I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.
