There have been 3,557 properties sell so far this year in our North SD County Coastal region. If the bulk of the 1,342 properties from Carlsbad to La Jolla that are currently on the NOD and NOT lists end up hitting the market next year, we’ll get to experience some true price discovery. If they somehow survive without selling, expect inventories to be thin, and buyers waiting somewhat impatiently.
Peter somehow crafted our conversation into a story that was published April 2nd on the front page of the newspaper, right under the photo of the Obamas meeting Queen Elizabeth II for the first time.
By 7 am my phone was ringing off the hook, and for months I received well-wishes from people all around the world, from Japan to England.
One of the first callers was Matt Stuart, from ABC News Nightline, which catalputed my 15 minutes of fame into warp speed. I spent a day and a half with him and Vicki Mabrey, and on April 16th, this aired on national television:
Thank you Peter, Matt, and Vicki!!
With the generous support of blog readers here, I was determined to stay in the game, and be true to what got me here – bringing transparency to the pertinent facts about our local real estate market. Today, I am fulfilled that together we have done just that!
I am eternally grateful for the support from:
The folks who have become clients as a result of what they have seen here!
Readers who comment – thank you for adding depth and breadth to the experience.
Readers who don’t comment – I know you are there, thanks for being here!
The 14 people of Klinge Realty.
My family and friends.
Donna, my dearly-beloved wife, and our two kids – I love my life!
I didn’t run these numbers until this morning, and had to rub my eyes for a minute in disbelief – I am humbled to report:
Bubbleinfo posts: 671
Unique visitors: 167,906
Avg. time on site: 3:02
Youtube videos: 252
Youtube channel views: 818,678
The numbers are mind-boggling – thank you everyone for your participation!
A man received a lesson in the adage, “Let the buyer beware.”
Billy Joe Sanders, of Pittsburgh, says he bought a home in Canonsburg during a Washington County tax sale in August. When he went to check on the property on Christmas Eve, he learned that it had been torn down by the county’s redevelopment authority — and has since learned his $5,500 won’t be refunded.
County officials say tax sales all include a “buyer beware” clause, and owners are responsible for doing a title search and otherwise checking on the property’s status.
Officials say buyers of homes slated for demolition are usually notified, but sometimes it doesn’t happen.
Mr. Sanders says he plans to bill the county or sue to get his money back.
Will we see the banks/servicers using the trustee sales as a primary channel for selling REOs in 2010?
It looks like WaMu/Chase has been aggressively pricing their opening bids to move properties at the court house steps. Their trustee has conducted 302 trustee sales this quarter, and only took back 109 properties, when the overall average lately has been around 50% of the trustee sales going back-to-bene.
Of the nine properties over $800,000 that they have sold to third parties at the court house steps in 4Q09, the average sales-price-to-published-bid was 62% – and their opening bids were even lower!
Since the foreclosure moratoriums expired, the trend lately has been that the number of trustee sales that resulted in going back-to-bene have stayed relatively steady, at around 1,000 per month.
It’s the 3rd-party purchases, and the cancellations that have been increasing:
This month’s numbers are incomplete – with three days to go there are still 425 trustee sales scheduled for December, 2009!
I’m hoping that the increases in 3rd-party purchases and cancellations means banks and servicers are looking to move more property, either by aggressively pricing their trustee sales (3rd-party buys) and/or completing more short sales (cancellations).
If WaMu and others are going to be using the trustee sales to unload properties, we’ll want to be there to enjoy the additional well-priced inventory!
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?
Just when you think you’re in for another routine day at the plant, more turbulence. Wifey thinks I’m getting too aggressive on the blog, but like another agent said today – if you’re going to be a successful realtor in this market, you gotta be able to deal with the hustlers, slimeballs, and grifters that abound.
Here’s another – a tenant who paid 1.5 months rent, has stayed for six, filed a burglary report against the homeowner/landlord and then got a restraining order against him to ice his free-rent program.
If you’re interested in buying a house at the trustee sales, it would be smart to see them in person. But there are so many properties on the list that we want to help you narrow it down by showing them to you on the internet first.
Here’s an example of a video preview of a house that has had it’s trustee sale postponed since August. Eventually time is going to run out on the probable loan-mod attempts – the next trustee-sale date on this house is January 14th:
I can help you review and track those on the f-list!
“Jim where can you find up to date info on trustee sale dates and houses involved for the San Diego Area?”
Foreclosureradar.com has been the most efficient website for us, because they keep it updated – changes are usually recorded the same day.
You can access our free version of it at the top-right corner of this blog, at “Foreclosures”.
If you want more specific data on each property, it’ll prompt you to send an inquiry, and we’ll ship you the full package. It’s done manually and I’ve gotten behind and missed a few in the past, but we’re on it now.
If you wanted to spend $50 per month, you can get full access by subscribing directly to foreclosureradar.com.
Here are the 469 SFRs on the auction list with a sale date coming up in the next 45 days between Carlsbad and La Jolla (link below).
Even if you don’t want to buy all-cash at the court house steps, this list makes for a good reference point – if you are thinking of buying a specific property, you should search nearby streets for other looming foreclosures that are in the works.
Let’s also note that in the same area there are 3,785 SFRs that are on the NOD list too. It’ll be very interesting to see how many actually get foreclosed or cancelled in 2010!