Monday, April 16, 2012

Another bank gets screwed?

Without knowing the details this transaction looks suspiciously like a case of an inside deal. The bank gets screwed and the investor makes $100k (maybe).

17789 Scottsdale rd in Riverside was a foreclosure. It went back to the bank in August 2011 when they found no takers at the asking price of $391k. It does not seem to list until Dec 28th and then there is a record of the sale posted on Dec 30th? Even all cash deals don't happen in 2 days. So this property may have never been listed, listed out of area or who knows. But regardless it sells for $326k, which is well below comps for this area. Now looking at the pics I don't see any indication the property was thrashed. It's obviously the original kitchen because no flipper would put in that kitchen. The floor tile is horrific too. The only thing that might have been done is new carpet and paint. It's now listed for $420k after a couple of price reductions. That's a tidy profit of $95K if they can find a buyer. It's probably still $30k too high given the lack of landscaping and the low quality finished inside. I've seen much nicer homes nearby sell for $400k so he may still need to come down a bit. The only thing that might help him is the lack of inventory.

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