Remember the Cash-Back-At-Close House?

UPDATE: It turns out this house was recorded as two "half sales". That is, rather than record the sale as $650k (the actual selling price), it was recorded as two sales at $325k. Apparently this has something to do with how the title was held by the heirs. Still, $650k is quite a drop from the original list price.

I first wrote about this house here. And it's kind of the house that started it all. This agent was calling me and, in my humble opinion, begging me to commit a fraud. Which I refused to do.

Anyway, the house was originally priced at $825k and was ultimately reduced down below $700k as I recall. Finally, it went off the market and today I decided to look it up on Property Shark.

You'll never guess what it sold for. Seriously. Never.


On 12/27/2007 it sold for $325,000. At least that's what the County Recorder says.

Buyer:
Danut Popescu
13739 Hartsook St Sherman Oaks, CA 91423

Seller:
Gibboney Donald E Trust

Mortgage:
First mortgage - none
Second mortgage - none

So what do you think happened here? After a year on the market a family member finally decided to buy it? Seems unlikely to me. But what do I know?