Anyway, for the last 5 years or so, it had been a rental unit with one long term tenant. It had been in various stages of foreclosure for over a year while the tenant had various gullible agents trying to work out a short sale purchase for him to no avail. It was finally foreclosed on earlier this year.
Becasue the tenant had a bona fide lease, the bank could not evict him. So, they eventually listed it for under $2M assuming that whoever bought it at that price could go through the 90 day process if they were going to occupy the property themselves.
What the AM didn't know was that the tenant was in a position to by it ALL CASH and had already enaged the listing agent to do so. So, even though the bank addendum already had various non enforceable gibberish in it to protect themselves if somone tried to buy it and evict the tenant, at the end of the day it didn't matter and the tenant picked up a great property at a steal. LOL.
There are currently three REOs listed for sale in 90266. Most buyers have seen 1315 11th St which fulfills all the urban legends regarding houses trashed by ex owners. EVERYTHING is ripped out. Will never sell for $1.47M. We also weren't impressed with the quality of the property even before it was trashed. Considering the work needed and the fact that it is on a 5000 sq ft lot, we're thinking maybe $1.2M at most considering that 1305 11th, which was in immaculate shape, sold for $1.530M a few months ago.