John Schneider Escapes With $2.1M Short Sale in Calif.
Looks like this Duke boy is at it again.
The actor, who currently appears in the series Smallville, also owns a condo in Westlake Village, Calif.; a small house in suburban Nashville; and several properties in and around Apple Valley, Calif. Schneider told the L.A. Times that he's looking for an easier property to care for, but since the home is listed as a short sale, the real reason is more likely that Schneider spread himself too thin financially.
He bought the 7,000-square-foot home in 1999 for $1.25 million and now, 12 years later, he owes almost 10 times that amount. A title search reveals two liens on the property -- the loan for $1.775 and just under $10 million in back taxes.
Mark Moskowitz, a Realtor in the area says that Agoura Hills has become a desirable suburb of Los Angeles because of its excellent public schools. And while the market in the area has slowed a bit
Schneider's home falls in the high end. It sits on 2.67 acres and has 5 bedrooms and 5.5 baths. The property also has a pool, 5-car garage parking, outdoor kitchen, guest house and detatched office.
Moskowitz says short sales with more than one lien, like Schneider's, can get complicated but "on average, banks make 10 percent more on a short sale than a foreclosure," so they will be more willing to work with buyers to figure out financing. The reason short sales are better for the bank is because in a short sale the owner is still living in and maintaining the home while foreclosures are sold empty and often get vandalized and overgrown and become hard to sell.
Carrie Culpepper blogs about design at CultureFix.wordpress.com.
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