Oceanside SFR REO, down 34% from peak

[AK]

Yet another case study: a 4/2 1300 sf SFR, 2915 Jody Lane, Oceanside, 92056, MLS ID 071091890. This one seems to have broken the magic $300K barrier.

http://www.zillow.com/Charts.htm?chartDuration=5years&zpid=16616637

Last recorded sale according to Zillow.com: $455K on 9/24/2004. Zestimate is a laughable $490,276.

Property bought by lender at trustee sale 10/1/2007, estimated default $388,337, bid $333,000:

http://www.sandiegoforeclosurereport.com/directory/details.php/listing/9072

Ouch. Currently listed as lender-owned property at $299,900:

“Bank owned home close to all. Past owner was in middle of remodeling and bank has continued with some improvements including new carpet and paint. Finishing touches just completed. Nice sized yard, cool ocean breezes. All offers/counters subject to bank senior management final approval.”

Yeah, I know, it’s Oceanside, but the location isn’t so bad: near the 78 and College Blvd., close to schools, Mira Costa College, and Tri-City Medical Center. And don’t forget the $190K in instant equity!

[The OC Scam]

“And don’t forget the $190K in instant equity!”

Loan Officer friend told me the lenders do not care if the house sold for 445k three years ago and now listed for 299k. In today’s market they only value the home at what you are willing to pay for the home. You are not going to be able start pulling out cash because you think you got a steal!

[AK]

The “$190K in instant equity” part was tongue in cheek.

[AK]

The “$190K in instant equity” part was tongue in cheek.

[AK]

The “$190K in instant equity” part was tongue in cheek.

[AK]

The “$190K in instant equity” part was tongue in cheek.

[AK]

The “$190K in instant equity” part was tongue in cheek.

[The OC Scam]

“And don’t forget the $190K in instant equity!”

Loan Officer friend told me the lenders do not care if the house sold for 445k three years ago and now listed for 299k. In today’s market they only value the home at what you are willing to pay for the home. You are not going to be able start pulling out cash because you think you got a steal!

[The OC Scam]

“And don’t forget the $190K in instant equity!”

Loan Officer friend told me the lenders do not care if the house sold for 445k three years ago and now listed for 299k. In today’s market they only value the home at what you are willing to pay for the home. You are not going to be able start pulling out cash because you think you got a steal!

[The OC Scam]

“And don’t forget the $190K in instant equity!”

Loan Officer friend told me the lenders do not care if the house sold for 445k three years ago and now listed for 299k. In today’s market they only value the home at what you are willing to pay for the home. You are not going to be able start pulling out cash because you think you got a steal!

[The OC Scam]

“And don’t forget the $190K in instant equity!”

Loan Officer friend told me the lenders do not care if the house sold for 445k three years ago and now listed for 299k. In today’s market they only value the home at what you are willing to pay for the home. You are not going to be able start pulling out cash because you think you got a steal!

[Author]

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