My Rental foreclosure/REO Purchase story

Fire blade said:
The realtors that US Bank had hired weren't able to sell the house, so they sourced it to a private auction company.
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I'm surprised they didn't try to negotiate with you a 4-hour window where the home would be like an open house prior to the auction, offering to pay you some fee.

Going through with the auction without giving bidders access to the house just seems limiting to the auction process... which of course was to your advantage and since you said it still came close to market value, wasn't a real loss for the bank... but I find that a bit short sighted by the realtors.
 
qwerty said:
Fire blade said:
With this auction you had to pay 5% upfront. The rest you finance ( I had my loan approved through John Wheaton) or pay cash, but there is a clause that you close escrow within 30 days.
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Just curious what qualified this auction for 5% down with the ability to finance the rest?
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This was at an auction company that sells REOs on behalf of banks after they've already foreclosed on the homes.  The buyers have to put down 5% if they win the bidding and have to pay an additional 5% buyer's premium in addition to the winning bid.  Properties at these auctions typically reflect market prices once you factor in the 5% buyer's premium (with Fire Blade's situation being an exception since no other bidders could view the home).  This is not the Trustee Sale that happens at the courthouse steps where you have to come with all cash (or cashiers checks).
 
There's more to this story. I came in around 58k below market. Sorry, I was not clear in my last post. But the story is done yet..
 
USCTrojanCPA said:
qwerty said:
Fire blade said:
With this auction you had to pay 5% upfront. The rest you finance ( I had my loan approved through John Wheaton) or pay cash, but there is a clause that you close escrow within 30 days.
Click to expand...

Just curious what qualified this auction for 5% down with the ability to finance the rest?
Click to expand...
This was at an auction company that sells REOs on behalf of banks after they've already foreclosed on the homes.  The buyers have to put down 5% if they win the bidding and have to pay an additional 5% buyer's premium in addition to the winning bid.  Properties at these auctions typically reflect market prices once you factor in the 5% buyer's premium (with Fire Blade's situation being an exception since no other bidders could view the home).  This is not the Trustee Sale that happens at the courthouse steps where you have to come with all cash (or cashiers checks).
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oh yeah, the trustee sale already happened since it was an REO, had a brain fart there.
 
USCTrojanCPA said:
This was at an auction company that sells REOs on behalf of banks after they've already foreclosed on the homes.  The buyers have to put down 5% if they win the bidding and have to pay an additional 5% buyer's premium in addition to the winning bid.  Properties at these auctions typically reflect market prices once you factor in the 5% buyer's premium (with Fire Blade's situation being an exception since no other bidders could view the home).  This is not the Trustee Sale that happens at the courthouse steps where you have to come with all cash (or cashiers checks).
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auction.com does a lot of private REO auctions and totally agree with USCT - the final price is rarely any better than buying a standard MLS sale...i really dont get why people flock to these. 

fireblade, was your purchase price less than the foreclosure price?
 
The price that I won at along with the 5% fee ended up being net below 30k or so of market. However, there's another twist to this story.  Here's a hint to the 4th and final part :I shall name it "Attack of the evil thugs at US Bank".  >:D.   
 
irvinehomeowner said:
I think we should just tell the story... like one of those Internet forum games.

I'll start:

So I hired a private investigator to track down the landlords. Turns out they were spies from China trying to discover the secret of The Irvine Company inflated house premiums. They ended up terminating my PI and sending an assassin after me now that I knew of their plans.

Fortunately, I am trained in 12 forms of martial arts and an expert marksman in small firearms -- skills which saved my life as the assassin they sent was a Ninja with magical powers from another dimension. Just about when he was powering up to throw a lightning bolt at me I pulled out my Fire Blade...

[Part 3 forthcoming]

:)
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... raised it in the air and yelled... "BY THE POWER OF BRENSKULL!!!"

Right before HomerNinja's lightning bolt struck me I turned into IHOMan... Defender of the IrvineVerse. I used the FireBlade to block the lightning bolt but was then struck from behind by Captain PStar... a long standing nemesis of mine.

As I staggered to my feet, I knew that facing a double-team wasn't in my favor. Just as I was about to get attacked by both Homer and PStar at the same time, SuperPS9, my brother from another mother, came out of nowhere to even the odds.

Now it was on...

[Continued in Part 5]

 
... like Donkey Kong!

Although HomerNinja and Captain PStar were ferocious in their attacks, the fact that they were unfamiliar with each other's style gave SuperPS9 and I the advantage since we both practice CrouchingTigerVolumeCeiling style. Though they thought the combination of AmericanIdol kicks and LouisVutton punches were going to be enough, our methodical usage of SuitcaseOfCash fists and Flying3CWG elbows won out and they were defeated eventually.

But just about when PS9 and I were going to do our Gangnam Style celebration dance... the sky opened up and the smell of sea salt filled the air. Behind us, we heard a ominous voice say "Not so fast... you forgot about the fundamentals... muhahahahah!".

We both turned around... and lo and behold... it was Darth Indy staring at us...

[Stay tuned for the next chapter of TI Wars]
 
USCTrojanCPA said:
davenlei said:
Need an update please....
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I'll send the bat signal to Fire Blade to come in and finish the story for everyone. 
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Too late. I've already forgotten the beginning and middle. I'd have to read it all over again.  :'(
 
With the arrival of Darth Indy, HomerNinja and Cpt. PStar were able to recuperate and now SuperPS9 and myself were looking at a 2 on 3 scenario.

Just as everyone was about go all UFC on each other... Cpt. PStar makes this announcement:

"Ya know... this Battle of Irvine is stupid. Irvine is overrated and I could probably get more bang for my buck elsewhere. I'll let you goons figure it out while I'm walking around pantsless in my view lot 3CWG home... laters."

And he zooms off into the sunset leaving us with better odds against Indy and Homer.

So the final throwdown resumes with an exchange of razor sharp blades, laser blasts, knuckle sandwiches, eye gouges, noogies and even a nicely timed wedgy performed by PS9 on Darth Indy. Homer and I get into a 3pt shooting contest and just as I'm about to tack an 'E' on his 'H-O-R-S'... Darth Indy blindsides me with his Fundamental Cannon. I'm writhing in pain on the ground as he's pulls out his SmarterThanEveryone Light Saber to end my existence. And just as he swings his weapon down... Homer jumps in front of it to block the death strike to the surprise of everyone. PS9 executes a ShoRyuKen flaming uppercut punch on Indy's chin while I go check on Homer.

I look at his wounds and automatically know he's dying and I ask him why he sacrificed himself for me, he looks up and says:

"Because... you are my brother."

As my mind explodes with this news, I ask him that if he knew that, why did he fight alongside with Darth Indy against us. As his last breath leaves his body, he leaves me with these words:

"Because... I am his son."

Then the realization hits me and hear this maniacal laughing behind me as Darth Indy levitates above the ground and says:

"Yes... IHO... you know that also means... I AM YOUR FATHER!"

[stay tuned for the finale]
 
Hahaha, sorry guys. Was traveling for work for a while and then got tied up as usual in life stuff. By then it was 30 days out and I felt it was too old a story to even bother. Let me know if you guys want me to finish this. Sheesh, I feel like I let all of you down!
 
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