Condo Repo under 2004 Price

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Submitted by PerryChase on September 14, 2006 - 2:26pm

Here's a condo that is a bank repo.

10258 Black Mountain Rd #143, San Diego, CA 92126
MLS# 061079071
Looks like the bank took it back on 8/18/2006 and it shows sold on that date for $262k.

08/18/2006: $262,544
08/23/2004: $310,000

Realtors our there, how does sales history get updated when the bank repos a house? How does the transaction get recorded at the county?

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BTW this condo is currently
Submitted by PerryChase on September 14, 2006 - 2:33pm.

BTW this condo is currently on the MLS for $285,000.

It'll be interesting to see
Submitted by Larry J. on September 14, 2006 - 3:38pm.

It'll be interesting to see what happens to this unit. It looks like it was originally 100% financing in 2004. On the surface it looks like their asking price equates to the bank's approximate bid adjusted up for sales commissions and closing costs (approx. 8%).

Hmm, we need a condo
Submitted by no_such_reality on September 14, 2006 - 4:36pm.

Hmm, we need a condo familiar Piggington member to do a site visit and report back on the condition of the condo.

PerryChase - When I look at
Submitted by SD Realtor on September 17, 2006 - 11:55pm.

PerryChase - When I look at the county recording information that is accessible from the MLS, when a home is sold both the selling and purchasing parties are listed. So here is an example. I represented buyers who purchased a foreclosure this summer. If you look at the recording information. On 5/10/06 there was Seller called Recontrust and the transfer was not a grant deed. It was Tenancy By Entireties. The buyer was Wells Fargo. Then on 7/10/06 my client purchased the home from Wells Fargo.

Now if you look at the MLS sold information, the foreclosure sale on 5/10/06 was not entered into the MLS because it was not a transaction performed by a Realtor. However the transaction on 7/10/06 was entered into the MLS. Realty Executives represented the Seller and I reprented the buyer. The home was 776 Turtle Point Way in San Marcos.

So to summarize, the county information is always updated whenever title changes hands. However the MLS database is only updated when the transaction is a MLS transaction. Thus if you did a FSBO that would never be seen in the MLS but it would be seen in the Realist printout.

Hope this helped.

Wow, two defaults right on
Submitted by North County Jim on September 18, 2006 - 8:30am.

Wow, two defaults right on top of one another. 789 Turtle Point was another foreclosure.