hitting the courthouse steps?

[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.

[SD Realtor]

No no no… I agree entirely with what you said about the research. My only point I was trying to make was your last line in your other post, that you thought many contractors were making the purchases. I had read into your last sentence that you felt people were talking to the office via bluetooth was an implication that these were working for contractors. Yes all of the due diligence you mentioned is absolutely needed. My point was that it is all needed but due to the quantities involved nowadays, that diligence is now performed more or less the day of the auction and sometimes even while the auction is going!

Hope that clarifies.

[SD Realtor]

No no no… I agree entirely with what you said about the research. My only point I was trying to make was your last line in your other post, that you thought many contractors were making the purchases. I had read into your last sentence that you felt people were talking to the office via bluetooth was an implication that these were working for contractors. Yes all of the due diligence you mentioned is absolutely needed. My point was that it is all needed but due to the quantities involved nowadays, that diligence is now performed more or less the day of the auction and sometimes even while the auction is going!

Hope that clarifies.

[SD Realtor]

No no no… I agree entirely with what you said about the research. My only point I was trying to make was your last line in your other post, that you thought many contractors were making the purchases. I had read into your last sentence that you felt people were talking to the office via bluetooth was an implication that these were working for contractors. Yes all of the due diligence you mentioned is absolutely needed. My point was that it is all needed but due to the quantities involved nowadays, that diligence is now performed more or less the day of the auction and sometimes even while the auction is going!

Hope that clarifies.

[SD Realtor]

No no no… I agree entirely with what you said about the research. My only point I was trying to make was your last line in your other post, that you thought many contractors were making the purchases. I had read into your last sentence that you felt people were talking to the office via bluetooth was an implication that these were working for contractors. Yes all of the due diligence you mentioned is absolutely needed. My point was that it is all needed but due to the quantities involved nowadays, that diligence is now performed more or less the day of the auction and sometimes even while the auction is going!

Hope that clarifies.

[SD Realtor]

No no no… I agree entirely with what you said about the research. My only point I was trying to make was your last line in your other post, that you thought many contractors were making the purchases. I had read into your last sentence that you felt people were talking to the office via bluetooth was an implication that these were working for contractors. Yes all of the due diligence you mentioned is absolutely needed. My point was that it is all needed but due to the quantities involved nowadays, that diligence is now performed more or less the day of the auction and sometimes even while the auction is going!

Hope that clarifies.

[bearishgurl]

SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.

[bearishgurl]

SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.

[bearishgurl]

SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.

[bearishgurl]

SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.

[bearishgurl]

SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.

[SD Realtor]

Yes these sound like spec guys purchasing properties at trustee sale.

One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?

[SD Realtor]

Yes these sound like spec guys purchasing properties at trustee sale.

One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?

[SD Realtor]

Yes these sound like spec guys purchasing properties at trustee sale.

One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?

[SD Realtor]

Yes these sound like spec guys purchasing properties at trustee sale.

One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?

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