Address of yhis property, I paid for the sight and there is no address!

Asked by Eugene Robinson, Savannah, GA Mon Feb 1, 2010

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This question is about this property: http://www.trulia.com/foreclosure/2007339222--Paseo-Del-Mar-…

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5
Michael Diam…, , Rolling Hills Estates, CA
Wed Nov 17, 2010
As noted in the trulia information , this property is just delinquent on their mortgage, and is not available for sale. this home is not currently for sale so the address is unknown.
0 votes
Monique and…, Agent, Beverly Hills, CA
Mon Feb 1, 2010
Hello Eugene,

I have sold homes in this area. This is a foreclosure. Usually people foreclose on 1-2 loans. That doesn't mean that that is what the home will sell for. If you are looking for a home in that area, let me know and I would happy to send you legit options but this home is not currently for sale so the address is unknown.

Best,

Monqiue Carrabba
Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Mon Feb 1, 2010
Eugene:

If you have been on Trulia for very long you would have noticed posts that warn you about the inaccuracy and incompleteness of the information provided through RealtyTrac. RealtyTrac is where all these "foreclosure listings", which are not really listings comes from. They aggregate information from the public records and then try to get you to buy a subscription so they can provide you with more inaccurate and incomplete information, only this time for a fee.

Back in November, Sunday the 8th to be exact, someone else asked about this property. At that time I provided this response:

"The complete picture on this house is as follows:
There are either 2 or 3 loans against the home (it is not clear since the records show one 1st TD, 2-2nd TDs and one 3rd TD). Original loan amounts were $3.0 million, $550k, and $400K respectively.
2 of the lenders have filed notice of default. The 1st TD on 08/10/09 and the 2nd TD on 09/08/09. Unless the 2nd TD pays the delinquencies on the 1st TD, they will be wiped out at the Trustee Auction, if it goes that far. So, if the 2nd cured the default on the 1st, and you were to buy the property at Trustee Auction for the amount owed on the 2nd (Showing $589,731 on the NOD), then you would acquire the home for $3,589,731. Buying a junior lien at auction requires that you take the property subject to all senior liens. And you might just want to add $50,970 of property taxes, cause you can bet if the owner is not paying the mortgage, they are not going to pay this year's property taxes either. This is one of those things that looks too good to be true and IS. Hope that clears things up for you. Dare to Dream." Looking back at this information, I may have been mistaken. There might actually be 4 loans against the property totaling $4.45 million, plus delinquencies. Either way, this property is definitely NOT available for $550,000.

The situation is still the same as in November. It is the still the same loan that is in default. The lender has not foreclosed, even though sufficient time has passed to allow them to do so. This would lead one to believe that either:
1. The home owner is working with the bank to cure the default, or
2. The lender determined that their is not enough equity and therefore will not foreclose. Why throw good money after bad.

This home was listed for sale, for almost a year. It was listed at $5.5 Million. It did not sell and the listing was cancelled.

There are some deals to be had out there. I am not sure that this is one of them.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes
Maureen Mego…, Agent, Palos Verdes Estates, CA
Mon Feb 1, 2010
As noted in the trulia information , this property is just delinquent on their mortgage, and is not available for sale. If you are interested, I would be happy to help you locate a great buy on the Palos Verdes Peninsula.
I specialize in relocations, and my award winning website at http://www.maureenmegowan.com has a huge amount of information about our community and buying a home here.
0 votes
Rebecca Cham…, , Palos Verdes Estates, CA
Mon Feb 1, 2010
That property is only in default, not bank owned. They are behind approx. $500,000 but that is not what it would sell for. Many properties in default are never sold. You can google "90274 forclosures" and find a list of addresses in various stages of forclosure.

Otherwise my suggestion is to work with a fantastic local PV agent.
0 votes
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