Thursday, April 30, 2009

Bank Forecloses, Then Resells for 50% Less Than Original Price

A reader sent this foreclosure and resale. Unit 8 of 2651 Barracks Road, aka the "Barracks West Condos," was repo'd at auction, then sold quickly: 50% off what the original owner paid.

Condo ownership in many markets is collapsing. Thus there are many "good" prices on condos now, even in this area. (Tighter lending standards, however.) To generalize: many apartments were converted into condos, too many new condos were built, many mortgageholders wouldn't have qualified for loans except during the years when all that was necessary (seemingly) was a pulse, and prices got too high.

In many instances (but not all) banks are eager to unload repossessed property. Banks don't have the personnel, time, or property management skills to keep property. They can write off any "losses."

Previous Owner FEDERAL NATIONAL MORTGAGE ASSOCIATION
Owner END-IRA INC, F/B/O MARIE O PEALER IRA
Sale Date 03/18/2009
Sale Price $54,000
Deed Book/Page 3706/509
Validity of Sale Foreclosure

Previous Owner XXXXXX
Owner FEDERAL NATIONAL MORTGAGE ASSOCIATION
Sale Date 01/23/2008
Sale Price $91,700
Deed Book/Page 3542/130
Validity of Sale Foreclosure

Previous Owner CHEETAH PROPERTY OWNER LLC
Owner XXXXXX
Sale Date 08/25/2006
Sale Price $109,900
Deed Book/Page 3278/436


Cheetah Property Owner LLC is an arm of the Hunter Craig empire. County records available online here.

Other foreclosure posts:
US Foreclosure Filings At Record High Q1 2009
Location, Location, Location. Foreclosure.
4886 Dick Woods Road
332 Minor Ridge Road - Bank Lists at 37% Discount

1404 Westwood: Listed By Bank at $315K, Sold for $239K
A Tale of Two Foreclosures And Other Properties Nearby

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