Foreclosure auction frenzy

[sdrealtor]

Josh,
For the record my friend is one of the most ethical, straight forward and honest people I have ever known. He is in my opinion beyond reproach having sold well over a thousand homes in the last down turn. He has more experience in this than you have years on the planet. He is very realistic and fully understands what is going on. The auction was very expensive to undertake and they did it to see if it was a viable way to unload excess inventory. Lenders are not emotional, they only care about optimizing their bottomline. On top of that, if you said to him in person what you just said to me online he would kick your ass all the way to Jamul.

[SD Realtor]

sdr out of personal curiousity do you think that they had to pay the auction company up front costs for advertising, and other fees?

SD Realtor

[an]

On top of that, if you said to him in person what you just said to me online he would kick your ass all the way to Jamul.

That’s a pretty bold statement to make. sdr, do you know Josh personally? If not, he could very well be a 6’5″ 250lb guy or a black belt in martial arts, or both :-).

[sdrealtor]

Cmon AN,
You know me better than that. I was just giving him the business.

sdr

[sdrealtor]

SD R,
I’m trying to find out more. I’ll let you know what I learn.

sdr

[an]

You know me better than that. I was just giving him the business.

This is why I put the smiley face at the end of my comment :-). Trying to lighten up this conversation.

[sdrealtor]

got it

[poorgradstudent]

I find this whole thing fascinating. The take away seems to be that most of the potential buyers were bargain hunting, and were dissapointed there weren’t better bargains to be had. The sellers seem to be unhappy at the prices they got, which generally seem to be roughly at current market conditions.

[an]

It seems like the only people who are happy are the auction house people. They get paid either way.

[HereWeGo]

Well, here’s hope for the would-be landlords disappointed that they missed on an opportunity to puchase choice bank-owned properties in Chula Vista, Spring Valley, Fallbrook, Escondido, Oceanside, and other outlying areas:

There’s plenty more on the way.

[barnaby33]

Dog bless him then. We are all entitled to our opinions, mine as well as his. Empirical evidence tends to suggest he is wrong. People don’t sell for less, if they can sell for more. Life just doesn’t work that way.

He has more experience in this than you have years on the planet, entirely possible since I am seventeen. I only made such a bold post as I am incapable of attracting females and spewing bile on piggington is the only real outlet I have. Also my parents don’t love me very much.

He is very realistic and fully understands what is going on. I sincerely doubt it. If anybody really knew what was going on, they’d be rich enough so as to not be at that auction. He may have better ideas than alot of people, but real knowledge is exceedingly rare. Mostly we rely on conjecture and incomplete information to survive.

If you said to him in person what you just said to me online he would kick your ass all the way to Jamul. I have never been to Jamul, though I can’t imagine getting there in that manner would add to the pleasantness of the experience. Would your friend perhaps drive me there instead, then kick my ass?

Josh

[sdrealtor]

Josh
Touche! That was hysterical.
sdr

[no_such_reality]

I’m trying to find out more. I’ll let you know what I learn.

sdr, as long as you’re checking on the expense side, any chance to your friend as an insight into how quickly bidding stopped after reserve was met?

The articles seem to say bidding was pretty fast & furious, yet as your contact indicated, final bid wasn’t great in the lender’s mind. I’m wondering if on top of the expenses, what the lenders really aren’t happy about is that bidding only got as high as it did because the audience had plenty of shills to drive bidding?

[CardiffBaseball]

Color me as completely confused as to the results of this auction. At first it seemed bears were disappointed at the results, and that it might be a signal that things are going to be slow as hell on the way down.

Yet the WSJ article and sdrealtor’s anecdotal account show that the lenders really did poorly relative to their expectations.

[4plexowner]

I don’t think we can judge the auction until the ‘sold’ units close escrow (or don’t close escrow)

Some people have questioned how many shills were in the audience bidding

Perhaps that is why the banks are upset – most of the offers came from shills with only a few offers being made by real buyers (who may or may not make it to close of escrow)

Yeah, I know, no American corporation would intentionally employ deceptive marketing tactics …

[Author]

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