Quail Hill Foreclosures

NEW -> Contingent Buyer Assistance Program
Thats a great link. Thanks Anonymous.

I am confused though by the minimum bid. On the 112 Stepping Stone property, its listed for $505K in the MLS but shows a minimum bid of $728K. Why?
 
rkp said:
Thats a great link. Thanks Anonymous.

I am confused though by the minimum bid. On the 112 Stepping Stone property, its listed for $505K in the MLS but shows a minimum bid of $728K. Why?
Click to expand...

They are hoping the lender will take a short sale price of $505k. Will the lender take it, if they get an offer, when the lender is owed $728k? Probably not. But, that is the NTS amount, not the actual minimum bid. It could be the minimum bid, but it could change come 5/21. Take 27 Perennial for example, the NTS is $566k, but the minimum bid is $346.5k. And, keep in mind there are 6 other Quail Hill homes in foreclosure not on that list, plus a few in Shady too. So, the minimum bids will get lower, just wait and see.
 
graphrix said:
rkp said:
Thats a great link. Thanks Anonymous.

I am confused though by the minimum bid. On the 112 Stepping Stone property, its listed for $505K in the MLS but shows a minimum bid of $728K. Why?
Click to expand...

They are hoping the lender will take a short sale price of $505k. Will the lender take it, if they get an offer, when the lender is owed $728k? Probably not. But, that is the NTS amount, not the actual minimum bid. It could be the minimum bid, but it could change come 5/21. Take 27 Perennial for example, the NTS is $566k, but the minimum bid is $346.5k. And, keep in mind there are 6 other Quail Hill homes in foreclosure not on that list, plus a few in Shady too. So, the minimum bids will get lower, just wait and see.
Click to expand...

Graphix,

How do you check what the min bid will be on the auction date? My cousin is currently looking to purchase in Irvine and they might be interested in buying some of these auction properties; although I really don't see how they can come up with all that cash upfront. Do they change the NTS amount the last few days?

It'd be cool if they could purchase around us, but I keep telling them to hold off on buying. If the prices on these foreclosures were compelling enough, it might be worth trying.
 
The house probably got an offer for $1.299mm; but since it's a short-sale, the bank refused to accept the offer. So as a result the agent had to raise the price to the bank's minimum price.

This is why it's a waste of time to try to buy short-sales. Banks just jerk you around thinking they can get higher prices.

Just my opinion.
 
QHBruin said:
Graphix,

How do you check what the min bid will be on the auction date? My cousin is currently looking to purchase in Irvine and they might be interested in buying some of these auction properties; although I really don't see how they can come up with all that cash upfront. Do they change the NTS amount the last few days?

It'd be cool if they could purchase around us, but I keep telling them to hold off on buying. If the prices on these foreclosures were compelling enough, it might be worth trying.
Click to expand...

I would suggest checking out the foreclosure thread first. I have posted various free foreclosure info sources there, as well as answering to why people shouldn't buy now too. It has become worse than I ever expected, and I really do not see it getting any better any time soon.

Once you check that thread, you will find my source for properties, like 347 Tall Oak. The nefcortez site has the minimum bid at $581.5k, but I think it might be lower once the lender realizes that street is falling faster than Pacific Lumber can clear cut 10 acres of land. My source updates the minimum at the last minute, or even after the auction.

Remember, banks do not like being homeowners, and they are just now starting to realize this. An older condo in Laguna Niguel went back to the bank for $131k today, and this is well below the 1998 purchase price of $201k. Even if it needed a $100k in work, it could be a comp killer being fully upgraded at $300k, and a nice profit could be made. The deals are starting to happen, and it is a matter of having the cash to make them happen.
 
Another Vicara foreclosure: 15 Balcony. (The property was discussed earlier in this thread, in Feb/March when it was for rent for $8,300.)

Irvine Renter profiled 15 Balcony last year, when it was for sale for $2.9 million!

http://www.irvinehousingblog.com/blog/comments/balcony-view

Wednesday

8/13/2008 2:00:00 PM

Address: 15 BALCONY

Get Yahoo! Map

City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 481-094-02

Sale Status: Sale Date 08/13/2008

TS Number: GM138858C

Notice of Sale Amt: $2,060,703.00

Opening Bid Amt: 0

Sold Amt: 0

Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.

Get Yahoo! Map

Trustee: Executive Trustee Services, Inc.

Trustee Phone#: (818)260-1600
 
Wow, just realized I, duh, wasn't doing the searches right on ForeclosureRadar.com, didn't see Quail Hill properly because I wasn't doing the searches correctly. Just went there and as an experiments searched 92603 for houses 1M+ (and only that parameter, not by # bd, # ba or sq. ft.) and wow, zooming in on Quail Hill what a map. Then I realized there was a next button for the next page of 92603 listings and had to rezoom on Quail Hill for the rest of them on the map. I guess the high end is not immune...
 
Can anyone figure out what's going on with 139 Treehouse? It looks like its scheduled for auction on Wednesday, Sept 10, but the notice also indicates a previous "sale" was "canceled."

IrvineRenter profiled this property back in December:

http://www.irvinehousingblog.com/blog/comments/knife-catcher-wanted/

According to that profile, this property features a $500k mortgate equity withdrawal. Best of all, it appears the owner is a real estate broker who flamed Irvine Renter in connection with a previous posting. (Search the comments to the December posting for details...)

Wednesday

9/10/2008 2:00:00 PM

Address: 139 TREEHOUSE

City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 481-111-11

Sale Status: Cancelled on 08/05/2008

TS Number: CA08156881ED

Notice of Sale Amt: $844,187.56

Opening Bid Amt: 0

Sold Amt: 0

Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.

Trustee: Quality Loan Service Corporation

Trustee Phone#: (619)685-4800
Code:
 
Looks like 139 Treehouse is now going to auction on Oct 16:

Thursday

10/16/2008 2:00:00 PM

Address: 139 TREEHOUSE

City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 481-111-11

Sale Status: Postponed To 10/16/2008 2:00 PM

(Beneficiary's Request)

TS Number: CA08156881ED

Notice of Sale Amt: $849,904.87
 
woodbury_owner said:
Wow, I'd pay $850k for this place! Any guesses on what the final auction price will be?
Click to expand...

You know you could try to talk to the bank's loss mitigation department to see if they will let ya have it prior to it going to sale. You paying the asking price of the bank is a dream come true... for the bank. ;)
 
redline said:
woodbury_owner said:
Wow, I'd pay $850k for this place! Any guesses on what the final auction price will be?
Click to expand...

You know you could try to talk to the bank's loss mitigation department to see if they will let ya have it prior to it going to sale. You paying the asking price of the bank is a dream come true... for the bank. ;)
Click to expand...

Do it woodbury_owner! You getting a good deal helps everyone! (Lowers the comps).
 
What are the recent comps (if any)? IIRC, a couple of places in this tract have sold in the $1.1-1.2m range this year. Will the bank take $850 if they think they can get $1.1? Also, does the same bank hold the second mortgage? When Irvine Renter profiled this place, he said there was a HELOC that had been tapped to $500k. If the same bank holds the first and the second mortgages, there's no way it will take $850. But if the HELOC creditor is another bank, this could really be the neighborhood comp killer.
 
Looks like the short sale on 51 Momento in Vicara fell through, and it's scheduled for auction on October 29. Opening bid is down to $1.485m.

Wednesday

10/29/2008 2:00:00 PM

Address: 51 MOMENTO

City: IRVINE

State: CA

Zip: 92603

County: Orange

APN: 481-095-25

Sale Status: Sale Date 10/29/2008 2:00 pm

TS Number: CA07107189NF

Notice of Sale Amt: $1,590,892.40

Opening Bid Amt: $1,485,000.00

Sold Amt: 0

Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana, CA.

Trustee: Quality Loan Service Corporation

Trustee Phone#: (619)685-4800
 
You must log in or register to reply here.
Back
Top