The condo Fred West paid $250,000 for in 2005, then walked away from earlier this year, sold on the courthouse steps today for $86,432.41.
That’s a penny more than the opening bid, according to a site that tracks preliminary results for foreclosure auctions.
That’s about $23,500 less than the offer from a West’s prospective short-sale buyer. That plan was stymied after months of phone tag, voicemails, lost paperwork and errors, and West ultimately moved out of the house in May. He’s now renting a place for $1,025 monthly — less than half his former mortgage payment.
Here’s West’s response this afternoon:
I find it rather amusing that because all the paper work, and bureaucracy with the banks they’ve now shorted themselves $163,500 dollars. This doesn’t seem like a good business decision on their parts. Had they been willing to work with me a year ago, I’d still be there paying, or at least a Short Sale would’ve netted them more.
I won’t be surprised when Chase (West’s lender) posts record profits at the end of their next fiscal year, but I’ll certainly wonder how they’re doing it.
— KELLY BENNETT