Leah Hernand…, Other/Just Looking in Santa Rosa, CA

why is this home off market? 1172 comalli street.

Asked by Leah Hernandez, Santa Rosa, CA Fri Apr 29, 2011

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CJ Holmes’ answer
This property was purchased in 2002 for $360k, and has been refinanced 3 times with $472k currently against it. This last withdrawn listing was the second short sale listing, the first one was withdrawn in 2009.

As far as I can tell today, this property is not scheduled for foreclosure auction, so it is possible the owner is again trying to get a loan modification in order to keep the house.

The owner may also have discovered that in California, only "purchase money" short sale debt will be forgiven. Purchase money is the money used to purchase the house, as opposed to refinancing money. Since the money that would be lost to this short sale is refinancing money, the owners may have been advised to allow the bank to foreclose, to ensure the bank cannot pursue them for the lost proceeds.

Don't hesitate to ask any me questions about any property anywhere in California! cj (cjholmes@cjholmes.com)
Web Reference: http://www.cjholmes.com
1 vote Thank Flag Link Sat Apr 30, 2011
Hi - your best source to answer that question is the listing agent. Other than that, everything is pure speculation. e.g.: Could be the seller was able to obtain a modification or did a deed in lieu, or hopefully their situation changed and they were able to save their home. That was a relatively low price for that home in that area, so even if it was still on the market would prlbably sell for a higher price than that if the condition was decent. If you wanted a market analysis to get a handle on prices in your neighborhood, to get some information about short sales, current market trends, etc or decide if this is the time to buy or sell, I'd be happy to talk with you. Arlee Geary Century 21 Alliance Santa Rosa
0 votes Thank Flag Link Sat Apr 30, 2011
Good morning, It appears the Borrower has had a Notice of Default filed but there is no Trustee Sale Date scheduled as of today. Many Borrowers/Sellers grow weary of a Short Sale situation and take their properties off the market for a break. As mentioned, it could be the Borrower is working toward a loan modification to keep the property.
If you are interested in learning more about your area, we offer a free report at http://www.sonomacountypropertyvalues.com This report will provide you detailed information all all the properties that are active or have sold over the last six months!
0 votes Thank Flag Link Sat Apr 30, 2011
It was a short sale on the market for 147 days and is now "WIthdrawn/ canceled". THis means the owners have decided to take it off the market for any number of reasons. Unless this home has been foreclosed, it may still be available. Let me know if you'd like me to find out.

Ernest Berghof - 707-480-4800
0 votes Thank Flag Link Fri Apr 29, 2011
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