28% Loss In Phoenix Area, or Where Did That $117,000 Go, or Better Yet, Where Did That $184,500 From the Refinancing Appraisal Go?

I do not think that this one was fraudulent; it was probably just a poor buying choice. But the refinance seems a bit sketchy. Either way, I am looking forward to checking out the new Paladin Reports site soon to see some really questionable purchases.

Back to this large stucco and tile masterpiece. The house at 15997 West Becker Lane in Surprise, Arizona was purchased new for $416,994 in December 2005 from Greystone Homes. It has 4 to 5 bedrooms (MLS listing is unclear), and is 3,120 square feet. It is now for sale at $300,000 as part of a seemingly lender pre-approved short sale, and has sat unsold at that price for 64 days so far.

There was a March 2006 sale/transfer from the two December buyers to one of those buyers. They are both listed as unmarried on the recording docs, so I can only guess that they are siblings or parent-child since they share a last name. There were two loans made at the time of this transfer. March refinance loan #1 was for $408,000. March refinance loan #2 was for $76,500.

So loan amounts total $484,500 for this house that is listed for $300,000.

Here is the MLS Listing:

Please include in contract that sale is contingent upon short sale approval from bank. Bank will not contribute towards buyer s closing costs and/or pre paids and/or any unnecessary fees related to the sale. Bank will be reviewing multiple offers for consideration. A signed multiple counter offer sheet will be requested.; Gorgeous home on large lot; Kitchen has granite countertops, stainless appliances w/ceramic top stove; Large tile in major walkways, beautiful medallion in entrance; 5th bedroom could be used as a bonus room or den; Dual sinks in guest bathroom.

And here is a photo of the "beautiful medallion" of tile by the house entrance: