May 31, 2012

Hipster Hotelier Wannabes Take (Second) Note

385 9th Street

As a plugged-in tipster notes, the Vagabond Inn at 385 9th Street is scheduled to hit the courthouse steps in San Francisco this afternoon with an opening bid of $269,612. But budding hipster hoteliers take note, it’s the $250,000 second mortgage that’s foreclosing.

While a courthouse sale today would wipe out the $120,000 third, the $1,462,500 first mortgage on the property would remain. And yes, the first is currently in default as well, by $1,183,244 as of last month.

UPDATE: The foreclosure auction for the second was just cancelled. The Notice of Default remains for the first.

Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]

First Published: May 31, 2012 8:45 AM

Comments from "Plugged In" Readers

STATUS: Cancelled 05/31/2012

TS Number: 12014-PR

Sale Date: 05/31/2012

Sale Time: 02:00 PM

Property Address: 385 9TH STREET

Date cancelled: 05/31/2012

Posted by: inclinejj at May 31, 2012 10:37 AM

Back in the day, we had many a delightful evening there.

Posted by: Cade at May 31, 2012 2:42 PM

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