Quail Hill mid-high end foreclosures

NEW -> Contingent Buyer Assistance Program
Someone want to loan me 850k cash? I'll buy that 105 Bottlebrush.



Thanks for the posts Gavrilo... it's just strange because like 51 Momento, most of these high-ends bounce around. I need more of those Bs to hit the market to bring the prices down.
 
What do those little stars mean, again? - such as the one on the blue Auction button in the bottom-left of the first map.
 
Let's settle a terminology issue. In my opinion, a property is not a "foreclosure" until AFTER the Trustee Sale auction has actually occurred and failed (IE, the bank took it back). Until that point, the property is in default, or pre-foreclosure-but it's not in foreclosure. For example, GavriloPrincip listed a whole bunch of properties that he says are in foreclosure-but none of them actually are, because the Trustee auction has not occurred yet on any of them. They are all in default or pre-foreclosure, not foreclosure. Until the auction actually happens, there is a chance that the present owner will pay the amount owed, arrange a short sale, or get a loan mod, and the property will never progress to the foreclosure stage. My argument is that there are very few properties that have progressed past the foreclosure stage (after a failed trustee auction) that have not been listed on the MLS (or the bank's websites) as a REO.



So, my question is, does anybody have any evidence that there are large numbers of bank-owned properties (after a failed trustee auction actually occurred-not scheduled, not posponed, actually took place and failed) that are not currently for sale as an REO?
 
[quote author="SoCal78" date=1249284394]What do those little stars mean, again? - such as the one on the blue Auction button in the bottom-left of the first map.</blockquote>


Stars mean he liked added them to his favorites
 
[quote author="Geotpf" date=1249288848]Let's settle a terminology issue. In my opinion, a property is not a "foreclosure" until AFTER the Trustee Sale auction has actually occurred and failed (IE, the bank took it back). Until that point, the property is in default, or pre-foreclosure-but it's not in foreclosure. For example, GavriloPrincip listed a whole bunch of properties that he says are in foreclosure-but none of them actually are, because the Trustee auction has not occurred yet on any of them. They are all in default or pre-foreclosure, not foreclosure. Until the auction actually happens, there is a chance that the present owner will pay the amount owed, arrange a short sale, or get a loan mod, and the property will never progress to the foreclosure stage. My argument is that there are very few properties that have progressed past the foreclosure stage (after a failed trustee auction) that have not been listed on the MLS (or the bank's websites) as a REO.



So, my question is, does anybody have any evidence that there are large numbers of bank-owned properties (after a failed trustee auction actually occurred-not scheduled, not posponed, actually took place and failed) that are not currently for sale as an REO?</blockquote>


Yes, I posted it above. There are <strong>8000</strong> REOs that are not on the market in OC. Those are <strong>bank owned</strong> properties, that are now considered <strong>REO</strong> because a <strong>trustees deed</strong> was recorded, that are <strong>not on the market</strong>, that are <strong>in OC</strong>. This is the rough gist of the math REO/Foreclosed on/Bank Owned sales via the MLS equaled about 11,000, and the actual REOs/Foreclosed on/Bank Owned actual Trustee Sales equaled about 19,000. The difference being roughly <strong>8000 REOs/Foreclosed on/Bank Owned actual Trustee deeded properties</strong> that have <strong>NEVER been on the market</strong>, that <strong>sit on the banks books</strong>.



I really can not simplify it any more than that. Banks have 8000 properties that have gone through and completed the trustee sale in OC that have never been on the market.
 
[quote author="graphrix" date=1249312036][quote author="Geotpf" date=1249288848]Let's settle a terminology issue. In my opinion, a property is not a "foreclosure" until AFTER the Trustee Sale auction has actually occurred and failed (IE, the bank took it back). Until that point, the property is in default, or pre-foreclosure-but it's not in foreclosure. For example, GavriloPrincip listed a whole bunch of properties that he says are in foreclosure-but none of them actually are, because the Trustee auction has not occurred yet on any of them. They are all in default or pre-foreclosure, not foreclosure. Until the auction actually happens, there is a chance that the present owner will pay the amount owed, arrange a short sale, or get a loan mod, and the property will never progress to the foreclosure stage. My argument is that there are very few properties that have progressed past the foreclosure stage (after a failed trustee auction) that have not been listed on the MLS (or the bank's websites) as a REO.



So, my question is, does anybody have any evidence that there are large numbers of bank-owned properties (after a failed trustee auction actually occurred-not scheduled, not posponed, actually took place and failed) that are not currently for sale as an REO?</blockquote>


Yes, I posted it above. There are <strong>8000</strong> REOs that are not on the market in OC. Those are <strong>bank owned</strong> properties, that are now considered <strong>REO</strong> because a <strong>trustees deed</strong> was recorded, that are <strong>not on the market</strong>, that are <strong>in OC</strong>. This is the rough gist of the math REO/Foreclosed on/Bank Owned sales via the MLS equaled about 11,000, and the actual REOs/Foreclosed on/Bank Owned actual Trustee Sales equaled about 19,000. The difference being roughly <strong>8000 REOs/Foreclosed on/Bank Owned actual Trustee deeded properties</strong> that have <strong>NEVER been on the market</strong>, that <strong>sit on the banks books</strong>.



I really can not simplify it any more than that. Banks have 8000 properties that have gone through and completed the trustee sale in OC that have never been on the market.</blockquote>
And I'd be willing to bet that Bank of America/Countywide (followed by Wells Fargo) have the majority of those properties.
 
[quote author="graphrix" date=1249312036][quote author="Geotpf" date=1249288848]Let's settle a terminology issue. In my opinion, a property is not a "foreclosure" until AFTER the Trustee Sale auction has actually occurred and failed (IE, the bank took it back). Until that point, the property is in default, or pre-foreclosure-but it's not in foreclosure. For example, GavriloPrincip listed a whole bunch of properties that he says are in foreclosure-but none of them actually are, because the Trustee auction has not occurred yet on any of them. They are all in default or pre-foreclosure, not foreclosure. Until the auction actually happens, there is a chance that the present owner will pay the amount owed, arrange a short sale, or get a loan mod, and the property will never progress to the foreclosure stage. My argument is that there are very few properties that have progressed past the foreclosure stage (after a failed trustee auction) that have not been listed on the MLS (or the bank's websites) as a REO.



So, my question is, does anybody have any evidence that there are large numbers of bank-owned properties (after a failed trustee auction actually occurred-not scheduled, not posponed, actually took place and failed) that are not currently for sale as an REO?</blockquote>


Yes, I posted it above. There are <strong>8000</strong> REOs that are not on the market in OC. Those are <strong>bank owned</strong> properties, that are now considered <strong>REO</strong> because a <strong>trustees deed</strong> was recorded, that are <strong>not on the market</strong>, that are <strong>in OC</strong>. This is the rough gist of the math REO/Foreclosed on/Bank Owned sales via the MLS equaled about 11,000, and the actual REOs/Foreclosed on/Bank Owned actual Trustee Sales equaled about 19,000. The difference being roughly <strong>8000 REOs/Foreclosed on/Bank Owned actual Trustee deeded properties</strong> that have <strong>NEVER been on the market</strong>, that <strong>sit on the banks books</strong>.



I really can not simplify it any more than that. Banks have 8000 properties that have gone through and completed the trustee sale in OC that have never been on the market.</blockquote>


Fair enough. How long have the banks owned these properties? There's usually a few months delay, just due to the time it takes to clean/inspect/repair/list them. But if the banks have held on to these for more than 3-6 months, there's a serious problem.
 
See, this is something I asked about a while back. How long are these banks going to sit on these shadow or optional REOs (OREOs!!!!)???



And how many of these exist in Irvine... or more specifically Quail Hill? Does the FR.com site list the OREOs too?



And for those houses slated for auction... do they actually ever get there? I'm not sure if the situation is worse or better than a year ago because it seems like nothing is really moving.
 
BTW - if you haven't seen it yet - Google has a new free tool that lets you see what's on MLS, foreclosures, etc. for free



<A href="http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=foreclosure&mrt=realestate&sll=33.65721,-117.785797&sspn=0.101449,0.185051&ie=UTF8&radius=5.32&rq=1&ev=p&ll=33.65721,-117.785797&spn=0.101449,0.185051&z=12">http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode;=&q=foreclosure&mrt=realestate&sll=33.65721,-117.785797&sspn=0.101449,0.185051&ie=UTF8&radius=5.32&rq=1&ev=p&ll=33.65721,-117.785797&spn=0.101449,0.185051&z=12</A>
 
Hey Graphrix and all,

First off. Thanks for all your help here. I really appreciate it. You can tell I'm a newbie in terms of purchasing foreclosures.



So it sounds like the process is this:



If I'm interested in a property. Let's say 149 Treehouse, I go to the courthouse on the listed date (hopefully, they didn't postpone it.



Since the amount is:

Notice of Sale Amt: $914,024.27



I go to the courthouse with a check in that amount or rather, a check in the amount at that price or over that I'm willing to pay for it.



If I do get it, then I hand over the check and we sign the deed?





The main drawback is:



1) I don't know if there are other liens on the property.



2) If I haven't seen the inside of the property yet, I really can't until after I purchase it. Meaning, the old owners can trash it.



3) I have to have a cashier's check because I can't sit there and get a loan from a lender on a foreclosure.



What happens if I do get it, and I walk in the house and people are still living there? kick them out?

If no one bids on it, the banks takes it back, and probably hires a realtor to sell it.





Is this the process? Any thoughts?
 
[quote author="frank69m" date=1249390529]Hey Graphrix and all,

First off. Thanks for all your help here. I really appreciate it. You can tell I'm a newbie in terms of purchasing foreclosures.



So it sounds like the process is this:



If I'm interested in a property. Let's say 149 Treehouse, I go to the courthouse on the listed date (hopefully, they didn't postpone it.



Since the amount is:

Notice of Sale Amt: $914,024.27



I go to the courthouse with a check in that amount or rather, a check in the amount at that price or over that I'm willing to pay for it.



If I do get it, then I hand over the check and we sign the deed?</blockquote>


Yes, but you go with checks. Plural because you don't want to go to the courthouse with a $1.2mil check, win the bid at $914,024.28, and have to wait for the county to refund you the near $300k they would owe you. You go with a check for the minimum, and increments of $10k, $5k, and $1k up to the max you want to bid.



<blockquote>The main drawback is:



1) I don't know if there are other liens on the property.</blockquote>


True, but I can help you with this.



<blockquote>2) If I haven't seen the inside of the property yet, I really can't until after I purchase it. Meaning, the old owners can trash it.</blockquote>


True, but there are ways to prevent this, and I can help you with this.



<blockquote>3) I have to have a cashier's check because I can't sit there and get a loan from a lender on a foreclosure.</blockquote>


True, but there are ways around this if you really do have the cash, and can get a loan for a property that will for sure appraise at the value needed to get the loan. Again, I can help you with this.



<blockquote>What happens if I do get it, and I walk in the house and people are still living there? kick them out?</blockquote>


If you do step two correctly, you don't have to worry about this. If you don't, then I can help you with this.



<blockquote>If no one bids on it, the banks takes it back, and probably hires a realtor to sell it.</blockquote>


Exactly. Maybe you can weasel your way in with the asset manager of this home before it gets to a Realtor, but you would be some amazing weasel if you actually do.



If you are truly serious about purchasing at the auction, then I/we can help you with the process. Can you do it on your own?... Certainly, you have the cash which I hate to assume, but usually that means you are a smart guy. But, if you would like to make sure things go smoothly, then you might want to PM me.





</blockquote>
 
[quote author="almon" date=1249729870]hey frank - did you get 149 treehouse?</blockquote>




It hasn't hit auction yet. Are you going to try to get it? It would be nice if I could see the inside before I purchase anything at the courthouse.
 
[quote author="frank69m" date=1249766638][quote author="almon" date=1249729870]hey frank - did you get 149 treehouse?</blockquote>




It hasn't hit auction yet. Are you going to try to get it? It would be nice if I could see the inside before I purchase anything at the courthouse.</blockquote>
nope not at all, i just live very close by.
 
Looks like 508 Luminous is also going under the hammer, as soon as this Wednesday. This is the very top of the hill in QH.





508 LUMINOUS

IRVINE , CA 926034263

Orange County

TS # : 2008-33902

Bid Not Available

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

8/12/2009 12:00:00 PM

RECONTRUST
 
[quote author="GavriloPrincip" date=1249945136]Looks like 508 Luminous is also going under the hammer, as soon as this Wednesday. This is the very top of the hill in QH.





508 LUMINOUS

IRVINE , CA 926034263

Orange County

TS # : 2008-33902

Bid Not Available

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

8/12/2009 12:00:00 PM

RECONTRUST</blockquote>


How many times has the auction been postponed so far?

My experience with NTSes in Coto is that the auctions are postponed multiple times, and if the home is offered as a short sale, which it does not appear 508 Luminous is, the auction will be postponed enough times so that the short sale can be approved and escrow closed.
 
I think 508 Luminous was an Open House yesterday.



We passed by but decided not to go in because we figured it would be way out of our league.



We also checked out an Open House on Capeberry... Plan 2, nicely upgraded but they are asking for $1.399m. I still don't know how people think Chantilly homes can get Sienna prices.



Also checked out 104 Tearose again... $1.199m... so many FCBs around too.
 
Was the $1.399m property 104 Capeberry? I think the highest price ever paid for a Capeberry was close to that; IIRC it was $1.4m for another house on Capeberry, and that was back in 2006 or 2007. Unlike 104 Capeberry, that property had a view.



The seller of 104 Capeberry is probably pricing his house off the sale of his backyard neighbor at 105 Tearose, which some unfortunate knife catcher paid $1.443m for in April.



http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/



105 Tearose, unlike 104 Capeberry, has a pretty nice view.



In the meantime, we just saw 39 Balcony, a 3800 square foot Vicara with a great view, sell for $1.325m.



http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/



Also, 16 Silhouette sold for $1.5m earlier this year.



Hope the new owner of 105 Tearose likes it enough to be there for a very long time.



[Hey, Graph, can you turn those into hot links? Thx]
 
[quote author="GavriloPrincip" date=1249955805]Was the $1.399m property 104 Capeberry? I think the highest price ever paid for a Capeberry was close to that; IIRC it was $1.4m for another house on Capeberry, and that was back in 2006 or 2007. Unlike 104 Capeberry, that property had a view.



The seller of 104 Capeberry is probably pricing his house off the sale of his backyard neighbor at 105 Tearose, which some unfortunate knife catcher paid $1.443m for in April.



<a href="http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/">http://www.zillow.com/homedetails/105-Tearose-Irvine-CA-92603/61643615_zpid/</a>



105 Tearose, unlike 104 Capeberry, has a pretty nice view.



In the meantime, we just saw 39 Balcony, a 3800 square foot Vicara with a great view, sell for $1.325m.



<a href="http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/">http://www.zillow.com/homedetails/39-Balcony-Irvine-CA-92603/63113717_zpid/</a>



Also, 16 Silhouette sold for $1.5m earlier this year.



Hope the new owner of 105 Tearose likes it enough to be there for a very long time.



[Hey, Graph, can you turn those into hot links? Thx]</blockquote>
I believe that 104 was the $1.399m property. What's even tougher about that is 116 Capeberry, the exact same model, is selling for $1.299m and while not AS upgraded, there is not $100k of upgrades between the two.



And yes, if one can get 39 Balcony, for $1.325m which is bigger, nicer and in a better location, that doesn't bode well for ANY of the Chantilly models. Which makes it even harder for Tapestry models that are still trying to get $1.2m+ (talk about OMG pricing).



Gav... to URL your links... just put [@url][@/url] around your stuff like I did in your quote (remove the '@' symbols)... and glad to see you still around following QH inventory even though you don't live there anymore.
 
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