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!
Is WAMU “dumping” or do they have a an HD crystal ball?
Jim, any thoughts on property foreclosing with equity still available?
Most do not, but I would say about 10% seem to have equity and some 5% have substantial equity.
Is there any reason for this other than confused owners?
On the WAMU deals, I wonder if they are pricing aggressively because Chase was backstopped by the FDIC for losses when they swallowed WAMU.
Chase had to make that deal with the FDIC, if they knew what they were looking at with the neg-am portfolio. WaMu just had to follow Countrywide’s lead and crank down the re-cast cap to 110% and 115% of the original balance, and even Ray Charles could see that was a disaster in the making.
daveg,
Confused owners who must get used to the free rent program rather quickly, and don’t want to give it up. But they get solicited heavily by realtors, lenders, etc., and I’m surprised that any can hold them off.
The guy on Westhaven in Carlsbad is a perfect example. He owed about $320,000 on his house and was in default for months, but was never around and nothing seemed to be happening.
A hard money lender finally loaned him another $50,000, he didn’t make payments on that either, got foreclosed, and the lender sold it for $490,000.
I had talked to the aunt, who said he drank a lot, and just didn’t care.
That’s America for ya.
Not to take this too far afield but a $2M home with a gravel access road and no landscaping? When the money is free people really will buy anything for any price.
How can I fit my Hummer (joking) in those garages. Both single car garage.
You have mentioned that WAMU has basically been dumping their properties on the court sales.
I wonder if the management is scared of all the option arm that come due in 2010 and 2011. This would flood the market for high end properties and really drop their prices.
So WAMU is taking what they can now before their is a huge drop in prices over a million.
I think the default rate over a million dollar loans went from 4% September 08 to 11% in September 09. Trouble is lurking in 2010.Ugly in 2011 for expensive homes.
That is suppose to be over 90 days delinquent. Not default rate.
What’s up with all the listings west of I-5 in Solana and Encinitas disappearing? Do people pull them for the holidays or did they all go pending?
I am hearing rumors that banks are being paid by the govt to hold back inventory from the market.Have any of you heard of this?
I am hearing rumors that banks are being paid by the govt to hold back inventory from the market.Have any of you heard of this?
down and out in san diego | December 28th, 2009 at 6:07 pm
—————
Yes, I have heard this from people in the REO industry. Some of us are trying to dig into this more to find out exactly what is going on, and where the funds are coming from.
daveg, Jim gave good examples of why properties with equity go to sale. As I see it, there are three main categories:
1) Even though there is equity, borrower has no income so cannot make payments or refi, and has nowhere else to go.
2) Borrower just doesn’t care, as in Jim’s example.
3) Properties deliberately allowed to go to sale. Remember, if the price gets bid up at the courthouse steps, any proceeds in excess of the loan balance go to the borrower anyway. Some people may feel that this is a more convenient way to sell if they’re sure it will get bid up. No staging the house, no disclosure of problems, no commissions, etc.
ca renter – “Some of us are trying to dig into this more to find out exactly what is going on, and where the funds are coming from.”
No mystery there: your tax dollars.
Art,
Yes, tax dollars. Just trying to figure out if this is TARP money (which is what we’re hearing) or something else. If it’s TARP money, the Oversight Committee should be able to know about any agreements between the govt and the banks regarding foreclosures/shadow inventory.