San Diego Trustee Sales August 2009

[SD Realtor]

My guess is simply that the auctions are much more attended now. Last week there had to be at least 60 people downtown. Also I am noting that there are alot more bidders willing to take alot less margin. That is, at least by my study, they are making bids on places where they may only clear 10% after a resale as opposed to 20% or more.

For instance today the property on Orange Blossom in Encinitas had an opening bid of 620k? WTF… not much margin on that…

So in a nutshell I am not convinced that the opening bids have changed that much. Just a guess though.

[Effective Demand]

[quote=SD Realtor]You beat foreclosureforum to the punch. They usually do not post the monthly update until about the 8th day of the month.

One curiosity I have is that I would like to study the raw data. Do you obtain a list of all the properties or do you just take the totals that that they post?[/quote]

I dont download all the properties, they have a limit to the numbers you can download so I just do raw totals. I do downloads for looking in specific areas though.

[Effective Demand]

[quote=SD Realtor]You beat foreclosureforum to the punch. They usually do not post the monthly update until about the 8th day of the month.

One curiosity I have is that I would like to study the raw data. Do you obtain a list of all the properties or do you just take the totals that that they post?[/quote]

I dont download all the properties, they have a limit to the numbers you can download so I just do raw totals. I do downloads for looking in specific areas though.

[Effective Demand]

[quote=SD Realtor]You beat foreclosureforum to the punch. They usually do not post the monthly update until about the 8th day of the month.

One curiosity I have is that I would like to study the raw data. Do you obtain a list of all the properties or do you just take the totals that that they post?[/quote]

I dont download all the properties, they have a limit to the numbers you can download so I just do raw totals. I do downloads for looking in specific areas though.

[Effective Demand]

[quote=SD Realtor]You beat foreclosureforum to the punch. They usually do not post the monthly update until about the 8th day of the month.

One curiosity I have is that I would like to study the raw data. Do you obtain a list of all the properties or do you just take the totals that that they post?[/quote]

I dont download all the properties, they have a limit to the numbers you can download so I just do raw totals. I do downloads for looking in specific areas though.

[Effective Demand]

[quote=SD Realtor]You beat foreclosureforum to the punch. They usually do not post the monthly update until about the 8th day of the month.

One curiosity I have is that I would like to study the raw data. Do you obtain a list of all the properties or do you just take the totals that that they post?[/quote]

I dont download all the properties, they have a limit to the numbers you can download so I just do raw totals. I do downloads for looking in specific areas though.

[Effective Demand]

[quote=UCGal]Do you think the increase in 3rd party sales this years (vs banks) is because the banks started lowering the opening bid to a price that makes the property potentially profitable?

I remember reading (here and elsewhere) that last year the banks were setting the opening bids higher than the value of the house – so there were no bids.[/quote]

I dont believe bids have changed much I think what you see as far as third party participation is a reflection of the strength of the market on the low end and the limited inventory. Once prices firmed up a bit it is much easier for people to zero in on values and therefore make bids. I think in some areas the investors are overdoing it (OC) but I really dont know the area well so I could be very wrong.

With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.

The investor activity is mainly concentrated in the last category with the second category getting action when there is a bad BPO and price comes in low.

[Effective Demand]

[quote=UCGal]Do you think the increase in 3rd party sales this years (vs banks) is because the banks started lowering the opening bid to a price that makes the property potentially profitable?

I remember reading (here and elsewhere) that last year the banks were setting the opening bids higher than the value of the house – so there were no bids.[/quote]

I dont believe bids have changed much I think what you see as far as third party participation is a reflection of the strength of the market on the low end and the limited inventory. Once prices firmed up a bit it is much easier for people to zero in on values and therefore make bids. I think in some areas the investors are overdoing it (OC) but I really dont know the area well so I could be very wrong.

With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.

The investor activity is mainly concentrated in the last category with the second category getting action when there is a bad BPO and price comes in low.

[Effective Demand]

[quote=UCGal]Do you think the increase in 3rd party sales this years (vs banks) is because the banks started lowering the opening bid to a price that makes the property potentially profitable?

I remember reading (here and elsewhere) that last year the banks were setting the opening bids higher than the value of the house – so there were no bids.[/quote]

I dont believe bids have changed much I think what you see as far as third party participation is a reflection of the strength of the market on the low end and the limited inventory. Once prices firmed up a bit it is much easier for people to zero in on values and therefore make bids. I think in some areas the investors are overdoing it (OC) but I really dont know the area well so I could be very wrong.

With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.

The investor activity is mainly concentrated in the last category with the second category getting action when there is a bad BPO and price comes in low.

[Effective Demand]

[quote=UCGal]Do you think the increase in 3rd party sales this years (vs banks) is because the banks started lowering the opening bid to a price that makes the property potentially profitable?

I remember reading (here and elsewhere) that last year the banks were setting the opening bids higher than the value of the house – so there were no bids.[/quote]

I dont believe bids have changed much I think what you see as far as third party participation is a reflection of the strength of the market on the low end and the limited inventory. Once prices firmed up a bit it is much easier for people to zero in on values and therefore make bids. I think in some areas the investors are overdoing it (OC) but I really dont know the area well so I could be very wrong.

With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.

The investor activity is mainly concentrated in the last category with the second category getting action when there is a bad BPO and price comes in low.

[Effective Demand]

[quote=UCGal]Do you think the increase in 3rd party sales this years (vs banks) is because the banks started lowering the opening bid to a price that makes the property potentially profitable?

I remember reading (here and elsewhere) that last year the banks were setting the opening bids higher than the value of the house – so there were no bids.[/quote]

I dont believe bids have changed much I think what you see as far as third party participation is a reflection of the strength of the market on the low end and the limited inventory. Once prices firmed up a bit it is much easier for people to zero in on values and therefore make bids. I think in some areas the investors are overdoing it (OC) but I really dont know the area well so I could be very wrong.

With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.

The investor activity is mainly concentrated in the last category with the second category getting action when there is a bad BPO and price comes in low.

[recordsclerk]

“With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.”

You should provide this info on your blog.

[recordsclerk]

“With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.”

You should provide this info on your blog.

[recordsclerk]

“With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.”

You should provide this info on your blog.

[recordsclerk]

“With good enough data (knowing the servicer and who owns the loan) you can basically ballpark the opening bid pretty well. Some servicer+investor combos set opening bid at what is owed (not too common), others set it at market value (pretty common) and others still set it at market value minus some fixed percentage.”

You should provide this info on your blog.

[Author]

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