It is correct that this property is not currently listed for sale. It should also be noted that there are three loans against this property. The 1st TD ($3.0 million) filed NOD in August 2009. The 2nd TD ($550,000) holder, which happens to be a private party lender, appears to have paid the delinquencies on the 1st TD and then filed their own NOD on Sept 8, 2009. There is also 3rd TD against the property for $400,000.
If you were to purchase this property, you would have to deal with all $4.0 million of debt. This would most probably require you to negotiate a short sale, and you might not get cooperation from the holder of the 2nd TD who, based on their actions detailed above, believe they are fully secured. (It should be noted, if the Holder of the 2nd forecloses, then that wipes out the 3rd, which is a junior lien).
If you are interested in pursuing a pre-foreclosure property in PVE, there are approx 35 in some stage of foreclosure. And as much as many believed that in this particular market we would not see any properties actually go to auction, there are 3 homes that have reverted back to the lender at the Trustee Sale/Auction. One is currently listed (on Via Solano), one may never be listed since the foreclosing lender was a private party lender, and the third may come on the market in the near future as it was taken back by the bank 10/29/09. If you would like more information, please feel free to contact me. Dare to Dream.
Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
If there is a property in default, you can always offer to purchase it from the current owner, but most want to wait and see if they can rectify the situation.