Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association


Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association
By Scott Rogers • February 25, 2011
An early rendering of the intended Preston Lake community center A variety of documents were filed at the Rockingham County Circuit Court on Wednesday, February 23, 2011 finalizing the Trustee Sale of Preston Lake subdivision. In Summary: A trustee sale took place on February 3, 2011 on the steps of the Rockingham County Circuit Court, whereby Wells Fargo (as the only, and thus highest, bidder) contracted to buy back Preston Lake from its developer. Now, the deeds have been recorded transferring the bulk of the subdivision to Wells Fargo and the common areas to the Homeowners Association. The Value of 124+ Acres: The consideration paid by Wells Fargo for the 124+ acres was $3,500,000, but the trustee's deed also indicates that the appraised value is/was $4,530,000. Somewhat astonishingly, the two loans (notes) that were being foreclosed on appear to have been for a sum total of $20,500,000. The New Owner of Preston Lake: The grantee on the deed is listed as "REDUS VA HOUSING, LLC" -- an LLC registered in Deleware. The grantee's address, however, is Wells Fargo Bank out of Jacksonville, Florida. Value of the Common Areas: Per the deed transferring the common areas to the Homeowners Association, the common areas have an assessed value of $323,700. What Conveyed To The Homeowners Association: The map above is based on an early engineering plan for Preston Lake. I have deciphered (to the best of my ability) the deed, and recorded plats for Preston Lake to mark on the map (letters in circles) the areas that conveyed the the Homeowners Association. Click on the map for a high resolution PDF, and scroll to the bottom of this post for the source files for the deed and plats. Management of the Homeowners Association: The Homeowners Association's mailing address is referenced in the deed as the same Jacksonville, Florida address for Wells Fargo. Homeowners at Preston Lake have been informed that Wells Fargo will be hiring an association management company in the very near future to handle the business of the association. What's Next: Now that the remaining land comprising Preston Lake is owned by Wells Fargo, my assumption is that: Wells Fargo will bring in an association management company to handle the association. Wells Fargo will market and attempt to sell the entire subdivision to a new developer. If the above is not successful, Wells Fargo may attempt to sell individual lots at Preston Lake. Pertinent Documents: Recorded Trustee's Deed - 124+ Acres transferring to Wells Fargo Recorded Deed - Land transferring to Homeowners Association Partial Satisfaction - Liens against land transferring to HOA Amended and Restated Declaration for Preston Lake Recorded Section 1 Plat Recorded Section 2 Plat Recorded Section 3 Plat Further Preston Lake reading: Jul 19, 2010: Sales Updates at Preston Lake in Harrisonburg, VA Jan 19, 2011: Preston Lake Headed To Foreclosure? Feb 3, 2011: Preston Lake Foreclosure Auction Results In $3.5M Sale To Wells Fargo Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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