Just when you think you’re in for another routine day at the plant, more turbulence. Wifey thinks I’m getting too aggressive on the blog, but like another agent said today – if you’re going to be a successful realtor in this market, you gotta be able to deal with the hustlers, slimeballs, and grifters that abound.
Here’s another – a tenant who paid 1.5 months rent, has stayed for six, filed a burglary report against the homeowner/landlord and then got a restraining order against him to ice his free-rent program.
If you’re interested in buying a house at the trustee sales, it would be smart to see them in person. But there are so many properties on the list that we want to help you narrow it down by showing them to you on the internet first.
Here’s an example of a video preview of a house that has had it’s trustee sale postponed since August. Eventually time is going to run out on the probable loan-mod attempts – the next trustee-sale date on this house is January 14th:
I can help you review and track those on the f-list!
“Jim where can you find up to date info on trustee sale dates and houses involved for the San Diego Area?”
Foreclosureradar.com has been the most efficient website for us, because they keep it updated – changes are usually recorded the same day.
You can access our free version of it at the top-right corner of this blog, at “Foreclosures”.
If you want more specific data on each property, it’ll prompt you to send an inquiry, and we’ll ship you the full package. It’s done manually and I’ve gotten behind and missed a few in the past, but we’re on it now.
If you wanted to spend $50 per month, you can get full access by subscribing directly to foreclosureradar.com.
Here are the 469 SFRs on the auction list with a sale date coming up in the next 45 days between Carlsbad and La Jolla (link below).
Even if you don’t want to buy all-cash at the court house steps, this list makes for a good reference point – if you are thinking of buying a specific property, you should search nearby streets for other looming foreclosures that are in the works.
Let’s also note that in the same area there are 3,785 SFRs that are on the NOD list too. It’ll be very interesting to see how many actually get foreclosed or cancelled in 2010!
Over the weekend I was discussing with a new client my outlook for 2010.
He said that in person I sounded more optimistic about the market than on the blog, and I agreed. Some is due to trying to provide all evidence and let you decide, but more is due to recent activity.
Watch this youtube, and you’ll see reasons why I think the local real estate market is going to take off like a rocket in 2010:
Who do you call once you realize you’ve been hacked?
ROB DAWG!!!!
Bryce was the first to email the news, and within 60 seconds I had Robert on the phone. He was happy to oblige, and boom, here we are, right back in business!
Thank You Robert!
Our website designer Stefanie pitched in too, adding more security measures – if you ever need help designing your website, her contact info is at the bottom of the screen.
Let’s ponder the future – what can we expect for 2010 in North SD County Coastal?
1. More distressed properties for sale.
So far in the fourth quarter we’ve had 1,213 new listings in NSDCC, and 258 of them are short sales or REOs, or 21%. The overall county 4Q stats are 43% short sales and REOs – we’re due to catch up with heavy activity expected on the ARM-recast chart.
2. More short sales showing up on the court house steps.
The sellers have to cooperate fully, and in many cases it’s better for them to be foreclosed – expect more short sales to fail as a result.
3. More loan mods showing up on the court house steps.
The loan mod terms aren’t that much better, and the free rent was good while it lasted – are modders going to go back to making big payments? Doubtful.
4. Banks/servicers unloading
It may not be a tsunami, but the drip has to at least turn into a slow meandering stream. There have been 103 closings in the fourth quarter in NSDCC, but there are 872 properties that have received their notice of trustee sale!
5. Housing Tax Credit getting credit for sales activity.
Who knows if it helps, and there’s little benefit in the more expensive areas. But it gives people something to talk about.
6. Chargers winning Super Bowl.
Let’s not get too hyped up, it’s only been 8 wins in a row, and Norv is still the coach. But if a miracle happened, it would make people feel a little better.
7. Lower pricing
Forget 1-6, all that matters is number 7.
Take a look at the latest pricing from the court house steps, via youtube:
The internet gives everyone acess to the new listings immediately, and anxious buyers rush over to see the good ones within hours of MLS input. The early intensity spooks sellers, and they don’t want to deal – which usually means that offers submitted the first week have trouble coming together for those buyers looking for a deal.
What do you do? Expand the inventory, to better your chances.
These videos are samples of the homes we see on the foreclosure lists. Our job is to keep our buyers aware of the off-the-grid inventory. If it all goes right, by next year we’ll have the ability to include buying at the trustee sales as part of the service, so let’s preview the properties heading for the courthouse steps, and anticipate those upcoming REO listings. There are many of both!
So here’s another youtube preview around Carlsbad!
SCOTTSDALE, Ariz. — Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.
Jon Mirmelli, a Phoenix real-estate investor, learned late in the morning of Sept. 28 that a never-occupied custom house on the northern fringes of this Phoenix suburb was going up for auction around noon the same day. The six-bedroom home, built on a three-acre desert plot, has a kitchen with two dishwashers, four ovens, “antibacterial” copper sinks, and a master “spa” bathroom with space for a flat-screen TV visible from the tub.
The minimum bid, as set by a unit of Citigroup Inc., which had a $1.3 million mortgage on the home, was $379,900. After several minutes of bidding among investors and their representatives, some wearing shorts and flip-flops, Mr. Mirmelli won the home for $486,300. A week later, he agreed to sell it for $690,000 to a woman who moved in this month.
During the housing boom, millions of Americans tried to make money by buying and then quickly reselling new houses and condominiums. That kind of flipping stopped several years ago as home sales stalled amid a surge in foreclosures and curtailed lending.
Now, a different breed of flipper is proliferating: one who seeks bargains at foreclosure auctions. Unlike the boom-time flippers, the latest generation needs cold cash, lots of local-market knowledge and strong nerves.
The low inventories and fewer sales make it harder to determine values, and pricing – especially in popular areas like Carmel Valley, 92130, where there are wholesale and retail-priced sales happening at the same time.
All of these have their trustee-sale date scheduled in the next couple of weeks.
The last two houses are active short-sale listings, the gray house on 4th is listed for $2.195, and the oceanfront house has its short-sale approved for $2.86 million – but no takers. Will the bank let the free-rent program continue, or drop the hammer?
Even if there are loan-mod candidates among these, I think by the time they get this close to their date they are in grave danger of losing their house. Will there be buyers on the court house steps, or back to bene?
