I would say that about 95% of the properties offered by REDC are in neighborhoods that are probably not highly desired areas. Still there are some properties that did raise my eyebrows. For instance the listing on Picrus in 92129 surprised me. It has never been on the MLS as well. Recall that the starting bid is fairly meaningless. On a property like this I am sure REDC has been instructed to not accept anything below a certain price by Wells Fargo. I bet it is near or over 600k. As far as what condition the homes are in? Well to be honest the homes are not going to be any better or any worse then any other REO property.
Just like the last auction, if somebody grabs the addresses of properties, then several weeks after the auction, I can look up the tax rolls to see what they sold for.
What I do believe is true is that these starting prices are shill prices and there is no intent to sell at or near them.
