Foreclosure and distressed property topics

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IIRC from when I looked this morning, the first and second equaled about $5M.

At a purchase price of $5,325,000, please tell me some idiot bank didn't do a zero down on a FIVE MILLION DOLLAR HOME?

My guess is with a $1.37 bid, it's the second at 20% would be about $1.065. Do a little neg-Am to 115%, add 6-9 months missed payments, add penalties and fees and $1.37 is possible.
 
Recently saw an offer on a nationwide portfolio of non-performing seconds. There were approximately 400 properties in the portfolio and distributed nationwide. $.10 on the $1.

That's probably 9 cents too high. If not more.
 
I only found 16 properties in the $400k to $800k range with 3bd/3ba in OC. Seems a bit low if you ask me. Maybe I should reduce the bath number to 2. But if they are pulling data from the MLS a trick that the Realtards are using is stating that the home is "corporate" owned.
 
Graphix,

Are you going to the REDC auction for the Admiral Way Townhomes in Costa Mesa?

I'm wondering if any will sell since it seems like they need so much work with all the termites, fungus and dryrot.

thx in advance for posting any observations if you do go.

ashley
 
Ash - If you check out the docs they fixed all that stuff. Rather cheaply if you ask me but they took care of it.

I may go just to see what it is all about but I did forget about the big auction this last weekend. So you never know with me.
 
There were 587 homes that were scheduled for foreclosure at the Santa Ana court house for August. A total of 240 were foreclosed on. 223 went back to the bank and a whopping 17 sold. Irvine had 29 scheduled for foreclosure with 9 going back to the bank and 2 sold.

The majority of the others were postponed with many filing BK. Does anyone know if the BK filings for OC are available to the public online? I don't need names just the numbers. Paging EvaL.

The most interesting property this month is 30 Antique Rose 92620. This one was postponed month after month. I was thinking just get it over with already. Anyway it sold for a penny over the minimum bid for $1,205,433.08 and I bet Pacific Legacy bought it. That really sucks for the three people trying to sell their home is this tract ranging from $1.699mil to $1.835mil. If I were the buyer of 30 Antique Rose I'd price in the $1.4mil range just make a quick buck. But that is if there is a buyer out there for even that price.
 
graphrix - What happens to the properites which are scheduled for foreclosure, but do not go back to the bank or are not sold? ex. Irvine had 29 scheduled for foreclosure with 9 going back to the bank and 2 sold. What happened to the other 18?
 
awgee - Most were postponed to next month and as far out as October. The others were cancelled which means they caught up, refi'd (highly unlikely) or sold the property. I used to count up the number of cancelled properties and subtract them from the leftover number which would give me the postponed number but with 587 to go through I just can't deal with that.

For Irvine 7 were cancelled meaning 11 were postponed. One that was cancelled was the second lien for 30 Antique Rose. So knowing that some of the leftovers that get cancelled are second liens on properties that do get foreclosed on.
 
The tax watchdog orgs need to pool together and get a simple advertisement running nationally showing excerpts from Real Housewives of OC with Slade's holding his hand out for a million dollar plus government bailout...

Yes, I know, Slade hasn't asked for one, but a homeowner bail out will be bailingout the Slade's of the world.
 
As of August 30th the NTS had not been recorded. That doesn't mean that a NTS hasn't been filed it could be it just isn't showing up yet. But it looks like his ex-wife hasn't been paid either. What a loser.

I think a reader here ended up signing a lease on his property.
 
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