Priced below 2004 in Riverside and NOT SOLD?

[The OC Scam]

Reading current reverted back to lender auctions at some trustee sites.

Found a lot of “Reverted back to lender” means that the lender took back the property instead of it selling at auction. Often this happens if no one bids on the property at auction. Listed on the usa-foreclosure.com website priced very low and still no bids?

Here is an example:

Property Address: 10002 CHULA VISTA WAY
Property City: Riverside
Property State: CA
Property Zip: 92503
County: Riverside

Sale Status: Reverted to Lender
Bid Amount: $279,672.51

Current Sale Date: 8/23/2007
Sale Time: 10:00 AM

Sale City: Corona
Sale Location: At the Sixth Street entrance to the Corona Civic Center Building, 815 W. Sixth Street.

Additional information released on Zillow:

Year Built: 1986
Use Type: Single Family
Lot Sq Ft: 7405
Finished Sq Ft: 1304
Bathrooms: 1.75
Bedrooms: 3

Last Sold Date: 12/07/2004
Last Sold Price: $316,000

Wonder what the reverted back to lender rate is right now with current auction sales?

[bsrsharma]

Since it is common knowledge that many nice new homes in Riverside county are selling around $100/sqft, how could the lender be stupid enough to refuse a bid twice that much? And which idiot would offer a bid at twice new home price?

[The OC Scam]

The good news is that no idiot was stupid enough to bid! The $279k price I believe was the starting bid?

My uncle bought a house in the area for $130k 9 years ago and I wouldn’t pay any more then that now.

[temeculaguy]

bsharma, it is a big county, it is not common knowledge that houses are selling for $100 a square because it is not common or reality. There are examples in certain areas but that is far from the rule. Palm springs, palm dessert, indian wells, la quinta, rancho mirage, you aren’t going to find 100 a square very easily. Hemet, Perris, yes you will find it. The city of Temecula is still $150 to $300 a square, 15 miles North, you may find some $100 examples but they are usually the larger square footage homes in undesirable locations and often outside the better school district ranges. It holds true for many areas of S.D. county, you wouldn’t say “why would anyone pay more per square foot to live in Rancho Bernardo when National City is cheaper.” Of those examples in the original post, they aren’t in the same city and thus are in different markets with different dynamics. It’s a county of 2 million, no market of that size can be given a price per square feet assumption. In addition the price per foot of a 1300 sq ft house cannot be compared to a 3,000 sq ft home, smaller ans single story homes are always higher per foot.

[golfproz]

100 sq/ft? I have not seen anything close to that, YET. The best deals I seen so far are around $130 sq/ft in Corona/Riverside and those are on big homes 3000-5000 sq/ft. There might be some 100 sq/ft homes in Hemet or Perris but even out there I think they are still higher than that. Give it a year though and things will probably be very different. The smaller homes will usually price out much higher per sq/ft than the larger ones since the land value is the same for a big house or a small house. You gotta keep than in mind too. You can’t just go off price per sq/ft.

wow, dejavu temeculaguy, if I’d known you were typing I would have saved myself 2 minutes

[temeculaguy]

golf, that is almost creepy, we even used the same examples, if this were a test in school we would be in the principals office being interrogated. I’m going to check my birth certificate again just to make sure i wasn’t separated at birth from my twin, if so you get to be Devito, I’m Arnie.

[Author]

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