912 TOYON Dr Burlingame, CA 94010

Price: $650,000

Beds:	2
Baths:	1
Sq. Ft.:	1,020
$/Sq. Ft.:	$637
Lot Size:	5,000 Sq. Ft.
Age (Years):	68
Year Built:	1940
Type:	Detached Single Family
Style:	Ranch, Cottage/Bungalow

Listing history:

Date	Price
May 16, 2008	$818,000
May 19, 2008	$798,000
Jun 10, 2008	$699,000
Jun 12, 2008	$650,000

Last sale: Jul 15, 2004 $682,000

Loss if sold for asking: $32,000 or 4.7%

Wow, this Burlingame home just got reduced to pre-2004. It is staged and the pictures look great, but don’t be fooled, it’s about 3 houses from the 101.

June 17, 2008 | Filed Under City of Burlingame, Dollar Loss: $0 to $50k, Last Sale in 2004, Listing in 05/2008, Loss: 0 to 10%, Price: 600000 to 800000, Sqft: 1000 to 1500

Comments

9 Responses to “912 TOYON Dr Burlingame, CA 94010”

July 2008 Troubled Sellers Update Part I - Atherton to Daly City : San Mateo Home Sellers in Trouble - Bay Area Real Estate Bubble Updates on August 2nd, 2008 1:11 pm

[...] The price has been reduced on 840 Newhall Rd in July so now it is at the same price as 2006. 912 Toyon Dr is now pending with release. 1657 Westmoor Rd is still active on the market after 80 [...]
Carina on August 2nd, 2008 9:51 pm

Hello all. So I’m the person that made the offer on 912 Toyon. It was accepted by the sellers, but I just found out that the bank rejected the offer. They did not counter OR give any reason for the rejection. My offer was for a tiny bit over the asking of $599K. Can anyone tell me why the bank would do this? If they are asking $599K, why wouldn’t they accept an offer over this amount? Please give me some perspective, this is/was my first short sale offer.
admin on August 3rd, 2008 2:10 am

I’m not sure Carina. It’s possible that the bank believes if they foreclose they can get a better price on it. Or maybe they’re going to use the housing bailout bill to get the sellers to refinance with the government and the bank can get 85% of the home price from the government. It’s pretty bizarre right now.
Carina on August 5th, 2008 9:57 am

Interesting. Based on the title paperwork, the current owners have an ‘indebtedness’ of $696K. This probably does NOT include any late fees, assessments, taxes, etc… I also do not know what the home appraised for – the lender did not disclose this to me.

I have countered with a higher offer and have given the bank 5 days to respond. If they dont respond within this timeframe, Ill move on and purchase something else. I have excellent credit and cash for a 20% down…. I just wanted to live in BGM, close to one of my best friends.

Anyway, I also wanted to let you know I appreciate you posting this information on the web. I would not have found this home without your posting — and no matter what happens, I am so much more informed about the housing situation in the Bay Area as well as the short sale process.

Carina
Carina on August 6th, 2008 10:19 pm

Just wanted you to know, 1025 Toyon, a bank owned property, just came on the market today at %649K. Its a nice size, 3/2 at almost 2000 sq ft, but it is right across the street from the train tracks. Here is the listing on Redfin: http://www.redfin.com/CA/Burlingame/1025-TOYON-Dr-94010/home/2014036
Are Short Sales Harder to Complete These Days? : San Mateo Home Sellers in Trouble - Bay Area Real Estate Bubble Updates on August 7th, 2008 5:10 pm

[...] about short sale offers that were accepted by sellers but rejected by banks. Some examples are here, and here. So what is the deal here? Are banks hoping to get more money through a [...]
Carina on September 29th, 2008 9:45 pm

So, an update on this property. I made the original offer in June, June 30th to be exact. It was accepted by the sellers, rejected with no response from the bank. I immediately made a counter offer in early July…. I’ve heard that the offer has been accepted and the bank that owns the loan (not Countrywide who just services the loan) has ordered a payoff. Officially, I’ve not received any approval of any kind. I’m in limbo, not able to lock in a rate and close on this home. I’ve got my fingers and toes crossed that I hear something soon. Short sales are NOT for the faint of heart.

BTW, love the website – I just forwarded the URL to a few friends, looking for homes in the Peninsula …
ryan on November 13th, 2008 11:39 am

Hi Carina,
Hi I saw the property on the website and just my opinion the house is just a few homes away from the freeway. Are you sure that you really want to purchase this house? Many people that live right next to the freeway develop asthma and other respiratory symtems over the years. I would suggest since its a short sale moving on and finding a condo or house maybe elsewhere in Burlingame where its not near the freeway.
Respectfully,
Ryan
P.S. Leave me a comment on your opinion.
ryan on November 14th, 2008 12:21 pm

Hi
carina, are you sure you want to purchase this house. it is only 3 blocks from the freeway. most people develop respiratory problems after a few years due to the gas from the cars that drive by on the freeway. respond back with your opinion.
ryan