Foreclosure in 91791>Question Details

Steven, Home Buyer in Walnut, CA

I found this property can someone please explain how this sold price is possible??

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

I live around this neighborhood and expect the average price to be minimum 300k range.
2770 East Hillside Drive, West Covina CA 91791
No photo available
Sold for $55,000 on Jul 8th, 2008
4 br 4 ba 3,767 sqft
Single-Family Home
Status: Sold
Year Built: 1999
Price/sqft: $15

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Answers

5
Hi Steven,

We checked the title records and thinks that due to there are multiple leans to the property. The second lean holder might have acquired the property for $55,000 and planned to sell the property to the first lean holder or to the general market to recoup the loss.

You asked a very good question that a lot of our clients ask us. We will keep an eye on this property and see if there are any activities for this property in the near future.

Please feel free to let us know if you have any questions or comments.

Jonathan C. Chi
Prudential California Realty
Realtor®
10750 Civic Center Drive
Rancho Cucamonga, CA 91730
Office: 909-980-3100
Direct: 909-292-0788
Cell: 626-606-5716
Fax: 909-472-2081
Email: J.Chi@JonathanChi.com
Website: http://www.JonathanChi.com
0 votes Thank Flag Link Thu Nov 6, 2008
Hi Steven,

It seems that there are multiple leans against the property and the property might have been sold/transferred to a bank or investor. It might be a equity sale or some kind of transaction related to multiple properties. I was not able to find any information from MLS history, but I am trying to get more information from my associates.

Please feel free to let us know if you have any questions or comments.

Jonathan C. Chi
Prudential California Realty
Realtor®
10750 Civic Center Drive
Rancho Cucamonga, CA 91730
Office: 909-980-3100
Direct: 909-292-0788
Cell: 626-606-5716
Fax: 909-472-2081
Email: J.Chi@JonathanChi.com
Website: http://www.JonathanChi.com
0 votes Thank Flag Link Wed Nov 5, 2008
in most cases of one bank taking over and purchasing the assetts of another the value on reflects a portion of a properies true value. tey in turn will list it at todays value with a local realtor.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 28, 2008
Hi Steven,
Our records indicate that this was purchased by one financial institution from another. The property was foreclosed in 2007 then sold to another financial institution in 2008...They in turn will probably try to relist it and sell it for as close as market value as possible.
Let me know fi i can help you with any other information.
Good Luck,
Lou

LA Real Estate Group
Lou Arakelian
Alex Golshan
info@myLARealEstateGroup.com
http://www.myLARealEstateGroup.com
0 votes Thank Flag Link Tue Oct 28, 2008
...Now I am curious! It did sell for $55,000 in July & the assessed value is over $570,000 and the taxes reflect that at about $7000 per year. It is owned by a company with "Bank" in the title. Maybe they bought a tax lien? Zillow has the zestimate at over $900,000. Maybe it was sold just for the land? Sorry I can't be of more help.
Eileen Lanza
Keller Williams LA
0 votes Thank Flag Link Tue Oct 28, 2008
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