Foreclosure in 91789>Question Details

Steven, Home Buyer in Walnut, CA

Can someone please tell me how this property is sold for such low price please?

Asked by Steven, Walnut, CA Tue Oct 28, 2008

I'd like to know where and how to find such a deal. I'll be buying property like this in cash if this is not listing mistake. Any help is greatly appreciated.
583 Amethyst Lane, Walnut CA 91789
No photo available
Sold for $78,263 on Sep 3rd, 2008
4 br 3 ba 2,243 sqft
Single-Family Home
Status: Sold
Year Built: 1987
Price/sqft: $35

Help the community by answering this question:

Answers

2
Shawn Luong’s answer
Golden West, purchased by Wachovia, owned both the first and second mortgages. As customarily, when a lender owned both first and second liens, the second lien in default will foreclose first to protect its position. This is the case. The second, then sold the property, as REO for $470K, minus selling and holding costs of @$35,000 and first trust deed of @410K in principal, Wachovia took back @33 cents to the dollar.

Your play would be to negotiate to buy the 1st and 2nd notes at a discount where they were in default, similar to current short sales.

I am a REO broker. If you have cash to invest, you can join my private circle of investors who have access to my list of "good deal" properties whether it be 3rd party Trustee's sales, Bank-owned, short sales, probates, divorces....
Web Reference: http://www.shawnluong.com
0 votes Thank Flag Link Wed Oct 6, 2010
I do not know where did you find this info. Usually, a min. bid on Trust Deed Sale may be based on the 1rst deed of trust on the property may be not much. Or, sometimes the sale may be between family member, or a gift shown real low on the sale price.

Currently, I am working on some short sale cases. If you are interested to invest on some property which below market price, let me know. I will include you as one of my investment group of clients. You will be the first to be notified on some investment opportunities.

Dorothy Lee
Web Reference: http://www.dorothylee.net
0 votes Thank Flag Link Fri Sep 3, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer