1940 STAFFORD St Redwood City, CA 94063

1940 STAFFORD St Redwood City, CA 94063

Price: $407,900

Beds: 3
Baths: 2
Sq. Ft.: 1,400
$/Sq. Ft.: $291
Lot Size: 5,985 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Year Built: 1981

Last sale:

Aug 13, 2008 Sold $382,500

This bank owned property was first purchased in 2002 for $490k with two loans of $392k and $98k.  That’s right, that’s equivalent to  a 0% down loan.  And then in 2004 it was refinanced again with an adjustable loan of $520k and it seems like there was a transfer between family members.  And then in 2006 it was refinanced again with two loans of $612,000 and $76,500 for a total of $688,500.  So basically this family took out around $200k from this little house during the boom, and finally it went into foreclosure so the last lender is looking around a loss of $280k.  It seems like it was a good deal for this particular family because they practically got to live in this house for more than 4 years for free.

January 25, 2009 | Filed Under City of Redwood City, Dollar Loss: $200k to $300k, Last sale in 2008, Listing in 01/2009, Loss: 30 to 40%, Price: 400000 to 600000, REO, Sqft: 1000 to 1500 

Comments

One Response to “1940 STAFFORD St Redwood City, CA 94063”

  1. Mr Handy on January 26th, 2009 11:14 am

    …and it’s in terrible shape: whatever cash they took out did not go into repairs (forget renovations.) We drove by it yesterday, and this one is going to be a money pit.

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