The last clip on this tour of recent foreclosure contestants shows the biggest giveaway we’ve seen – to set the opening bid WaMu cut $1.4 million off the amount owed, and it still went back to bene!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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I get the feeling we’re going to see a lot more like this
Yup.
That house in Pacific Crest sold for 1.134M from the builder without landscaping in 1999. If you factor in 120k for landscaping than you are back to builder prices at 1.25M.
I never thought in a million years that you would be able to touch that area again for 1999 builder prices. I was wrong. I lived up on that hill for 4 years and I believe that it is one of the nicest areas in all of San Diego County. It is mostly newer semi-custom homes on estate size lots with drop dead views and total privacy.
All the scam short sales are frustrating. How do you get on the inside with these deals? I watch the MLS and I’ve seen the ones that come on for a day or two usually without much of a description but at a really low price and then they’re gone.
You have to know the sellers, because they have to agree to the deal when they have nothing to gain.
The commissions could be used for payola, or the buyers could bribe the sellers directly.
The sellers in this video who caused WaMu to lose the $700,000 might regret not dragging their heels, the state law that waives deficiency judgements is not in effect yet. Maybe WaMu waived it as part of the deal? I doubt anyone on the buy side cared enough to ensure that.
so the story is if you play the game, you never buy in the open market but craft a backdoor deal
and if you play in the open market, you will pay too much b/c nothing hits the open market at a fair or a good price
Play the game = “dirty deal” in the minds of most people, and thankfully morals still abound. But the “as-is” component makes people uncomfortable too, regardless of price.
Open market = means you have to work hard to get a deal, but they happen regularly. You have to combine the full package of benefits to really appreciate them though. Location, condition, upgrades, etc. make the difference.
The house featured here needed 3-6 months of work, so they compromised a lot on condition to have moved in already.
That San Dieguito place is definitely a tear down. I looked at it last spring when it was priced in the 500’s and there were at least 10 other people there checking it out. I touched the wood siding to check for termite damage and my finger sunk into the wood!
Jim:
Your comment on new state law preventing collection on deficiencies intrigues me. Are holders of 2nds soon going to be unable to collect after the 1st forecloses?
Isn’t that how it works already? If the first forecloses then the second and any other liens (besides taxes) get wiped out. ?