A tale of one La Canada foreclosure
Examining foreclosures.....it's kind of like passing an accident on the freeway, it's hard not to look. Every now and again it is enlightening to look at just one foreclosure and track its history. This home is on Haskell in La Canada and near (not on top of but near) high tension lines.
4/16/2004: Sold as a cosmetic fixer for full price $999,000, 50 days on market (just the one MLS photo)
MLS remarks read: OPEN HOUSE TUESDAY 3/2/04 10AM -2PM EXCELLENT FAMILY HOME WITH GREAT FLOORPLAN LOCATED WITHIN LA CANADA SCHOOL DISTRICT FIREPLACE IN LIVING ROOM AND FAMILY ROOM FULL WET BAR IN FAMILY ROOM,VERY SPACIOUS KITCHEN AND BREAKFAST ROOM ALL COPPER PLUMBING CENT. AIR AND HEAT 5 TON AC UNIT. BUYER TO ASSUME COMING SEWER BOND. OVERSIZED TWO CAR GARAGE THIS HOME HAS BEEN VERY WELL MAINTAINED OVER THE YEARS, NEEDS COSMETIC UPDATING
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8/2006: Sold (again) after 72 days on the market $1,460,000 (listed for $1,500,000)
MLS remarks read: This very private 5 bedroom family home has a perfect floor plan and has been tastefully updated throughout. Enter this lovely home through a gorgeous starfire glass front door and brick entry. Inside, it is an entertainer's dream for both casual and formal entertaining. The family room which is off of the kitchen has a wet bar with granite countertop, brick fireplace, powder room and a sliding glass door out to the beautiful pool, patio and yard with views. The kitchen has a gourmet cooktop, corian countertops and a large breakfast area. The formal living room has a brick fireplace, plantation shutters that open to the back patio and is connected with the large mirrored formal dining room. The master suite has a large window looking out into its own private garden, double sink bathroom with marble countertops, walk-in closet plus an additional closet. There is lots of storage in the house and in the nicely drywalled oversized garage. This is an absolutely gorgeous home.
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4/28/11: Notice of Default (NOD) filed. This doesn’t tell us how many payments were missed before the bank filed, typically at least four months, and sometimes more than a year or even two.
5/27/11: Sale Date (auction on the court house steps) but no bidders. There was a first trust deed for $999,900 and a 2nd for $95,000. Both loans were from the time of purchase. This unfortunate homeowner made a down payment of $365,000 and still owed more than his home was worth.
Was this a strategic default (more like a business decision)? Or perhaps there was a hardship and the homeowner could no longer afford the payments, or maybe they had one of those loans where the payment increased. So many different reasons, but for this poor family the result was all that mattered, they lost their home.
6/24/11: Home listed in MLS (multiple listing service) $1,069,000
8/29/11 Reduced to $989,500
Currently 70 days on the market and no takers
Apparently this Realtor liked the last agent’s MLS marketing remarks so much - he copied them almost verbatim!
MLS remarks read: This very private 5 bedroom family home that has a perfect floor plan. Inside, it is an entertainer's dream for both casual and formal entertaining. The family room which is off of the kitchen has a wet bar with granite countertop and a sliding glass door out to the pool, patio and yard with views. The kitchen has corian countertops and a large breakfast area. The formal living room has plantation shutters. The master suite has a large window looking out into its own private garden, double sink bathroom with marble countertops, walk-in closet plus an additional closet. There is lots of storage in the house and in the nicely drywalled oversized garage. Don't miss out on this great opportunity!
I hear rumors about loan modifications but they are few and far between. This homeowner didn't try to sell as a short sale, it appears they just quietly moved. All so sad.
Related Posts: Short Sale questions and answers
Top four foreclosure question and answers
How much are the banks really losing, slicing and dicing La Canada’ s foreclosures
Los Angeles foreclosure time line
Just 5% of La Canada's August sales were foreclosures or short sales
The Nature of the sub-prime crisis
Tweet
4/16/2004: Sold as a cosmetic fixer for full price $999,000, 50 days on market (just the one MLS photo)
MLS remarks read: OPEN HOUSE TUESDAY 3/2/04 10AM -2PM EXCELLENT FAMILY HOME WITH GREAT FLOORPLAN LOCATED WITHIN LA CANADA SCHOOL DISTRICT FIREPLACE IN LIVING ROOM AND FAMILY ROOM FULL WET BAR IN FAMILY ROOM,VERY SPACIOUS KITCHEN AND BREAKFAST ROOM ALL COPPER PLUMBING CENT. AIR AND HEAT 5 TON AC UNIT. BUYER TO ASSUME COMING SEWER BOND. OVERSIZED TWO CAR GARAGE THIS HOME HAS BEEN VERY WELL MAINTAINED OVER THE YEARS, NEEDS COSMETIC UPDATING
--------------------------------------------
8/2006: Sold (again) after 72 days on the market $1,460,000 (listed for $1,500,000)
MLS remarks read: This very private 5 bedroom family home has a perfect floor plan and has been tastefully updated throughout. Enter this lovely home through a gorgeous starfire glass front door and brick entry. Inside, it is an entertainer's dream for both casual and formal entertaining. The family room which is off of the kitchen has a wet bar with granite countertop, brick fireplace, powder room and a sliding glass door out to the beautiful pool, patio and yard with views. The kitchen has a gourmet cooktop, corian countertops and a large breakfast area. The formal living room has a brick fireplace, plantation shutters that open to the back patio and is connected with the large mirrored formal dining room. The master suite has a large window looking out into its own private garden, double sink bathroom with marble countertops, walk-in closet plus an additional closet. There is lots of storage in the house and in the nicely drywalled oversized garage. This is an absolutely gorgeous home.
____________________
4/28/11: Notice of Default (NOD) filed. This doesn’t tell us how many payments were missed before the bank filed, typically at least four months, and sometimes more than a year or even two.
5/27/11: Sale Date (auction on the court house steps) but no bidders. There was a first trust deed for $999,900 and a 2nd for $95,000. Both loans were from the time of purchase. This unfortunate homeowner made a down payment of $365,000 and still owed more than his home was worth.
Was this a strategic default (more like a business decision)? Or perhaps there was a hardship and the homeowner could no longer afford the payments, or maybe they had one of those loans where the payment increased. So many different reasons, but for this poor family the result was all that mattered, they lost their home.
6/24/11: Home listed in MLS (multiple listing service) $1,069,000
8/29/11 Reduced to $989,500
Currently 70 days on the market and no takers
Apparently this Realtor liked the last agent’s MLS marketing remarks so much - he copied them almost verbatim!
MLS remarks read: This very private 5 bedroom family home that has a perfect floor plan. Inside, it is an entertainer's dream for both casual and formal entertaining. The family room which is off of the kitchen has a wet bar with granite countertop and a sliding glass door out to the pool, patio and yard with views. The kitchen has corian countertops and a large breakfast area. The formal living room has plantation shutters. The master suite has a large window looking out into its own private garden, double sink bathroom with marble countertops, walk-in closet plus an additional closet. There is lots of storage in the house and in the nicely drywalled oversized garage. Don't miss out on this great opportunity!
I hear rumors about loan modifications but they are few and far between. This homeowner didn't try to sell as a short sale, it appears they just quietly moved. All so sad.
Related Posts: Short Sale questions and answers
Top four foreclosure question and answers
How much are the banks really losing, slicing and dicing La Canada’ s foreclosures
Los Angeles foreclosure time line
Just 5% of La Canada's August sales were foreclosures or short sales
The Nature of the sub-prime crisis
Tweet
Posted by Phyllis Harb at 9/20/2011 1:24 AM 
Categories: Foreclosures, La Canada
Tags: examing the foreclosure market la canada foreclosure
Categories: Foreclosures, La Canada
Tags: examing the foreclosure market la canada foreclosure
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