Foreclosure and distressed property topics

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[quote author="ipoplaya" date=1215754383]Lovely NOD filed on <a href="http://www.redfin.com/CA/Irvine/25-Blue-Heron-92603/home/5856096">this big bad boy.</a> Looks like they own $5M flat on the 1st TD...</blockquote>


Add in $105k for back payments, and don't forget the $500k second. And, who the hell wants to pay $72k a property taxes, aside from the little general?
 
[quote author="ipoplaya" date=1215754383]Lovely NOD filed on <a href="http://www.redfin.com/CA/Irvine/25-Blue-Heron-92603/home/5856096">this big bad boy.</a> Looks like they own $5M flat on the 1st TD...</blockquote>
$5MM+ and no pool with that kind of acrage...what a buzz kill.
 
[quote author="usctrojanman29" date=1215756854][quote author="ipoplaya" date=1215754383]Lovely NOD filed on <a href="http://www.redfin.com/CA/Irvine/25-Blue-Heron-92603/home/5856096">this big bad boy.</a> Looks like they own $5M flat on the 1st TD...</blockquote>
$5MM+ and no pool with that kind of acrage...what a buzz kill.</blockquote>


It does have a pool and spa, actually a rather nice one. Look at the virtual tour on the Redfin link.
 
[quote author="EquityMind" date=1215759524][quote author="usctrojanman29" date=1215756854][quote author="ipoplaya" date=1215754383]Lovely NOD filed on <a href="http://www.redfin.com/CA/Irvine/25-Blue-Heron-92603/home/5856096">this big bad boy.</a> Looks like they own $5M flat on the 1st TD...</blockquote>
$5MM+ and no pool with that kind of acrage...what a buzz kill.</blockquote>


It does have a pool and spa, actually a rather nice one. Look at the virtual tour on the Redfin link.</blockquote>
Opps, my bad. Still not worth the price.
 
Nice house, except the roof beams made me slightly dizzy.



Also. Look at that bedroom. This is space for the sake of space

and showing off, not for the purpose of spaciousness. The

bed is lost in a sea of carpeting. It is off-putting, not

luxiurious.
 
Yeah, don't buy any condos for a while. And be really

careful when you decide to buy. I can't emphasize enough

to look at the balance sheet of the condo assn, and see if

they have enough money coming in. And to see that

there aren't too many foreclosures.



That said. If he's buying lotsa units in a condo, he may

come out looking like a bandit in a few years.



But we have not reached capitulation yet. Wait at least 6

more months. Probably more like a year and a half. And

if you're buying into a tower, I'd want it to be at least 75%

off peak, if it's new. You read that right. I posted somewhere

about a (foreclosure) client who had a buddy get a bid of 280,000

accepted on an apt which was seriously offered at peak in

the 800s. Turned it down because the assn fees were going

to be more than the mtg, and shooting upwards.
 
Looks like the banks are taking South Coast metro area condos back to 2001 pricing. <a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-409/home/5239729">South Coast Terrace Unit 409</a>



Current Bank REO offer price: $142,500.

Bank Repo price $202,425

November 2001 Market Sale Price: $155,000.



Note Correction: 1001 W Stevens is South Coast Terrace, not South Coast Villas.
 
[quote author="No_Such_Reality" date=1216204291]Looks like the banks are taking South Coast metro area condos back to 2001 pricing. <a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-409/home/5239729">South Coast Villas Unit 409</a>



Current Bank REO offer price: $142,500.

Bank Repo price $202,425

November 2001 Market Sale Price: $155,000.</blockquote>


San Juan can't be far behind.
 
$330/mo is roughly the equivalent of $55K in mortgage. Seems kind of high for a roof, some extrerior paint, stucco and landscape, even if they are throwing in a pool and trash. I love the agen't description of the location though.... near stores, restaurants and <strong>banks</strong>... just in case you're in a hurry to make a run on the institution who holds your money, it's right there in your hood :)
 
[quote author="No_Such_Reality" date=1216204291]Looks like the banks are taking South Coast metro area condos back to 2001 pricing. <a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-409/home/5239729">South Coast Terrace Unit 409</a>



Current Bank REO offer price: $142,500.

Bank Repo price $202,425

November 2001 Market Sale Price: $155,000.



Note Correction: 1001 W Stevens is South Coast Terrace, not South Coast Villas.</blockquote>


Funny... I saw that same listing. Did you see the 1991 sales price? Yup, RE does not beat inflation if you bought within three years of the peak. None, and I mean not one of those sales transactions ever beat inflation, and they all lost money when inflation was factored. With all the other foreclosures in this complex and the surrounding complexes, you would have to be a complete fool to believe that $142k will be the bottom here. Even of you picked up a rental here, do you realize what your competition will be when all of the foreclosures come to market?
 
I posted June's foreclosure numbers for South OC <a href="http://www.southoctracker.com/2008/07/foreclosure-stats-june-2008.html">from ForeclosureRadar here</a>.



The short of it is NODs and foreclosures back to the bank (REOs) were down from May but hugely up from a year ago.
 
[quote author="caliguy2699" date=1216247474]I posted June's foreclosure numbers for South OC <a href="http://www.southoctracker.com/2008/07/foreclosure-stats-june-2008.html">from ForeclosureRadar here</a>.



The short of it is NODs and foreclosures back to the bank (REOs) were down from May but hugely up from a year ago.</blockquote>


The NOD volume needs to stabalize at some point. Frankly, when NODs are greater than Sales, 1980 sales in June with 2347 NODs and 1076 REOs (note there were only 1815 resale sales) it's not healthy.



For every two sales, one is going back to the bank. For every sale more than one is getting the message, sell it quick or find a bunch of money.
 
Is there any truth to this? Read on.



I made an offer on REO SFR about a week ago.

But after I thought about it all night I decided not to buy the house even if the offer is accepted by the bank.

Then, my friend told me that if I didn't go though with the deal it would be hard for me to buy another REO from the same bank

because I didn't go through with the deal even though the bank accepted the offer.

That's what her agent told her when she was exactly in same situation.

And she said that her friend told her the same thing.

(I don't usually believe a friend's friend story but that's what she said.)



While I can see her (or her agent's or her friend's) point that the bank doesn't want to accept the offer that is not going to go through,

I can't imagine the bank which is flooded with foreclosures and what not will remember(?) the one buyer who didn't accept the acceptance of the offer (is there any term for this? ^^;;;).

I just think that her agent just said it to scare her so that she could make a deal and get the commission.

My agent said that there is no thruth to it so don't worry about it.

But I don't know if I believe her either.



So far, it is 2-to-1.

Should I be worried if the offer gets accepted?

I have not heard anything back from the bank yet and I don't think it is going to be accepted,

but I want to know if it is true.
 
Each property has an asset manager assigned by the bank. The chance of the same asset manager having the next property owned by the very same bank isn't very high. The asset management company handling Citi's REO's here has over 200 employees. This is one of the reasons that you see some REO properties aggressively priced to sell and others at WTF prices. Besides, I thought all the REO's got multiple offers, so the bank can just take a higher and better one, right? :)
 
[quote author="homeowner wannabe" date=1216276060]Is there any truth to this? Read on.



I made an offer on REO SFR about a week ago.

But after I thought about it all night I decided not to buy the house even if the offer is accepted by the bank.

Then, my friend told me that if I didn't go though with the deal it would be hard for me to buy another REO from the same bank

because I didn't go through with the deal even though the bank accepted the offer.

That's what her agent told her when she was exactly in same situation.

And she said that her friend told her the same thing.

(I don't usually believe a friend's friend story but that's what she said.)



While I can see her (or her agent's or her friend's) point that the bank doesn't want to accept the offer that is not going to go through,

I can't imagine the bank which is flooded with foreclosures and what not will remember(?) the one buyer who didn't accept the acceptance of the offer (is there any term for this? ^^;;;).

I just think that her agent just said it to scare her so that she could make a deal and get the commission.

My agent said that there is no thruth to it so don't worry about it.

But I don't know if I believe her either.



So far, it is 2-to-1.

Should I be worried if the offer gets accepted?

I have not heard anything back from the bank yet and I don't think it is going to be accepted,

but I want to know if it is true.</blockquote>


Tell your friend to ask her agent to bring up a specific example of where this has directly (negatively) impacted a transaction for a client. Have your friend ask her agent to please clarify with copies of the communication that linked the two offers. And when there is nothing produced, have your agent offer to help your friend get more truthful representation. I call "shenanigans."



3-to-1.
 
[quote author="homeowner wannabe" date=1216276060]Is there any truth to this? Read on.



I made an offer on REO SFR about a week ago.

But after I thought about it all night I decided not to buy the house even if the offer is accepted by the bank.

Then, my friend told me that if I didn't go though with the deal it would be hard for me to buy another REO from the same bank

because I didn't go through with the deal even though the bank accepted the offer.

That's what her agent told her when she was exactly in same situation.

And she said that her friend told her the same thing.

(I don't usually believe a friend's friend story but that's what she said.)



While I can see her (or her agent's or her friend's) point that the bank doesn't want to accept the offer that is not going to go through,

I can't imagine the bank which is flooded with foreclosures and what not will remember(?) the one buyer who didn't accept the acceptance of the offer (is there any term for this? ^^;;;).

I just think that her agent just said it to scare her so that she could make a deal and get the commission.

My agent said that there is no thruth to it so don't worry about it.

But I don't know if I believe her either.



So far, it is 2-to-1.

Should I be worried if the offer gets accepted?

I have not heard anything back from the bank yet and I don't think it is going to be accepted,

but I want to know if it is true.</blockquote>


So... agents/buyers can't seem to get any sort of communication from the loss mit. depts. of banks for 60 to 90 days on short sales. The loss mit. depts. have 1000s upon 1000s of REOs they are trying to get rid of. So they are dealing with 3 to 6X1000s of agents, attorneys, borrowers, escrow agents, and title agents on top of that. They don't have the staff to handle the insane volume they are dealing with, have a high stress rate, and probably high turnover from the stress/hours/a-hole and/or moron agents. They are probably drinking coffee by the pot, taking vodka shots at 9pm when the work day ends and two for lunch, waking up at their desk to do it all over again that day, and you mean to tell me they are going to remember your name?



Now go back to the people who told you that, and smack them over the head for just how truly stupid that is. Yeah... like a bank is going to get snotty, and reject you back. I dunno, how many homes do they have to sell? Do you really think they should be picky when they find a qualified buyer? I don't think so.
 
[quote author="graphrix" date=1187995999]I only found 16 properties in the $400k to $800k range with 3bd/3ba in OC. Seems a bit low if you ask me. Maybe I should reduce the bath number to 2. But if they are pulling data from the MLS a trick that the Realtards are using is stating that the home is "corporate" owned.</blockquote>


What's this number look like now?
 
[quote author="norcaljeff" date=1217147189][quote author="graphrix" date=1187995999]I only found 16 properties in the $400k to $800k range with 3bd/3ba in OC. Seems a bit low if you ask me. Maybe I should reduce the bath number to 2. But if they are pulling data from the MLS a trick that the Realtards are using is stating that the home is "corporate" owned.</blockquote>


What's this number look like now?</blockquote>


3 beds, 3 full baths = 450 in OC on SoCalMLS that are "active", of which 130 are advertised as short sales.
 
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