Quick question on foreclosures

[toddt]

It certainly depends on the beneficiary and geography, but in general the stated opening bid on an auction notice (NTS in CA) is the unpaid balance including late fees, plus costs of foreclosure and any advances to priority liens.

That said, I monitor much of the TS activity in San Diego and Orange County and I have seen a definite increase in trustee’s lowering the opening bid amount below this at the bene’s request. In some cases that’s translating into a rare sale to a third party at the courthouse steps.

This is one of the key reasons why auction pros, when they’re active, do not ignore properties that might not make sense at the NTS amount.

[jpinpb]

toddt – I’m bummed to hear that. I’ll be at work at 10 and won’t be able to attend. There is a property I’ve been eyeing for a while, the major fixer I mentioned in a thread way back when.

I am just not understanding why they don’t sell for less on the steps period. Is it just a formality that they have to go to auction on the steps, b/c as we know, pretty much most if not all or 99.9% end up being listed for well below the original loan amt. I mean, they could just as easily sell it for less on the steps, if that’s the case.

Guess there’s nothing I can do now but wait and see.

Thanks for the feedback.

[jpinpb]

toddt – I’m bummed to hear that. I’ll be at work at 10 and won’t be able to attend. There is a property I’ve been eyeing for a while, the major fixer I mentioned in a thread way back when.

I am just not understanding why they don’t sell for less on the steps period. Is it just a formality that they have to go to auction on the steps, b/c as we know, pretty much most if not all or 99.9% end up being listed for well below the original loan amt. I mean, they could just as easily sell it for less on the steps, if that’s the case.

Guess there’s nothing I can do now but wait and see.

Thanks for the feedback.

[jpinpb]

toddt – I’m bummed to hear that. I’ll be at work at 10 and won’t be able to attend. There is a property I’ve been eyeing for a while, the major fixer I mentioned in a thread way back when.

I am just not understanding why they don’t sell for less on the steps period. Is it just a formality that they have to go to auction on the steps, b/c as we know, pretty much most if not all or 99.9% end up being listed for well below the original loan amt. I mean, they could just as easily sell it for less on the steps, if that’s the case.

Guess there’s nothing I can do now but wait and see.

Thanks for the feedback.

[jpinpb]

toddt – I’m bummed to hear that. I’ll be at work at 10 and won’t be able to attend. There is a property I’ve been eyeing for a while, the major fixer I mentioned in a thread way back when.

I am just not understanding why they don’t sell for less on the steps period. Is it just a formality that they have to go to auction on the steps, b/c as we know, pretty much most if not all or 99.9% end up being listed for well below the original loan amt. I mean, they could just as easily sell it for less on the steps, if that’s the case.

Guess there’s nothing I can do now but wait and see.

Thanks for the feedback.

[jpinpb]

toddt – I’m bummed to hear that. I’ll be at work at 10 and won’t be able to attend. There is a property I’ve been eyeing for a while, the major fixer I mentioned in a thread way back when.

I am just not understanding why they don’t sell for less on the steps period. Is it just a formality that they have to go to auction on the steps, b/c as we know, pretty much most if not all or 99.9% end up being listed for well below the original loan amt. I mean, they could just as easily sell it for less on the steps, if that’s the case.

Guess there’s nothing I can do now but wait and see.

Thanks for the feedback.

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