Coto Housing Blog

It appears that 22431 Avena Lane was purchased by it’s present owner in 1995 for an unknown amount.  If any of our dear readers know what the purchase price was, please feel free to let us know.  It looks like the original loan amount was for $1,403,000.  Serial refinancing started in 1998 with a total of 8 refis and 2nds/HELOCS with the last refi funding as a neg am option ARM in July of 2006 for $3,850,000 with an initial interest rate of 7.87% and a change index of 3.57%.  Geez!  The current Notice of Trustee Sale lists the published bid as $4,492,149 as of 3/31/10 which is the total amount owed to the filing lien holder on the day of recording.

22431 Avena Lane was listed for sale in February of 2009 for $6,295,000.  It does not appear there were a multitude of bidders at that price.  The listing went through a series of prices decreases and of course the obligatory change in agents, (it’s always the agent’s fault if the home doesn’t sell, not the price).  Recently the price decreases have been occurring fast and furiously in $100,000 and $200,000 increments within days of one another.  The price decreases seem to be a good plan.  At some price point a bid will be received and the short sale process can begin.

The first auction date is scheduled for 4/22/10.