FLU strikes out again in CarmelV.

[earlyretirement]

[quote=ctr70]I have never ventured into buying trustee sales. That game is full of sharks and for the super, super experts. There are a TON of pitfalls. I would do some serious education before even thinking of trustee sales, and honestly I do not think they are worth it anymore. From what I hear there is way too much competition and properties are getting bid up to almost retail prices. You have to REALLY do your homework and know what you are doing or you can get killed.[/quote]

Me neither. I just had no interest in it. I have several friends that are definitely experts on the subject. They tried getting me in this game 2 years ago but I just never would have interest buying a place that I couldn’t go in and see.

My friend bought 30 properties last year. And the year before that I think he bought more. He is just an individual but he has an entire team he works with. Renovation/contractor team, etc.

He told me it’s impossible now because the institutional guys have entered the playing field. He said it’s almost impossible now.

[bearishgurl]

[quote=spdrun]And the pitfalls of bidding on one?[/quote]

A good start, spdrun, is to do your “homework.” Do not pass Go or collect your $200 until you have.

Hint: you can’t do it from NY, NY 🙂

Then, find a VERY competent title officer in CA, open up an acct with their company and chain them to your ankle for the duration, touching base with him/her at least twice a week, the day before the sale and the day of the sale. Rinse and repeat every time the sale is postponed.

Get the trustee’s phone number and kick them down some coin (or other mutually agreed-upon incentive) to call you when there has been a change in sale date and/or opening bid amount. In any case, touch base with them also once weekly, three days before sale and the day before the sale.

If ever successful in purchasing a trustee’s deed, you may also need a UD law firm at your disposal, as well as at least one flatbed truck and a strong work crew :=0

There is much, much more to this endeavor, but I would have to get published so I could be properly compensated for discussing it. The “nuts and bolts” of non-judicial foreclosure is not a subject that is taught in CA’s colleges :=0

[UCGal]

[quote=flu]Wow.. this went fast….

http://www.sdlookup.com/MLS-130006968-5293_Vista_Del_Dios_San_Diego_CA_92130
….

So did this…

http://www.sdlookup.com/MLS-120026366-5427_Foxhound_Way_San_Diego_CA_92130

Mira Mesa brutal? CarmelV even more brutal..[/quote]
At the risk of hijacking back to the original topic…. I notice both listings are contingent…. yet are listed for much higher than the sold price…. looks like the owners did some cash extraction…. also, makes me wonder how open/fsir the bidding was.

[Coronita]

[quote=UCGal][quote=flu]Wow.. this went fast….

http://www.sdlookup.com/MLS-130006968-5293_Vista_Del_Dios_San_Diego_CA_92130
….

So did this…

http://www.sdlookup.com/MLS-120026366-5427_Foxhound_Way_San_Diego_CA_92130

Mira Mesa brutal? CarmelV even more brutal..[/quote]
At the risk of hijacking back to the original topic…. I notice both listings are contingent…. yet are listed for much higher than the sold price…. looks like the owners did some cash extraction…. also, makes me wonder how open/fsir the bidding was.[/quote]

The person that flipped this one did well.

http://www.sdlookup.com/MLS-130000099-13333_Wendover_Terrace_San_Diego_CA_92130

Overall a nice home. Went to go see it in person…

[Coronita]

Yeah. 2 more homes added to inventory today….

Lol….

http://www.sdlookup.com/MLS-130008232-12830_Three_Canyons_Point_San_Diego_CA_92130

Slightly out of my price range, by a few zeros…

and….

http://www.sdlookup.com/MLS-130008234-4943_Harwick_Pl_San_Diego_CA_92130

My eyes my eyes…(the wall colors :))

[SD Realtor]

I am not being sarcastic and am above name calling. By the nature of all your posts you seem to be pretty expert in all of your endeavors and quite knowledgeable of San Diego. Even Ocean Beach!

I am saying you should go for it.

I see plenty of laughable advice on this board all the time.

Yes try calling the trustee and see what that gets you.

Give it a shot.

[bearishgurl]

[quote=SD Realtor]I am not being sarcastic and am above name calling. By the nature of all your posts you seem to be pretty expert in all of your endeavors and quite knowledgeable of San Diego. Even Ocean Beach!

I am saying you should go for it.

I see plenty of laughable advice on this board all the time.

Yes try calling the trustee and see what that gets you.

Give it a shot.[/quote]

I was being facetious, SDR. Why don’t you lighten up a bit? It sounds like the “institutional buyers” have gotten one over on you and your “team” of late … lol

[bearishgurl]

btw, I’ve personally talked to plenty of trustees’ representatives in the past (yes, humans …. telephonically) and was usually able to get a new postponement date and/or a new opening bid amount BEFORE the day of sale.

Just so you know, it CAN be done.

[SD Realtor]

We left trustee sales a few years back after noticing the influx of idiots and moved to hard money lending.

[SD Realtor]

If it can be done then do it? Which decade did you do that in 80’s or 90’s?

Be honest…

[SD Realtor]

BTW the trustees have them newfangled websites to update the statuses.

[bearishgurl]

[quote=SD Realtor]We left trustee sales a few years back after noticing the influx of idiots and moved to hard money lending.[/quote]

Good for you, SDR! I’ve got several books I’ve had for years on that subject but never had the capital OR the stomach for it.

I HAVE, however, acted as an “information gatherer” back in the day (mid-’80’s) for a C/D lender in Mission Valley who paid me a $250 to $450 “referral fee” for each viable property for him or his “clients” to bid on on the steps.

Back at that time, a knowledgeable, street-wise person who was intimately familiar with said ‘hoods who wasn’t close to the action (dtn courthouse/recorders office) and wasn’t fast with microfiche and cloth binders couldn’t do this job properly and make any money.

There wasn’t any “instant information” … anywhere :=0

It was a nice little lunchtime gig for me for awhile 🙂

[bearishgurl]

[quote=SD Realtor]If it can be done then do it? Which decade did you do that in 80’s or 90’s?

Be honest…[/quote]

2007-2009, usually with my “clients” (the trustor(s)) sitting next to me, but sometimes not … after the trustee understood who I was.

In a couple of cases, my “clients” had an active application for mod or deed-in-lieu in with the right hand … while foreclosure was simultaneously being pursued by the left hand :=0

You know it is/was, right, SDR??

[bearishgurl]

[quote=SD Realtor]BTW the trustees have them newfangled websites to update the statuses.[/quote]

I understand this is the case now. But don’t they cost $$ to belong to them??

[SD Realtor]

Nope u just need to know where to look and yes in 2009 there was instant information.

[Author]

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