3195 Idlewild

"They’re not making any more river front property."  There are only a few hundred single family homes that have actual Truckee River frontage.  3195 Idlewild is one of them, and it was just listed as an REO for $339,900.  The house was built in 1978, and the long term owner had been there at least since 1997.  Here is the sordid history I can trace:

Refi for $319,199 in September 2003.  $4674 judgement for stiffing his CPA in May 2004.  NOD December 2005, cancelled February 2006.  Refi for $438,750 in October 2006.  City sewer lien July 2007.  Refi for $495,000 in July 2007.  $16,000 judgement for nonpayment of (credit card) debt in October 2007.  NOD May 2008, NOS September 2008, and Trustee’s Deed 7 October 2008.  Were the banks seriously giving out loans without at least a rudimentary credit check?

The house appears to be in "vintage" condition (sorry, I can’t post the MLS pictures or Diane will get another "cease and desist" letter).  Note to listing agent – that peaceful deck down by the river is actually on the neighbors property.  In a freakish coincidence, I’ve run into this house before – there is a preliminary parcel map in progress to clear up the property line shared with 3200 Idlewild.  Try getting this one though TICOR!

The house isn’t interesting to me, but the numbers are.  The mortgage at foreclosure was for $495,000 and the bank bought back the note for $245,000 – no other takers on the courthouse steps even at 50% off.  I think there is a lot of wiggle room in the $339,000 listing price for any of you who want to buy your own little piece of the Truckee.