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Seattle Bubble Forum Archive • View topic - Foreclosure Question

Foreclosure Question

Anything and everything relating to Seattle-area real estate.

Moderators: synthetik, The Tim, Lake Hills Renter

Foreclosure Question

Postby TJ_98370 » Mon Jan 05, 2009 3:03 pm

I have a question, and I'm sure someone who visits this blog knows the answer.

I checked out a house that was foreclosed on in Kitsap near where I live. It is listed as being for sale for $324,900. According to the county assessor records, it's last sale was a "forced sale" for $345,000 in Sept 2008 and it's current "owner" is HSBC Mortgage Corp.

What exactly is the significance of the $345,000 listed as the forced sale price? Is that the total value of the mortgage debt at the time of foreclosure?
TJ_98370
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Re: Foreclosure Question

Postby mukoh » Mon Jan 05, 2009 5:08 pm

TJ,
Foreclosure sales are recorded in a few different ways nowadays. But typical is, amount of outstanding + anything in arrears, late fees, recording fees, trustee fees and etc. So anything that was a debit to previous owner is rolled into foreclosure price.
mukoh
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Re: Foreclosure Question

Postby TJ_98370 » Mon Jan 05, 2009 7:29 pm

.
Thanx mukoh,
.
The only reason I am aware of this property is that a co-worker is really hot to jump on it. He was told that it previously sold for around $420,000. He was totally amazed when I showed him that publicly accessible county records dispute that claim. I turned him on to the fact that he can do some verification of the B.S. that is being dealt out by the "professionals".

.

.
.
TJ_98370
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Posts: 844
Joined: Mon Feb 26, 2007 8:40 am
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