Recently De-listed & Sold Homes - Still Sitting Empty (Another Shadow Inventory Thread)

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roundcorners_IHB

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I'm referring to my past thread regarding <a href="http://www.irvinehousingblog.com/forums/viewthread/6010/">de-listings </a> the tract that I'm keeping track of in Woodbury...



Of the Three Organic Sales, only one has any signs of any life... the two are still empty...



The Four Short Sales that are still closing - Still in back up status are empty of course...



Two of the three houses that got de-listed are now completely empty. Well except for a TV and a couple of folding lawn chairs...
 
sorry for the ambiguous description... I guess I am trying to ask the IHB if you take regular walks around your neighborhood, do you see also see some past listings and sales that are still sitting empty? How about empty houses in general? Would you consider empty houses a version of Shadow Inventory? The banks could just be holding the property empty until the market turns around... not on MLS or even a lawn sign... no renters, no sign of life what so ever... is this an accurate observation?
 
There's one house in the neighborhood that got foreclosed on in February but it doesn't seem like anyone ever moved out (maybe a Wells Fargo Bank executive moved in). It's never been on the market. There's another house that has been empty since 2007 - was bought by flippers who defaulted and was eventually sold in a short sale in April. The new owners never moved in and it doesn't look they are doing any work. The first weekend they had dumpsters out, but that was it.
 
When I moved in, my neighbor was moving out.



I knew they would have to because the owner had been delinquent since last year (or even before that). It finally went back to the bank in July and around that same time, he had a relative of his move in. Well... they must have figured they couldn't live rent free forever because a notice went up on their door stating that the occupants need to vacate. It has been empty since they moved out.



The house is not listed for sale anywhere but there are signs in the window advertising it as a bank owned property for sale with a toll-free number.



So whenever someone says there are no OREOs (aka shadow inventory), I can always step out of my front door and touch one right next to me... or my imagination must be pretty vivid.
 
[quote author="irvine_home_owner" date=1253930337]When I moved in, my neighbor was moving out.



I knew they would have to because the owner had been delinquent since last year (or even before that). It finally went back to the bank in July and around that same time, he had a relative of his move in. Well... they must have figured they couldn't live rent free forever because a notice went up on their door stating that the occupants need to vacate. It has been empty since they moved out.



The house is not listed for sale anywhere but there are signs in the window advertising it as a bank owned property for sale with a toll-free number.



So whenever someone says there are no OREOs (aka shadow inventory), I can always step out of my front door and touch one right next to me... or my imagination must be pretty vivid.</blockquote>


If it's only been bank owned since July, that's not an unreasonable turn around. They may list it any day now. They have to get the title straight, clean it out, maybe make repairs, get a BPO, etc., etc. All that takes a few months.
 
But I think the original NOD was in 2007. For over 2 years this property has been distressed and I assume the owner was not making payments... and now the bank finally gets it back?



How many more out there are exactly like this? When someone says that distressed properties that are 90+ days out on payments do not count as shadow inventory... I feel they are misguided because more often than not, it will probably end up as an REO. And get this... I think the original owner bought somewhere else while this property was in limbo. Argh!



This should have been taken back no later than 2008 and put on the market back then. So for at least a year... this property was a shadow... why?
 
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