So here’s one I know about. The infamous Bressi Ranch models purchased by Model Home Partners LLC (a bunch of LA Lawyers) bought a bunch of them all specutively putting 20% and walked away when they were severely underwater. A friend of mine was about to rent one (he already had given a prop mgmnt company a deposit) when he told me and I said you’re nuts, donnt you know there is an auction next week on them. Turns out they were financed by La Jolla Bank. They were going to negotiate with him and sell it to him directly. They wanted 600K and I told him a great deal would be 550K. He was negotiating directly with the bank when they said forget it, we are selling them all to one investor. They are starting to come on the market now. The one he was looking at was listed at 650 to 699K and sold immendaitely.
Granted this is a small local bank but its a real example of a bulk sale (I think there were about 10 of them). My guess is they make $150K to $200K a piece on them.
[quote=SD Realtor]Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.[/quote]
I thought all real estate transaction must be recorded to update the property tax records and title insurance requires it as well. When is it right to not record?
[quote=SD Realtor]Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.[/quote]
I thought all real estate transaction must be recorded to update the property tax records and title insurance requires it as well. When is it right to not record?
[quote=SD Realtor]Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.[/quote]
I thought all real estate transaction must be recorded to update the property tax records and title insurance requires it as well. When is it right to not record?
[quote=SD Realtor]Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.[/quote]
I thought all real estate transaction must be recorded to update the property tax records and title insurance requires it as well. When is it right to not record?
[quote=SD Realtor]Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.[/quote]
I thought all real estate transaction must be recorded to update the property tax records and title insurance requires it as well. When is it right to not record?
