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Friday, August 28th, 2009 at 11:12 AM

Trustee-Sale Action

Today’s youtube video tour of a house that was overbid at the trustee sale:

Posted on Friday, August 28th, 2009 at 11:12 AM in Foreclosures/REOs, Jim TV, REOs Coming to Market | 41 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 41 Responses

  1. Did your truck battery die? I hope not but it didn’t sound good at the end of the video. Perhaps a sign of the flip to be — will the flipper also need a jump? We will have to wait and see.

    calhousebear | August 28th, 2009 at 11:23 am

  2. It was a scary moment for me. All of a sudden, the truck won’t start and I’m on the same street where the realtor who tore my head off lives.

    Here I am, trying to be discreet by driving my alternative vehicle and dressed the same, and I might have to go door to door to get a jump?

    Thankfully the painters were there to help.

    Jim the Realtor | August 28th, 2009 at 11:30 am

  3. Thirty to forty properties per month? Wow! I hope he has someone to help him with the paperwork. Can’t imagine doing all that by yourself.

    As for your truck, will you give us an update as to what happened in an upcoming video? :)

    François Caron | August 28th, 2009 at 11:35 am

  4. Jim, Have you personally or any of your clients successfully purchased at a trustee sale? As for this guy that is “on fire” – do you know his playbook?

    Mike C | August 28th, 2009 at 12:12 pm

  5. With the limited supply, and pervasiveness of the cash buyer, how can you help me get a great deal at the courthouse steps? If this guy purchased at the courthouse steps for $600K, what are his total costs and risks. It seems that the traditional agent/buyer strategy lacks any opportunities at the NOT sale. We recently got beat by a cash offer and need a better strategy. It think there are 100s of buyers (not investors) out there would who would gladly pay $600K for that house, and have only 20-50% to put down.

    sstantz | August 28th, 2009 at 12:51 pm

  6. Take the Chevy to Bressi and the Silver Ghost to the back gate of the base. Now that’s class.

    Gosh, $595 is a lot to hang out there while looking for a $750 buyer. This one bears watching.

    Rob Dawg | August 28th, 2009 at 12:59 pm

  7. Thank god you got her going again!

    Following some of these earlier questions, doesn’t it have to be 100% cash once at the courthouse steps?

    EastCoaster | August 28th, 2009 at 1:00 pm

  8. 3280 for 595… I’ll take 2.

    Chuck Ponzi | August 28th, 2009 at 1:02 pm

  9. Was the 595K all cash?

    JAP | August 28th, 2009 at 1:41 pm

  10. Jim your truck sounds like it has a Comp Cams 268 duration cam,make sure the block is grounded to the frame to get good charge out of the battery.

    Paid off homeowner | August 28th, 2009 at 1:50 pm

  11. “Oh oh….noooooooooo, I’m Jim the Realtor.”

    Priceless! I have to admit I wonder what would have occurred if you ran into that other agent, Jim. *Chuckle* Would it be caught on video for your legion of fans here?

    FWIW, I appreciate the fact that you have that ol’ Chevy which enables you to travel incognito from neighborhood to neighborhood. Who would think ANY real estate agent would have a truck like you do? The point is you are NOT just any agent.

    Mahalo for all the work you do, Jim, and here’s hoping you have a most excellent week-end in RE land. But do remember to spend some quality time with your family and your friend battling cancer. That’s what’s REALLY priceless!

    Susie | August 28th, 2009 at 2:20 pm

  12. courthouse is all cash, right at the step. No financing whatsoever. If the guy’s buying 40 properties a month, at $400K each, he would need 16M working capital behind him, because it is impossible to buy/clean up/sell the same house in one month.
    With 16M, who would handle paperwork all by himself ?

    pepsi | August 28th, 2009 at 2:21 pm

  13. It seems foreclosures have little effect on setting comps for regular sales. Otherwise, how could Jon Mann buy a relatively newish house in Bressi Ranch for $595K and flip it for big profit? It’s not like buying a dump in Oceanside and putting in serious money to renovate. I mean, what really needs to be done to this house . . . certainly, no more than a regular re-sale of same vintage in any similar neighborhood in the zip code? My experience has been there are so few regular listings sellers are ignoring any and all comps, and setting ridiculously high prices; and apparently getting them.

    househippie | August 28th, 2009 at 2:24 pm

  14. Paid Off Homeowner,

    I had one of those in my ’70 Chevy CST/10 — great cam! 15mpg and 0-60 in 5 flat.

    tj and the bear | August 28th, 2009 at 3:02 pm

  15. I can not believe that is the front of a 3280sq/ft house, especially in that neighborhood. It does not look like too much is a 2nd story. Yard must be tiny (low maintenence)

    Pricedout | August 28th, 2009 at 3:06 pm

  16. $181/sq.ft. in Bressi has to be a new low, by far. He’ll probably clear $150K with no renovations? What time of day were you there? I bet I just missed you on my lunchtime walk thru there!

    osidebuyer | August 28th, 2009 at 3:26 pm

  17. Jim your truck sounds like it has a Comp Cams 268 duration cam,make sure the block is grounded to the frame to get good charge out of the battery.

    Actually, that is pretty good advice. Chevy truck grounds are pretty bad. The heavy wire from neg should go directly to block (starter pulls more current than anything else). There should be another wire to the frame. On my Chevy truck, I put heavier wires from the battery to starter and block as well as putting a gauge 6 wire going from block to frame rails and then from frame rails to body. The body of a Chevy truck is mounted to the frame through rubber isolation mounts. The engine is mounted to the frame through rubber engine mounts…

    Your truck might have a dead alternator, or bad alternator connections. If you have a VOM (Volt Ohm Meter), connect across the battery with the engine running at high idle.. you should read about 14+ volts on a US made car. Japanese cars read a little lower.

    ucodegen | August 28th, 2009 at 3:38 pm

  18. How many other contingencies on top of the $595 wil he need to clear. Is there a big delinquent tax bill? Any liens on the property?

    KeepIF | August 28th, 2009 at 3:45 pm

  19. The property has been vacant for over 3 months. The last owner took the refrigerator, stove and microwave from the inside kitchen. These are not cheap appliances since the refrigerator is the built in kind (~5k) and the range was a GE Monogram six burner with a grill and double ovens (~6k). Outback the grill, sink and mini-refrigerator were missing. The inside of the house was in good condition and the carpets only needed to be cleaned. It will be interesting to see if they repaint it since it was real dark inside. Lots of dark browns throughout. The plants have been overgrown for a while and needed some repair. Not a lot of grass, just that patch up front. The backyard was mostly hardscape. I talked with one of the guys and they said it would be on the market by the end of the week.

    tobias | August 28th, 2009 at 4:14 pm

  20. I’d like to know the answer to what others here have asked…what was his final price? Were there any other liens on the property?

    Jinx | August 28th, 2009 at 4:32 pm

  21. Buy now or be priced out forever!!!!!!!!Dont miss out on the next bull run.Haven’t we heard this before?

    arizonadude | August 28th, 2009 at 4:47 pm

  22. Taxes were current. You can check at the San Diego County Treasurer’s website. Click on the Pay On Line button and enter the address you want to look at.

    http://www.sdtreastax.com/payonline.html

    You can see how much the taxes are currently and if they have been paid.

    tobias | August 28th, 2009 at 5:06 pm

  23. Opening Bid was $494,000
    Sales price was $595,600

    Sale date 8/24/09

    These guys are good – they make sure to record their grant deed upside down, so their price isn’t listed on the regular tax rolls.

    Then they also record a trust deed for $2 million so no clues there for price either.

    He keeps the new list prices just under retail, and with no previous price available in a fast-moving market, buyers just shrug and pay the pauper.

    Jim the Realtor | August 28th, 2009 at 5:22 pm

  24. You know what they say about one being born every minute. It is also the greatest show on earth.

    3clicks from da beach | August 28th, 2009 at 5:45 pm

  25. That’s a pretty low opening bid.

    I’m guessing the flipper would have pulled out somewhere around ~$650,000? Maybe not.

    If you had the cash and wanted to live there vs flip, seems like that would have been a pretty good opportunity.

    sdnerd | August 28th, 2009 at 6:00 pm

  26. It is tough for the little guy to make it at the Trustee Sales–Frustrating–maybe if the little guy is an owner user they would be willing to go a bit higher and outbid the regular bidders–although out of my 15 or so times attending the sale, I have never seen them get outbid!

    Local Boy (LB) | August 28th, 2009 at 6:03 pm

  27. seen today…

    The California Department of Real Estate used to issue 5,000 new sales agent licenses monthly in 2006.

    Today they issue around 1,000.

    Jim the Realtor | August 28th, 2009 at 6:11 pm

  28. Jim, while the Chevy fulfils the sub rosa role, it’s reliability is obviously in question. I think I know where you can pick up a slightly used ice-cream truck……….

    Downturn | August 28th, 2009 at 7:56 pm

  29. Jim, what sort of camera do you use ? I notice there are quite a few moments when the focus is out :(

    I use a panasonic TZ7 and it can be a bit focus happy while zooming in/out it’s very steady once you’re focused in. (plus it records in hi-def,720p)

    (here’s a test video from it.)
    http://www.youtube.com/watch?v=3M_kp-H2Dic

    Orbus | August 28th, 2009 at 8:47 pm

  30. Downturn,

    An ice cream truck like this?

    http://video.signonsandiego.com/vmix_hosted_apps/p/media?id=5728721

    (thanks to the several people who sent that in!)

    Jim the Realtor | August 28th, 2009 at 9:25 pm

  31. Hey Jim! I live right around the corner! You shd have come by and say hi. I am a realtor also and I won’t bite!
    Anyway, I think the couple who lived there had a garage sale few months back and I went in and took a look. Lots of nice stuffs.
    I can’t believe it sold for under $600K. *sob*

    Susan | August 28th, 2009 at 9:33 pm

  32. hey jim,

    you said:
    “they make sure to record their grant deed upside down, so their price isn’t listed on the regular tax rolls.”

    Never heard of this before.Is this a common practice?Wouldn’ there be some kind of clue to price from the 1.10/1000 transfer tax?

    Thanks

    arizonadude | August 29th, 2009 at 6:57 am

  33. This just proves my theory. When you offer idiots credit they spend as much of it as you lend them. Those with cash are much more conservative.

    As long as credit is available house prices will continue to go up. When credit is taken away (like what’s happening now) house prices will go down.

    Once FHA 3% loans are taken away. The lower end (sub 400k) is going to slow down just like the upper end is doing now.

    shadash | August 29th, 2009 at 10:21 am

  34. As just the average buyer, I’m going back to bed and see if the tooth fairy leaves the “real” value under my pillow.

    There are banks failing, letting the taxpayers clean up the mess, while holding onto sinking titles. They are waiting for the FDIC to cover the mess, so they can buy them back at pennies on the dollar. But the FDIC is nearly broke and needs to borrow from the Fed.

    The auction buyers and flippers are driving the market right now, and without the release of properties from the banks, the comps are all over the board.

    Those flippers may take a clunker property, then put a few K of low grade materials into it; but as an old coach said, you can’t make chicken soup with chicken s4!t. So why would I buy it? I want something thats’ got quality into it – and I’ve seen some of these flipped messes!

    Message to Barry-the-buyer. Wait and be patient.

    Barry the Buyer | August 29th, 2009 at 12:55 pm

  35. “they make sure to record their grant deed upside down, so their price isn’t listed on the regular tax rolls.”

    Obviously, this is a loophole that should be closed. People deserve accurate and accessible public records.

    daveg | August 29th, 2009 at 1:11 pm

  36. Today they issue around 1,000.

    Jim, Any idea what the dropout rate is?

    tj and the bear | August 29th, 2009 at 1:27 pm

  37. no numbers on agents leaving, but it just like sellers who are priced too high. They don’t know how far out of the game they really are.

    Jim the Realtor | August 29th, 2009 at 5:01 pm

  38. The upside-down recording means the tax stamps are logged on the back of the page. The front page is what we see on public records, but without the tax stamps, there’s no way to calculate sales price. But I know people who have access when needed.

    Jim the Realtor | August 29th, 2009 at 5:06 pm

  39. I see Hedge Fund/Private Investment firm written all over these deals.

    Desert Realtor | August 29th, 2009 at 9:52 pm

  40. A realtor who tells it like it is and drives an old Chevy pickup and knows how to work on it, Wow!

    I’m calling “Man-crush” !

    [/I]Actually, that is pretty good advice. Chevy truck grounds are pretty bad. The heavy wire from neg should go directly to block (starter pulls more current than anything else). There should be another wire to the frame. On my Chevy truck, I put heavier wires from the battery to starter and block as well as putting a gauge 6 wire going from block to frame rails and then from frame rails to body. The body of a Chevy truck is mounted to the frame through rubber isolation mounts. The engine is mounted to the frame through rubber engine mounts…

    Your truck might have a dead alternator, or bad alternator connections. If you have a VOM (Volt Ohm Meter), connect across the battery with the engine running at high idle.. you should read about 14+ volts on a US made car. Japanese cars read a little lower.[/I]

    BSinOside | August 30th, 2009 at 6:23 pm

  41. Jim, here’s the truck I had in mind:

    http://i582.photobucket.com/albums/ss265/Downturn/hodrodicecream.jpg

    Downturn | August 31st, 2009 at 6:08 am

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