How about $105,000 for this El Mirage property in pre-foreclosure. The house:
- was built in 2002
- has 1,573 sq ft
- is a 3 bed / 2 bath / 2 car garage
- sits on a 9,096 sq ft lot
- is well maintained (now that's unusual)
What's the catch? It's a short sale with Wells Fargo holding the 1st and 2nd notes. The asking price (which I commonly refer to as the listing agent's marketing price) is lower than the 1st mortgage, so Wells will need take a loss on the 1st and completely write off the 2nd.
It's anyone's guess if Wells Fargo will actually accept an offer that low. However, the house has been on the market with stops at the following price points:
- April 14th, 2008 -- $199,000
- may 15th, 2008 -- $149,900
- June 12th, 2008 -- $139,900
- June 18th, 2008 -- $105,000
There had been NO hint of an offer at the higher prices, so Wells Fargo will have to take a serious look at any offer if they hope to avoid the trustee's sale.
My client wanted to see this house because the price was so low. It is definitely the lowest priced house in the area. He is struggling over living in El Mirage (which is common), but has added it to his list. Hmmmm ... how low will they go?
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