[quote=northparkbuyer]NOTS was dated 12/31/09, original sale date was 1/25/10, and it was delayed several times. NOTS was indeed in the name of the decedent.
Balance on the note was $439K as of the NOTS, so there was some equity there.
It is a very curious situation and I appreciate the knowledgeable insights.[/quote]
If NOS was dated 12/31/09, then that $439K reflects ONLY the payments, late charges and trustees fees due at that time. Since then, these items have increased by $21K, to $460K, or thereabouts, thus, the opening bid on the steps.
Why do you think there is/was equity in the property before the trustees sale?? Have you examined the title for any creditors claims, judgment liens, government liens or tax liens or taxes due on the property?
Does the property have a large lot, over 2200 sf, a permitted “granny-flat” or have historical significance?
$439K or $460K sounds like a large loan to me for North Park unless the property is large and/or has a Mills Act contract on it.
My opinion on equity was a guess based on $439K balance being less than both $460K (starting bid) and Zillow which has the place worth well over $500K. But you point out a lot of things I didn’t consider, so I now believe you are likely correct — probably a negative equity situation.
Lot is 3600sqft, structure is 1650sqft. 3/2/1, two story SFH. Purchased in 2002 for $447K with $35K down. Unsuccessfully marketed near the peak for over $700K. Supposedly a “craftsman home,” whatever that means.
My opinion on equity was a guess based on $439K balance being less than both $460K (starting bid) and Zillow which has the place worth well over $500K. But you point out a lot of things I didn’t consider, so I now believe you are likely correct — probably a negative equity situation.
Lot is 3600sqft, structure is 1650sqft. 3/2/1, two story SFH. Purchased in 2002 for $447K with $35K down. Unsuccessfully marketed near the peak for over $700K. Supposedly a “craftsman home,” whatever that means.
My opinion on equity was a guess based on $439K balance being less than both $460K (starting bid) and Zillow which has the place worth well over $500K. But you point out a lot of things I didn’t consider, so I now believe you are likely correct — probably a negative equity situation.
Lot is 3600sqft, structure is 1650sqft. 3/2/1, two story SFH. Purchased in 2002 for $447K with $35K down. Unsuccessfully marketed near the peak for over $700K. Supposedly a “craftsman home,” whatever that means.
My opinion on equity was a guess based on $439K balance being less than both $460K (starting bid) and Zillow which has the place worth well over $500K. But you point out a lot of things I didn’t consider, so I now believe you are likely correct — probably a negative equity situation.
Lot is 3600sqft, structure is 1650sqft. 3/2/1, two story SFH. Purchased in 2002 for $447K with $35K down. Unsuccessfully marketed near the peak for over $700K. Supposedly a “craftsman home,” whatever that means.
My opinion on equity was a guess based on $439K balance being less than both $460K (starting bid) and Zillow which has the place worth well over $500K. But you point out a lot of things I didn’t consider, so I now believe you are likely correct — probably a negative equity situation.
Lot is 3600sqft, structure is 1650sqft. 3/2/1, two story SFH. Purchased in 2002 for $447K with $35K down. Unsuccessfully marketed near the peak for over $700K. Supposedly a “craftsman home,” whatever that means.
