16 Comments

1. 

   NorCalNorm on May 11, 2010 at 11:39 am

   Had a rash of BPO’s for local consumption last week. In line with the comments from one of your readers said that B Of A had released over 600 candidates last week. As always, good info on the blog and get ready for more of those Oceanslide cuties.

2. 

   KeithM on May 11, 2010 at 1:27 pm

   LPS & Recon have had a large overlap of identical TS #s on their sites for a long time now up here in OC. For some reason most of Recon’s auctions in Santa Ana are at Noon but some are at 3. Those ones at noon I think are the ones that show up on LPS.

3. 

   Consultant on May 11, 2010 at 1:29 pm

   How old are these places? Those structural cracks in the garage and leaks in the ceiling are bad news.

   I’m thinking $75,000 and I want the seller to pay closing costs.

4. 

   Justabroker on May 11, 2010 at 1:45 pm

   Try Nature’s Miracle for the cat urine smell. First pull carpet, pad, tack strip and molding if necessary. Sometimes even Kilz is required to lock in the odor as final prep before new carpet/pad.

5. 

   osidebuyer on May 11, 2010 at 2:06 pm

   I know you’d rather be in CV, can’t blame you there, but your coverage of lower tier north county is appreciated.

6. 

   Waiting to feel the magic on May 11, 2010 at 2:28 pm

   Just saw an REO come on in an area where I’m interested. It was priced at the TOP of the comps, which were upgraded and fixed up.

   Another REO that I had interest in just finished its BPO. The BPO came in at a price just below the house that has been for sale next door that is the same size, that was beautifully fixed up (as opposed to trashed), had more up grades, that had a better lot, and that was a traditional sale. And that house was about 45 DOM before it went pending recently. There’s also SS down the street that’s 400 sf bigger for maybe $30k more.

   What am I missing?

   Whatever, I will not pay those prices. I guess I’m fated to wait through the summer. This is getting so old.

7. 

   Sean on May 11, 2010 at 2:48 pm

   A few coming soon REOs auctioned in the past week include:

   7909 CAMINO DE ARRIBA framed but unbuilt in RSF, back to the bene at $569k.

   7206 RUE DE ROARK in LJ btb at $1.39.

   2717 RIDGEGATE ROW in LJ btb at $1.183m.

   4156 FALLSBRAE RD in Fallbrook btb at $812k.

   17 BAHAMA BND on Coronado btb at $1.015m.

   1748 ORCHARD WOOD RD in Encinitas btb at $780k.

   10118 LONE DOVE ST in CV btb at $640k.

   7335 PASEO CAPUCHINA in Carlsbad btb at $657k.

   1645 ORANGE BLOSSOM WAY in Encinitas btb at $625k.

   1517 TURQUOISE DR in Carlsbad btb at $610k.

   13452 TURLOCK CT off Carmel Mountain Rd. btb at $600k.

8. 

   Waiting to feel the magic on May 11, 2010 at 3:09 pm

   But when will they be available, and where will they priced?

   Thanks for the info, Sean. Foreclosure Radar is a great tool – very informative, but I can’t say the information has helped much up to this point.

9. 

   Sean on May 11, 2010 at 3:36 pm

   WtftM,

   If any properties in the areas you’re interested in are heading for auction, you could always try to borrow cash from family and friends to bid at the auctions and then refi and pay them back once you record title, or contact Jim the Realtor about the Trustee Sale program.

   Good luck.

10. 

    François Caron on May 11, 2010 at 4:14 pm

    Reminds me of the half-basement apartment I once had.

    Never again.

11. 

    Waiting to feel the magic on May 11, 2010 at 5:26 pm

    As we all know the number of distressed properties that end up on the court house steps is a fraction of the distressed inventory. Postponement anyone? Of the properties that do go to auction, the number that have opening bids at prices that anyone would actually pay is another small fraction. There have been a couple that I would have bid on if I had the cash, but not many.

    If there was a way to do some kind of short term loan for the TS and then refi I’d be interested. But there’s also the logistics of just being at the auction (I work during the day) combined with the low likelihood that the property of interest will actually be sold and have a reasonable opening bid.

    Sean, I meant no disrespect to Foreclosure Radar. It really has been a great source of information. But at the end of the day the banks have to be willing to take the pain and sell these properties, and so far for whatever reason they don’t seem overly willing or able to do it. So the sea of blue, green, and red dots that I see on the FR map are mostly not accessable to me.

    Very frustrating.

12. 

    justme on May 11, 2010 at 5:54 pm

    You know how some agents post pics of homes with cats in the photo? Not smart.

13. 

    The Blur on May 11, 2010 at 6:58 pm

    Waiting to Feel, I hear you on the Foreclosure Radar. It’s so exciting when you first subscribe, then after two months it just seems like a waste of time. I’d go to the steps if I had any confidence the sales would actually happen and the bids were realistic. I think this is happening in Phoenix and Vegas – but not SD.

14. 

    JimG on May 11, 2010 at 8:52 pm

    Jim,

    LPS pays big ticket reimbursements in about 2 weeks as long as they are not swamped. The real question is are you getting the BAC commission or the LPS one?

15. 

    Jim the Realtor on May 11, 2010 at 9:00 pm

    They haven’t said so I’m sure that means I get screwed.

    You guys get the plum listings, so I don’t blame you for playing. Do you think I’m crazy for hanging around, thinking it might get better later?

    There is no evidence that I am moving up the ladder.

16. 

    JimG on May 11, 2010 at 10:39 pm

    Our list for LPS comes over at 1.75, they get 1.25, BAC may have a different deal. Only way to make it work is with volume and then you have to have support staff and more overhead. Our last 2 assignments are a condo and SFR in Chula Vista, 70 miles round trip. Short sale listings in North County may have better margins and they usually aren’t filled with animal feces.