Bloodbath in Coto de Caza
- Thread starter muffdaddy_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
How do these auctions work?
I thought nowadays the auction was typically a formality and that the bank ends up listing the home then?
Should we be expecting 6 Panorama to come on the market at $1.5mil, or expect it to sell at auction?
Typically what will happen is the lender will file and record a Notice and Default (NOD) with the recorder's office after the borrower has been 3+ months late on the mortgage. The NOD provided the borrower 90-120 days to cure the default (i.e. get current on the loan). If the borrower fails to do that, the lender will file and record of Notice of Trustee Sale (the request for the foreclosure auction) and the auction will be scheduled 21-30 days after that. If no one bids on the property, it goes back to the lender. At that time, they will hire an approved real estate agent/broker to list the property for them. In a perfect world if everything was done timely, the foreclosure process should take no longer than 6-8 months but as we all know the process can be much longer than that. In the real world, it will take the property that the bank foreclosed on about 2-4 before it hits MLS as an REO listing.
My bad... if they toss in all the decorative pillows, then this is a $2.7mil house.
Is that a little step on the side to climb into the bed... like a stirrup. WTF?
This house is just too good to be true.
"Owners may be interested in a trade either renting your property or purchasing" Someone care to interpret that for me
Yes, its got a massage table. The description calls it the Ultimate Executive Entertainment Home!! Now we know why.
Three standard def TV's. Maybe they can sell that as retro in a few years.
This house needs to be added to Wikipedia as the picture for McMansion. Sure there are alot of upgrades, but in my mind, way way overdone, and especially in that tract.
That being said, if they have an open house and are giving out free massages... I might have to stop by.
Delroy
You sound excited!
awgee_IHB
New member
6 Panorama is scheduled for auction tomorrow. It has had one or two postponments so far. Postponment or sale tomorrow?
Thursday
6/4/2009 12:00:00 PM Address: 6 PANORAMA
City: COTO DE CAZA
State: CA
Zip: 92679
County: Orange
APN: 779-152-03
Sale Status: Postponed To 06/04/2009 12:00 PM
(Beneficiary's Request)
TS Number: CA09236156CL
ASAP Number: 3048466
Notice of Sale Amt: $1,554,780.08
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.
Trustee: Quality Loan Service Corporation
Trustee Phone#: (619)685-4800
Thursday
6/4/2009 12:00:00 PM Address: 6 PANORAMA
City: COTO DE CAZA
State: CA
Zip: 92679
County: Orange
APN: 779-152-03
Sale Status: Postponed To 06/04/2009 12:00 PM
(Beneficiary's Request)
TS Number: CA09236156CL
ASAP Number: 3048466
Notice of Sale Amt: $1,554,780.08
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.
Trustee: Quality Loan Service Corporation
Trustee Phone#: (619)685-4800
usctrojanman29_IHB
New member
Third time is the charm...I say sale baby.awgee said:
cletus_IHB
New member
usctrojanman29 said:
How do these auctions work?
I thought nowadays the auction was typically a formality and that the bank ends up listing the home then?
Should we be expecting 6 Panorama to come on the market at $1.5mil, or expect it to sell at auction?
usctrojanman29_IHB
New member
They are at the courthouse (usually Santa Ana or Placentia). They first go over the list of properties where the auctions have been postponed or cancelled. Then they start with the ones going to auction. The minimum bid price is set by the bank/servicer. If the price is on the high side it will not get any bidders and it end up going back to the bank. However, if the minimum bid price is very competitive it will bring out the investors and/or real buyers who will bid up the property by $1 to $100 at a time. They individual buyers have to come up with either cash or cashier's checks for the entire purchase amount. Also, the buyer needs to pay off other liens such as overdue HOA dues and property taxes. Graph is our resident auction expert.C Delroy Spuckler said:
cletus_IHB
New member
So I assume these auctions are required by law, correct? (Since in theory the owner gets what is left over if it sells for above what it is owed)
AKA, the bank can't just foreclose on the home and go straight to MLS, that they need to foreclose first, go through an auction (even if a token auction) and then list it?
AKA, the bank can't just foreclose on the home and go straight to MLS, that they need to foreclose first, go through an auction (even if a token auction) and then list it?
usctrojanman29_IHB
New member
Correct, it is the legal manner in which the state requires in the foreclosure process. Yeah, if there were any proceeds above and beyond what the owner owed (mortgage/s, late fees, penalties, legal fees, filing fees, and other liens).C Delroy Spuckler said:
Typically what will happen is the lender will file and record a Notice and Default (NOD) with the recorder's office after the borrower has been 3+ months late on the mortgage. The NOD provided the borrower 90-120 days to cure the default (i.e. get current on the loan). If the borrower fails to do that, the lender will file and record of Notice of Trustee Sale (the request for the foreclosure auction) and the auction will be scheduled 21-30 days after that. If no one bids on the property, it goes back to the lender. At that time, they will hire an approved real estate agent/broker to list the property for them. In a perfect world if everything was done timely, the foreclosure process should take no longer than 6-8 months but as we all know the process can be much longer than that. In the real world, it will take the property that the bank foreclosed on about 2-4 before it hits MLS as an REO listing.
cletus_IHB
New member
Does anyone know what the deal with 27 Cornflower is?
I'm curious if this is just the worst case of home pricing denial, or is there a real reason it is listed at $2.79mil, when other homes in that tract are selling for < $2mil?
Anyone know anything about the owner? Is it owner occupied? What's their loan like?
Or has the house just been completed painted in 24 ct gold, and diamond studded granite countertops?
Delroy
I'm curious if this is just the worst case of home pricing denial, or is there a real reason it is listed at $2.79mil, when other homes in that tract are selling for < $2mil?
Anyone know anything about the owner? Is it owner occupied? What's their loan like?
Or has the house just been completed painted in 24 ct gold, and diamond studded granite countertops?
Delroy
cletus_IHB
New member
C Delroy Spuckler said:
My bad... if they toss in all the decorative pillows, then this is a $2.7mil house.
NewToOC_IHB
New member
C Delroy Spuckler said:
Is that a little step on the side to climb into the bed... like a stirrup. WTF?
freedomCM_IHB
New member
That's a mini-potty, for when you run out of energy in the middle of the night, trying to escape from the grasp of the pillows.
stepping_up_IHB
New member
I know a couple where the husband is short and the bed quite high, so they do have a step for him at the bedside. This one looks like the owner may have Napolean syndrome.
cletus_IHB
New member
freedomCM said:
This house is just too good to be true.
"Owners may be interested in a trade either renting your property or purchasing" Someone care to interpret that for me
Yes, its got a massage table. The description calls it the Ultimate Executive Entertainment Home!! Now we know why.
Three standard def TV's. Maybe they can sell that as retro in a few years.
This house needs to be added to Wikipedia as the picture for McMansion. Sure there are alot of upgrades, but in my mind, way way overdone, and especially in that tract.
That being said, if they have an open house and are giving out free massages... I might have to stop by.
Delroy
usctrojanman29_IHB
New member
Am I graphcakes II now? The auction was POSTPONED until 6/18/09.awgee said:
usctrojanman29_IHB
New member
No problemo.awgee said:
caycifish_IHB
New member
awgee said:
You sound excited!