Want to know the story behind a property that sold than it was worth. How is this possible?

Asked by Sleepless In San Ramon, San Ramon, CA Mon Sep 22, 2008

Im just curious. I saw this property 6876 Aberdale Circle San Ramon CA sold for 616250 with 2062 sqft. This seems much lower than its actual value. Can anyone tell me how the buyer such a good deal in this particular example?

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LoveBayArea, Home Buyer, San Ramon, CA
Tue Sep 23, 2008
Many of home sales which are very low numbered compared to market price falls in this category. Many people keeping track of market may feel that wow!! what a deal. Agree with Shel-lee's note that it is first loan amount owned.

Now, bank may decide to sell at what price it will sale - higher or lower - what a buyer is willing to pay.
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Tue Sep 23, 2008

To answer your question, this is what happened. This home was foreclosed on by the bank. When the bank takes title to the property, they credit bid their loan amount and then record a Trustee's Deed to take title. The amount of this credit bid shows as the transfer price on the public records. This in no way indicates the value of the home, just the amount of the loan that foreclosed. The current owner of this home, effective 08/08/08, is Deutsche Bank, according to the title records

Hope that clears things up for you and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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