Foreclosure and distressed property topics

<p>blackj,</p>

<p>You need to have cashiers checks. What you do is find what the minimum bid is and get a cashiers check for a penny over that amount. Then you get separate smaller cashiers checks for each bid increase up to what you are willing to spend. Sorry but there is no way to obtain a loan at the foreclosure auction other than maybe from Vinny but his rates are very high. Oh don't miss a payment either.</p>

<p>You might want to check out <a href="http://www.foreclosureforum.com/index.html">http://www.foreclosureforum.com/index.html</a> they have a plethora of info on how it all works. </p>
 
Hmmm... 2 Del Italia in the 92614. A classic pink stucco box with crappy pics on the MLS. Owner has a mailing address in Santa Monica. Asking $819K (# H07095957), bought in 8/05 for $750K, with 100% financing (thank you, Fremont).





And yet, curiously also listed at $789K (# P579698). What say you?
 
<p>Not Irvine (sorry), but check out S494626, a short sale in Dana Point.</p>

<p>Price Reduced: 07/27/07 -- $915,000 to $849,000


Price Reduced: 08/01/07 -- $849,000 to $825,000


Price Reduced: 08/06/07 -- $825,000 to $815,000


Price Reduced: 08/09/07 -- $<strong>815,000 to $699,000</strong></p>

<p>Somebody at the bank gave some thought to this credit crunch thingy. The $849k price was ballpark with the other stuff in the area. Oh noes!</p>
 
<p>That's no short sale, previous sale as $650K. At $699K, 6% commission, they have $7K to make the deal work.</p>

<p>Sadly, that 1998 price looks about right, maybe the 2001 price. </p>

<p>This market as a long way to go if this thing was "valued" at $1M. It's a generic box of a house.</p>
 
I did a radius search in Zip and there's nothing similar in the area priced that low. Maybe I didn't look hard enough? I agree that it's still way overpriced.
 
<p>Google searches on "Short Sale":</p>

<p><img alt="" src="http://google.com/trends/viz?q=%22short+sale%22&graph=weekly_img&sa=N" /></p>

Cities of origin:







1.

<strong>Sacramento</strong>, CA, USA

























2.

<strong>San Diego</strong>, CA, USA

























3.

<strong>Las Vegas</strong>, NV, USA

























4.

<strong>Pleasanton</strong>, CA, USA

























5.

<strong>Columbus</strong>, OH, USA

























6.

<strong>Irvine</strong>, CA, USA

























7.

<strong>Los Angeles</strong>, CA, USA

























8.

<strong>Denver</strong>, CO, USA

























9.

<strong>Salt Lake City</strong>, UT, USA

























10.

<strong>San Francisco</strong>, CA, USA

























<p> </p>

<a href="http://google.com/trends/viz?q=%22short+sale%22&graph=weekly_img&sa=N"></a>Another <a href="http://google.com/trends?q=%22housing+bubble%22&ctab=0&geo=US&geor=usa.ca&date=2007&sort=0">fun one</a>.
 
<p>Can you ever bid below the opening bid price? There is an auction coming up in Costa Mesa with 15, <strong>yes 15</strong> townhomes to be auctioned off and the opening bids is 389,000-424,000 something like that. These homes were previously listed in the 600,000-800,000 range...they say you can get your own financing or they have lenders available all you need is a 5,000 cashiers check for earnest money... what happens to the ones that go unsold?? This seems crazy I wonder what is causing this mass exodus and I wonder how many will sell...I am curious to know what happened there...</p>

<p>http://redcauction.com/index.php</p>

<p> </p>
 
<p>oc - How funny is it that RSM is #1 and Irvine is #4 both are above SF and LA which have way more population?</p>

<p>ash - It looks like those are a condo conversion that went bad. I saw the ad in OCR and had the same thought as you WTF? I doubt you could bid less than the opening but if there are some that don't sell and there will be you might try to see what you can do on a lower price. I will look into this and some of the others above tomorrow.</p>
 
<p>Thanks Graphix!</p>

<p>I am really just more curious about them then anything. So do you think the previous owners sued the builder and got their money back or something like that? Because if people paid in the $700,000's for those things WHOA I feel bad for them. I read the on the REDCAuction site about what looked like a massive termite infestation so maybe the structures are about to collapse! We drove by there yesterday and I was suprised to see cars in driveways, I was under the impression the whole place was deserted. I am def. am interested to see the outcome.</p>

<p>Have a wonderful day!</p>

<p> </p>

<p>ash</p>

<p> </p>
 
<p>Not Irvine:</p>

<p><em>On March 15, Nordine filled out his first <a href="http://www.latimes.com/business/la-fi-corona12aug12,0,3320473.story?coll=la-home-center">report on the property</a>, a lengthy form requiring him to give GMAC comparable sales in the neighborhood, his recommendations for repairs and a suggested price.





Under the entry "property values," he checked the box for "declining."





Next to "number of competing listings in subject's neighborhood," he wrote: "Tons."





He recommended $6,000 in cosmetic work and a low price to get out in front of the market. "Don't overprice," he warned.</em></p>

<p>Page two is an illustration of how banks are consistently getting their pricing wrong.</p>
 
<p><em>Nordine filed another evaluation: "No problems, other than the cataclysmic market."</em></p>

<p><em>Less than a month later: "This is the worst market I have ever seen."</em></p>

<p>Ash - On the REDC site you can DL the preliminary title report and other various bits of info. In the prelim it shows that the company who bought it has a loan over $8.1 million. I don't know what the sale amount was but I am tempted to find out because that could have been a construction loan to cover the costs of upgrades. The termite inspection report also includes the bid for the work and the completion report. The bid seemed extremely cheap for all the work that needed to be done. The cars you saw there are the four units that have already sold. I know that two of them are people involved with the company. In the documents you can download you can find out who the investor is and then google him to find out he isn't new at this. An economics degree and MBA from Harvard means this guy figured out the market has drastically changed and lets get these things sold. Without knowing what the purchase price was and what the four units that already sold for and if each of the 20 units sold for $400k it wouldn't even cover the loan. I checked what is available in that price range and I had no clue how bad Costa mesa is suffering.</p>

<p>The website for the project is <a href="http://admiralvillage.com/index.html">here</a>.</p>
 
For posterity, the house from the article is <a target="_blank" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=794283">here</a>.
 
Sorry, but that place is a dump. They want 390k for a place in that condition? This market still has a LONG way to go.





I wouldn't give 175k for it.
 
<p>Just got an e-mail regarding another <a href="http://www.ushomeauction.com/auction_details.php?chkVenue%5B%5D=33&show_hide=&dynamicCounter=&jsVenue=&totalVenue=4&stateIDLeft=IRVINE&countyID=&beds=&baths=&propertyAddress=&propertyZip=&venueCode=&lateAddition=&auctionID=H-005&check=&search=1&view=1&listPaging=25">REDC auction</a>. LA/OC props on Aug 26th. Two Irvine props: 62 Chula Vista and 71 Avondale.</p>

<p><em>Edit</em>: Oops. Another thread on the topic <a href="http://forums.irvinehousingblog.com/discussion/527/">here</a>. I thought those two had been auctioned already.</p>
 
<p>Graphix, </p>

<p>Thx for the info, <strong>I know</strong>, it is incredible how many properties are on the market in Costa Mesa right now..even with prices coming down they are still beyond WTF prices..There is another townhome on the auction block right across the street from the back bay..these townhomes are old and run down and priced in the <strong>high </strong>500,000s I started watching Costa Mesa last summer and there are several homes still on the market since 1 year ago or more. My favorite one is a scummy 2 bed condo (a converted apt) surrounded by old run down apts on busy corner for $460,000 GMAFB! How these people trying to sell at these prices when there are no buyers to be found right now is beyond me. Thanks again for the info, fascinating stuff.</p>

<p> </p>

<p>ashbobash</p>

<p> </p>

<p> </p>
 
A nice google map that shows foreclosrues by ZIP. For more info it's a paysite (don't know if that is of any value) but the free map is a nice visual.





http://www.foreclosureradar.com/





<a href="http://www.foreclosureradar.com/">www.foreclosureradar.com/</a>





Type in your favorite ZIP and let the Schadenfreude run ...





JoeCactus
 
<strong>I been away for a few days (vacation). Seems like things are moving along just fine.</strong>

<strong></strong>

<strong>26 QUARTZ LANE</strong><strong>, </strong><strong>Mission Viejo</strong><strong>, </strong><strong>CA</strong><strong>92694</strong>

Bank Owned

Asking 425000

Sold 587000

Loss of 162000 not counting commision

Bedrooms: 2

Full Baths: 2

Partial Baths: 1

Square Feet: 1,600

Year Built: 2003

Listing Date: 08/13/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S501342



Description

Spectacular design featuring dual master bedrooms on separate levels. Gourmet kitchen with island. Cozy family room with fireplace. Balcony off one bedroom. Bank owned.
 
<p>Hey IMPAC was the "on-site" lender for REDC. They're only doing agency originations going forward?</p>

<p>Maybe I should attend the next auction after all. Think the rich will be showing up with fat wallets to bid everything up anyway? </p>
 
<p>Nice article.</p>

<p><em>As the market gets flooded with repos, the banks have to say, `OK, we're getting too much (liability) on the books here."' Adams said. "With auctions, we can have the market tell us where the value of the property is by the bidding. That way they get all of their inventory (sold) in one whack rather than in a slow, painful bleed."</em></p>

<p>I'm salivating. Is there a major lender using REDC? I'm wondering why this is the only auction firm that we're hearing about. </p>
 
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