It isn't just the top end stunners that catch my attention. Today a bank-owned sale at Emerald Green near Rock Hill came through at $70,000, the total opposite end of the spectrum from the $1.35M sale I crowed about below.
I thought, "Wow! $70K for a house at Emerald Green." Even as a foreclosure sale, that seemed to be a pretty spectacular price. But then I saw (from the Bing Maps Aerial) that it's one of the handful of Emerald Green houses that abut Route 17, and that tempered my "Wow, what a great deal" sentiments a bit.
I pulled the property record, and this one is a classic poster child of the mortgage meltdown mess. The owners of the house bought it in 2000 for $74,500, with a standard 20% down payment and a mortgage of $59,300. So far so good. Then they remortgaged the house, not one, not twice, but three times over the next 4 years, with the last mortgage for $125,800. tapping the equity along the way.
This one is also a good example of how fast these foreclosure sales move. The house was listed on Feb. 2nd. for $70,000. Almost immediately generated multiple offers, and the successful offer was a full price, all cash one, and the property went into contract on Feb. 9th, closing on March 15th.
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