The foreclosure flood has begun……well, it starts with a drop, right?
I was assigned another REO from Bank of America today, and while I’m glad to see that I’m still on their roster, they must be trying to teach me a lesson – the last two were in Pala, now another one in VC:
18728 Clearview Lane, Valley Center
4 br/3 ba 2,522sf 3-car garage
YB: 2000
2.69 acres
SP: $755,000 11/05
Opening Bid: $340,000 8/21/09
Back to bene
We’ve seen the subprime, zero-down foreclosures roll through, now we’re working through the rest.
The former owners had put down almost $200,000 when they bought the house, so their payment couldn’t have been much more than what their rent will be from now on. They made no attempt to sell the property either, just went down with the ship.
All eight REOs assigned to me this year have been sent within a week after the trustee sale. No servicer delay there.
Sucks they keep giving you the boondock properties.
It’s also interesting that the REO’s were assigned 1 week after trustee sale.
Looks like the Banks were postponing foreclosure process. Not the companies processing them.
Agreed, servicers probably get a fee for assign-to-agent.
Once the servicer forecloses they have an incentive to sell as fast as possible and recoup the fees and the money advanced to the investors (likely your pension fund)
Thanks BG – can you spread that around? People think that they’re sitting on a bunch of properties.
I am looking for a place “in the boondocks” but this place is another time zone.
Probably a faster commute living in Temec/
on the surface it appears to be a sad story, really.
If they put $200K down, they had planned on keeping this place…and in the end squandered a very large amount of money.
Aerial maps show horses on the property – maybe that is why they stayed til the end. It would be very limiting to try and find another horse property and you can’t even give horses away right now. They may have done it for them.
hey Jim, question for you. I’m a recent law school grad. As I’ve been watching the meltdown unfold over the past 18 months, I keep asking the same thing: someone is going to have a lot of legal work coming down the pipe as a result of the foreclosures and trustee sales.
I know the bk courts are staffing up a bit to handle increased filings, and I know bk attorneys are doing pretty good business right now. Are banks hiring more people to deal with this too? Nobody seems to know the answer. I know that there are sort of mixed incentives for banks to foreclose, because it forces them to write the asset off their books which makes the FDIC hungry.
Somebody must be staffing up, besides the guys who make a living by spraypainting dead lawns green and the “vacant property inspector” ads I keep seeing on craigslist. Do you know who?
It seems Steve has bought into the matra “always a boom happening somewhere”.
There’s a reason it’s called a global synchronized downturn. It’s synchronized across everything… there may be a boom, but recent grads are the last to be hired, not the first.
Just my $.02, probably not worth much else. You may soon be competing for jobs with laid-off Cali-state employees, plenty of ambulance chasing to go around, though.
“Probably a faster commute living in Temec”
Only if you have a helicopter. Been on that part of 15 any time recently? I’ve seen parking lots move faster.
Hey Jim,
I just googled the address, top link is your site, updated 2 hours ago. Apparently you’re big time. You have google camping out refreshing their index, looking for updates.
“Only if you have a helicopter. Been on that part of 15 any time recently?”
What part of 15 are you referring to? Traffic moves quite briskly south on 15 from Temec to RB in the morning now – better than it has done in many years. I’d say half the time I don’t slow down, and half the time I get down to 40 MPH for a mile or two. We’ll see if it continues once school starts back up next week…