10 Tucson
It seems that even the MSM is starting to catch on to the fact that most loan mods redefault. The notice of trustee sale on 10 Tucson was cancelled in February of 2009. It took almost one and one half years before another NTS was filed. The new published bid amount is $1,798,669 or $146,753 more than the published bid of the last NTS. How many monthly payments do you figure were made after the loan mod to rack up $146,753 more debt at very likely a reduced interest rate? This is what is being passed off as successful loan mods when the stats are published. Even if, and that is a huge IF, half of everyone who receives a loan mod is “helped” by the loan mod and stays current until they pay off their mortgage or sell, what is the cost? Am I the only one who realizes the ridiculousness of thinking that offering loan mods to those who can not pay their mortgages is a help?
Anywhooz, the trustee sale for 10 Tucson is set for 7/02/10. The original loan amount was for $1,470,000. Again, the amount owed on the 1st was $1,798,669 on 6/9/10, or $328,669 more than the original loan amount. And we haven’t even broached the loss incured by the 2nd holder, or the communities who aren’t being paid HOA fees, or the counties that aren’t receiving property taxes. I swear I want to scream every time I read or hear someone talk or write about the people that loan mods have helped. At what PRICE you NINCOMPOOPS?!?!
Well, I got that off my chest.
Soylent Green Is People
June 28th, 2010
Former owner’s a pretty interesting individual if they are the same people I’ve read up on.. Property data I’ve got access to shows a private party third. That’s going to make Thanksgiving a bit awkward this year.
Don’t really know if it’s was a mod that did this, since the neg am alone, plus missed payments might have contributed to the balance build up alone.
I guess the bank will “make it all up on volume” at the rate they’re going.
My .02c
Soylent Green Is People.
cdcrez
June 28th, 2010
IMO, a loan mod is any time the bank agrees to a payment structure other than the original one. I saw that “other” loan, but I can not tell if it was paid off.
Soylent Green Is People
June 28th, 2010
Can’t tell from the picture but is that a 4 car garage arrangement?
Assuming there isn’t a “plan B” and the house goes back to the bank, what is a likely price if / whent re-lists?
C Delroy Spuckler
June 28th, 2010
I made some comments in another thread about comps.
You just had 2 Flagstone close at $1,475,000 as an equity sale. A few weeks prior to that 19 Rocky Mountain closed at $1,690,000. (given the number of homes for sale below that point… probably not going to fetch that)
From the bank’s standpoint, you had 3 Endicott going at $1,250,000 at auction a while back, so that gives them an idea what it might fetch at auction.
Those models are all the Del Mar model, which is slightly smaller than the Balboa model. 10 Tucson also looks to have a nicer lot and culda sac location. 29 Flagstone is a Balboa currently listed at just under $1.4mil as a short sale for around a month. 1 Taiga is the same model and also a short sale at $1.48mil for a month.
Again using a “a home is a commodity driven by specs on MLS” it would say $1.2mil-$1.45mil is probably a rough range… the low end being the auction price (where you need cash), the high end being a short sale with a slight premium over 29 Flagstone’s asking “just because”
If the bank took it back in good shape and relisted it where you could qualify to purchase with a loan, they might get in the $1.6mil range. (Again, using 3 Endicott as a comp and assuming this investor did his research on pricing)
It specs on MLS as 4 car garage.
Stuck
June 28th, 2010
I think 10 Tucson is a hard one to comp as there are some awkward parts — Yes it’s on a cul de sac, but at the same time, it is bordered by two other streets: one on the side and Sandy Knoll in the back. Plus a private driveway down the last side of the lot. Also a bit awkward the way the pool’s on one side next to the wall and other yard amenities are to the rear and other side. It’s also at the lowest part of the neighborhood…so no view. Regardless, it looks like it’ll still be a good value for someone who cares more about lots of interior space vs. the lot layout or the view.