700+ Flippers
Posted By Jim the Realtor On September 18, 2009 @ 3:42 pm In Foreclosures/REOs,REOs Coming to Market,Shadow Inventory | 24 Comments
There is a clamoring for ”deals”.
Over the last twelve weeks there have been 785 trustee sales where a bidder purchased the property, rather than it go “back-to-bene”.
There were probably a few of the 785 that were bought by an owner-user, but we can probably guess that more than 700 were bought to flip:
Trustee-Sale Results, last 12 weeks:
| Week | 3rd Pty | Back-to-Bene | Total |
| 6/29-7/3 | |||
| 7/6-7/10 | |||
| 7/13-7/17 | |||
| 7/20-7/24 | |||
| 7/27-7/31 | |||
| 8/3-8/7 | |||
| 8/10-8/14 | |||
| 8/17-8/21 | |||
| 8/24-8/28 | |||
| 8/31-9/4 | |||
| 9/7-9/11 | |||
| 9/14-9/18 | |||
| 12 weeks |
[1]
A whopping 23% of the trustee sales over the last 12 weeks resulted in a 3rd party buy.
The chances of “stealing one” must be greatly diminished by the increased competition between bidders. Will the banks/servicers take notice, and trustee sales become a primary liquidation spot? They should unload more at the court house steps with that much action – we’ll keep an eye out!
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