Friday, January 25, 2008

Another Reason Property Shark Rocks

There's an REO in Fashion Square that caught my eye this morning. So I looked it up and found some surprising things. First, let's look at the listing:

14656 HUSTON STREET, Sherman Oaks, CA 91403
MLS #: F1747738
(Photo not yet available)

Bedrooms: 4
Baths: 2
Square Feet: 1,843
Lot Size: 6,000 Sq. Ft.
Listing Date: 12/27/07
Price Reduced: 01/24/08 -- $729,900 to $709,900

But here's the part that got me wondering. Accoring to Zillow, this house is valued at $807,000 and was last purchased in September of 2001 for $270,000. Crazy, right? I mean how does a house that was purchased in 2001 for about a quarter of a million dollars get foreclosed when it's worth about three times that value today?

So I consulted with my excellent friends at Proptery Shark. And I noticed that they have added mortgage information to their site. Uh huh. That's right. Now you can look up mortgages. Supercrazyfantastic! So Property Shark tells me that this house was actually sold a couple of times since that 2001 transaction. Behold:

Last Sale: 4/3/2007
Sale price: $647,743
Buyer: Homecomings Financial LLC
Seller: California Reconveyance

Prior Sale: 12/21/2005
Sale price: $0 (How did it get recorded as zero when there is a mortgage? Hmmm.)
Buyer: Kayode Akinrele
Seller: Fortress Real
First mortgage: $595,000Variable Rate (Washington Mutual)
Second mortgage: $170,000Variable Rate(Washington Mutual)

Prior Sale: 9/18/2001
Sale price: $270,000
Buyer: Fortress Real
Seller: Dianne Kretchmar Estate
First mortgage: $243,000Conventional Mortgage Variable Rate(Impac Lending Group)
Second mortgage: none (Ah, the good old days.)

That $0 dollar transaction (that really was closer to a three-quarter of a milion dollar 100% financing transaction) is a bit of a puzzler. Something tells me it's not just a typographical error. I'm sure the reasons will come to light eventually.



ProblemWithCaring said...

I have been seeing a lot of those on the properties on MyReport.

On 3 of them, I know the houses were financed %100 meaning, they had to take out another loan for the down payment. Still it says one of the loans are for $0.

What does it mean?

Anonymous said...

This Huston house west of Van Nuys. It is not Fashion Square.

I have also noticed those $0 sales while snooping on the shark.

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