You’ve seen every house on the market, you think the new listings are pathetic, and you keep wondering about those bank deals on the court house steps.
Eventually JtR’s going to have some video showing that it can be done.
If I’m willing to risk it, what will roughly $700,000 get me?
Eric at the North County Times mentioned the increase in Bank of America notices of trustee sale being sent out. Click here for link to full article.
The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February.
Wow, will there will be more SFR short sales or REOs in North SD County Coastal?
There were 22 new notices sent out in February, and 23 in March to SFR borrowers from Carlsbad to La Jolla – not quite a meltdown yet. There are also some familiar faces on the lists as well, and we won’t count those as new meat.
Besides the fraud and deceit, I have a new story every day about how listing agents are undermining their own sales, to the detriment of their clients, the sellers – and usually caused by incompetance or inexperience. Some deals still close, with all parties bitter and pointing fingers, but others never happen.
Take the case where we made an offer that was about 4% below list price on a CV house, priced in the $800,000s. The listing agent waged her entire case on one sold comp, when there were several others that supported our price. Proud as she was, her counter came back at $4,000 below the list price, and we walked. Why? Listing agents who had two sales last year, and are mis-reading the market that badly aren’t open to being wrong about price - and sure enough, two months later the listing is still active, and no price reduction. My buyers will be closing escrow in the first week of May instead, getting a bigger, better house with state cheese on top.
If you are selling your house, select your listing agent very carefully – check their sales history so you know they can close a deal!
I forgot to mention on the video that the second house on Oak (the one who wanted $1.3 million in 2005) was a foreclosure when they bought it in 1994. Sales prioce was $177,000.
The foreclosure activity around Carmel Valley, Del Mar, and Solana Beach has been sluggish, to say the least. The numbers of SFRs on the auction lists are low, and they’re filled with loan modders and current short sellers. With only a handful getting foreclosed each month, the overall inventory of attractively-priced quality homes is discouraging.
Here’s a brief youtube tour – the first house is scheduled for trustee sale on April 23, with an opening bid of $1,327,500, and the other one on the same street had an opening bid of $1,257,031. The other four bank-owned homes had opening bids of $967,816 (on Winstanley), $835,000, $610,000 (on Barbara), and $1,900,000:
There are 10,387 properties on the SD County auction list, but only 193 have hit the court house steps here in the first week of February. Postponements of trustee sales are the norm, but if a few of these in this video hit the court house steps, their pricing, and bidder-interest, should be very interesting.
The third house in the video was offered on the court house steps for $471,337, but no takers, so back-to-bene. They listed it for $563,000, and it closed for $601,000:
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