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  • September 8, 2009 at 2:02 PM #454511
    SD Realtor
    Participant

    Xbox –

    Hopefully a few quick answers…

    When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

    The second gets wiped out no matter who takes it.

    Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

    September 8, 2009 at 2:07 PM #454327
    recordsclerk
    Participant

    I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
    Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
    1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
    There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.

    September 8, 2009 at 2:07 PM #454861
    recordsclerk
    Participant

    I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
    Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
    1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
    There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.

    September 8, 2009 at 2:07 PM #454933
    recordsclerk
    Participant

    I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
    Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
    1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
    There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.

    September 8, 2009 at 2:07 PM #454520
    recordsclerk
    Participant

    I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
    Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
    1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
    There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.

    September 8, 2009 at 2:07 PM #455126
    recordsclerk
    Participant

    I don’t think you can find a sale at Trustee’s valued @500k for 300K these days. There is either something wrong with the property or this is a second position loan. Also the estimated value might be off. There are historical sales in the past year that had margins like this. There was a home purchased for 380K that is currently pending for 750K. I’m not sure what needed to be fixed or if appliances were missing, but this was a great deal. For every great deal there are 90 decent purchases and 9 over bids. The over bids are happening more then ever.
    Just reviewing the last Trustees sale on 9/4/09, I can find at least one over bid.
    1460 Canoe Creak Way, Chula Vista 91915 purchased for 470K. Forclosureradar has it valued at Mid 500s. This property is 3638sqft. I have not looked at this property, so it may have great curb appeal.
    There is a comp that sold for 455K on the MLS (1471 Canoe Creek 3404sqft) on 6/17/09. The market has improved since then, but I think there is too much risk to buy anything higher then a comp sold on the MLS to the public. This part of Chula Vista is very confusing to the untrained eye. There are 3600+ sqft homes within a couple of blocks that sell for 650K min. This unfortunately is not one of them.

    October 12, 2009 at 12:43 PM #467686
    recordsclerk
    Participant

    1460 Canoe Creek Way does have great curb appeal. I could be wrong about this property and the purchase price. The investor should make a profit on this property. It has enough upgrades and is one of the better homes in this neighborhood. The investor must have done their homework on this one.

    October 12, 2009 at 12:43 PM #467868
    recordsclerk
    Participant

    1460 Canoe Creek Way does have great curb appeal. I could be wrong about this property and the purchase price. The investor should make a profit on this property. It has enough upgrades and is one of the better homes in this neighborhood. The investor must have done their homework on this one.

    October 12, 2009 at 12:43 PM #468224
    recordsclerk
    Participant

    1460 Canoe Creek Way does have great curb appeal. I could be wrong about this property and the purchase price. The investor should make a profit on this property. It has enough upgrades and is one of the better homes in this neighborhood. The investor must have done their homework on this one.

    October 12, 2009 at 12:43 PM #468295
    recordsclerk
    Participant

    1460 Canoe Creek Way does have great curb appeal. I could be wrong about this property and the purchase price. The investor should make a profit on this property. It has enough upgrades and is one of the better homes in this neighborhood. The investor must have done their homework on this one.

    October 12, 2009 at 12:43 PM #468507
    recordsclerk
    Participant

    1460 Canoe Creek Way does have great curb appeal. I could be wrong about this property and the purchase price. The investor should make a profit on this property. It has enough upgrades and is one of the better homes in this neighborhood. The investor must have done their homework on this one.

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