In pre-foreclosure since 2009 when $14,047 past due on a $580,000 loan, the top-floor unit #927 at The Palms (555 4th Street) was finally foreclosed upon and taken back by the bank this past October with no bidders at $649,000 on the courthouse steps. The unit has been purchased for $725,000 in June of 2007 with 20 percent down.
Listed for $624,900 nine days ago, the bank is now accepting offers for the 699 square foot condo from those who are planning to use it as their primary residence. Offers will be accepted from investors or those looking for a second home if it hasn’t moved in a week.
While there are no other units at The Palms currently in pre-foreclosure or scheduled for auction, there are 275 other properties in the current San Francisco foreclosure pipeline.