This transaction reminded me of a joke I heard 20 years ago – when the Aurora real estate market was in the toilet.
Q – What’s the difference between venereal disease and a condo in Aurora?
A – You can get rid of venereal disease
With that introduction, let’s have a look at 3874 S Fraser St #P-1, Aurora, COÂ 80014.
The listing history for this condo is a cold dose of reality. After 175 days on market, the price was reduced from $63,000 to $43,500, and the essay portion of the listing says:
Price dirt cheap. No more discounts.
Don’t you just love it? The listing agent – John V Davis – is selling his own property. Almost for sure an investment property he had rented out for a year or 2 and then decided to sell.
The listing shows a final status of “withdrawn” on 03/16/06. The deeds report shows that John V Davis sold the property to Sam Mahnke on 03/16/06. Why didn’t Mr Davis report the sale in MLS? In my opinion (IMHO) this is not a oversight – it’s an intentional deception.
Meritage Mortgage made a $50,000 mortgage loan at 9.99% interest rate, and they called it a 100% LTV. Any idiot can see this property is not worth $50,000. There is a whole lot of lying going on.
tags
mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud real+estate less+than+perfect condo listing+history MLS meritage john+v+davis samuel+j+mahnke centennial+property+services
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