San Marino and foreclosures are not synonymous. There were only 2 bank owned homes in San Marino last year. Well, we have a new one on the market now.
2810 Lombardy Road in San Marino was auctioned off on November 6th 2009 and reverted to Index West LLC when there were no takers. It is now listed in the Multiple Listing Service for $1,550,000 and is the first San Marino foreclosure for 2010.
This home features 4 bedrooms and 3 baths and is listed by the tax assessor to have 2,839 square feet. It sits on a 12,000+ sq. ft. lot. I have not had an opportunity to drive by and take a look at the property, but as soon as I do, I'll post some pictures.
So... how did this foreclosure happen? What is the story behind this foreclosure home? Let's take a look here:
September 2005: Home purchased for $1,220,000. The home buyers put a 30% down payment and financed the difference with a $854,000 loan.
July 2006: Home owners took out an equity loan of $150,000
February 2007: Home owners refinanced their loans to combine into one - $1,000,000 trust deed.
August 2007: a 2nd loan was obtained for $500,000.
Fast forward to December of 2008:
Notice of Default filed by the Trustee on 12/12/08
Notice of Trustee Sale was filed on 3/23/09
Actual Auction Sales date was on 11/6/2009
It took the bank 2.5 months to actually list the property for sale. Information on the listing is at the bottom of this post for your review.
In the meantime, let's take a look at how San Marino may be affected by foreclosures in the upcoming months:
There are currently, 3 homes slated to go to auction between now and the end of February and 5 San Marino homes are in pre-foreclosure process with Notices of Default already filed.
Unfortunately, San Marino is also beginning to feel the pain of this market place.
If you are interested in seeing this home or getting information on upcoming foreclosures in San Marino, give us a call. If you are a home owner in distress and need help in negotiating with your bank(s), let us know, we might be able to help.
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents