How come that a condo like this sells for a price like this?

Asked by Bjorn, 90034 Wed May 13, 2009

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Daniel Klein, Agent, Beverly Hills, CA
Wed Jan 4, 2012
It isnt for sale at $35,000, that is just the 2nd lien. On this, or any other foreclosure purchase, many many people have been duped into buying a property for only $30,000 to find out later that there is still another lien for a more realistic price. You should ALWAYS do your due diligence and do a full title search. Last thing you want is to think you got the steal of the century, only to find that the property has another $500,000 lien against it.

Daniel Klein
Over 1 Billion Sold
0 votes
Jeremiah, Home Buyer, Big Bear City, CA
Thu Apr 15, 2010
If somebody made a 2nd TD for 30k and filed foreclosure and the property went to trustee sale without anyone buying it. The transfer price would show as 30k. There may be a lien of 500k still in 1st position, but the Private Note holder in 2nd position technically paid 30k for the "equity" in the property.

Im a hard money lender, so have seen this many times.

0 votes
Voices Member, , Northridge, CA
Thu May 14, 2009
Well I was told when I was younger walking into a Yacht-Brokerage in the "Marina Del Rey".
The Broker or Sales person told me:Young men; if you have to ask how much it costs, don't buy it, it's too expensive for you!
I never will forget that and this is the truth!
The same thing about the pricing of a very exclusive Penthouse or Condo in Beverly Hills, it is Location,Location,Location and presentation!
Why do some Restaurants charge for a Prime-Rib, $ 45.00, well they catering to a completly different group of Customers and they want to be exclusive in any way.
0 votes
Mario Villag…, , Burbank, CA
Thu May 14, 2009
That's a good question and I would have to really put on my detective cap to find out why. I don't see that it was even listed recently so it could be that another party was added on title for some consideration but I don't think that it's possible that it sold for that price unless the lienholders were paid off which means the sale price should be higher. This is a strange one.

Mario Villagran
0 votes
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