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:
http://www.youtube.com/watch?v=WGOg8_EZG80
Happy Super Bowl!
JtR,
I’d be curious to ask your SS negotiator friend why the cash buyer didn’t use that cash on the courthouse steps and save himself $500k even after paying off the tax lien.
I hope Aurora starts pulling the trigger like that more often, because they have been postponing alot of the big bombers for the past 2 years, and I’ve been waiting around to buy one.
Out of curiosity, what percentage of your clients pay over $1 mil in cash for their home?
FWIW prices have come down quite a bit in the areas of Los Angels that I watch (west side, south bay). Maybe it’s due to what Sean is reporting.
17%
17%! Time to change the name from Jim The Realtor to James Klinge and Coy, Estate Agents and Property Representatives to the upper crust and creme de la creme of San Diego!
No doubt. That’s about twice what I expected. Any of them looking to adopt a thirty-something?