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Sales History - Listing

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Betty H Church

Junior Member
Joined
Oct 20, 2006
Professional Status
Certified Residential Appraiser
State
Nevada
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

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
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

Junior Member
Joined
Oct 20, 2006
Professional Status
Certified Residential Appraiser
State
Nevada
Thanks for the info - makes sense. This time it looks like they'll all be taking a bath.
 
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