hitting the courthouse steps?

[kelly]

Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. kb

[bearishgurl]

AWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!

One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?

You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂

[bearishgurl]

AWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!

One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?

You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂

[bearishgurl]

AWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!

One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?

You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂

[bearishgurl]

AWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!

One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?

You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂

[bearishgurl]

AWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!

One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?

You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂

[SD Realtor]

Bearish I don’t think that your suspicions are correct. You have to look at the numbers. Suppose 300 properties are going to auction tomorrow. Now at least 250 of them are going to get postponed. Now 150 of them you know have already been postponed and another 100 will be but you are not sure which 100 they will be. So you can research 200 properties, comp them all out and know that the majority of your research will be moot, OR you wait until the day of the auction and let the postponements occur and SIGINIFICANTLY reduce the amount of work.

So what happens is that with the larger more well run operations, they will have a runner at the auction, one or two other guys out in the field, then someone at the office. The guy at the office will coordinate, he will talk to the runner at the auction and he will also get the condition of properties from the guys in the field. As properties get postponed his “active” list shrinks to a more manageable number so that he can comp 20-30 properties rather then 150 to see what they will fetch on the market and thus he can then instruct his runner how high to go on the bidding.

This is by far the norm as compared to contractors who are looking to buy a beater to fix and flip.

In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?

[SD Realtor]

Bearish I don’t think that your suspicions are correct. You have to look at the numbers. Suppose 300 properties are going to auction tomorrow. Now at least 250 of them are going to get postponed. Now 150 of them you know have already been postponed and another 100 will be but you are not sure which 100 they will be. So you can research 200 properties, comp them all out and know that the majority of your research will be moot, OR you wait until the day of the auction and let the postponements occur and SIGINIFICANTLY reduce the amount of work.

So what happens is that with the larger more well run operations, they will have a runner at the auction, one or two other guys out in the field, then someone at the office. The guy at the office will coordinate, he will talk to the runner at the auction and he will also get the condition of properties from the guys in the field. As properties get postponed his “active” list shrinks to a more manageable number so that he can comp 20-30 properties rather then 150 to see what they will fetch on the market and thus he can then instruct his runner how high to go on the bidding.

This is by far the norm as compared to contractors who are looking to buy a beater to fix and flip.

In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?

[SD Realtor]

Bearish I don’t think that your suspicions are correct. You have to look at the numbers. Suppose 300 properties are going to auction tomorrow. Now at least 250 of them are going to get postponed. Now 150 of them you know have already been postponed and another 100 will be but you are not sure which 100 they will be. So you can research 200 properties, comp them all out and know that the majority of your research will be moot, OR you wait until the day of the auction and let the postponements occur and SIGINIFICANTLY reduce the amount of work.

So what happens is that with the larger more well run operations, they will have a runner at the auction, one or two other guys out in the field, then someone at the office. The guy at the office will coordinate, he will talk to the runner at the auction and he will also get the condition of properties from the guys in the field. As properties get postponed his “active” list shrinks to a more manageable number so that he can comp 20-30 properties rather then 150 to see what they will fetch on the market and thus he can then instruct his runner how high to go on the bidding.

This is by far the norm as compared to contractors who are looking to buy a beater to fix and flip.

In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?

[SD Realtor]

Bearish I don’t think that your suspicions are correct. You have to look at the numbers. Suppose 300 properties are going to auction tomorrow. Now at least 250 of them are going to get postponed. Now 150 of them you know have already been postponed and another 100 will be but you are not sure which 100 they will be. So you can research 200 properties, comp them all out and know that the majority of your research will be moot, OR you wait until the day of the auction and let the postponements occur and SIGINIFICANTLY reduce the amount of work.

So what happens is that with the larger more well run operations, they will have a runner at the auction, one or two other guys out in the field, then someone at the office. The guy at the office will coordinate, he will talk to the runner at the auction and he will also get the condition of properties from the guys in the field. As properties get postponed his “active” list shrinks to a more manageable number so that he can comp 20-30 properties rather then 150 to see what they will fetch on the market and thus he can then instruct his runner how high to go on the bidding.

This is by far the norm as compared to contractors who are looking to buy a beater to fix and flip.

In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?

[SD Realtor]

Bearish I don’t think that your suspicions are correct. You have to look at the numbers. Suppose 300 properties are going to auction tomorrow. Now at least 250 of them are going to get postponed. Now 150 of them you know have already been postponed and another 100 will be but you are not sure which 100 they will be. So you can research 200 properties, comp them all out and know that the majority of your research will be moot, OR you wait until the day of the auction and let the postponements occur and SIGINIFICANTLY reduce the amount of work.

So what happens is that with the larger more well run operations, they will have a runner at the auction, one or two other guys out in the field, then someone at the office. The guy at the office will coordinate, he will talk to the runner at the auction and he will also get the condition of properties from the guys in the field. As properties get postponed his “active” list shrinks to a more manageable number so that he can comp 20-30 properties rather then 150 to see what they will fetch on the market and thus he can then instruct his runner how high to go on the bidding.

This is by far the norm as compared to contractors who are looking to buy a beater to fix and flip.

In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?

[bearishgurl]

[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]

SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.

[bearishgurl]

[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]

SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.

[bearishgurl]

[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]

SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.

[bearishgurl]

[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]

SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.

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