Turtle Ridge: Looking at the Market Through Rose-Trellised Lenses

NEW -> Contingent Buyer Assistance Program
When I saw the house it was empty and then saw the listing as "Sold" on that website, so I assumed it sold. Thanks for looking this up!
 
It looks like 39 Rose Trellis now has a contract pending as of 04/19/07. Don't know the contract price, but the final listing price was $1.95m after a couple of price reductions. I still think it is too much for 2825sq. ft.
 
Wow, that's going to be one unhappy buyer when 41 Rose Trellis is sold at the Trustee's Sale for $1.4m and the bank unloads it as an REO for even less than that. There go the comps.
 
Yes, the Trustee's Sale is the "foreclosure auction" on the courthouse steps where the Trust Deed is auctioned off to the highest bidder, who then becomes the new owner of the property. The second posting in this thread is the Notice of Trustee's Sale. If there are no bids the property reverts to the lender. The lender can also "credit bid" for the amount owed, while any other bidder has to bring a certified check for the amount they wish to bid up to. So, if 41 Rose Trellis goes to Trustee's Sale, it will almost certainly end up back in the lender's hands.
 
Joon, Can you post some listing info for 34 Rose Trellis?

Just checked Fidelity ASAP's website and the Trustee's Sale for 41 Rose Trellis is still scheduled for May 3, one week from today. I hope the buyer who is under contract for 39 Rose Trellis knows about all of this. Talk about catching a falling knife...
 
A brief reprieve for the damned: the Trustee's Sale for 41 Rose Trellis has been postponed until July 6. I wonder if the other Rose Trellis sellers will take advantage of this by cutting their prices and quickly finding a fool. (Not holding my breath, though.)

1

Sale Date

Property Detail

Sale Detail

Friday

7/6/2007 2:00:00 PM

Address:

41 Rose Trellis



City:

Irvine

State:

CA

Zip:

92603

County:

Orange

APN:

478-381-11

Sale Status:

Postponed to 07/06/2007 2:00 pm

(Bankruptcy)

TS Number:

0627104

Notice of Sale Amt:

$1,426,031.85

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:

Recon Trust Company N.A.

Trustee Phone#:

(800)281-8219

1
 
It looks like 39 Rose Trellis is now back in the market. It did not take too long for the previous offer to fall apart or was it a game played by listing agent to convey the message that there are some interested buyers at that price?
 
Last weekend an agent told me that the offer for 39 Rose Trellis was legit, but that it was in escrow for only $1.7 million. (MLS wishing price was $1.95m; flyer posted outside said $2.05m.) Is the listing back on the MLS now? If so, how much?
 
UPDATE

41 Rose Trellis is now an REO; it was finally sold back the bank at the Trustee's Sale on July 6. Look out 32, 34, 35, 37 and 39 Rose Trellis, here comes the comp killer!

Friday

7/6/2007 2:00:00 PM

Address:

41 Rose Trellis



City:

Irvine

State:

CA

Zip:

92603

County:

Orange

APN:

478-381-11

Sale Status:

Back to Bene 07/06/2007

TS Number:

0627104

Notice of Sale Amt:

$1,426,031.85

Opening Bid Amt:

$1,480,922.57

Sold Amt:

$1,480,922.57

Sale Location:

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



Trustee:

Recon Trust Company N.A.

Trustee Phone#:

(800)281-8219
 
Under "sale status", who is the beneficiary as in "Back to Bene 07/06/2007"?

And why would the opening bid amount, $1,480,922.57, be different than the Notice of Sale Amount, $1,426,031.85?

Does one need any special credentials besides a re license to be an re agent who specializes in listing and selling REO for lenders? And how would one market oneself as an REO specialist?
 
The beneficiary is usually the bank. If you got the loan from family, then the bene would be family. The bene is the party who is the beneficiary under the deed of trust against the property that secures the promissory note or loan. I'll try to dig up some sample documents later.
 
And to answer why the NTS amount and opening bid is lower is because the bank feels that is more like the market price to intice bids. I saw one recently that had a NTS for $720k but an opening bid of $520k (yes fraud) and still they had to take it back.

The trustee sale means that a trustee like recon trust is selling it for the beneficiary (the one who holds the bag of the mortgage) who benefits from the sale. Or in a case like this gets stuck with another home that isn't worth $1.5mil.
 
IrvineRenter's post today about the REO at 30 Crimson Rose reminded me to check on 41 Rose Trellis.

According to Trulia, the Bank is now trying to unload it for $1.369 million.

www.trulia.com/property/1054272790-41-Rose-Trellis-CA-Irvine-92603

The bank took it back at the Trustee's Sale for $1.480 million in July 2007, so it already will lose $111,000 on the first trust deed even before fees, taxes and other expenses are considered. Whoever held the $500k second TD (that Graphix posted about above) never saw a dime.

Trulia also says the property orginally sold in Sept 2004 for $1.334 million. After commissions, this is officially a 2004 Rollback, even before the Bank lowers the asking price.

Does anyone know what ever happened to the other properties for sale on the street? At one time, #39, 37, 35, 32 and 30 Rose Trellis were all for sale last summer (All for asking prices in the $1.5-2.2m range)
 
Wow! almost a full year later. This is while I laugh my arse off everytimemI hear crackpots calling for a housing bottom. This property hasn't even become a comp killer yet because it hasn't sold. All the people who were foreclosed on this year, getting foreclosed on now, or within the next few months, won't effect the market till late 2009, possibly even 2010!
 
The BS about all the write downs being done is ridiculous as well. This property has been a non-performing asset for over a year, but I imagine the lender is continuing to accrue the lost interest as part of the basis on this property. By avoiding selling the place, they avoid taking a huge paper loss to reflect the reality of the market.
 
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