Pergo on wood--2170 Pacific Avenue, Alameda, CA
Today's new distressed sale is a cute bungalow at 2170 Pacific, listed at $525,000 (MLS #40355271):
California bungalow.3 BR/1BA corner lot near downtown.Wood floors, even under Pergo. Updated kitchen w granite counters.Double pane windows, plantation shutters.Kitchen/laundry appliances stay.Bonus room in finished basement.Neat/clean,move in condition.Short sale subject to lender approval(reader-provided photo. Thanks!)
It isn't clear to me why you would Pergo over hardwood floors instead of refinishing them, but that's beside the point.
Nothing too fancy about the home, and accordingly there's nothing epic about the short sale:
Sale History |
|
05/17/2006: |
$600,000 |
|---|---|
04/30/1998: |
$116,000 * |
11/01/1996: |
$189,500 |
And so it goes.
Update 8/20/08: Agent Pacita Dimacali emailed me this update and asked me to post it for everyone's benefit until the blog's registration issues are solved and she can actually post herself. Here goes:
2170 Pacific – withdrawn/cancelled from the MLS. Short sale not approved by Downey Savings Bank.
When I got the listing, I had prepared the required short sale package (copies of 2 most recent pay stubs, W2s, bank statements, hardship letter, authorization for me to contact the lenders) and promptly sent them to the lenders. Nearly 2-3 weeks later, they call me to tell me that they won’t even look at the package unless I have an order.
So I worked very hard, fast and furiously, in getting the property ready for sale. Got the family to de-clutter, clean (they decided to move, instead). Staged it a bit. Paid for the pest inspection. Held broker’s tour and open houses. Promoted the heck out of it on the net. Got an offer in 2 weeks’ time.
Carefully prepared the package again, tabbed and indexed, and fed ex’d to the banks.
Two weeks later, I get a call from Downey Savings (1st loan) who said they sold the note to Deutsche Bank, and their policy is NOT to approve ANY short sales. Good grief--- they could have told me that the first time I contacted them! Second bank will take 15% of the balance of the loan, but sellers have to pay the difference. If the sellers could afford to pay, they wouldn’t be doing a short sale instead.
Downey Savings also will not approve deed in lieu of foreclosure because there’s a second loan.
Thus, this will be foreclosed. So there was no need to keep it active.
Sellers were convinced by their previous agent to buy this house when I listed it two years ago….but this is a classic case of 100% down, stated income fiasco.
Update 12/20/08: Bank turned down an offer to buy and elected to foreclose instead. See you soon, little house.
Update 12/31/08: Repo'ed and back on the market as MLS(r) #40387173, for $525,000. It didn't sell the first time at that price, so what makes the bank think it'll sell now?
Update 2/8/09: Price dropped to $460,000 at some point.
Update 9/29/09: Sold for $407,000 on 9/2/09.
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