bridge1.png

Another interesting REO property

by sfishome on January 23, 2009

530 Ashbury looks like it might have been a victim of fraud… in August 2006 someone paid $825,000 for it and got 100% financing with two loans from the same company… Fremont Investment & Loan. It looks like these guys closed down or sold their residential mortgage business… and no wonder if they were doing 100% financing for buyers who clearly over paid.

Fast forward to February 2008 a mere 18 months later and the property goes back to Fremont Investment & Loan… and in July 2008 CapitalSource Bank buys up Fremont.

Fast forward again to today… and 530 Ashbury is listed for sale as an REO (Real Estate Owned by a bank) in the San Francisco MLS for $599,900… but it’s got a tenant in the property, and it says “bank has no record of any paid rents”. My, my, how interesting. So the buyer probably collected the rents and never paid a bill and made off with the rental income as long as she could. You really have to wonder if the loan officer at Fremont was in cahoots here, because even at $4000 per month in rent for 18 months, it doesn’t seem worth the blow to your credit report, or being criminally prosecuted.

By the way, now the owner of record is a company called Liquidation Properties, Inc… how appropriate! And per the tax records they got it from Fremont in a Quit Claim deed for $493,500. So if any unrepresented buyers are out there and like 530 Ashbury, drop me a line and lets see how low we can negotiate this down towards that number. To see the property on the MLS, visit www.SF-MLS-Search.com and enter listing# 351360 into the listing number search.

Leave a Comment

Previous post:

Next post: