Posted by Mary - CA on August 02, 2007 at 20:52:16:
Thanks, but it’s gone. Some San Jose “investors” bought it for $240k, and cured the foreclosure, and since it’s not going to hearing for confirmation, no overbids are possible. It was Stockton, San Joaquin County, California.
There was a lot of equity (loan was $110k; $9k of that was back payments & penalties, legal, trustee’s fees etc.) but I don’t think they got much of a bargain. FMV was probably $285k, as is, in a declining market. And it was at least a minor fixer. ARV maybe $329k if market doesn’t continue to decline (though I’m expecting another 10%; others are expecting 15% or more).
Maybe next time.
Just for my reference, any suggestions for dealing with this type of problem when time is short?