Next San Diego REDC Auction

[SD Realtor]

Next date for San Diego is 10/27. The San Diego list is bulked up with alot of 919** homes/condos. A few other zips scattered around. Nowhere that most people here would be interested in but then again ya never know. Starting bids look good. It will be another interesting event. http://www.usahomeauctions.com

[HereWeGo]

Actually it’s http://www.ushomeauction.com. That extra “a” and “s” links to a squatter site.

The outlying areas are well-represented, to be sure.

[SD Realtor]

Thanks Herewego! Sorry about that… yeppers lots of 919ers in there…

SD Realtor

[an]

Did anyone went to this auction? I didn’t bother going since like SD R said, most of it is 919**. How was the turn out? What’s the typical sold price compare to starting bid and “Previously Valued”?

[an]

Did anyone went to this auction? I didn’t bother going since like SD R said, most of it is 919**. How was the turn out? What’s the typical sold price compare to starting bid and “Previously Valued”?

[an]

Did anyone went to this auction? I didn’t bother going since like SD R said, most of it is 919**. How was the turn out? What’s the typical sold price compare to starting bid and “Previously Valued”?

[Anonymous]

I attended the auction, it was the first one I have been to and did not know what to expect. There seemed to be a lot of people, I would guess 500. The auction started right on time 9:30 and first few properties sold anywhere between 50-66% of the previous value. Keep in mind that there was an additional 5% brockerage fee. The auction moved along, there were many homes that had to be re-auction for whatever reason, I suspect that maybe the auctioneer might have had insiders bidding and they ended up with the high bids. The following are two examples of 2 properties in Chula Vista that I feel were too expensive:

Berry Creek Rd
3800 Sq Ft
PV-919K
SB-399K
Sold for 710K plus 35.5K (5% Bkg fee) total 745.5K
This property was subject to Lenders Approval
Very nice property, but I feel too expensive for the area, plus its Taxes and Mellaroos were well over 14K per year.

Bellena St.
2900 Sq Ft
PV-669K
SB-349K
Sold for 540K plus 27k total 567K
Again nice propertu but I feel too expensive for where the market will be in a couple of years.

Overall it was fun and exhausting, I showed up with my 5K cashier check and my check book, but did not buy anything. It was hard, I wanted to participate and win something but I was patient and did not. Hopefully my patience will payoff soon.

[Anonymous]

I attended the auction, it was the first one I have been to and did not know what to expect. There seemed to be a lot of people, I would guess 500. The auction started right on time 9:30 and first few properties sold anywhere between 50-66% of the previous value. Keep in mind that there was an additional 5% brockerage fee. The auction moved along, there were many homes that had to be re-auction for whatever reason, I suspect that maybe the auctioneer might have had insiders bidding and they ended up with the high bids. The following are two examples of 2 properties in Chula Vista that I feel were too expensive:

Berry Creek Rd
3800 Sq Ft
PV-919K
SB-399K
Sold for 710K plus 35.5K (5% Bkg fee) total 745.5K
This property was subject to Lenders Approval
Very nice property, but I feel too expensive for the area, plus its Taxes and Mellaroos were well over 14K per year.

Bellena St.
2900 Sq Ft
PV-669K
SB-349K
Sold for 540K plus 27k total 567K
Again nice propertu but I feel too expensive for where the market will be in a couple of years.

Overall it was fun and exhausting, I showed up with my 5K cashier check and my check book, but did not buy anything. It was hard, I wanted to participate and win something but I was patient and did not. Hopefully my patience will payoff soon.

[Anonymous]

I attended the auction, it was the first one I have been to and did not know what to expect. There seemed to be a lot of people, I would guess 500. The auction started right on time 9:30 and first few properties sold anywhere between 50-66% of the previous value. Keep in mind that there was an additional 5% brockerage fee. The auction moved along, there were many homes that had to be re-auction for whatever reason, I suspect that maybe the auctioneer might have had insiders bidding and they ended up with the high bids. The following are two examples of 2 properties in Chula Vista that I feel were too expensive:

Berry Creek Rd
3800 Sq Ft
PV-919K
SB-399K
Sold for 710K plus 35.5K (5% Bkg fee) total 745.5K
This property was subject to Lenders Approval
Very nice property, but I feel too expensive for the area, plus its Taxes and Mellaroos were well over 14K per year.

Bellena St.
2900 Sq Ft
PV-669K
SB-349K
Sold for 540K plus 27k total 567K
Again nice propertu but I feel too expensive for where the market will be in a couple of years.

Overall it was fun and exhausting, I showed up with my 5K cashier check and my check book, but did not buy anything. It was hard, I wanted to participate and win something but I was patient and did not. Hopefully my patience will payoff soon.

[4plexowner]

Does anyone have insight into the previous auction and what happened to the properties afterwards?

I am curious whether the properties that ‘sold’ at the auction actually ended up in an escrow where ownership changed hands to a new homeowner.

As neto mentions, these auctions probably have shills at them and I suspect it is not uncommon for the shills to end up ‘buying’ the property.

There are also the practices of ‘rolling’ (where the auctioneer ‘rolls’ past a price-point as though he received a bid) and ‘taking a bid off the wall’ (where the auctioneer accepts a bid from a non-existent bidder). In both of these cases the auctioneer could end up with a ‘sold’ property that had to be re-auctioned because the final bid wasn’t from a real buyer.

Caveat emptor at these auctions. There are no laws against shills, rolling or taking bids off the wall. Understand that these auctions are being run by typical REIC slime who will stoop to very low levels to stick somebody with an over-priced house and earn a commission in the process.

Any insights into previous auctions? Are these properties actually coming off the market? Deeds being recorded showing new owners?

[4plexowner]

Does anyone have insight into the previous auction and what happened to the properties afterwards?

I am curious whether the properties that ‘sold’ at the auction actually ended up in an escrow where ownership changed hands to a new homeowner.

As neto mentions, these auctions probably have shills at them and I suspect it is not uncommon for the shills to end up ‘buying’ the property.

There are also the practices of ‘rolling’ (where the auctioneer ‘rolls’ past a price-point as though he received a bid) and ‘taking a bid off the wall’ (where the auctioneer accepts a bid from a non-existent bidder). In both of these cases the auctioneer could end up with a ‘sold’ property that had to be re-auctioned because the final bid wasn’t from a real buyer.

Caveat emptor at these auctions. There are no laws against shills, rolling or taking bids off the wall. Understand that these auctions are being run by typical REIC slime who will stoop to very low levels to stick somebody with an over-priced house and earn a commission in the process.

Any insights into previous auctions? Are these properties actually coming off the market? Deeds being recorded showing new owners?

[4plexowner]

Does anyone have insight into the previous auction and what happened to the properties afterwards?

I am curious whether the properties that ‘sold’ at the auction actually ended up in an escrow where ownership changed hands to a new homeowner.

As neto mentions, these auctions probably have shills at them and I suspect it is not uncommon for the shills to end up ‘buying’ the property.

There are also the practices of ‘rolling’ (where the auctioneer ‘rolls’ past a price-point as though he received a bid) and ‘taking a bid off the wall’ (where the auctioneer accepts a bid from a non-existent bidder). In both of these cases the auctioneer could end up with a ‘sold’ property that had to be re-auctioned because the final bid wasn’t from a real buyer.

Caveat emptor at these auctions. There are no laws against shills, rolling or taking bids off the wall. Understand that these auctions are being run by typical REIC slime who will stoop to very low levels to stick somebody with an over-priced house and earn a commission in the process.

Any insights into previous auctions? Are these properties actually coming off the market? Deeds being recorded showing new owners?

[bsrsharma]

neto: Thank your lucky stars! Both of them have been sold to knife catchers and will be back on auction block in a year again. It is insane for anything in Chula Vista to be valued at more than $150/Sqft.

[bsrsharma]

neto: Thank your lucky stars! Both of them have been sold to knife catchers and will be back on auction block in a year again. It is insane for anything in Chula Vista to be valued at more than $150/Sqft.

[bsrsharma]

neto: Thank your lucky stars! Both of them have been sold to knife catchers and will be back on auction block in a year again. It is insane for anything in Chula Vista to be valued at more than $150/Sqft.

[Author]

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