What's wrong here house sold for 50k$ in san clemente see link, any explanation? (Orange: real estate)

[easylivinoc]

139 AVENIDA ADOBE, SAN CLEMENTE, CA 92672 | sold for $50,000 on 04/15/2008

139 AVENIDA ADOBE, SAN CLEMENTE, CA 92672 | sold for $50,000 on 04/15/2008



Hi can anyone tell me the reason why this house has recently sold for 50.000$`? that seams odd. Is there an explanation?

thanks in advance

[Charles]

Off by a zero?

[EscapeCalifornia]

Bad data somewhere in the chain. The land alone is worth several times that unless it just slid down a hillside.

[bhcompy]

bad data, possibly a foreclosure(or foreclosure avoidance), or a gift?

[ArizonaBear]

Now; for irony, one can pick up an small bungalow with its own lot in Needles, Calif. for that $50K as in fifty thousand dollars.

But, it is hotter than hell and the closest incorporated cities are either Laughlin, Nv,Bullhead City or Lake Havasu City, both here in Arizona.

[whatever78]

maybe fire?

[AZDesertGal]

The link for the information takes you to a web site called Redfin. This appears to be a site used for research by REALTORS, and appraisers. They are not always right as I know from my own service I use in my business. The only way is to go to the County Assessor's web site which should have the correct information. ALso there should be a link to the recorder's office to see the affidavit of sale which has the correct sales price, buyers and sellers names, and if related to each other. Just by looking at the info from Redfin you can see that the taxable value is $545,159. This value is or should be lower than the market value for the property. You only have part of the story by the information on the Redfin site. This information is either (1) a typo, (2) not an arms length transaction, or (3) a straw buyer. You can also see that this previous sale was a 2005 sale when prices were all inflated. But still you know that the sales price could not possibly have been $50,000. Any seller in their right mind would never take that kind of loss The 50K figure could have also been the down payment but picked up the service and put in the wrong field. If the sales price had been 500K then with 10% down that would be 50K. Hope this helps you.

[OC Advisor]

According to the title records, this home was sold for $50,000. The assessed value is $545,169.

Based on this information, it looks like it was an inter-family transfer, i.e. grandparents to grandchildren, parents to children. When you do an inter-family transfer, you can sell your home for as much or as little as you want.

The assessed value is higher because it is based on the value of the property as assessed by the Orange County Tax Assessor's Office. The assessed value, depending on when the assessment occurred, would be much closer to the true value of the property.

I hope this helps!

~Amanda Wheeland
O.C. Real Estate Advisor
O.C. Real Estate Advisors – Orange County Real Estate

[punkrocker27ka]

Redfin is a real esate agency which exists solely on the internet, therefore their fees are significantly less than a traditional realtor. They were featured on 60 minutes. You might not get the same personal services as a normal agent, but the savings can be quite amazing.

[killer2021]

There might also be a problem with the land. I remember reading on various realtor.com postings of very cheap homes. Basically the reason the home was selling for cheap was because the land had an arm on it. The rate was only 50/month but could adjust to 2-3k/month.