Here’s a video of a trustee sale on the court house steps in downtown San Diego (by Richard).
1. There are still plenty of bidders showing up at the steps, but how many are buying? There were 474 trustee sales scheduled today in San Diego County of all property types, all locations – and there were only ten 3rd-party purchases at the court house on Broadway:
2. Five weeks ago I submitted a $600,000 offer to the listing agent of this property, when it was listed as a short sale for $649,000. The agent refused to submit it to the bank, because he and the sellers thought it was too low (and it sold for 10% less today). If there are any lenders out there watching, this is what’s happening every day.
The association of realtors needs to enact short-sale procedures for realtors, before the banks do it (and cut us out altogether!).