Foreclosure and distressed property topics

Signs of the times, along side and replacing the big glossy Homes & Land or Home Gallery magazines in the supermarkets and sub-shops, we have Lender and Banked Owned Affordable Homes. The same glossy magazine format and just as many pages as the others, but all foreclosures.



Mostly the IE at the moment, but literally page after page of price crushing REOs.



Some low lights:



San Berdoo, 2/1 SFR Cottage 1088 sf, $39.5K. Yes, $39,500.

Chino, 3/2 SFR, 1000sf, $99K

Riverside, 3/2 SFR 1464 sf, $134K.

Moreno Valley, 4/2 SFR 1715sf, $104K

Fontana, 3/2 SFR 1300sf, $104K

Ontario, 3/3 SFR 1472sf, $165K (new build look)

Montclair, 3/2 TH, 1300sf, $119K

Lake Elsinore, take your pick of post 2000 built SFRs of ~2000sf in the $150K range.

Corona, 3/2 SFR, 1344sf, $128K.

Corona, 3/3 SFR 1800sf $225K (new build look)

Corona, 4/2 SFR 2275sf, $259K single story ranch
 
Look on Redfin for those. For example, in Riverside, I see nine houses for sale between $45k and $50k, and 291 under $150k. I'm sure the rest of the IE (and places like Lancaster, etc.) are similar.
 
Has anybody ever heard of a potential bidder contacting the lender before the auction and asking the lender to lower the opening bid amount and letting the lender know that the potential bidder will bid the amount they are asking for?
 
Whoa, that's some cash price! 38 Twiggs in Woodbury went to a 3rd party on the courthouse steps today according to FR. Opening bid, $998,000+ ; winning bid, conveniently unavailable.
 
[quote author="nefron" date=1241601963]Whoa, that's some cash price! 38 Twiggs in Woodbury went to a 3rd party on the courthouse steps today according to FR. Opening bid, $998,000+ ; winning bid, conveniently unavailable.</blockquote>


I know someone who went, they said it was picked up for 998,000.01
 
[quote author="awgee" date=1241814917]What is an "assignment" trust deed?

And what is it used for?</blockquote>


I think it usually means that the "trust deed" was assigned to another pool, or sold from one lender to another.
 
[quote author="graphrix" date=1241837478][quote author="awgee" date=1241814917]What is an "assignment" trust deed?

And what is it used for?</blockquote>


I think it usually means that the "trust deed" was assigned to another pool, or sold from one lender to another.</blockquote>


Interesting.

I was on the OC Recorders Office site and some home debtors who had a filed NOD, subsequent to the NOD, show an assignment trust deed with both grantor and grantee listed in the Grantor/Grantee space.

I can not imagine another lender buying a loan in default, but my imagination is fairly limited.

Maybe the homedebtor is trying to pull one of those scam things that was popular back in the 90's where they sign the property over to some third party for who only knows what purported reason.
 
<a href="http://'http://realestate.yahoo.com/promo/americas-most-overpriced-cities.html;_ylc=X3oDMTFwNDdkZmIxBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNvdmVycHJpY2VkLWNpdGllcw'">America's Most Overpriced Cities</a>



No 1 - Los Angeles

No 6 - Riverside

No 18 - San Francisco
 
[quote author="halfnote19" date=1241851847]<a href="http://'http://realestate.yahoo.com/promo/americas-most-overpriced-cities.html;_ylc=X3oDMTFwNDdkZmIxBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNvdmVycHJpY2VkLWNpdGllcw'">America's Most Overpriced Cities</a>



No 1 - Los Angeles

No 6 - Riverside

No 18 - San Francisco</blockquote>
Riverside more overpriced than San Francisco? haha What are they smoking???
 
<a href="http://www.calculatedriskblog.com/2009/05/more-foreclosure-auction-video.html">Hat tip to CR for this video on a pro at the foreclosure auction in Seattle</a>.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
need help! I just put in an offer on a forecloser home in Irvine. Once and if the bank accept an offer, how long or delay would take to get the home close escrow? Homes in Irvine does not seems to have problem selling, this is the 7th offers I have made. I actually offered way more than the asking price even if the home price is in the right range. I can't seem to get a home and decided to go all for it on this one. Thanks
 
[quote author="happysmile" date=1242387764]need help! I just put in an offer on a forecloser home in Irvine. Once and if the bank accept an offer, how long or delay would take to get the home close escrow? Homes in Irvine does not seems to have problem selling, this is the 7th offers I have made. I actually offered way more than the asking price even if the home price is in the right range. I can't seem to get a home and decided to go all for it on this one. Thanks</blockquote>
Wow, talk about impatience. Why the big rush and the need to bid up? With an REO, the bank should get back to you within 3-5 business days of your offer. If you get in a multiple counter-offer situation, please don't pay too much.
 
we are thinking to buy a property at trustee sale as our home. Does anyone know any title companies would do a preliminary title report for us before we make a decision to buy? That way we would feel much safer. Also, what are the ways to get title insurance after the trustee sale, since we plan to keep it for ourselves?



Thank you very much.
 
<a href="http://irvinehomes.freedomblogging.com/2009/05/28/13-more-irvine-homes-headed-to-auction/">Thirteen more Irvine homes scheduled for auction.</a>
 
<a href="http://mortgage.freedomblogging.com/2009/06/27/investors-compete-for-disounted-foreclosures/12763/">Frenzied Biiding on discounted foreclosures</a>



Graph, anybody else been there recently and care to comment? From the article, while interest is up, that still isn't keeping prices up.



"For example, at least four people bid on a two-bedroom house in Anaheim on Zeyn Street. Winning bid: $206,000. Amount owed before foreclosure: $565,000. Discount: $359,000. (Amounts are rounded to 1,000, and I assume amount owed is on first mortgage. There could be more liens against the property, but they should be eliminated by the auction.)"



If a four person bidding four is still resulting in 63% off the previous loans... the banks are hurting.



but hunting down Zeyn street in Anaheim (all three of them), for a 2bd it doesn't appear to be a smoking deal..
 
Here is the thing... There are a ton scheduled for the auction everyday. Around 225 as a rough estimate. But, the majority is either being postponed or canned, with about 30% left over that are worth bidding on. Now, there are a lot of amateurs there lately, they bid up properties that they shouldn't, and they miss out on bidding on properties that slip through the cracks. It is classic herd behavior, the banks know this, and some of the pros do too. You remember me mentioning that the pros will bid up a property just to f*ck with the amateurs, right? I've seen it, you gotta watch out for the schleppy looking dude in cargo pants, he may not look it... but he has enough cashiers checks in his pockets to fund my retirement.



As for the Zeyn property, depending on the condition, it could sell for $250-$270k in this market. While it isn't a huge $ return it is a nice % return. Now, if they are like many of the fools who are buying to rent now and plan on selling later... they are going to be f*cked. There are so many homes for rent in the "eh" areas. Just in two blocks of the hood here by Cayci are four properties for rent, three for sale, and a few more in foreclosure or have been foreclosed on but haven't been evicted. If you understand the very rudimentary basics of econ, and you realize that many of the jobs that house or used to house this demographic are long gone, and not coming back for some time, then you would flip it and get the hell out. The neighborhood is improving by the quality of people moving in, but it is also going downhill from those that live here. The graffiti has increased significantly in the last six months, much like I recall it doing in the 90s.



Wash, rinse, and repeat.



If only it were like the 90s, and the guberment made the executive decision to purge the system of the bad home loans and foreclose faster, then we would get to the bottom sooner. All the idiot bulls who praise the loan mods and moratoriums are going to regret it later when they realize it doesn't work, and the system needs to be purged.
 
[quote author="No_Such_Reality" date=1246273349]



"For example, at least four people bid on a two-bedroom house in Anaheim on Zeyn Street. Winning bid: $206,000. Amount owed before foreclosure: $565,000. Discount: $359,000. (Amounts are rounded to 1,000, and I assume amount owed is on first mortgage. <strong>There could be more liens against the property, but they should be eliminated by the auction</strong>.)"



.</blockquote>




I thought that many liens are *NOT* eliminated by FC auctions.



Property taxes? Mechanics liens?



Anything else?



Graph?
 
By my count, there are currently three listings for short sales in Turtle Rock:



<a href="http://www.redfin.com/CA/Irvine/18822-Saginaw-Dr-92603/home/4738023">One</a>

<a href="http://www.redfin.com/CA/Irvine/19272-Sierra-Inez-Rd-92603/home/4741159">Two</a>

<a href="http://www.redfin.com/CA/Irvine/19531-Sierra-Soto-Rd-92603/home/4740040">Three</a>



Could someone with access to the loan data post the total owed for each of these homes?



Not really interested in buying, I'm just a Turtle Rock spectator. I'm wondering about how the amount short relates to the time on the market.



Thanks
 
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