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!