Wednesday, June 30, 2010

5960 Markwood Road: Short Sale $849,900 or Foreclosure $1,150,000

5960 Markwood Road in Earlysville is among the million $ foreclosure auctions today on the steps of the Albemarle County Courthouse.  Foreclosure auctions can be canceled up to the last moment.

The property has also been listed as a short sale.  Purchased in 2007 at 7.25% interest rate, the house and property are assessed at $1,132,700.  Sold "As is."  Click for larger image in new window.

Either way, the bank's taking the loss on this one.  If the property forecloses, it will be available for resale at even less than the short sale amount.

Image copyright Trulia.

7 comments:

craigger said...

That is one ugly house

Anonymous said...

Probably a former realtor or mortgage person's house

Anonymous said...

close. dude owned a title company.

Anonymous said...

He owned a title company AND was a mortgage broker. Ensign Mortgage.

Anonymous said...

It's the Toomeys and Doug McGowan all over again. Look at how many properties he owns on gisweb.albemarle.org

rfs said...

Short sales and foreclosures...here is something interesting.

Check this out:
http://www.mortgagenewsdaily.com/channels/voiceofhousing/160993.aspx

What is interesting is the last paragraph regarding comps. Short sales will be used as comps but foreclosures are not used as comps. Short sales are WAY MORE WORK for the SELLER AND BUYERlikely a buyer than a garden variety foreclosure.

Bleed It said...

Albemarle County Tax Assessor marks foreclosure sales as "invalid" so they don't have to be used for comparable sales for property tax calculations.