Foreclosure in Cloverdale>Question Details

Bill Claxton, Home Buyer in Singapore

This house sold for $450k in May'07 and is back at $380k. Why?

Asked by Bill Claxton, Singapore Thu Aug 30, 2007

Referring to 423 Los Colinas Drive, Cloverdale, CA 95425.

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Answers

7
It could be that buyer put a large downpayment and the market has changed and is forced to sell at this price. It can also be a short sale, situation where current market price is below mortgage amount and an arrangement with the bank has been made to sell below the owed amount.

It can also be that it didn't sell for $450K.
2 votes Thank Flag Link Thu Aug 30, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
MVP'08
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Could be a scam. A mortgage scam, that is. Last weekend, I showed a house in foreclosure that was listed at $229,000. A tax search reported it sold in October 06 for $435,000. Not knowing the house personally (I'm working with an investor looking at foreclosures all over the place!) it sounded too good to be true. I had the same type questions everyone else is suggesting here.
When we got there, the house was a disaster--a tear down. There is no way it deteriorated to that extent in less than a year. We figured that the bank who wrote the original mortgage was taken and was now just trying to recoup whatever they could from the property. Then, an article came out in our local paper about situations like this. It's the new "white collar" crime. Buyers/appraisers misrepresent, take out 100% financing on houses that are way over appraised, and never make a payment!
Not saying that is what is happening in Cloverdale, but you never know. Just wanted to add it to the possibilities.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Fri Aug 31, 2007
It could be any number of reasons but I would guess that it is priced to sell quick. Sometimes a person just has to take a hit financially.
Ruth
1 vote Thank Flag Link Thu Aug 30, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Hi, You asked this questions many months ago and now this sort of thing with dramatic changes in value is pretty wide spread. It's an investors market out here now and the bank owned houses are really starting to sell, finally the investors are having their day. If you are an investor email me for information, don't lose this chance.
0 votes Thank Flag Link Sat Feb 2, 2008
Scam was my first thought, but hoped it wasn't so... I would rather wear the rose colored glasses and say it was a typo...
0 votes Thank Flag Link Fri Aug 31, 2007
My guess is the market has dropped and the existing owners need to move quickly.
0 votes Thank Flag Link Thu Aug 30, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Sounds like a mistake, or somebody is needing a short sale....
0 votes Thank Flag Link Thu Aug 30, 2007
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