Friday, February 1, 2008

52% off last sale in Corona


3255 Huntfield ST Corona, CA 92882,

This home is a large one, McMansion-ish if you will. The house is a 5 bed, 4 bath that is 4249 sq/ft in size. Before being lost to the bank this home sold in July 2006 for 1.25 million dollars. The bank got the house back only 14 months later for $720k. It's currently listed for $599k. They have been dropping the price $50k per month since listing in Oct. The loss if it sells at this price will be $651K or just over 52%

How realistic was the $1.25 million selling price in mid 2006? Well, this one is very obviously a huge steaming pile of mortgage fraud. There are at least two model match properties in the same tract that also sold in 2006. One in early 06 sold for $830k and one a couple of months after our fraudster sold for $800K. All 3 of these homes are currently for sale for the same price. All three of them are beautiful homes inside. I can't see anything that sets any one of them apart. Possibly the $830k home stands out just a little bit as it has a nice back yard and a landscaped courtyard. Our fraudsters yard is au-naturale. Yes, for 1.25 million he got a dirt back yard! Judging by the other two this home sold for roughly 50% more than it should have in 2006. Of course after this sale posted I'm sure everyone in the area thought there home was worth a million plus.

3226 STONEBERRY LN ,

This one sold for $800k in 8/2006


3262 Elysia ST

This one sold for $832K oin 1/2006. This home looks to have more upgrades than the other two and probably should have sold for more back then.


7 comments:

snob from morgan hill said...

Nice Houses, and during this good time they should received 100K-75K haircut to be saleable.
I am a little bit puzzle about the 1.25 Million $ house, if this a money back fraud why did he/she paid for a couple month of mortgage payment?

ice weasel said...

Look at the aerial shot. Notice how many yards are nothing but dirt. And is it correct to infer that all of these homes are a year or two old? If that's the case decomposed granite landscaping isn't a good sign.

Anonymous said...

Golf_X:

What's mean Bank got it back for $720K?

I wonder if the outstanding mortgage balance is $720K for this house.

Really appreciate your help.

golfer_X said...

At the Trustee sale (the auction of the courthouse steps at the end of the foreclosure proccess) someone must buy the home. The lien holder (usually the bank) will post a minimum price that they will accept at the auction. If no one bids this amount then the bank will and they will become the owners of the home. So, the bank buys the house.

golfer_X said...

These homes are only a couple of years old. You also don't know when those aerial shots were taken. The Zillow aerial for my house is at least 3 or 4 years old.

Snob, I wonder the same thing about making some payments but there is no way to know. Sometimes the foreclosure just takes longer than normal and it could be one of these. The is no way the sale is legit though. I wonder if this is one of Ochoa's sales?

buttermonkey said...

Oh gosh, I bet this guy is pissed!

http://www.redfin.com/stingray/do/printable-listing?listing-id=1436792

Nice yard, but it ain't worth $200k

It never fails to amaze me that people think a pool increases the value of their home so much. Uh, people with rug rats, like myself, think a pool is a PITA.

PS said...

Nice house but "entertaining offers between $750k and $850k" good luck with that one. That back yard has got to be a nightmare to maintain. All that stupid grass between those pavers is a nightmare to cut and keep looking good. Yea, larger homes listed for $525k nearby he might as well just stand and piss into the wind. He's gonna go down with his ship. It used to be that a pool made you house worth less since most people didn't want them.