Some random notes for a Friday:

1.  One of the few short-sale negotiators that we know who provides high-quality help saw our short sale update, and thought she’d add another classic story to the list:

Short Sale CASH buyer offered $1.7 million, plus was willing to pay an additional $250,000 to the 2nd mortgage holder (not asking 1st not to contribute to the 2nd at all). 

The seller had $16k tax lien show up at the last minute, and needed 2 weeks to clear it up.  The bank (AURORA) said NO, and proceeded to foreclose the day before the tax lien was cleared and sold on the steps for $1.4 million!!!   A LOSS of $300,000 for 24 hours of time needed!

2.  Sean, our LA correspondent, checked in with his trustee-sale update: 

Been tracking the auctions in LA for the past 2 weeks to see if BofA/Countrywide/Recontrust has thrown the “on” switch of their foreclosure machine.  The answer seems to be yes, but hardly full speed.  They’re putting 450-850 on the auction list most days, and are consistently setting opening bids on 10% of the properties scheduled for each day, then actually selling about 65-75% of those, so call it 7% of the daily NTS.  So the steady trickle has resumed but no tsunami just yet. 

3.  This REO in the Ranch that we toured last month hit the MLS today at $1,173,000:

Happy Super Bowl!

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