HEINEMANN Part III...

Ah yes, our and faithful friend that we have dubbed "The Roof". Surprisingly, even with the tremendous explosion in resell homes that is being currently reported, buyers have overlooked this gem. Here is the original article.

History:

Date unknown: Purchased or refied for over $300k
4/18/2006: Asking $500k
2/9/2007: Being offered as REO for $238k
3/1/2007: Reduced price (REO) for $234k
3/23/2007: Reduced price (REO) for $230k

The lender has taken quite a hit on this property so far. There was a lender "take back", shown as the "recently sold price" for $321,233. So, if the lender sells for $230k, the lender loses approximately $91,233. Ouch! Someone did not do their due diligence here.

And of course the always germane and relevant Zillow puts the Zestimate price for this lovely estate at $482,139. Obviously, someone can get a steal if you hurry.

Update on HEINEMANN...

As first reported back in February in my article Going Down in the Valley, there was a profiled foreclosure property in Valley Springs in which the lender was going to lose approximately $83,233.00 if sold at their current asking price.

As predicted, the asking price was still a bit too high and apparently the lender agrees with me.

Currently, the HEINEMANN property, which I have officially dubbed "The Roof", has been discounted another $4,000.00 - down to $234,000. Which of course means that the lender can add $4k to its burden of bad debt - the equivalent of one employee's salary for the month. Ouch!

Yeah, that unparalleled housing boom and unprecedented growth in non-doc lending practices was great for everybody.