Assessing Value...

Jim Rooney, Assessor

Mission: "Our mission is to create equitable, timely and accurate property tax assessments to fund public services. We will strive to be a source of accurate and timely property information for local government and the community."

Link to the Assessor's Website

Phone: (209) 223-6351
Assessor's Email

For those that have already felt the sting of depreciation, there may be some relief on the horizon. The Amador County Assessor's office is reporting that property taxes may be lowered because of property value declines.

The Amador Ledger Dispatch reports in Reassessing your property values:

With a decrease of property values over the past year or so, the Amador County Assessor's Office is in the process of reviewing and reducing some assessments throughout the county and we are also receiving numerous inquiries about the reduction of assessments.

The key word here is "some". It is not likely in the county's best interest to have mass reductions in assessments being that they receive a large portion of yearly revenue from property taxes.

However, we are obligated to reduce assessments when the assessed value of a property is greater than fair market value.

The issue then is to provide evidence that your property has in fact lost value since your purchase. My suggestion would be to do all that you can to assist in this process. Hire your own appraiser and push the Assessor's Office to examine the results.

A family member of mine that lives down in the Stockton area has lost a bit of value in her home. She asked for the county to reduce the assessment based on the market conditions. Their response was that there were no reliable comps in the area to support her claim. She responded that there have been multiple foreclosures and that there are comps from FC purchases and bank buy-backs. Their reply was that foreclosures do not count toward comp values.

Amazing that FCs seem to affect everything else prompting so much government action to help and bail out the banks, but they don't affect your tax rate. Maybe if you worked for Citi Bank, MBIA, or AMBAC you could get a break.

Expect the Assessor's Office to drag their feet on this, but keep pushing.

Assessment review requests may be submitted to the assessor's office at any time. Requests for assessment review that are received between July 2 and Nov. 30 will be reviewed for the current tax year. Requests received between Nov. 30 and June 30 may be examined for the next tax year.

Like with most things in the government, these time frames make no common sense. Strange how there is a 5 month window in the middle of the year that is applicable to the current tax year, but there is a 7 month window (including the first 6 months) that is applicable to the next tax year. Does that make sense?

In any case, the best advice is to keep pushing and make a lot of noise. Be the squeaky wheel and demand that grease!

So, give Jim Rooney a call and let him know that you also support "equitable, timely and accurate property tax assessments".

Drowning in Plymouth...

Here is an interesting home currently on the market. The Amador Ledger-Dispatch has a Notice of Default filed on 2/27 with the following information:

• NOTICE OF TRUSTEE'S SALE T.S No. 1119221-04
• Date of Sale: 03/18/2008
• 14661 Shenandoah Road Plymouth CA 95669
• Notice of Sale is: $440,155.01

Interestingly, the now much-relied-upon Amador.WhoBoughtWhat .Com (thanks guys) shows this property last sold on 3/11/2005 to James & Deborah Ferguson for $310,500. This was confirmed by NexTag as well.

Currently, NexTag has the estimated value for this home at $355k.

Notice the difference between what is listed as the "Notice of Sale", which is approximately what is owed on the property (the UPB - unpaid principal balance) plus some estimated fees, and what the Fergusons actually paid for the home.

$355k vs. $440k - hello! Can someone say "refi with cash back"? How about the word "underwater"?

Laughably, the home is currently for sale at $489k through Kappel and Kappel. Good luck with that.
14661 SHENANDOAH Rd
Plymouth, CA, 95669 County: Amador
Bd: 3 Ba: 1 1314 sqft.
MLS#: 60119124 Status: W
Price: $489,000

There does seem to be some discrepancy on the number of bedrooms. Kappel and Kappel have it recorded as a 3/1, while NexTag and WhoBoughtWhat have it down as a 2/1.

So, would this person qualify for a Bernanke sponsored suggestion for the lender to reduce the principal amount to match what is fair market value? How and who would analyze each of the millions of these types of situations? If the lender didn't do the due diligence when they gave the loan to begin with, what makes you think that they will provide the due diligence to the FHA, Fannie Mae or Freddie Mac when they try and hock this loan?

Clearly, a person that took out equity from their homes when values were soaring and now find themselves upside down and underwater should not be propped up by any government sponsored legislation or strong "suggestions" to the Mortgage Banker's Association. The government needs to stay out of this! The lenders need to take their lumps, the borrowers need to feel the pain, and the market will absorb the downside appropriately.

Why we as a society want to sponsor and advocate reckless behavior at taxpayers expense is beyond me.

The Sub-Title Says it All...

Number of homes lost to lenders almost equals the total sold in January...

From the Sacramento Bee:

January saw nearly as many people lose their homes as buy them.

....................

January saw 1,815 closed escrows in Amador, El Dorado, Nevada, Placer, Sacramento, Yolo and Yuba counties, DataQuick Information Systems of La Jolla reported Thursday.

But in a financial phenomenon that most analysts believe is unprecedented, 1,782 households in the same counties lost their homes to lenders. Figures for Sutter County were not available.

....................

Wow! That is quite a ratio of sold homes to foreclosures. But, I am sure we have hit the bottom...any second now...come on, where is that bottom?

The dive in prices is stressful for people who have to sell their homes, but it's a growing advantage for people who until now have been shut out of buying.

Casandra Leon was one of the fortunate ones.

Leon, 26, a Sacramento County public employee, paid $235,000 for a three-bedroom, two-bath bank repossessed home in Elk Grove on a street she thought she could never afford.

"Three years ago we would never have thought we could purchase a house like this," Leon said Thursday. She said the bank paid closing costs and did the deal without a complication. [my comment: Gee, I wonder why.]

"A lot of these foreclosures are not being purchased by investors, but by first-time buyers and people who want to live in them a long time," said Chris Saizan, a real estate agent in Elk Grove.

Well, I am glad that there are still 26 year olds that can still afford a house. Let's see...using the 2.8 rule for a traditional loan...(235,000/2.8)...that means she/they are "hopefully" making around $85,000 in order to "afford" this home.

Assuming that they qualified for a 5.89% 30 Year Fixed (no money down) there would be a monthly mortgage payment of: $1392.37. That is just for P&I - throw in taxes and insurance and you are looking at about $1800+. That doesn't even begin to touch on maintenance which is always overlooked - therefore, for this exercise, we shall do the same.

It looks like you can rent a brand new 3/2 home in Elk Grove for about $1300-$1400 (which includes maintenance and often includes yard care, etc.). So, take the $400 difference that you were apparently going to spend anyway and start socking it away (maybe even pay off those credit cards that you are still charging on). At the end of 2 years you would have about $10k in the bank and ready for a decent down payment, but I guess the idea of saving is old fashioned.

Now, don't get all cranky. I am not saying that Cassandra didn't do exactly that in the last couple of years...she probably did. She probably saved up 10%-20% down and had planned her retirement and everything. Yeah...that's it.

So, let's just say that the values continue to drop (regardless of what anybody says, there is no evidence that we have hit the bottom). What if the depreciation for Elk Grove is only 9% for 2008 instead of the 26% that we saw in 2007? And then a 5% in 2009? How much will Cassandra's home be worth then?

$235,000 * (1-.09) = $213,850: $21k loss for 2008
$213,850 * (1-.05) = $203,157: $10k loss for 2009 ($32k loss in 2 years)

At the beginning of 2010, they will still owe about $30k more than it is worth.

Then, let's say that there is an appreciation of 5% per year after that (though, I think that will be rather high). In 2013, the same house will be worth $235k - which is what they paid for it. They will have about $17k in equity, so if they plan to move at that point, I hope that the bank pays their closing costs then too.

It cost the "owners" $21,600/year ($108k total) to live in the home. Does it work out that it is still an advantage to write off the interest on this? Hmm...this is sort of a ramble. I am sure all of you are smarter than I am on this stuff. It just doesn't seem like a good deal at the moment. Am I wrong?

Well, I hope that Mr. Saizan is correct that they will want to live in it "a long time".

I know, I know...I am a bitter renter.

Serving Others Brings a Smile...

With all of the bad news in the media concerning real estate, the economy and a myriad of other issues, I thought that this article in the Amador Ledger Dispatch touched on something that many in this nation have forgotten about - serving others. I have always found it is a blessing to be able to sacrifice time and resources in order to help those that need it. Thank God we still have those that feel the same.

'Smiles For Kids'

Jackson Creek Dental Group hosted its 23rd Annual "Smiles For Kids" day at their office on the corner of French Bar Road and Highway 49. Part of the California Dental Association's "Give Kids a Smile" program, it offers free dental care to kids without dental insurance. Sandy Garcia, Jackson Creek Dental Group's coordinator/marketing manager, said the dental office served 55 children last year, up from 28 children in 2006.

What are the odds...

Is this some country or what? Why are we spending billions (potentially trillions) in Iraq to bring them freedom and democracy when in the end it appears that the will of the people don't matter anyway and can be stifled through litigation and financial arm-twisting?

The Ledger-Dispatch is reporting that all of you who thought this issue was laid to rest when you cast your vote are just a bunch of flag-waving sheep. This is sick.

From the Ledger-Dispatch (Full Article):

In 2005 Amador County residents voted against a second Indian casino in the county by a resounding 85 percent.

But now the county board of supervisors is asking the populace to carefully reconsider the issue. They have scheduled six public workshops to consider whether the casino should be allowed to go forward.

New Trustee Sale Announcements...

Just a quick list of soon to be REOs recently published in the Ledger Dispatch here in Jackson, California. The courthouse steps are rather busy - I predict this will continue throughout 2008.

-------------------------------------

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE Trustee Sale No.: 45078
213 K New York Ranch Road, Jackson, California 95642
WILL SELL AT PUBLIC AUCTION TO THE HIGHEST BIDDER FOR CASH
$229,319.17
Date of Sale: 02/08/2008

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TSG No.: 3464718
16622 South Madrone Court, Pioneer, CA 95666
Notice of Sale is $282,314.88
Date of Sale: 02/14/2008

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TS No. 07-50256 Title Order No. 3488020
Date of Sale: 02/13/2008
23082 RODEN LANE, PIONEER, CA, 95666
Notice of Sale is $405,909.99

NOTICE OF TRUSTEE'S SALE Trustee Sale #CA0813672
Date of Sale: 02/14/2008
445 PRESTON AVE, IONE, CA 95640
Notice of Trustee's Sale is: $288,987.56

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE T.S. No. GM-108171-C
Date of Sale: 2/15/2008
424 PRESTON AVENUE IONE, CA 95640-0000
$218,613.82

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE Trustee Sale No. 0710258JV
Date of Sale: 2-19-08
219 South Church Street, IONE, CA
$240,717.99

PUBLIC NOTICE TS# 3466.127
Date of Sale: February 15, 2008
1400 W. MARLETTE STREET, SPACE 12, IONE, CALIFORNIA 95640
(No price listed)

PUBLIC NOTICE BRS# 303307 TSG# 90-6946
Date of Sale: 2/19/2008
19095 PINE DRIVE EAST PIONEER, CA 95666
$135,492.02

NOTICE OF TRUSTEE'S SALE T.S. No: A345746
Date of Sale: FEBRUARY 7, 2008
311 S. CHURCH STREET, IONE, CA 95640
$52,468.39

NOTICE OF TRUSTEE'S SALE TSG No.: 3464718
Date of Sale: 02/14/2008
16622 South Madrone Court, Pioneer, CA 95666
$282,314.88

Those were the days...

Remember how important it was to hurry up and go out and blow your future possible earnings on a piece of dirt and some wood and nails called real estate? "You better hurry! If you don't buy now, you may never be able to afford a home!" Oh, how the sheep moaned.

At the time, I was amazed that so many people were making so much money and that they could afford these monstrosities. I kept thinking, "what am I doing wrong? I work hard and make decent dough - what's up with this?" It never crossed my mind that people would not only buy something that they couldn't afford, but that lenders would give them the cash to do it.

It almost hurts to post this stuff.

Well here is another one that will be heading to the auction block soon. If anybody shows up, bid low! Here is the description and the most recent price that they were looking to fetch:

10515 Ridgecrest Drive, Jackson, CA $629,000
One of the most desirable neighborhoods in Jackson - Perfect family home - Huge master suite on main level and 3 nice sized bedrooms downstairs - Great view of valley off covered porch and kitchen. Stainless steel appliances and cherry wood cabinets in kitchen. Nice home!

And here is the TS notice that goes with it. Notice the date of the "deed of trust". This means that this guy stopped making payments somewhere around January or February - just over 5 months after he bought it. Ouch!

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TS No. 07-21584 Doc ID #000732569942005N Title Order No. 3340044 Investor/Insurer No. 1103611456 APN No. 044-440-006-000 YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 08/17/2006...will sell on 09/18/2007 at 12:00PM, At the main entrance to the Amador County Courthouse located at 500 Argonaut Lane, Jackson, California. The street address and other common designation, if any, of the real property described above is purported to be: 10515 RIDGECREST DRIVE, JACKSON, CA, 95642. The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is 484,287.25.

So, if this place goes for the $149 per sq. foot that the Charmstone Way house went for, I would imagine that someone could move into this pad for about $375k or so. Somehow, I am betting on a low ball bidder and a desperate lender that has one too many credit swaps and not enough cash to cover their soon to be screaming creditors.

Charming...

Thanks to amador.whoboughtwhat.com for the update on the Charmstone Way home that was FC'd back in April.

According to WBW, this place was picked "acquired" by US Bank for $368,100.00 in April. The big problem for the shareholders at US Bank is that they turned around and sold it 4 months later at a $69k loss for $299k. Ouch!

If this does not give you any indication on where this market headed, you must still driving around with a Kerry/Edwards bumper sticker on your car.

The description for this place is below:

3705 Charmstone Way, Ione, CA
Usable Acreage for Shop or Animals
New light & bright open plan 3 bedroom, 2 1/2 bath, approx 2000 sq. ft. w/high ceilings, French doors to front & rear yards, 2x6 walls, tile & laminate floors, gridded windows, pantry & island, ceiling fans & tile hearth plumbed for pellet stove. Double door entry to master w/walk-in closet, jetted tub, shower w/seats & double sinks. Oversized finished garage w/220 & 2 auto openers. Usable 1.6 acres w/mature oak & separate driveway for shop or barn in cul-de-sac.

Did you catch that? This place is 2000 sq. ft. and is on 1.6 acres! Disregarding the acreage, that works out to be around $149 per sq. ft. Hello!

The professionals at All Power Brokers were trying to hock this place prior to the repo for $415,000 - not a bad take by the new owner. The all knowing Zillow, put this place at $393,759 - makes me warm and cozy knowing that I can trust in their accurate estimate.

Still, something tells me though that we are not quite done with the overall downturn - what do you think?

Credit-card defaults on rise in US

Subprime Mortgage Woes Spreading

Forrest Oak...

Maybe it is the spelling...the double "r" in "Forrest" can throw people off when they are searching on the street name. I have a feeling though, it is because this place is a dump. As I have said before, "You can't polish a turd."

Back in February we profiled this unseemly abode (link).

The owner was trying to get $305k in December; by February the new owners (Fannie Mae) tried to extricate themselves of this box for $279k. I laughed at the time - in fact, I am laughing right now.

I believe I made the comment, "Good luck with that."

I know, I know, it is all Bernanke's fault...or was that Greenspan. If Bernanke had bailed out the investment bankers yesterday by cutting the rates, we would all be sitting pretty. (Sarcasm)

Well anyway...as predicted...it remains in the hands of the last sucker to hold the devalued note.

Currently being offered at Fannie Mae for $235k - ouch.

We are in a Race Now

The foreclosures certainly aren't letting up; nor do I expect them to anytime soon. It is as if the plug has been pulled on some giant tub - you don't recognize at first that the water is actually being let out. But, underneath the calm and placid surface the under current is pulling first at the loose silt that is at the bottom. Boy, is that corny.

Well anyway here is another NOD that just made its first appearance in the Ledger Dispatch.

This one was purchased way back in 05/2005. This is beginning to sound like a broken record. Seems as if the bulk of these places were purchased around 2 years ago. Now let me see (scratch head), I wonder why that could be. Hmm....

Oh, I know! Could it be that it was the time that sheeple were running to and fro seeking real estate and a ridiculous mortgage that they could devour? Remember when your friends said "You better buy now, or you'll be priced out of the market forever"? Seems kind of funny now. I hope you didn't listen.

Anyway, this place was picked up for about $257/sq foot. I am sure it seemed like a bargain back then, but wait a few more months and check again.

Here is the history:

2680 Quiver Drive
Property Features
Interior Area: 1280 ft2
Year Built: 1987
Sales History
Sold: 5/20/2005
Price: $329,000

Currently, Zestimate puts them in at $344,567. Somehow, I don't think that is near accurate, though, I have never known them to be wrong.

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE T.S. No. FD-105031-C Loan No. 0324325646 YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 5/11/2005...Recorded 5/20/2005 as Instrument No. 2005-0006017-00 in Book , page of Official Records in the office of the Recorder of Amador County, California, Date of Sale:8/8/2007 at 12:00 PM Place of Sale: AT THE MAIN ENTRANCE TO THE AMADOR COUNTY COURTHOUSE LOCATED AT 500 ARGONAUT LANE, JACKSON, CALIFORNIA Property Address is purported to be: 2680 QUIVER DRIONE, CA 95640 APN #: 003-752-002-000 The total amount secured by said instrument as of the time of initial publication of this notice is $274,269.68

Wining About Real Estate...

Apparently the Notice of Default craze has hit more than residential McMansions and subprime borrowers. We are now raising our glass to a new and less palatable real estate market that is a delicate balance between non full-bodied financial ingenuity and meager qualified pickings, that in the end produce no fruit and even less flavor in the already frothy market. Cheers and get ready to be crushed!

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

More Repos on the Way...

14385 Williams Road Pioneer, CA 95666MLS ID#: 105458
$240,0002 Bed, 1 Bath748 Sq. Ft.0.51 Acres

Wow! There are some dream homes out there...er...uh...and a few very desperate sellers.

Here is an example; you decide dream home or desparate seller.

This home in the lovely Pioneer area is a very classic sun-bleached forest green tone and maintains both over half-an-acre of useable property and the tools to create your own garden. (See image lower right)

At the low asking price of $240k, who could pass up this treasure? And considering that the price per square foot in the Amador County area has dropped to just about $200 psf at $320 psf, who could complain?

But wait, there's more...you better hurry, because apparently the lender wants their property back and soon. This gem is set for auction on 4/18/07 - 12:00 PM sharp!

See below:

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TS No. 06-30052 Doc ID #000715156772005N Title Order No. 3184810 Investor/Insurer No. 1000228175 APN No. 031-120-023 YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 02/14/2005. 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 PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER." ...will sell on 04/18/2007 at 12:00PM, At the main entrance to the County Courthouse, 108 Court Street, Jackson, CA at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title, and interest conveyed to and now held by it under said Deed of Trust, in the property situated in said County and State and as more fully described in the above referenced Deed of Trust. The street address and other common designation, if any, of the real property described above is purported to be: 14385 WILLIAMS ROAD, PIONEER, CA, 95666. The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $203,627.87. It is possible that at the time of sale the opening bid may be less than the total indebtedness due. In addition to cash, the Trustee will accept cashier's checks drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code and authorized to do business in this state. Said sale will be made, in an ''AS IS'' condition, but without covenant or warranty, express or implied, regarding title, possession or encumbrances, to satisfy the indebtedness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, plus fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust.

Take It Higher...

Well, here is a bit of news that should not take anybody by surprise. All that building and prosperity has a price.

The Calaveras Enterprise is reporting that CCWD mulls higher water, sewer rates.

When the county "mulls" over raising prices for water and sewer, they are not just musing and noodling around with the idea; they are beginning the PR campaign to allow the constituents plenty of time accept reality before it is initiated. In other words, they are going to raise prices.

They are "debating" the plan that "would raise base water rates from the current $22 a month" to "$39.50 per month" "at the end of five years". Wow! If you calculate that over 12 months, then you are going from $264 per year to $474.

Sewer charges will also be raised from the current $45 per month to $67.50 over the same 5 year period. That is going from $540 per year to $810 per year.

For water that is about a 79% increase and for sewer it is a 50% increase. Wouldn't it be nice if they could just keep up with the rate of inflation instead of going through these kinds of spikes?

Ah, what's a couple hundred extra dollars in today's get rich in real estate market? Ask any realtor and they will tell you it is a seller's market and always a good time to buy. Hurry, there are few properties at this price...and other clichés...ad nauseam.

Well, I think there is a key toward the bottom of the article:

Like all other special districts, CCWD receives a portion of property tax revenue from all county land owners, even if they are not district customers.

That property tax revenue is used to offset operations - costs that otherwise would be covered by monthly rates.

As explained at Thursday’s meeting, the reliance on property taxes will be decreased by 5 percent each year over the next five years.

The revenue would go into a fund that could be used for major projects that have more of a countywide impact, such as protecting water rights.

Is this an indicator that the county understands that property values are decreasing and future development won't bring in the tax dollars that they had once projected? Hmmm...I wonder.

What $305k doesn't get you in Pioneer...

Here is someone's dream home - but apparently not their dream price. This home was listed 12/06 for $305k. Let's take a look at what you get.

OK, well...let's read the description. There has to be more to it than this with an $1800/month P&I payment + taxes + insurance (roughly $2300/month).

The description says: "Needs new septic & roof, to be done at COE. Many recent upgrades to this comfortable 3&2 incl. new paint,carpet, kitchen counters, vinyl, & slate hearth. Office/hobby has DSL & multi phone lines. Oversized garage has lots of storage, and RV storage next to it."

Oh...DSL...OK, that might make sense. Hmm...

Well, I have seen worse. Let's go inside - you can't always judge a book by its cover.

Or, maybe you can. Holy cow! Is that the new Rose-Dalmatian carpet I've been hearing about? Look at those spots! Is that the carpet upgrade they mentioned above? I'd hate to see what it looked like before. Was it just a cement slab? Well, let's continue on.

By this time, I am sold! What else is needed to start your own home-office? Perhaps we might even consider a home-based realty business.

Well, the tour is over even for the previous note holder - now a foreclosure. It does not appear that anyone scooped up this gem for the aforementioned asking price. The lender is now asking a slightly reduced $279k. Good luck with that.

27226 FORREST OAK RD PIONEER, CA 95666 $273,000