Property Q&A in Carlsbad>Question Details

MART BANE, Other/Just Looking in Oceanside, CA

Would like to know how much more would I after the default amount on the PINE Avenue #998,carlsbad,ca??

Asked by MART BANE, Oceanside, CA Mon May 2, 2011

This question is about this property:…

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Hello Mart,

This home is a short sale and has an accepted offer that is at the bank pending approval, thus making it a Contingent property. The deal with Short Sales is that about 80% of the time the first buyer walks and the backup offers end up getting the property. This is an incredible investment opportunity. I suggest putting in a back up offer. You have nothing to lose. Please contact me if you are interested. I would be happy to help you. I work down the street fromt he listing. If you would like more information please let me know and we can discuss.
Raschel A. Kloos, 01242504 NMLS 341660
Realty Executives & San Diego Financial
0 votes Thank Flag Link Tue May 3, 2011
The property is listed at 480,000. The bank will look at offers around $550,000., which would indicate that there is more owed on the property.

Let me know if I can help you in any way!

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO and Short Sale/HAFA Specialist)

California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
License # 01341483
0 votes Thank Flag Link Mon May 2, 2011
The property address is 996-998 Pine Avenue. It is not going to sale any time soon. The notice of default was recorded on 3/15/11; the owner can still pay the back amount owed and bring the loan current. If nothing is done, the sale can happen anytime after 3 months and 20 days from the day that the notice of default was recorded. If the owner is trying to modify his loan (originally over $600,000) or is in the middle of short selling the property, the lender could postpone the sale date. If it goes to "foreclosure sale' (most commonly it is a trustee sale), the asking price will not be only the default amount of $28,000 but also the current loan on the property. There are many properties for sale that are already Bank Owned and that would be much easier for you to purchase. There are first time buyer programs that allow to purchase with 1% or 0.5% down payment. Call me if you would like more information.

Daniela Marshall
Realty Executives
760-809 3003
License 01056741
0 votes Thank Flag Link Mon May 2, 2011
What you saw was the Default amount on Realty Trac. If the amount owed is not paid up and the bank does not accept a short sale then it will goes into default. Defaulted homes worth uncured payments are sold on the court house steps. The bank makes their bid and you can bid a penny higher and get the house...however, if there are other liens you get those too. If no other bids are made and it's the 1st trust deed, then the house goes back to the bank and after all the legal paper work gets done it gets listed as an REO.
This is a simplified Readers Digest version and there are many exceptions but it's an overview, feel free to contact me if you have additional questions. 760-583-5249
0 votes Thank Flag Link Mon May 2, 2011
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