Tuesday, July 22, 2008 at 08:19AM
Higher-End Foreclosures
Have any doubts about foreclosures moving up the food chain? Check out these higher-end properties - they have received their notices of trustee sale, and will be on the couthouse steps in the next few weeks:
Town/Amount Owed/Trustee Sale date
Carlsbad
3553 Calle Palmito $1,071,433 7/24/08
3570 Calle Palmito $1,756,702 7/31/08
6493 Wayfinders $998,893 8/6/08
7365 Calle Conifera $1,102,102 8/7/08
6562 Petunia $1,029,411 8/11/08
6443 Merlin $902,675 8/15/08
1005 Canvasback $1,126,742 8/18/08
Carmel Valley (92130)
4442 Shorepointe $997,230 7/23/08
Del Mar
13443 Caminito Carmel $1,070,985 8/7/08
1157 Highland $1,264,195 8/11/08
Encinitas
574 Park $1,046,317 7/23/08
La Jolla
254 Playa del Norte $2,208,841 7/23/08
6616 Tyrian $1,261,558 7/28/08
2497 Darlington Row $1,005,793 7/31/08
5491 Bahia $1,626,079 8/1/08
5712 Rutgers $1,788,665 8/11/08
Mission/Pacific Beach
3333 Ocean Front Walk #4 $1,074,933 7/25/08
1040 Van Nuys $1,152,701 8/1/08
2056 Emerald $989,997 8/14/08
Rancho Santa Fe
7965 Camino de Arriba $2,208,841 7/24/08
6347 Las Colinas $1,761,385 7/28/08
4538 Via Gaviota $2,421,936 7/28/08
16625 Via de la Valle $1,684,797 7/28/08
4S/Santaluz (92127)
1007 Winecrest $1,400,858 7/25/08
16834 Stagecoach Pass $1,233,165 7/28/08
7436 Rancho Cabrillo $1,063,825 7/30/08
14629 Arroyo Hondo $1,463,731 8/5/08
17075 San Antonio Rose $1,317,626 8/21/08
7419 Rancho Cabrillo $1,089,316 8/25/08
17165 San Antonio Rose $1,128,063 9/3/08
The lenders and trustees are still doing a miserable job of informing the public of what the minimum bids will be on these - none have an opening bid published at this time, and some of the sale dates are this week! Possible bidders are reluctant to get a cashier's check and go down to the courthouse without knowing what to expect, price-wise - and here's an example of what can happen:
7071 Cordgrass, Carlsbad
4 br/4.5 ba, 3,199 sf
$300,000 in upgrades
$1,541,249 owed
$880,000 opening bid on 7/16/08
no bidders, back to beneficiary
If people knew that they could buy a newer 3,200sf house with a load of upgrades and nice ocean view for $880,000, I'm pretty sure they'd take advantage of it. But nobody knew - or they didn't have all-cash, another problem with properties sold at the courthouse steps. I'll cautiously mention that I have arranged private financing for those who have their eye on a defaulting property, but are a little short of the total needed to buy one at the courthouse steps. Contact me for more details.
On a side note, please endure the new formatting inflicted upon us by my blog host. Much like Sandicor, they have rolled out a new package and are trying to fix it along the way. Crazy changes too - for example, they took away the ability to all-justify a paragraph. You can justify right, left, or center, but not all-justify like it used to. Adding images got messed up too.
Jim the Realtor
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Reader Comments (12)
People don't show up at the courthouse steps with $2m in laddered cashiers checks unless they are buying 5 properties. These are all going back to the beneficiary and everyone knows it. For now the courthouse steps are a formality. It won't be until the people with equity start defaulting that we'll see some activity there.
You are doing a great service to have backup funding for these situations. That will certainly help clear the inventory and establish the new price levels. Good thinking.
THESE are the homes the REOs should be assigning you to sell! And, yes, even though it's 50% larger than what we'd like, I certainly would have looked at that Cordgrass house.
We have an NAR-update on the Housing Stimulus plan. Click below to see the video - warning, some may find this offensive:
Link to NAR video
Dick Gaylord may be the most aptly named human in existence.
I can't believe I just listened to Charles McMillan talk to a lobbyist. I didn't know douches could communicate.
If you haven't watched the video, spare yourself. I hope you don't have to deal with people like this on a daily basis Jim.
Not every day, but they are representative of the typical realtor. Like the one I ran into the other day at my hearing to appeal my latest fine from Sandicor.
She was the female version of what you just saw, late-50s or early-60s, and an long-time veteran of the business.
My hearing began 25 minutes late, which always ticks me off. Then I walk into the room, and the first person I see is her, and I recognized her instantly - we had closed a deal together a year or two ago and we had had words.
My wife will tell you it was more than that - I guess there was a point that it got so bad that I suggested to the agent that she should retire from the business.
Now she's going to be one of those that decides my fate.
My offense, my second, was mis-use of the remarks category. I explain that I had just recently been hired by Countrywide to sell their REOs, and in the first listing I included in the remarks the name and phone number of the C-wide rep who needs to pre-qual the buyers. Well, I was supposed to put that in the confidential remarks, not those available to the public, because they think that we'd conspire to have him steal the leads and funnel them back to me.
I admit to the error, and called it an honest mistake, but I knew all along I'd be hung out to dry.
Sure enough, the fine stood. $500 for mis-use of remarks.
After the verdict was mailed to me, I did call to inquire about the future. They confirmed that I can't get kicked out of Sandicor, only the board of realtors can do that. Thankfully their fines are capped at $5,000.
Jim,
Thanks for the NAR update. Isn't this the program that Bush already said he would veto?
So this is how realtors keep their corrupt cartel from falling apart. Talk about a kangaroo court.
My gosh, talk about bad script reading, I don't think they were even taped at the same time. Kind of like the Rosanne radio spot where the local radio announcer "interviews" her about her exciting Las Vegas promotion.
The Codgrass Numbers are amazing.
Would it be possible to put together a list comparing outstanding notes, current estimated values and minimum bids on some other recent properties. I wonder if any pattern would emerge?
What happens if you refuse to pay the fine?
Would the Board of Realtors (whoever that is) kick you out of Sandicor for refusing to pay?
Can we (the public) fine NAR for their ongoing nausiating television ads?
Just because a property goes back to the bene on a credit bid for less than the amount of the loan does not mean you can pick if up at the foreclosure sale for that price. If you show up for a sale and open up at the lowered bid the lender starts with, the lender may very well credit bid higher than your bid through the trustee.
There are lots of reasons why a lender may credit bid at the foreclosure sale less than the loan amount that do not include wanting to sell it at that price. If you want to bid at the sale, it is a very good idea to call the trustee ahead of time and try to get in touch with the lender/servicer to see what the story is.
Hey Jim,
Is the number of these high-end foreclosures higher than usual? I would think so but I don't have data. Is there a distinct upward trend of foreclosures in this market, similar to what we've seen in O'side or Chula Vista?