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Tuesday, December 29th, 2009 at 8:43 AM

Example of ‘Steps

Here’s a close-up of the process on the court house steps. In 2008, somebody filmed this actual trustee sale of 1825 Chicago St. in Bay Park. The opening bid is $435,240, but no takers, and it goes “back to bene”.

A month later the bank listed it for sale, with list price of $446,507. After being on the market for six days, it sold for $454,000 with a $13,000 credit to buyer.

We’ll provide more trustee-sale results by video in 2010 because we’re wondering; could the court house steps be a primary marketplace next year?

Posted on Tuesday, December 29th, 2009 at 8:43 AM in Buying at Trustee Sale, Foreclosures/REOs, Market Conditions | 10 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: 10 Responses

  1. Not exactly a lot of time to talk it over with the wife.

    The Blur | December 29th, 2009 at 8:53 am

  2. I was there one month ago just wanted to see the scene, but left after I learned that it would take 4 hours to read through those postpones before read auctions.

    JPQ | December 29th, 2009 at 8:54 am

  3. I saw those same guys when I was doing jury duty. Kinda neat.

    Kwaping | December 29th, 2009 at 8:56 am

  4. It’s crazy to think that such a large purchase is made so simply. Thanks for showing.

    Jinx | December 29th, 2009 at 10:11 am

  5. I’d drop that amount of $$$ in a heartbeat if I had the ability to research the property a little beforehand and it saved me 50-100k.

    I hope the “bank steps” program Jim is putting together works out. When I’m ready to buy (prob late summer) I’ll make a mad dash to sign up.

    shadash | December 29th, 2009 at 10:32 am

  6. So do you need the entire amount at the end of winning a bid? Or just a $10k bond to hold it for 24 hours then pay off the entire amount?

    Ted | December 29th, 2009 at 12:05 pm

  7. Yes, a cashier’s check for the entire purchase price needs to be handed over at the sale. Arizona has the next-day pay program, which would be awesome here, but then more people would join in.

    Jim the Realtor | December 29th, 2009 at 12:15 pm

  8. Jim,

    Been busy. Hope you & family had a great Xmas. If I don’t get back to post, have a great new year.

    Keep up the great work on the blog.

    Same to everyone else.

    Consultant | December 29th, 2009 at 1:14 pm

  9. The opening bid is $435,240, but no takers, and it goes “back to bene”. A month later the bank listed it for sale, with list price of $446,507. After being on the market for six days, it sold for $454,000 with a $13,000 credit to buyer.
    ————————

    This is exactly why I have a problem with the flippers. As long as taxpayers are backing these loans or backing the banks, every penny lost by the banks is a penny (or portion thereof) lost by the taxpayers.

    If the banks were to just take these properties back, they could put them on the market for less than the flippers (buyers win), but for more than what they’re getting at the courthouse steps (banks/taxpayers win) because they could market the properties to the much larger pool of people with mortgages instead of cash-only buyers (flippers at auction). If the NAR didn’t succeed in preventing banks from selling their own inventory, the banks would save on commissions, too.

    ca renter | December 29th, 2009 at 4:03 pm

  10. Betcha JM & company brings a few mil worth of cc’s (in various denominations of course) to the steps every day.

    tj & the bear | December 29th, 2009 at 11:27 pm

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