I am sure that the holder of this note is drunk with excitement (from The Ledger Dispatch):
PUBLIC NOTICE Trustee Sale No. FC15905-11 Loan No. 00000390916815 Title Order No. F700376 APN 007-130-007-000 TRA No. NOTICE OF TRUSTEE'S SALE YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 7/26/2000. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDINGS AGAINST YOU, YOU SHOULD CONTACT A LAWYER. On 7/31/2007...The street address and other common designation, if any, of the real property described above is purported to be: 21339 Dickson Way, Plymouth, CA 95669...Said sale will be made, but without covenant or warranty, expressed or implied, regarding title, possession, or encumbrances, to pay the remaining principal sum of the note(s) secured by said Deed of Trust, with interest thereon, as provided in said note(s), advances, if any, under the terms of the Deed of Trust, estimated fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust, to wit: $506,100.41
Serenidad (Spanish for "Serenity") is a boutique family winery specializing in estate-grown Zinfandels, Sauvingnon Blanc and Cabernet Sauvignon. Nestled atop a hill of rolling vineyards, blessed by the richness of it's mineral, sandy-loam, rocky soil, Serenidad vines labor yearly to produce fine vintages above the steep slopes of the Indian Creek Gorge. We welcome your visit to our tasting room at the end of Dickson Road. Bring a picnic, savor our wines and enjoy the stunning views!21339 Dickson Way Plymouth, CA 95669
Hey, what is $1/2 a million, when you are currently selling for: $5.3 M (Here is the link)
Property Description
French Chateau Family Estate
6,200 Square Feet (8200 gross space area)
1400 Square Feet of detached buildings
6 Acres
French Chateau Family Estate
6,200 Square Feet (8200 gross space area)
1400 Square Feet of detached buildings
6 Acres
3 comments:
I scrolled down on your blog and hit this nugget!
Hmmm, so with a list price of $5.3M, I'm guessing this isn't going to hit the courthouse steps for the bargain basement price of $500K?
Honestly, I don't know how these Trustee Sale things work. For instance, if for some crazed reason this property hit the courthouse, and I was the only bidder, would I be the proud owner of a winery for $500K?
I have referred to my brother who is in the know on this stuff. Here is his response:
"If a 500k loan goes into default, the lender has the right to foreclose on that property for the unpaid balance and costs/fees owed.
In this scenario, maybe the lender has 565k invested interest. If a sale to be conducted in a property with 90% equity, you would have investors flocking from all corners of the earth.
Say, also improbably, the winning bid was 865k. 565k would go to the lender and excess proceeds would go to any other lien holder with a valid claim.
If there were 100k owing to the county for property taxes and 30K to Joe’s landscaping for unpaid work secured by a mechanics lien, they would be paid, with the remaining 170k in excess going back to the foreclosed owner."
Thanks bro!
Thanks amadorre, so I'm guessing this winery will sell for $xM with no hope for it to hit the courthouse. Darn.
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