CRR Blog

Halloween comes once a year, but foreclosures just keep on coming....

Some folks are out putting up spider webs and stuff to make their nice homes look scary for Halloween.  Here's a better idea...  You could be looking for a house that has NOT been taken care of to dress up and make your own.  Here are a couple of interesting deals that people just like you bought at the Trustee's Sales today.




A 3BR/2BA Mobile Home on 4.77 Acres on HorseShoe Trail in Nuevo sold for only $38,000 Est Value: $105,000 !!!




A Duplex on Carnelian St in Redondo Beach sold for only $645,500 Est Value: $805,613




These two properties are nothing alike, but both are excellent purchases based upon the market values and the amount paid at auction in comparison.  One is a large stretch of land in a desert location that could be a retirement dream.  The other is income property in a prime location that could support your retirement through rental income.  Both make sense.  Let us teach you how to shop for these properties and plan to buy them at a great savings.  Some folks think they don't have enough cash to buy at the auction.   Well the one buyer had only $38,000 and look what he did.   Do not sell yourself short.  You can do this and you can get yourself some great deals if you just take the time to learn.   Just start shopping.   Go from house to house just like a kid who is looking to fill a bag of candy.  The treat will come when you find yourself the new owner of a property at a great price.

It always rains right before Halloween...

I used to put a lot of time and energy into decorating my home for the holidays, and Halloween was always a favorite.  I would get out boxes and boxes of stuff from the rafters of the garage and make an elaborate plan for how everything would be laid out and lit up.  I would stretch fake spider webs from here to there and from there to here.  I would even tap in little nails or pushpins in spots to attach string so the web would look just so.  Then I would go to bed, completely exhausted.


Then it would rain.


The next morning I would wake up and nothing looked like it did the night before. The spider webs would be dripping wet and sagging low.  Decorations that had been standing up were laying down.  It seemed as if all my work had been for nothing.  But as the day wore on the sun would shine down and the water would dry up.  The ground would firm up again and I would put everything right is a very short amount of time.  Before long, things would look even better than I remembered and by the time Halloween came everything would be just perfect.


Those of you that have been working the foreclosure market may identify with this little analogy to your efforts.  Some days you feel like all this work you just did got rained on and you have to start all over again.  But the ideas and concepts that your work is based on are not lost when you have a little drizzle to contend with.  Things may get put on hold, but the sun does come out and when the moment comes you are where you need to be if you had a solid plan to start with.


Here are two examples of smart purchases made by investors who were at auctions yesterday who had their plans and were not deterred by the possibility of a little rain. 


A 4BR/2.5BA Corner Home on Citrus Ct in Cypress sold for $485,100 Est Value: $594,089


A 4BR/3BA Newer Pool Home with View on Via Ceramica in San Clemente sold for $700,000 Est Value: $854,228

You wanna see something Really Scary?

Someone just bought multiple parcels in Compton today, including a 4 Bedroom House on Bliss St.


The estimated value of the one house is $219,278.00


The purchase price was just $35,652.00


How did you miss this one?  

What are you looking for?

If you browse the current foreclosure listings you will find quite a mix of various property types.  We just spotted a motel and spa in Desert Hot Springs going to sale today.  It may go REO, in which case you can buy it6 from the lender after the auction.  But the most frequent type of property is the single family home.  This is due to the fact that the stated income loans and the over-zealous refinance craze really hit the residential homeowner more than anyone else.  So you will see many more single family homes and CONDOS than anything else. Here are a couple of examples from today's sales that might have caught your eye.


4BR/3BA Newer Home on private cul-de-sac on Stanford Pl in Whittier opens at $574,900 Est Value: $675,602


4BR/2BA Home on Begonia Ave in Costa Mesa opens at $552,600 Est Value: $711,147


These are interesting and worth the price, but there will be others that will have price reductions applied at the auction.  Most experienced bidders now know it is the surprise "Drop Bid" that makes the auction the place to buy.   You can save thousands, or tens of thousands just by being prepared for that last minute "Drop Bid".  Kurt DeMeire is at the Orange County auction location in the City of Orange this morning.  He is conducting one of our popular Trustee's Sales Field Trips.  He is actually narrating the events of the auction as they happen.  It is very likely that participants will witness the sale of the Costa mesa property above, as well as others.  It will be exciting to see what sells and for how much.

What You Waitin For???

Are you still asking yourself when the time will come for you to get a Great Deal?  The Time is Now!


We keep hearing that we are the only ones out there talking about these Great Deals... 


Alright by us.  Let our clients make the money while others are floundering in a sea of mediocrity.


Here are a couple of Deals from Today's Trustee's Sales...


5BR/3BA Pool Home on Bonnie Brae Ave in Claremont sold today at $585,000 Est Value: $706,117


2BR/2.5BA Home on Saint Kitts in Dana Point sold at $665,000 Est Value: $844,998


There are plenty of active foreclosures this very minute.  You snooze you lose.

Tomorrow, Tomorrow, We Love You, Tomorrow....

You should be looking ahead to future sales on a regular basis.  Look for those situations where the borrowers owe LESS on the first TD than the value of the property for "sure thing" low opening bids.  Also look at those that are "Upside-Down" where you can expect the surprise "Drop Bid" that will create the bargain right before your eyes.  In both cases, have a target price you will not exceed and be ready to react when the opportunity presents itself.  Here are a couple deals we picked out from tomorrow's auctions...


2BR/2BA CONDO on Monterey Blvd in Hermosa Beach opens at $440,000 Est Value: $694,816


5BR/3BA Home with Pool on Summerside St in Murrieta opens at $292,168 Est Value: $395,256


If you plan ahead you can make a determination of what you are willing to spend if there is competition at the auction.  Bring enough with you to cover what you are willing to spend on any of the properties you are interested in.  If you are not sure what to do, that is why we are here to advise you. Call us BEFORE you go to the auction and we will walk you through what to do.   Have you double-checked loans and liens?  Have you looked at the property personally?  Do you have a solid plan if you are intending to flip it and make money?   Just be thoughtful.  Consider your choices and be SMART.

Foreclosures have the day off today.... Happy Columbus Day

In case you were wondering why there are no sales today...  Today is Columbus Day!   So you have a free day to go to houses and research loans.  Use this time to your advantage and get ready for the rest of the week.  Whatever you are looking for the odds are in your favor.  Here are a couple more examples from last week.


A Mobile Home on Acreage on Indian Trail in 29 Palms sold for just $46,800 last week.  Not bad for a fixed cost retirement home for someone who just wants a quiet place.  It cost more than that to build this little hide-away.


A 2BR/1BA Home Dalmatian Ave in Whittier sold for just $285,500 Est Value: $349,994 Another nice discount on a family home in a good location.

Are You Looking Ahead? Well, You Should Be....

We usually post sales that have already happened these days, just to show you that someone just landed a great deal by being consistent in their use of the data, doing their homework, and being ready to bid.  We are seeing people swing these deals by just applying basic research and being prepared to grab the low-hanging fruit from the Foreclosure Tree.  This time we thought we would be Progressive and give you a look forward to see the obvious opportunities you would see every day as a subscriber to County Records Research.  Here are a few properties going to sale next week.  The properties are being foreclosed upon by a senior loan (1st TD) and that means other loans are wiped off the property.  So while the old owner may be upside down in many cases, the new owner will get a bargain, if they play their cards right and are ready to act when the time comes, either before the auction by making offers, or at the auction by bidding, or even after the auction if they want to make offers to the party who wins the auction and may be willing to resell for a quick profit to someone with pre-approved funding...  maybe someone like you.


4BR/2BA Home on Quill Drive in Downey opens at only $136,320 Est Value is $473,482


3BR/2BA Home on Thorn Lake Ave in Norwalk opens at only $232,441 Est Value: $353,130


4BR/2BA Home on Clark St in Woodland Hills opens at $353,733 Est Value: $678,091


In these cases the amount owed on the foreclosing loan is less than the value of the property.  It does not matter that there are other loans that were taken out at a later date.  The current owner may owe more than the house is worth if you add everything up... but that is only until you either close a short sale offer, or the Foreclosure auction wipes those loans right off the property.  So get out there and make something happen. 


 

In case you thought we were kidding....

Today at the Trustee's Sales there were quite a few buys.  Here are just a couple that are worth mentioning...


A 4BR/4BA Home on Barry Ave in West LA, close to Santa Monica sold for $901,000 Est Value: $1,159,763


A 3BR/3BA Home on Huge Land on Moonglow Dr in Ramona sold for $292,854 Est Value: $450,051


Note that on each of these sales the buyer got over $150,000 in potential equity to become profit when they sell the property.  Not every sale gives you this much equity.  Sometimes there is $50,000 in equity, and sometimes $100,000.  On smaller and less valuable properties, the equity might be as little as $20,000.  The point is that there is a consistent difference time and time again, that translates into cash when you sell the property or simply into money saved if your plan is to buy and hold the property and use it as a rental.  If you are not yet bidding on properties, you should test your ability by setting practice bids before the auction.  Then look at the auction results and see how you would have done if you were actually at the auction with cash.  You can't lose unless you bet blind without doing your homework.  That is where County Records Research comes in.  We can go over properties with you and advise you on what to look for and what to do in order to make sure you are covering yourself.  You literally will have the ability to find and buy at great discounts if you take the time to learn what we are willing to teach you. 

Can you hear me NOW???

More great buys were made today...  Here are a couple for your review....


A 3BR/3BA Home on Golada in Mission Viejo sold for at $563,100 Est Value: $813,231


A 2BR/1BA Home on Center Ave in Orange sold for $247,000 Est Value: $353,214


 


Lest you think the last postings were a fluke...  This is an ongoing situation.  The people in default are in trouble.  Incomes are down and interest rates are on the rise.  The number of foreclosures will continue to rise into 2014.  But you would think that they were all done and over if you relied on mainstream news to stay informed.  It is just not a talking point.  Well for us it is more than just a tidbit to add to a list of stories.  For us this is business and the dynamics are important.  You will see more and more foreclosures but it will be an investor's best kept secret.   That's ok.  We like it that way.  Shhhhh. 


 

Up Up and Away.....

I was just looking over one of the recent articles that said California foreclosures are DOWN.  You know, those articles that people quote out of hand when they try to tell you that there is no more business in foreclosures....   You know what the numbers really say?


Foreclosures are making a comeback.  Sacramento County is up 8% month over month.  Stockton is up 27% month over month.  True, Nevada is up month over month in some places over 100%.  So in comparison California is looking pretty tame in terms of foreclosure increases...  unless you consider the bigger picture.   The economy has never recovered from the recession that never ended. The Fed has been pouring QE into the system to inflate housing and stocks, thereby making borrowers think that the crisis of being upside-down in their home has passed.  This has succeeded in getting many to resume making payments while they can, based upon perceived equity.  Meanwhile, the median income of the middle class is in decline and it is harder to borrow and refinance... especially if you are one of the many who have made the mistake of falling behind on your house payments.  Add to this the fact that California has the double-whammy of a extra-slow economy simply due to state legislation and regulation that strangles the creation of the very jobs that people need if the housing market is going to approach a level of normalcy.  So don't expect normalcy.  This is another foreclosure wave.  These folks are just treading water.  Sooner or later the bank will foreclose.


So what does this mean?   It means that, as we have said, the foreclosures are not over by a longshot.  We told you they would speed up again.  We told you to expect an increase by this fall. We told you to expect to see some good deals at the Trustee's Sales as the volume moves up and the borrowers run out of gimmicks and magic tricks to prolong the foreclosure process.  The lenders got what they wanted.  They pushed prices back up by sitting on a massive REO inventory.  Now they can move through the pre-foreclosure inventory again, because there is money to be made.  But that also means the timing is right for you and me to do the same.  Because they will be cutting prices at auction.  They are already doing it.  They want the cash.  They want it now. So get out there and be ready to bid and save a bundle.  Times like this are made for those with courage to go out and make things happen.  So do it!

More Great Buys from Yesterday... The Hits just Keep on Coming...

A 2BR/3BA OceanView Condo on Marina Pointe Dr. in Marina Del Rey sold for $686,100 Est Value: $913,920


A 2BR/1BA Corner Home on Cloverdale Ave. in Los Angeles sold for $511,000 Est Value: $651,777


You can find bargains across the spectrum from the smallest Condo in a low income area, to the largest home in a Country Club or on a Hill with a Spectacular View of the Ocean.


Don't assume that the 40 Thieves or some Hedge Fund is always going to be the winner.  The opposite is usually true these days.  The winner is the individual who has done their homework and is at the right place at the right time and ready to bid.  Be that person and you will be a winner...  if you give yourself the opportunity to win.


 


 

No slowing down... Are you running yet???

A Duplex in Norwalk Blvd in Whittier sold for $395,100 Est Value: $512,562  WOW!!!


A 3BR/3BA Home on Hill St in Long Beach sold for $291,000 Est Value: $407,210  WOW!!!


This is happening right now...  Don't sit on the sidelines....


 

Are You Still Waiting on the Sidelines?

It is time to get into the game.


 


In the past two hours people have been bidding at auctions in California.


A 5BD/4BA Home on Lexington Way in Moreno Valley sold for $293,900, with an estimated value of $382,001!!!


A Loft Condo on 7th St in Downtown Los Angeles sold for $306,000, with an estimated value of $376,256!!!


The deals are there now. Every Day.


There will be many more sold today with great equity that will become cash when they are resold.


 


Did someone tell you the foreclosure market is dead?  Ha Ha...  Undead maybe...


Get your gear and start hunting Zombie foreclosures.  There are many more than you would expect.


Ignore what the others are telling you.  Their eyes are closed.


We are going into another wave of foreclosures.  


Login to our website and pay attention.


Now is the time to create wealth for yourself.

More Great Deals Every Day... Some from Today...

A 4BR/2BA Home on Olive Ave in Alhambra sold today for $491,000 Est Value: $603,204 !!!




A 4BR/3BA Home with Pool on Large Land on Pacer Dr in Norco sold today for $489,000 Est Value: $557,685 !!!




There are more, so login and take a look at what you have been missing...


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