Roman Kazaryan
E-Z Mortgage
somewhere in Minnesota
763-383-0850 or cell 763-843-4442
Roman wants to do a loan for Robert Crigger. Address is 770 Iola St, Aurora, CO 80010. At first, Roman has the address wrong – he tells me 770 Lola St. It takes 3 phone calls, but we get that worked out. Roman says that Mr Crigger bought the house for $150,000 in 2002, and thinks it’s worth about $165,000 now. The only problem is that he owes $172,000 on the house – M&T Mortgage (maybe this is a modular home?). Roman can put together a deal (he say he has everything he needs), but only if the value of the house is about $190,000.
Roman tells me he could not find out anything about the value of the house, and I am the first appraiser he has called. He just wants a “rough idea” of the market value.
Zillow has the property at $129,000. MLS shows 3 active listings on the 700 block of Iola. 705 Iola is asking $87,000 – 766 Iola is asking $129,000 – 780 Iola is asking $114,000.
You may be thinking there must be a mistake on the price of 705 Iola. Check out the MLS listing – listing history. It’s an FHA repo, the loan amount is $123,000.
Summary: 770 Iola St – Roman Kazaryan at E-Z Mortgage needs a value of about $190,000. The existing loan balance is $172,000. The actual value of the property is about $125,000. Colorado is leading the nation in foreclosure – we are number 1. And the 700 block of Iola may very well be ground zero.
Tags:
mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud foreclosure REO HUD FHA short+sale real+estate less+than+perfect alphonso+jackson ez roman+kazaryan comp+check zillow M&T m+t
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