare a nearby lightly sloping hillside — streets, lots, and foundations everywhere. Then they built a very large steel building and started *rolling* out complete one and two story rectangular houses (as well as detached garages) and depositing them on the foundations. Once the entire neighborhood was complete they vacated the big building and donated it for use as a YMCA. Pretty slick op, that.
As long as you can’t tell it’s a modular building (that is, as long as it doesn’t look like a generic double-wide), who cares? What exactly is the negative over a traditional house with the same square footage?
Agreed Geotpf, no real difference, and like Gene said, it could be a benefit to be able to get under the house.
When the market was flying high nobody cared either (buyers or agents) but in this market, when buyers are looking for any reason NOT to buy, it’ll be a convenient excuse.
Jim:
as a fellow realtor, I am curious how do you get so many listings from the bank? Do you do BPO? I am new, so I am learning the ropes.
dafox,
My napkin calculation showed about $20,000 in neg-am, so they quit making payments a long time ago.
They were up to $3,000 per month total at the end, where if they didn’t refi, it would have been closer to $2,000/month, just low enough that they might have been able to justify staying.
Susan,
If you ask BofA/Countrywide, their realtors are the best in the local areas they serve, but the $30 million or so in mortgages that my buyers took out with them over the years may have helped.
You don’t need to have a manufactured home to be able to get under it. Don’t build with a slab, use a traditional stem wall/inverted T foundation. I don’t get this whole slab thing in So Cal. In No Cal, people don’t even know what a slab is, beyond the garage and patio!
My brother’s first house was a 4 br, 2.5 ba split-level that came in four modules (two groundfloor units, one upstairs unit and an attached garage). A conventional basement foundation was constructed (this was in southern NJ), and the modules were crane-hoisted into position, bolted together and the joints between modules taped, spackled and painted. You wouldn’t have believed it wasn’t built on-site if there weren’t pictures of the assembly in his family album.
The big advantage seemed to be quality control, and the fact that construction of the modules was not subject to the whims of nature. We ran all through that house with levels and squares, and couldn’t find an off-square corner anywhere in the house.
The biggest negative appeared to be that there were only three or four different plans available, but how often do you see more than that available at most stick-built developments?
GeneK – a house in So. Jersey with a basement? I thought the soil was too sandy & water tables too high.
(I have friends and in-laws in Philly, South Jersey, and Delaware.)
I agree completely with your point about the limited # of plans being the same issue as tract home developments.
In So. Jersey, the floor of a “basement” is usually about 3 ft below ground level. Just low enough to break through the frost line.
any videos planned of these?