NOD-NOT-REO

[Lloyd]

Any expert advice? (4S, Rancho Penasquitos, Santalus(Sp?) areas)

We are thinking about buying back in to SOCAL, but really don’t want to buy back while things are still at the top. Here is our first question.

Is it better to buy at the NOD, NOT or REO stage?

here is the second.

How do we go about contacting the correct party about a short sale (pre-REO)? We called the home-owner of one NOD and they wanted nothing to do with us and absolutely were not going to lose their house.

Here is the third.

We saw the http://www.usahomeauction.com info and we don’t seem to understand how this fits into the NOD-NOT-REO process. Is this just a one stop shop for REO’s?

Thanks!

Lloyd

[HLS]

REO’s will probably be easier/quicker.

You could make a short sale offer, go on a one month cruise, come home and still not have a reply.

Not sure how the auction gets their inventory, they only have a few properties. Certain lenders that are almost BK just want ANY cash, regardless of value.
They had a sale in Ontario yesterday and one in LA today.
There will be more.

Most people have too much emotion in their house to deal with while they are still there. Even when they are losing it, they cannot forget what they paid or all the memories.
They are probably losing it because they have no equity.

We are certainly no longer at the top, but I think still a long way from the bottom, and whenever/wherever the bottom is, the market isn’t going to bounce.

In retrospect, The extended flatline will determine what the bottom was.

The newer an area is that you like, the more likely you are to have choices of bargains.

[HLS]

REO’s will probably be easier/quicker.

You could make a short sale offer, go on a one month cruise, come home and still not have a reply.

Not sure how the auction gets their inventory, they only have a few properties. Certain lenders that are almost BK just want ANY cash, regardless of value.
They had a sale in Ontario yesterday and one in LA today.
There will be more.

Most people have too much emotion in their house to deal with while they are still there. Even when they are losing it, they cannot forget what they paid or all the memories.
They are probably losing it because they have no equity.

We are certainly no longer at the top, but I think still a long way from the bottom, and whenever/wherever the bottom is, the market isn’t going to bounce.

In retrospect, The extended flatline will determine what the bottom was.

The newer an area is that you like, the more likely you are to have choices of bargains.

[HLS]

REO’s will probably be easier/quicker.

You could make a short sale offer, go on a one month cruise, come home and still not have a reply.

Not sure how the auction gets their inventory, they only have a few properties. Certain lenders that are almost BK just want ANY cash, regardless of value.
They had a sale in Ontario yesterday and one in LA today.
There will be more.

Most people have too much emotion in their house to deal with while they are still there. Even when they are losing it, they cannot forget what they paid or all the memories.
They are probably losing it because they have no equity.

We are certainly no longer at the top, but I think still a long way from the bottom, and whenever/wherever the bottom is, the market isn’t going to bounce.

In retrospect, The extended flatline will determine what the bottom was.

The newer an area is that you like, the more likely you are to have choices of bargains.

[donaldduckmoore]

You may find good deal on REOs although you may have to fix the house and do the lawn all over again. Stay away from short-sale, it is a pain and it takes forever and the bank/lender may not respond to you. It is a painful waiting game and it does not guarantee you will have the house. Besides, it may not be any good deal to you.

[donaldduckmoore]

You may find good deal on REOs although you may have to fix the house and do the lawn all over again. Stay away from short-sale, it is a pain and it takes forever and the bank/lender may not respond to you. It is a painful waiting game and it does not guarantee you will have the house. Besides, it may not be any good deal to you.

[donaldduckmoore]

You may find good deal on REOs although you may have to fix the house and do the lawn all over again. Stay away from short-sale, it is a pain and it takes forever and the bank/lender may not respond to you. It is a painful waiting game and it does not guarantee you will have the house. Besides, it may not be any good deal to you.

[SD Realtor]

Hi Lloyd,

Short sales are really a chore. I would agree to wait for REO properties. Any home that is at any of the third party auctions are all REO properties that have already passed through the foreclosure process and are lender owned. The homes at the last auction seemed to sell at lower prices then the homes at the auction in June. However if you reviewed all of the San Diego homes at both the August and June auctions, there were very few properties in desireable areas.

Hopefully that will change, OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles.

If you are going to purchase at auction do ALL OF YOUR DILIGENCE BEFORE YOU GO TO THE AUCTION.

SD Realtor

[SD Realtor]

Hi Lloyd,

Short sales are really a chore. I would agree to wait for REO properties. Any home that is at any of the third party auctions are all REO properties that have already passed through the foreclosure process and are lender owned. The homes at the last auction seemed to sell at lower prices then the homes at the auction in June. However if you reviewed all of the San Diego homes at both the August and June auctions, there were very few properties in desireable areas.

Hopefully that will change, OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles.

If you are going to purchase at auction do ALL OF YOUR DILIGENCE BEFORE YOU GO TO THE AUCTION.

SD Realtor

[SD Realtor]

Hi Lloyd,

Short sales are really a chore. I would agree to wait for REO properties. Any home that is at any of the third party auctions are all REO properties that have already passed through the foreclosure process and are lender owned. The homes at the last auction seemed to sell at lower prices then the homes at the auction in June. However if you reviewed all of the San Diego homes at both the August and June auctions, there were very few properties in desireable areas.

Hopefully that will change, OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles.

If you are going to purchase at auction do ALL OF YOUR DILIGENCE BEFORE YOU GO TO THE AUCTION.

SD Realtor

[Lloyd]

Thanks!

You wrote:

“OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles”

can you expand on this more?

Also you described that short selling is a pain. I am not sure I know what short selling is or why it is a pain (I have plenty of time). If the outstanding loan balance on a property is $500k (REO that the bank is asking $550k) and I offer $400k is that also considered a short sell?

Thanks again!

[Lloyd]

Thanks!

You wrote:

“OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles”

can you expand on this more?

Also you described that short selling is a pain. I am not sure I know what short selling is or why it is a pain (I have plenty of time). If the outstanding loan balance on a property is $500k (REO that the bank is asking $550k) and I offer $400k is that also considered a short sell?

Thanks again!

[Lloyd]

Thanks!

You wrote:

“OR the lenders will market them appropriately when they put them on the MLS the first time. Most of the properties at these auctions have already been through MLS cycles”

can you expand on this more?

Also you described that short selling is a pain. I am not sure I know what short selling is or why it is a pain (I have plenty of time). If the outstanding loan balance on a property is $500k (REO that the bank is asking $550k) and I offer $400k is that also considered a short sell?

Thanks again!

[Lloyd]

Thanks!

You described a short sale as being painful? Can you describe a little bit more?

Say a home last sold for $3M (zero down) and is now an REO. Can I just offer $1M and let the offer sit there? how do I even make an offer?

Thanks again!

[Lloyd]

Thanks!

You described a short sale as being painful? Can you describe a little bit more?

Say a home last sold for $3M (zero down) and is now an REO. Can I just offer $1M and let the offer sit there? how do I even make an offer?

Thanks again!

[Author]

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