One of the waiting REOs got the green light yesterday, with many points of interest to it.

796 Arthur, Oceanside 92057

4 br/2 ba, 1,279 sf

$219,500  SP 8/2001

$169,900  LP 7/2008

(-23% compared to last sales price)

Built in 1986, no HOA or MR.

The owner had been hitting the ATM pretty hard, the last time for $405,000 in 2005, financed with two loans ($360,000 and $45,000) by Equity Options, Inc.

The Bank of NY got stuck with this one, or I should say Bank of New York 2005-56.

My list price opinion was $189,000, because another model-match REO on Hollowglen had listed for $185,000 on June 24th.  It went pending 12 days later, which means they probably had offers right away.

The other two model-match sales are $250,000 in May, 2008, and $235,000 on July 3rd, which was another REO that the buyer financed with a $176,000 mortgage.  You could call that 'instant no equity'.

The most interesting part is squishdown collision - we've seen at least 20 closed sales of REOs in 92057 of the half-duplexes just in the last 90 days.  The ones that are attached 2 br/1 ba, 800 sf with a one-car garage, closing in the $130,000 to $160,000 range.

Now larger detached single-family houses with two-car garages are dropping down close to the same price range.

This will be inputted this morning onto the MLS, care to guess the eventual net sales price?  A set of Padres tickets to the winner! If the guesses are close, the tie-breaker will be the number of offers submitted.

Check the pictures below, the house is deceiving, because it looks like a wreck.  Except for the bedrooms, the entire floor is black marble tile - not your normal 'neutral' look.  But it does have a pretty good westerly view from the backyard, and with new carpet and paint it would make for a great rental.