WSJ on the Auction…

[JWM in SD]

“At the San Diego sale, houses and condos typically sold for about 30% below the previous sale or appraisal prices. In a few cases, the discounts were around 50%”

So did the WSJ reporter get it wrong or is there something else going on here because this doesn’t seem to jibe with what others are saying on the other thread.

Anyone??

[NotCranky]

Why don’t you go to the other thread and ask them comes to mind?

[bubble_contagion]

If a house sells at market value at auction, why the owner didn’t sell it before going into foreclosure?

[NotCranky]

BC
Maybe because they owed a lot more than market value minus commissions and other selling costs and maybe also they don’t give a darn what happens to the house?

[an]

I didn’t stay for the whole thing so I don’t know which property sold for 50% less than the stated “Previously valued to” #. However, there was one on 13893 Pinkard Way #85, El Cajon, CA 92021. It sold for 41.9% less than the previously valued #. The starting bid was $179k, previously valued to $499k, sold for $290k. The reason I think it sold for 42% “discount” is because “this property may be occupied. Please call for current occupancy status. Do not disturb tenant” clause.

I don’t know about all the properties but the one i was interested in “11119 Morning Creek South, SD, CA 92128”, the previously owner owe more than $660k on it. The lender tried to sell it for $690k but was unsuccessful. That also end up being the “Previously valued to” #. This property sold for $585k, which is well above market value considering the condition. I don’t know if it was sold to a buyer or just the lender guy bidding the reserve price. We’ll soon find out.

[Author]

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