26 Centaurus Way
Or was 26 Centaurus Way just poorly bought? A check of other homes in this neighborhood in 2002 suggests that $1,202,000 was not an outrageous price. It looks like the 1st and 2nd mortgages have only been refinanced once each with only a modicum of equity removal, $12,000 for both loans to be exact, so this is not a JASR or Peakage Buying.
The Notice of Trustee Sale lists the published bid as $629,682, which not only is less than the original 1st loan amount of $670,000, but is also a heck of a deal for anyone who might have the cash at the foreclosure auction. Reasonableness, (a quality I am not prone to), would dictate an accidental transposition of numbers from $692,682 since this would be more that than the original 1st amount and would be more in line with the amount owed from the Notice of Default which was $22,027, which when added to the original 1st loan amount would be $692,027. Ya know whad I mean?
Anyhoose, a total owed of $692,682, (assuming an error on the NTS), on the 1st plus the $155,000 possibly owed on the HELOC would be $847,682, which would be a heck of a lot less than the 2002 sales price of $1,020,000. 20 Centaurus Way sold to a third party at foreclosure auction for $877,600 just this past June and the buyer flipped it for $1,020,000 and just closed in November. That would seem to indecate we are at 2002 prices.
Hmm-m-m, maybe I will head down to the courthouse steps today with a cashier’s check for $692,682 and become a flipper. Oh yeah, the trustee sale is scheduled for today. Maybe I will see a few of you there also. I will know you by the crestfallen looks on your faces when the “auctioneer” says, “26 Centaurus has been postponed.” Do ya think it possible the owners are playing the bank in order to have some leverage on a loan mod? Just a thought.