South Orange County REO

[Stu949]

Just real quick.

I received a flyer on my doorstep for a property at 42 Touraine Pl, Foothill Ranch, CA 92610. This area is Rancho Santa Margarita area and close to Lake Forest.

Anyway, the flyer said REO for $689,000 (4 bedroom). I checked Zillow and it said the last sale was on 10-17-06 for $590,000.

Just wanted to see if someone could make sense of this – I guess I don’t understand how it is already back in the lenders hands.

[kev374]

I agree, that is just a 45 day window..I can’t imagine any circumstance in which a home can go from sale to owner to REO in 6 weeks!!

[Anonymous]

Could it be that it was sold to a lender for $590,000 as a last ditch effort by the seller? Or would that look different than a regular sale?

If you look it up online, the public notes say, “Sold in as is condition — needs TLC.”

The photos don’t look too bad so I drove past it a few weeks ago (I’m in OC) — it does look a bit run down (from the outside) and I’m sure the fact it backs Whiting Ranch Wilderness Park (where [last year] a mountain lion killed one person and seriously injured another) doesn’t help.

P.S. Foothill Ranch is part of Lake Forest (as is Portola Hills) — RSM is the next city down the toll road. Just FYI.

[Author]

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