Why Wait for the NOD?

Posted by Dave Fratello on Thursday, October 1st, 2009 at 5:26am.

A surprising new pitch is made in a new Tree Section listing.

3400 Pacific (3br/2ba, 1150 sq. ft.) is a 1950s build that looks to be in need of some updates.

On the plus side, that smallish square footage is said to be supplemented by a "gigantic bonus area" that's not officially included. Unless and until we see it, we'll guess that's bigger than a crawl space and smaller than a full-blown "man cave."

It's not the bonus area that's unusual, though – it's this line near the start of the listing:
OWNER IS BEHIND ON 4 LOAN PAYMENTS
This statement is meant to back up the notion that the home is "priced to sell" at $925k.

Yes, here's your opportunity to jump in while the seller isn't making payments, but before an actual Notice of Default gets filed. You can beat the bank to this one!

Another curious sign of the times.

The last 4 Tree Section homes to go into escrow were a short sale (3210 Ardmore), an REO flipped by an investor (3109 Laurel), the lowest-priced listing in the Trees (3609 Poinsettia) and an unload-at-a-loss sale (2613 Oak).

Stopped payments or no, 3400 Pacific will draw interest simply due to price. It's the only active Tree Section listing below $1m right now. We might have predicted that Monday's post, "No Sub-$1m Listings in Trees" would have a short shelf life.
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