[MN-Born-n-Raised]

Originally Posted by tony soprano

MNBNR - did you end up buying elsewhere?

I'm holding for a while. If I was listening to SOME "experts", I would have been crying after buying in 2007, depressed in 2008 and piling on more losses in 2009.

I think 2011 will be the year when the real bottom hits. Even if the bottom bounces, I can see how the neighborhood shapes up. So why buy??

But I just don't see how this trend can be maintained. Something has to give. Well, it should be interesting.

[olecapt]

Originally Posted by WestieJeff

There is still a lot of money to be made picking up properties at trustee sale and flipping them. A lot of houses I have looked at purchasing are being sold by investors who acquired them at trustee sale. They are getting them dirt cheap.

Examples:
1520 Arabian Dr, Henderson - 4000sf nice house with pool built in 2003 on 1/2 acre. I actually saw this house (peeked thru the windows while it was vacant) before it went thru the trustee sale and the house didn't look to be in bad shape at all. House just needed to be cleaned and pool filled. No damage that I could see. Investor picked it up at trustee sale for $280k, it was on the MLS within a month and went under contract within a week after the price got dropped to 400k. He could easily make 100k on that.

923 Santa Ynez, Henderson - 4200sf nice house on 1 acre. Investor bought at trustee sale for $338k and it's up on the MLS for 549k now. No idea of the condition of the house prior.

7675 Gilespie, Las Vegas - 4000 house on 1/2 acre. Investor bought at trustee sale for 271k in May, sold in July for 365k

I am really not sure what is going on with those deals. I just lost a property I had listed to a trustee sale. Would have been able to short sell it originally for $220K and later for $200K. Place is pristine...needs nothing. Reached agreement with BofA to sell it for $220K at one point...unfortunately the second which they had been holding transferred out of their control bringing the short sale to a complete halt for 90 days. Then we could not get BofA to make a payment the second holder would take.

It would appear clear that BofA had multiple BPOs with a value in excess of $200K.

Ended up in a trustee sale two weeks ago for the mid 130s. BofA was holding paper at $250ish. Immediately listed in the MLS at $180K.

So BofA knew it had a value around $200K yet let it go for 130. How come?

Go to be something going on...I can't believe the servicers are giving away that kind of money with no quid pro quo...

[007 license to sell]

Bare with me on this rant,some of the statements I will be making are absolutely true and some of it is my opion on what is happening in the housing market. Whether you agree with me or not there are some things that are happening in the housing market.


Banks and investors are getting paid from the mortgage insurance for as long as they don't short sale they get the money, once the mortgage insurance runs out then they foreclose. Also banks are selling some properties in bulk such to investors and the government is loaning the money to the investor or investors at 0 interest rates if the investor agrees to hold the property from 5 to 10 yrs. That is why you see some properties empty.

And there's more going on banks,banks aren't losing any more money believe me they're having the best yr for having high cash reserves. Also as long as a bank can hold on to the property they don't have to write it down and show the loss, you have to think out side of the box not one house at a time. Look at how many short sales and foreclosures are on the market not just here but all over the US and if they were to write off all the loss's, those the banks would be broke. The banks are cooking the books whether you want to believe it or not.
With stalled tactics like loan modifications that only a handful ever get or if they do it's only to lower the payment and the home owner is still over 50% upside down. And eventually that home owner will have something happen in their life and they will be forced out of their home because they won't be able to sell it because they are upside down.
Today it was announced that unemployed people in the states with the highest unemployment will get help with their payments.
Hud will offer a $50,000 bridge loan to an unemployed person to keep them in their homes for at least two years.
People who are upside down in their homes can refi if they have good credit through FHA with no appraisal, this is nuts!!!!
It is my opinion is all that is happening in real-estate right now is the housing market is being manipulated by the banks and the government to try to keep the housing market from totally crashing.

There I said I feel better now.

[von949]

Originally Posted by 007 license to sell

Bare with me on this rant,some of the statements I will be making are absolutely true and some of it is my opion on what is happening in the housing market. Whether you agree with me or not there are some things that are happening in the housing market.


Banks and investors are getting paid from the mortgage insurance for as long as they don't short sale they get the money, once the mortgage insurance runs out then they foreclose. Also banks are selling some properties in bulk such to investors and the government is loaning the money to the investor or investors at 0 interest rates if the investor agrees to hold the property from 5 to 10 yrs. That is why you see some properties empty.

And there's more going on banks,banks aren't losing any more money believe me they're having the best yr for having high cash reserves. Also as long as a bank can hold on to the property they don't have to write it down and show the loss, you have to think out side of the box not one house at a time. Look at how many short sales and foreclosures are on the market not just here but all over the US and if they were to write off all the loss's, those the banks would be broke. The banks are cooking the books whether you want to believe it or not.
With stalled tactics like loan modifications that only a handful ever get or if they do it's only to lower the payment and the home owner is still over 50% upside down. And eventually that home owner will have something happen in their life and they will be forced out of their home because they won't be able to sell it because they are upside down.
Today it was announced that unemployed people in the states with the highest unemployment will get help with their payments.
Hud will offer a $50,000 bridge loan to an unemployed person to keep them in their homes for at least two years.
People who are upside down in their homes can refi if they have good credit through FHA with no appraisal, this is nuts!!!!
It is my opinion is all that is happening in real-estate right now is the housing market is being manipulated by the banks and the government to try to keep the housing market from totally crashing.

There I said I feel better now.

[WestieJeff]

It doesn't sound rational. The only thing I can think is that the right hand has no idea what the left hand is doing (whoever is handling the trustee sale has no connection/info with the short sale side of the house) or maybe there is some government payment they are receiving and they don't need/care to sell for a high price at the trustee sale?

Doesn't seem like they would be so willing to leave money on the table.

Originally Posted by olecapt

I am really not sure what is going on with those deals. I just lost a property I had listed to a trustee sale. Would have been able to short sell it originally for $220K and later for $200K. Place is pristine...needs nothing. Reached agreement with BofA to sell it for $220K at one point...unfortunately the second which they had been holding transferred out of their control bringing the short sale to a complete halt for 90 days. Then we could not get BofA to make a payment the second holder would take.

It would appear clear that BofA had multiple BPOs with a value in excess of $200K.

Ended up in a trustee sale two weeks ago for the mid 130s. BofA was holding paper at $250ish. Immediately listed in the MLS at $180K.

So BofA knew it had a value around $200K yet let it go for 130. How come?

Go to be something going on...I can't believe the servicers are giving away that kind of money with no quid pro quo...

[airics]

so how do you get notice of the trustee sales.. where are they listed...

[WestieJeff]

Originally Posted by airics

so how do you get notice of the trustee sales.. where are they listed...

They are filed with the recorder, you can search on the recorder's website, but it doesn't tell you much there. The actual notice includes the date of the sale and I believe the amount that's due to the mortgage holder (but the home may be sold for less than this amount).

There are a handful of places that sell the notice info online, but it's not cheap. The one I know is Nevada Legal News, but it costs $150/month for a subscription to get the trustee sale info.

Other info about trustee sales:
(1) you must pay cash, no financing is available
(2) if the home is occupied and you buy it, then you'll have to evict the occupants, not the bank
(3) you cannot inspect the property. You can't even view the inside unless you can get a peek in a window.
(4) not sure what happens with other liens like association and trash, but my guess is they stand and you'd have to pay to settle those separately

So there is definitely some risk involved.

[MN-Born-n-Raised]

Originally Posted by WestieJeff

They are filed with the recorder, you can search on the recorder's website, but it doesn't tell you much there. The actual notice includes the date of the sale and I believe the amount that's due to the mortgage holder (but the home may be sold for less than this amount).

There are a handful of places that sell the notice info online, but it's not cheap. The one I know is Nevada Legal News, but it costs $150/month for a subscription to get the trustee sale info.

Other info about trustee sales:
(1) you must pay cash, no financing is available
(2) if the home is occupied and you buy it, then you'll have to evict the occupants, not the bank
(3) you cannot inspect the property. You can't even view the inside unless you can get a peek in a window.
(4) not sure what happens with other liens like association and trash, but my guess is they stand and you'd have to pay to settle those separately

So there is definitely some risk involved.

Or you accidentally buy the 2nd mortgage as people around you know and don't tell you! See Boulder Creek family bought worthless second mortgage from Wells Fargo at foreclosure auction - Santa Cruz Sentinel

[Natali :)]

Originally Posted by olecapt

So BofA knew it had a value around $200K yet let it go for 130. How come?

.

I have read many times what BofA act very unpredictable

[Memememe]

Originally Posted by MN-Born-n-Raised

Or you accidentally buy the 2nd mortgage as people around you know and don't tell you! See Boulder Creek family bought worthless second mortgage from Wells Fargo at foreclosure auction - Santa Cruz Sentinel

Wow. Don't Nevada escrows require a title search before close? Or.. wait. They bought at auction; I guess that meant no escrow. Sheesh. How bizarre.