San Diego Trustee Sales August 2009

[SD Realtor]

It is kind of hit and miss in my opinion. I am not an expert on how the opening bid is determined but for sure it will in part depend on the BPO/Appraisal that is ordered by the asset disposition company. Obviously the other part will be what is owed on the property as well. So it is more of an art then science. Honestly it is alot like the overall housing market now. Look, when we first were in the downward spiral remember how we all used to complain about sellers in denial and not pricing the home correctly? Well now we have a much bigger problem which is buyers going gonzo and multiple offers, and a trip back in time to 2004… So I am witnessing the same fun and games… Look… a home in Mira Mesa went today on Penrod. Not a bad place but it went for 359k!!!

Think about that okay? Back out commissions and closing costs.. maybe if you are hell of lucky you get 400k for the place and that is a stretch… (although in the crazy town that is MM today maybe you get that) but back out say 4% and you are at 384k right? So 25k profit… less the 10%! After Uncle Obama and aunt Arnold get through with you it is piddle…

So that has an “okay” opening bid of like 326k…

Anyways it is what it is records… alot of work and don’t sweat the opening bid…sweat the competition because the guys at these things are good… and the dodos at these things are the ones that will cost you thousands… I can 100% promise you that any good opening bid will get run up.

As far as the servicer, no the servicer is who basically services the loan for the beneficiary. The trustee is who basically holds the deed of trust and is authorized to auction it off at a public auction at the conclusion of the foreclosure process. The guys at the actual auctions (the guy actually auctioning the property) may represent 1 or more trustees.

[recordsclerk]

Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.

[recordsclerk]

Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.

[recordsclerk]

Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.

[recordsclerk]

Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.

[recordsclerk]

Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.

[SD Realtor]

Yep… well all I can say is welcome to the show. Most of the time if the opening bid is posted the previous day, those properties get killed. Given todays numbers it actually is better if the opening bid is not posted until after 10 am, which helps catch people off gaurd. The real experts have an operation of a guy at the trustee sale, one or two guys on the road looking at the properties, then someone at a computer communicating real time with the person at auction.

The case you mentioned where a 220k property sold for 170k is still over 20%. Not bad. If you get 20% today on a flip count your lucky stars.

[SD Realtor]

Yep… well all I can say is welcome to the show. Most of the time if the opening bid is posted the previous day, those properties get killed. Given todays numbers it actually is better if the opening bid is not posted until after 10 am, which helps catch people off gaurd. The real experts have an operation of a guy at the trustee sale, one or two guys on the road looking at the properties, then someone at a computer communicating real time with the person at auction.

The case you mentioned where a 220k property sold for 170k is still over 20%. Not bad. If you get 20% today on a flip count your lucky stars.

[SD Realtor]

Yep… well all I can say is welcome to the show. Most of the time if the opening bid is posted the previous day, those properties get killed. Given todays numbers it actually is better if the opening bid is not posted until after 10 am, which helps catch people off gaurd. The real experts have an operation of a guy at the trustee sale, one or two guys on the road looking at the properties, then someone at a computer communicating real time with the person at auction.

The case you mentioned where a 220k property sold for 170k is still over 20%. Not bad. If you get 20% today on a flip count your lucky stars.

[SD Realtor]

Yep… well all I can say is welcome to the show. Most of the time if the opening bid is posted the previous day, those properties get killed. Given todays numbers it actually is better if the opening bid is not posted until after 10 am, which helps catch people off gaurd. The real experts have an operation of a guy at the trustee sale, one or two guys on the road looking at the properties, then someone at a computer communicating real time with the person at auction.

The case you mentioned where a 220k property sold for 170k is still over 20%. Not bad. If you get 20% today on a flip count your lucky stars.

[SD Realtor]

Yep… well all I can say is welcome to the show. Most of the time if the opening bid is posted the previous day, those properties get killed. Given todays numbers it actually is better if the opening bid is not posted until after 10 am, which helps catch people off gaurd. The real experts have an operation of a guy at the trustee sale, one or two guys on the road looking at the properties, then someone at a computer communicating real time with the person at auction.

The case you mentioned where a 220k property sold for 170k is still over 20%. Not bad. If you get 20% today on a flip count your lucky stars.

[Eugene]

http://sdhpi.blogspot.com/2009/08/on-shadow-inventory.html

[Eugene]

http://sdhpi.blogspot.com/2009/08/on-shadow-inventory.html

[Eugene]

http://sdhpi.blogspot.com/2009/08/on-shadow-inventory.html

[Eugene]

http://sdhpi.blogspot.com/2009/08/on-shadow-inventory.html

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