Banks are constantly tweaking their foreclosure package, thinking it will provide more benefits. In the confidential remarks:
This property is under Auction Terms. All bids are to be submitted through auction.com. This property is subject to a 5% buyer’s premium.
Here is the link:
It has a reserve price, the buyer pays the 5% premium on top of the sales price, the on-line bidding doesn’t start until May 30th, and the opening bid is $450,000.
The list price is $939,750 in the MLS:
Terrible floor plan.
Oh, and remember that you don’t want to make the guest quarters too nice — they’ll never leave!
According to their disclosure docs, Chase is only willing to transfer title via a quitclaim or special warranty deed, not a grant deed. Big difference, and not that insurable.
Shall we play another guessing game on where this one ends up? Of course I’m guessing “reserve” is within about 10% of list.
I wonder whats up with the quitclaim deed?
I guess with a quitclaim you are simply releasing any interest in the title you have.
I wonder whats up with the title that would make them go this route rather than a grant deed?
There are a lot of protections with a grant deed for a buyer arent there?
Speaking of contests… looks like the 5764 Soledad Mtn Rd house just went pending. Guess some brave soul took the plunge. Should see a contest winner pretty soon.
“I wouldn’t touch it with a ten-foot pole.”
I followed some of these auctions on other properties, mostly up in the OC. It seemed like most never hit reserve price; I’ll bet the reserve price is somewhere near 5% below the current MLS price. BFWOT (big fat waste of time). Plus quit claim deed means you just bought the uninsurable liability of their defective foreclosure processing, among other things. Quit claim means they are selling what they have, if anything. If they screwed up the foreclosure and don’t have good title, you just bought nothing. No refunds, sorry, Moose out front shoulda told ya. Thanks, but no thanks.
I agree with elb. Has auction.com ever sold a house?
Craptacular is right. Location is OK, but who thought that floorplan was desirable? Add the quitclaim deed and the auction approach, this one is one to run away from.