Bank foreclosure hits the market!

A Phoenix on Finamore Circle that went back to the bank on 7/20/09 was just put on the market by the bank at an asking price of $279,900.

The home is on the lake, with a pool. The owner who lost the home to the bank paid $497,000 for it back in May '04 but subsequently refinanced it in 2006 for $700,000.

The home was on the market in 2005 for $799,000 then for as much as $899,000 for 4 months back in 2006, then back to $799,000 into early '07. In mid 2007 it was marketed for $768,000 then late in '07 at $529,000  as a short sale.

At less than $100/sq ft for a lakefront/pool home in Journeys End, I predict that this will be gone immediately at more than the banks asking price...which is a sales tactic used successfully by quite a few lenders recently; price agressively, get multiple bidders/offers...elicit "highest and best" at some point and therefore create the"sense of urgency" lacking in most traditional market offerings.