A place for residents of Marin County, CA and others to express their views regarding the real estate bubble and in particular the Marin real estate market
Thursday, September 21, 2006
REO In Novato
Bank owned sold in as-is condition.Single level- living rm. W/cathedral ceilings, kitchen w/breakfast area. Family rm. W/fireplace. Formal dining. Master suite w/patio access. Great patio area and dark bottom pool. Rv/boat parking along side of house. Close to shopping, transportation& schools.
This 3 br 2 ba house is in Novato. Built in 1974, 1712 sq ft. No significant upgrades that I can see. Current asking price is $649,900.
02/22/2002: $440,500 02/26/1998: $309,000
The loan history summary paints a pretty clear and sad picture -- the last owners of this house HELOCed out about $160,000 in equity and moved from a fixed rate conventional loan into a variable rate loan. One can only surmise that when their variable rate reset they could no longer make the payments and so they lost the house to the bank in foreclosure. The bank assumed it with a value of $585,650.
Yes, it happens even in Marin.
Sorry about not being able to find a picture of the exterior of this house.
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