Sales History - Listing

[Betty H Church]

I'm researching the history on a listing that I would like to use as Comp #6. According to on-line recorder's office records, the property was foreclosed on (Trustees Deed) 02/13/07 ($206,538), and again on 08/03/07 via Trustees Deed ($174,251), with no transactions in-between. What am I missing? The last arm's length sale/purchase was in 2002 for $129,900. Just trying to figure out how the same property can be foreclosed on twice in a 6-month period with the same people (buyers in 2002).:Eyecrazy:

 

[Kevin A. Spellman]

There are bank investors who buy properties to re-list and sell at a profit; Deutsche Bank has been buying the bad loans in the Boston area for a few years and re-sells at a profit. Banks do buy bad loans at a discount and then forecloses. This was a common practice in the late 80s and early 90s. Individual, private-investors can do this also.

 

[Betty H Church]

Thanks for the info - makes sense. This time it looks like they'll all be taking a bath.