Though this video has a dramatic backdrop – the 7,459sf REO listing high on the hill in La Jolla - the goal is to showcase Kayla’s first real appearance on Bubbleinfo TV. Don’t miss the last five seconds:
Category Archive: ‘REOs for sale’
There are still a few REOs left – this is another PennyMac deal that no one wanted for $878,000 at the trustee sale in March. Must be on the market for ten days before they entertain offers – buyers will be snoozing by then:
We are approaching the previous-peak pricing in most areas, and you know it’s hopping when standard tract houses in Carlsbad with few upgrades are listing for $1,000,000.
This house sold new for $1,004,500 in 2005, and for $1,180,000 in 2007 and that sale was 95% financed:
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:
In the first four months of 2012, there were 67 REOs listed for sale in NSDCC. This year there were 24 – not counting this one:
Why would people list their home as a short-sale?
Because their lender is applying pressure to either make payments, short-sale, or be foreclosed. At least that is the old-fashioned way of banking.
It’s possible that, after months or years of delinquency, some might start making their payments again if they receive that magical loan-mod/principal reduction package. I just haven’t met anybody who has.
Maybe I’m a skeptic, but these stats make it appear that the banks aren’t applying much pressure – distressed listings are 1/3 of last year’s total:
NSDCC Detached-Home Listings, First Quarter
It might make sense for banks to be lenient in depressed areas where sales and prices are struggling, but around here we are starved for inventory. The policy is working so well that it may last a long time – the ultimate can-kicker!
Meanwhile, another 85 new listings hit the MLS since our last reading, and we had 81 new pendings with a few cancelled/withdrawns – demand is raging:
|Date||NSDCC Active Listings||Avg. LP $$/sf|
This is the most important indicator to watch – if the active inventory starts to grow, it means buyers are backing off.
As of tonight, this REO is still marked as an active listing. Yet the agent responded with the typical supreme confidence that permeates the business these days.
He sent this via a text message, “Sorry, but you’re way too late to this party. We had 30 offers. The bank has selected one.”
It’s been on the market seven days.
While this looks like an attractive price on paper, the buyer pool will thin out once they see the floor plan, and the amount of work needed:
We have a winner for the RSF Bank-Deal contest!
LP = $850,900
SP = $980,000
Congratulations to James D, who guessed $982,000!
James won 4 field-level tickets to a Padres game!
The agent added an addendum later stipulating that the bank was only considering cash offers with a 10% good-faith deposit and no contingencies.
A typical mcmansion foreclosure in southeast Carlsbad. There are three pending sales listed over $1.1 million, including the house next door: