2859 Briarpatch (Zip realty account required) in Simi Valley, according to zillow it was sold on 10/12/05 for $563,000 now selling for $450,000 with 5% realtor fees that is a $136,000 loss that someone is going to eat. I can't imagine the bank will just happily accept that. My guess is that this house will be seen on the bank owned lists soon.
2 comments:
in the neighborhood...
2790 briarpatch
orig list in May @ $599K
dropped to $499.9K
closed on 12/06 for $485K
if this is in the comps for the property you cite, then one wishes all fortitude for the owners...
The lender is going to ask for some BPO's (Broker Price Opinions) and if it comes back at 450k they are going to hammer the appraiser and I would think take a long look at putting any 100% financed loans into such a market. That credit tightening will slow down the market more, imho.
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