I'm starting to see some bank owned properties, so it might make sense to start a real list to keep track.
For now, I'll just post when I get the chance -
941 S DELAWARE ST, San Mateo, CA 94402
REO - Listed for $599k
Last sale - 11/25/2003 - $473,000
Went back to bank - 4/9/2008 - $661,500
How does that happen? Live there 4 years and owe $200k more than when you bought it? I'm guessing it was an option ARM? Or maybe a refi? I don't know too much about how these actually work, so I may be missing something.
Can't wait to see what this sells for. In the old days you'd need $130k down and a six figure salary to afford this house. Nowadays? Who knows.
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