[NotCranky]

One possibility for the vacancies and a contributing factor to “phantom” inventory theories could be that the foreclosure process is taking longer than it has to. Notice of default to the trustee’s sale legally requires 3 months and 21 days. Some of the vacancies might be homes that have a NOD but have not gone to a trustee’s sale. In any case, I think the over all slow pace of getting to the trustees sale or trustees sale to the MLS can give this unfulfilled expectation that we should be seeing more houses being marketed as REO, thus causing a suspicion of “Phantom inventory”.

Just a theory about something that probably to some degree is affecting this perception, at least locally.Not to say there is or isn’t any stockpiling of REO’s going on here or someplace else. Seems to me that one of the smarter data hounds here could lay out a definitive answer.

[NotCranky]

That question was in part motivated by this topic of Phantom inventory that comes up from time to time here. They are not being sold to private parties by the trustees.Even if the phantom inventory was being bought up by “bulk” buyers as REO’s we would see those properties coming from the bulk buyers to the MLS and I don’t see it. We also don’t see anecdotal evidence of bulk buyers putting their would be REO purchases back on the market as rentals.Maybe I am wrong about this? This seems to verify the opinion spoken by a few, that the lenders are holding them much longer than they have to.

As far as cash buying of trustee sale properties goes, I would think bargains are found by that method after all other options are netting the mortgage holder(s)less than some low cash offers would. That will probably be quite some time out. It would be interesting to study how to time it. Doesen’t seem like rocket science.

[NotCranky]

That question was in part motivated by this topic of Phantom inventory that comes up from time to time here. They are not being sold to private parties by the trustees.Even if the phantom inventory was being bought up by “bulk” buyers as REO’s we would see those properties coming from the bulk buyers to the MLS and I don’t see it. We also don’t see anecdotal evidence of bulk buyers putting their would be REO purchases back on the market as rentals.Maybe I am wrong about this? This seems to verify the opinion spoken by a few, that the lenders are holding them much longer than they have to.

As far as cash buying of trustee sale properties goes, I would think bargains are found by that method after all other options are netting the mortgage holder(s)less than some low cash offers would. That will probably be quite some time out. It would be interesting to study how to time it. Doesen’t seem like rocket science.

[NotCranky]

That question was in part motivated by this topic of Phantom inventory that comes up from time to time here. They are not being sold to private parties by the trustees.Even if the phantom inventory was being bought up by “bulk” buyers as REO’s we would see those properties coming from the bulk buyers to the MLS and I don’t see it. We also don’t see anecdotal evidence of bulk buyers putting their would be REO purchases back on the market as rentals.Maybe I am wrong about this? This seems to verify the opinion spoken by a few, that the lenders are holding them much longer than they have to.

As far as cash buying of trustee sale properties goes, I would think bargains are found by that method after all other options are netting the mortgage holder(s)less than some low cash offers would. That will probably be quite some time out. It would be interesting to study how to time it. Doesen’t seem like rocket science.

[NotCranky]

That question was in part motivated by this topic of Phantom inventory that comes up from time to time here. They are not being sold to private parties by the trustees.Even if the phantom inventory was being bought up by “bulk” buyers as REO’s we would see those properties coming from the bulk buyers to the MLS and I don’t see it. We also don’t see anecdotal evidence of bulk buyers putting their would be REO purchases back on the market as rentals.Maybe I am wrong about this? This seems to verify the opinion spoken by a few, that the lenders are holding them much longer than they have to.

As far as cash buying of trustee sale properties goes, I would think bargains are found by that method after all other options are netting the mortgage holder(s)less than some low cash offers would. That will probably be quite some time out. It would be interesting to study how to time it. Doesen’t seem like rocket science.

[NotCranky]

That question was in part motivated by this topic of Phantom inventory that comes up from time to time here. They are not being sold to private parties by the trustees.Even if the phantom inventory was being bought up by “bulk” buyers as REO’s we would see those properties coming from the bulk buyers to the MLS and I don’t see it. We also don’t see anecdotal evidence of bulk buyers putting their would be REO purchases back on the market as rentals.Maybe I am wrong about this? This seems to verify the opinion spoken by a few, that the lenders are holding them much longer than they have to.

As far as cash buying of trustee sale properties goes, I would think bargains are found by that method after all other options are netting the mortgage holder(s)less than some low cash offers would. That will probably be quite some time out. It would be interesting to study how to time it. Doesen’t seem like rocket science.

[NotCranky]

Anybody up on what is happening at the trustee’s sale with regards to outside bidders? Are the lenders still taking back most of the homes? I am not an expert at this but if the houses at the REO auctions start really going lower then maybe the trustee will be letting places go cheaper, cash. I have been to the courthouse for a few of these sales in the 90’s never bought anything.

[NotCranky]

Anybody up on what is happening at the trustee’s sale with regards to outside bidders? Are the lenders still taking back most of the homes? I am not an expert at this but if the houses at the REO auctions start really going lower then maybe the trustee will be letting places go cheaper, cash. I have been to the courthouse for a few of these sales in the 90’s never bought anything.

[NotCranky]

Anybody up on what is happening at the trustee’s sale with regards to outside bidders? Are the lenders still taking back most of the homes? I am not an expert at this but if the houses at the REO auctions start really going lower then maybe the trustee will be letting places go cheaper, cash. I have been to the courthouse for a few of these sales in the 90’s never bought anything.

[NotCranky]

Anybody up on what is happening at the trustee’s sale with regards to outside bidders? Are the lenders still taking back most of the homes? I am not an expert at this but if the houses at the REO auctions start really going lower then maybe the trustee will be letting places go cheaper, cash. I have been to the courthouse for a few of these sales in the 90’s never bought anything.

[NotCranky]

Anybody up on what is happening at the trustee’s sale with regards to outside bidders? Are the lenders still taking back most of the homes? I am not an expert at this but if the houses at the REO auctions start really going lower then maybe the trustee will be letting places go cheaper, cash. I have been to the courthouse for a few of these sales in the 90’s never bought anything.

[NotCranky]

Single story absolutely. I like the flow of a house especially including indoor to outdoor. My preference would be to have doors from every common area room and every bedroom and office ,library etc. open to the exterior. A big wrap around porch or courtyard would be ideal.Wrap for a country or view site and courtyard for urban living. A great room is really nice too.

[NotCranky]

Single story absolutely. I like the flow of a house especially including indoor to outdoor. My preference would be to have doors from every common area room and every bedroom and office ,library etc. open to the exterior. A big wrap around porch or courtyard would be ideal.Wrap for a country or view site and courtyard for urban living. A great room is really nice too.

[NotCranky]

Single story absolutely. I like the flow of a house especially including indoor to outdoor. My preference would be to have doors from every common area room and every bedroom and office ,library etc. open to the exterior. A big wrap around porch or courtyard would be ideal.Wrap for a country or view site and courtyard for urban living. A great room is really nice too.

[NotCranky]

Single story absolutely. I like the flow of a house especially including indoor to outdoor. My preference would be to have doors from every common area room and every bedroom and office ,library etc. open to the exterior. A big wrap around porch or courtyard would be ideal.Wrap for a country or view site and courtyard for urban living. A great room is really nice too.

[Author]

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