This is an example of short sale processing… The original offer at close to the 499k mark was submitted to the lender in October! Yes you heard me right….October. I believe the asking price was 485k. So fast forward over 4 months and the offer is “close” to being accepted. The second has been approved for 2k but the first has ordered yet another BPO. Meanwhile the original buyers are in escrow for another property although they keep inquiring about this property.
waitingtobuy – yes the base property tax will be reassessed at the new sales price. So that is good news for whoever buys. Mello Roos is not affected by sales price at all so you are stuck with the 3200/year nut on this puppy. Let’s not forget the 159 HOA fee either. What you pay as a total tax to San Diego county will vary in 4S based on the subdivision you buy in. Mello Roos districts are indpendently created/designated. I know it is kind of maddening. Figure this… 1.2% base tax rate and then tack on the MR.
Also for all this home is condo ownership, not fee simple. Home sold for 635k in 05. So basically at 485k we are seeing a 25% haircut… not to bad.
