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bearishgurl
ParticipantSDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.
ParticipantSDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.
Participant[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
See: http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
Participant[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
See: http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
Participant[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
See: http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
Participant[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
See: http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
Participant[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
See: http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
Participant[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]
SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.
Participant[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]
SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.
Participant[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]
SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.
Participant[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]
SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.
Participant[quote=SD Realtor] . . . In fact I stopped going awhile ago as I am on the computer instructing our runner when she is at the auction rather then going. It is much easier and I can be much more productive comping the properties that day rather then comping a hundred properties the night before. You see what I am saying?[/quote]
SDRealtor, yes I do, and I know that the volume now is 10 – 20 times what it was in the eighties, when I was a runner for a local C,D paper “loan hypothecator” in my “spare” time. Of course, there were no personal computers and no cell phones then. However, many liens such as child support, abstracts of judgment, FTB and IRS liens, for example, are SENIOR to the trust deed being foreclosed upon. You can’t know this without a preliminary title report – a property profile may not show some or all of it. How can you know all this prior to placing a bid at the 11th hr., just based on comps? What about back taxes and HOA? And do you consider the tax entities pesky 120-day “right of redemption,” even if junior to the foreclosing TD? What if at least one HOA lien was filed BEFORE the foreclosing trust deed? Did any of your people actually see the outside of the property (and half the BY falling down the canyon into concrete rubble) or notice the back 3000 sf of the property is continually underwater (not uncommon, btw)? Or just take the “Plat Map” at face value?? Do you know that there is high-power lines (SDGE easement) directly over the backyard with giant glass-pack fuses or a six-foot high green SDGE box encroaching on the driveway?? Or that 24 of the neighbor’s mailboxes are on a pole at the edge of the subject’s driveway. I’m sorry, I don’t see how your “comping on the computer” during the sale is actually “due diligence.” There are parts of SD with water and sewer pipes still above the ground – nothing that tons of fill dirt can’t fix. I’m being dramatic here, but I’ve seen a LOT in my day. Please enlighten me. Thx.
ParticipantAWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!
One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?
You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂
ParticipantAWESOME article, Kelly!! Very entertaining and educational to the layman. LUV the Aloha concept and the “beach casual” trustee’s rep. Beats the he** out of the “vintage” plaid shirt and bowtie with clipboard on chain and wood gavel. AMAZING how many properties he can get thru in one day!!
One thing disturbs me though. Some of the bidders were talking on their bluetooths WHILE their partners back at the office were searching the property up for bid on the computer?? Isn’t it a too little late for that?
You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates 🙂
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