Help - Dana Point House I Like is Going to Auction Tomorrow on Courthouse Steps

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Fishhead_IHB

New member
There's a house around the corner that my wife and I have been interested in since last summer. We liked the bones of the house, the lot and the location. It was originally listed at a WTF price but it was obviously on its way to foreclosure. The mini real estate mogul owner had way too many properties and not enough money. Fast forward 7 months and it came on the market a couple of weeks ago at a low price of $ 500 K (short sale). It was then in back-up offer status within 12 hours (kinda funny, no?). Our agent called and was told that there was an accepted short sale offer and 6 back-up offers. Since I thought that this would take months to go through the process and that there would probably be at least one chance at a counter offer, I threw an offer into the hopper. Then I noticed that the listing was removed from Redfin last week. It wasn't in any status but totally gone, so I asked my agent to check it out. She called me last night and told me that it is up for auction in Santa Ana tomorrow at noon. Wow! I smell some hanky-panky with this situation.



I don't have the MLS listing number on me but the address is 33150 DeSoto Way in Dana Point. I'm pretty sure the zip is 92629.



Does anyone know about this sale?



How hard is it to actually buy the house on the courthouse steps?



Thanks,



Fishhead
 
[quote author="Fishhead" date=1240434040]There's a house around the corner that my wife and I have been interested in since last summer. We liked the bones of the house, the lot and the location. It was originally listed at a WTF price but it was obviously on its way to foreclosure. The mini real estate mogul owner had way too many properties and not enough money. Fast forward 7 months and it came on the market a couple of weeks ago at a low price of $ 500 K (short sale). It was then in back-up offer status within 12 hours (kinda funny, no?). Our agent called and was told that there was an accepted short sale offer and 6 back-up offers. Since I thought that this would take months to go through the process and that there would probably be at least one chance at a counter offer, I threw an offer into the hopper. Then I noticed that the listing was removed from Redfin last week. It wasn't in any status but totally gone, so I asked my agent to check it out. She called me last night and told me that it is up for auction in Santa Ana tomorrow at noon. Wow! I smell some hanky-panky with this situation.



I don't have the MLS listing number on me but the address is 33150 DeSoto Way in Dana Point. I'm pretty sure the zip is 92629.



Does anyone know about this sale?



How hard is it to actually buy the house on the courthouse steps?



Thanks,



Fishhead</blockquote>


My understanding is that it is easy to buy on the courthouse steps, but you need a cashier's check for the full amount.

I would not assume hanky panky. If the property is covered by PMI, it may be less onerous for the lender to let the home go to foreclosure than to accept a short sale.
 
Fishhead



Be sure to take cashier checks in various amounts to be able to bid. If you think it will sell for around 500K you may want to take one for 400K and several for 10 to 20K to be able to come in higher than the other guys.



Enjoy and keep us posted.
 
Graphix called it, I think.



I was told that it was being post-poned by the Loss Mitigation Department until next month, probably to possibly work out a deal. But when I tracked it on the website Fidelityasap.com, it showed that it is still up for sale today. I assume that the website is not up to date but we'll see in a little bit.



One good thing that I have learned is how to follow and anticipate these foreclosure sales. I'm not looking to become a REO mogul but maybe I can score a good deal on a property with this information. Me thinks there may be some great opportunities in the coming months. Of course I'll want to be cautious because this is actually my own money.



Thanks,



Fishhead
 
Yup, postponed to 5/26.



I think there are some great opportunities out there. If you are serious about making some money off of foreclosures, then you might want to PM me. It just depends on what you are looking to do, but I might know of something that could interest you.
 
[quote author="graphrix" date=1250262645]Now postponed to 8/28. Just foreclose already!</blockquote>


But where's the fun in that? :p
 
Fishhead:



Sorry... OREO is my newest acronym... it's Option REO... kind of like Option ARM, where the bank decides whether or not to put it on the market. It's basically part of all that shadow inventory out there that never gets to market.
 
Why do all the homes that have been vacant for some time all smell the same when you go inside? It does not matter what city you are in or what materials the floor is made of (wood, tile, carpet, etc.). I have been in some recently unshadowed inventory that has been vacant for several months and it is the same smell.

BTW, it is amazing how fast a house deteriorates if it has been vacant for a while. Kinda scary.
 
[quote author="graphrix" date=1252479829]Postponed to 10/14 now.



O... R... E... O...</blockquote>
But of course, this isn't counted as shadow inventory.
 
[quote author="irvine_home_owner" date=1252480037][quote author="graphrix" date=1252479829]Postponed to 10/14 now.



O... R... E... O...</blockquote>
But of course, this isn't counted as shadow inventory.</blockquote>


They will be getting a loan mod for 125% DTI. Which they will promptly default on.
 
I walked by the other day and it appeared that the renters were having a nice Labor Day party. From what I can tell, they're taking pretty good care of the property.



My bet is that the "owner" and the lender have some arrangement where the mortgage or part of it is being paid until the lease is up (I think they moved in early in the year). I assume that they're kicking the can down the road until early next year.



I hope the current occupents paint the rooms a color I like ...



FH
 
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