27 February 2009
The greatest flaw we all have is our own resistance to new ideas.
As we coach investors on buying properties, we see that your pre-concieved notions are limiting your actions.
The Trustee Sales are not limited to a cadre of seasoned experts. The professionals there are seasoned now, but once they were novices. The deals being had are had by all. Families and couples are buying dream properties. The American Story is being told every day. Just like early pioneers making their way across the prairies, folks like you and yours are making their dreams come true by being brave and straight-forward.
There are alot of properties today that I see were bought by just plain folks. No special training. No $15,000 seminars.
I will put a list together again on Monday. Today, we want you to take a deep breath and plan a weekend drive. Go to the area where you would like to buy a property. Find three homes for sale that you might want to buy. Then have dinner with your family and talk about your dreams.
Then, when you get home, write an email to your representative in Washington and Sacramento. Tell them to stop interfering with the only process that destroys toxic loans: FORECLOSURE.
Tell them to make available NEW LOANS to help you buy a foreclosure after the fact. Tell them you have three homes on your list and they should stop getting in your way. That's not their job.
Then spend some time pondering your options on these properties. Dare to consider a way you would never consider.
On Monday, call us if you have questions, and then get to work buying that home.
Have an Adventure! Dare to Dream! See you Monday!
26 February 2009
More properties went to the Trustee's Sales yesterday and the banks were being generous... but still the properties reverted to becoming bank-owned.
3BR/2.5BA at 80746 Brown St. in Indio sold for just $65,559.98 REO
2BR/2.5BA at 33197 Pederson St. in Lake Elsinore sold for just $48,000.00 REO
4BR/2BA at 50820 Chiapas Dr. in Coachella sold for just $76,795.05 REO
3BR/1.5BA at 2830 Lawrence Ave. in San Bernardino sold for just $64,818.87. REO
4BR/2BA at 25586 E. 18th St. in San Bernardino sold for just $57,968.09. REO
3BR/2BA at 630 Arbor Way in Barstow sold for just $63,320.00. REO
4BR/3BA at 14374 Riverside Circle in Hesperia sold for just $70,659.37. REO
4BR/2BA at 11262 Alexandria Street in Adelanto sold for just $60,055.00. REO
3BR/3BA at 14400 Caroline Street in Adelanto sold for only $79,067.29. REO
No one bid on these..... Amazing......
25 February 2009
4BR/3BA at 13044 San Yisidro Street in Victorville went back to the bank for just $103,600.00. $214,000.00 comp value and no loans remain.
3BR/2BA at 14806 Bronco Rd in Victorville went back to the bank at $99,900.00... $151,000.00 comp value.
2BR/1BA at 38714 N. Larkin Ave in Palmdale went back to the bank at $57,150.00.. $142,000.00 comp value.
1BR/1BA Condo at 32200 Cathedral Canyon Dr. #6 went to the bank for $32,914.28. Not a typo! $112,000.00 value.
3BR/2BA at 322 Red Cedar Pl. in Perris went to the bank for $95,290.72. $167,500.00 comp value.
2BR/1BA Condo at 4451 35th St. #1 in San Diego went to the bank for only $58,030.00. $225,000.00 Comp Value!
3BR/1.5BA at 9225 Poplar Ave. in Fontana went to bank at $87,636.01. $209,500.00 comp value.
3BR/2BA at 16695 Cactus St in Hesperia went to bank at a mere $45,055.38. $164,000.00 comp value.
3BR/3BA at 15256 Sunbeam Court in Victorville went to the bank for $86,250.00. $202,500.00 comp value.
3rd party buy of the week...Beautiful 4BR/3BA dream house at 22569 Inspiration Pt in Canyon Lake was bought by someone like you for only $191,200.00. Over $1million in loans wiped out......
24 February 2009
On Monday.... A 2 Bedroom, one bath HOUSE in San Bernardino sold for the lowest price we have yet seen.
The Bank was owed $280,416.00. The opening bid was just $30,000.00.
The new owner paid only $31,000.01!!! For a HOUSE!!!
18 February 2009
3BR/1BA at 802 N Santa Fe in Compton sold to a bidder for just $82,198.21. Over $380, 000.00 was owed, and the Zestimate was $234,500.00.
3BR/4BA at 20116 Tajuta Ave in Carson sold to a bidder for only $273,750.00. Over $700,000.00 was owed, and the Zestimate was $433,500.00.
3BR/2BA at 29320 Florabunda Rd in Santa Clarita sold for just $186,300.00. Over $462,000.00 was owed, and the Zestimate was $283,500.00.
5BR/2BA DUPLEX S Lanoitan Ave. #7 in National City sold to a bidder for only $177,000.00. Over $650,000.00 was owed, and the Zestimate was $349,000.00
3BR/1BA at 802 N Santa Fe in Compton sold to a bidder for $82,198.21. Over $375,000.00 was owed, and the Zestimate was $234,000.00.
2BR/BA at 1205 S Towner St. in Santa Ana sold to a bidder for only $130,597.50. Over $523,000.00 was owed, and the Zestimate was $247,500.00.
18 February 2009
Last Friday, if you were superstitious then you missed out....
4BR/2BA at 19046 Wynadotte St. in Reseda..... Sold for $213,524.80 to a bidder. Over $545 was owed, and the Zestimate was $357,000.00....
3BR/2BA at 27945 Bernina Ave in Canyon Country... Sold for $153,575.30 to a bidder. Over $420,000.00 was owed, and the comp was $265,500.00....
4BR/2.5BA at 12135 Westerly Trail in Moreno Valley.... Sold for $119,200.00 to a bidder. Over $430,000.00 was owed, and the Zestimate was $224,500.00...
6BR/3BA at 26537 Lido Drive in Murrieta... Sold for $154,249.60 to a bidder. Over $460,000.00 was owed, and the comp was $242,000.00...
3BR/1BA at 319 W Berry Ave in Anaheim... REO to lender at $250,750.00. Over $540,000.00 was owed...
2BR/1.5BA at 521 S Lyon St #117 in Anaheim... REO to lender at $71,304.20. Over $330,000.00 was owed....
2BR/2BA at 1912 Maple St. in Santa Ana... REO to lender at $195,500.00. Over $362,000.00 was owed...
13 February 2009
A 4BR/2.5BA at 19781 Grandview Drive in Corona sold for just $5,100.00 at the auction, with a first of less than $80,000.00 remaining. That is less than $90,000.00 for a 4 Bedroom home with no credit check.
A 3BR/3BA at 129 E 227th St. in Carson sold for $216,000.00. The bank was owed $586,850.00. "Dropped Bid"
A 3BR/2.5BA at 23670 Gary Court in Moreno Valley sold for $72,400.00, with a remaining first of less than $25,000.00. That is less than $100,000.00 for a 3 Bedroom home with no credit check.
A 2BR/1BA CONDO at 1250 S Brookhurst #1098 in Anaheim sold for just $62,000.00. The bank "Dropped" the bid almost $200k at the sale.
Keep your eyes open and watch for more bargains.....
11 February 2009
On Monday of this week there were a large number of postponements at the Trustee Sales. But there were a number of sales as well. As we have been seeing, the 3rd party purchases are great deals, but there are few bidders out there. That means you are not competing for these properties as much as you might expect, and many bidders simply bid one time and the property is theirs. The other properties simply become REO's, and are ready to be bought in a conventional escrow. All you need to do is place an offer.
3BR/2BA at 7063 New Mexico Dr. in Riverside sold 3rd party for just $111,000.00. The bank was owed over $460,000.00, and the minimum bid was su[pposed to be $371,623.00 on the 1st TD. The new owner has over $60,000.00 in Instant Equity.
3BR/1.5BA at 16590 Montego Way in Tustin sold 3rd party for just $146,000.00. The bank was owed over $460,000.00, and the minimum bid was to be $376,438.00 on the 1st TD. The new owner has over $50,000.00 in Instant Equity.
2BR/1.5BA at 6882 Homer St #102 in Westminster sold 3rd party for just $102,850.00. The bank was owed $332,047.00, and the minimum bid was the same. The bank "Dropped" the opening bid to around $100,000.00, and the bidding went up to just $102,850.00 before someone won the auction. The new owner gained over $60,000.00 in Instant Equity.
5BR/3BA at 2076 Loreto Street in San Jacinto sold back to the bank for just $153,000.00. The bank had over $414,000.00 in loans on this property. They dropped the bid drastically, yet no one bid. You can buy this 4 year NEW Home with over 3000 square feet of living space. Make an offer today.
4BR/2BA at 5390 Civetta Ln in Riverside sold back to the bank at just $146,000.00. This bank was owed over $452,000.00 in loans. This bank also dropped the bid. Yet no one bought this house, so they had to. Buy it now!
3BR/2BA at 3720 South St. in Phelan became an REO at just $117,450.00. The bank was owed $315,316.00 but chose to "Drop" the bid. Write up an offer to Countrywide today.
Call or email us if you have any questions.... or better yet... check the site for your next purchase...
9 February 2009
We had to look at this one twice.
16542 Blackbeard Lane #304 in HB
2BR/2BA Condo where lender was owed $94,619.00 on a 2nd TD
The lender dropped the bid to only $2000.00, and someone bought it, subject to a $154,000.00 first.
That's a condo in HB for $2000.01 down and very reasonable payments....
You just can't make this kind of thing up....
There are other deals..
4BR/2BA in Indio (Riverside County) sold for $93,000.01. 47407 Diane St.
3BR/2BA in Moreno Valley (Riverside County) sold for $95,400.00. 22750 Mtn View Rd.
5BR/3BA in Perris (Riverside County) sold for only $122,187.20. 746 Albizia Crt.
3BR/1BA in Santa Ana (OC) sold for only $152,255.00. 505 S Hesperian St.
Keep yours eyes open......
6 February 2009
We are listening to subscribers' comments every day.
Recently we had someone tell us that they were not seeing the type of deep discounts at the Trustee's Sales in the desert areas that they expected to see. We have heard so many success stories from bidders at these auctions, that we were suprised to hear someone say there weren't any deals out there. So we took a quick look for ourselves, and discovered there were even better deals than we expected to see.... Many more than we can list on today's blog. Below are just some of the incredible prices under $100,000.00 we have seen in the past two days alone. These are actual sales. If we identify it as an REO, that means you can make an offer to the lender today.
This is no joke. These numbers are real!!!
3BR/2BA in San Bernardino at 732 Garcia Street
Bank was owed $208,205.00 on one loan only.
They dropped the bid to $47,153.20 and no one bid. This REO has no loans on it.
3BR/1BA in Colton at 926 S. Florez Street
Bank was owed $304,973.00 on one loan.
They dropped the bid to $74,017.28 and no one bid. This REO has no loans either.
3BR/2BA in Moreno Valley at 16328 Parkside Lane
Bank was owed $325,745.00 on a single loan.
They dropped the bid to $95,000.00 and no one bid. No loans remain on this REO.
3BR/1BA in Hemet at 1110 Griffith Way
Bank was owed over $278,000.00 on two loans.
They dropped the bid on the first TD to just $43,424.70 and no one bid. REO with no loans remaining.
3BR/2.5BA in Lake Elsinore at 900 Diane Way
Bank was owed over $400,000.00 on two loans.
They dropped the bid on the first TD to a mere $71,476.37, and wiped out their own second TD.
No one bid. So this is now an REO with no loans.
3BR/1BA in Banning at 629 S San Gorgino Ave
Bank was owed over $275,000.00 on one loan.
They dropped the bid to ..... $34,200.00 !!!!!
Again... no bidders showed up to buy this house. This REO has no loans against it.
3BR/2.5BA in San Bernardino at 25180 E 5th Street #180
Bank was owed over $200,000.00 on two loans
They dropped the bid to just .... $55,000.00!!!
No one bid. The loans are gone on this REO.
4BR/2BA in Adelanto at 14634 Palmyra Way
Bank was owed over $310,000.00 on two loans
They dropped the bid on the 1st TD to $95,499.20 and wiped out the 2nd.
Now it's an REO, because no one bid. Both loans are gone.
2BR/2.5BA in Hemet at 25575 White Oak Dr
Bank was owed $268,313.00 on one loan.
They dropped the bid to $61,500.00!!!
No one bid this time, either. This REO has no loans against it.
3BR/2BA in Desert Hot Springs at 66770 4th Street
Bank was owed over $300,000.00 on two loans.
They dropped the bid on the 1st TD to only $49,778.26 !!!
The bank owns this REO with no loans on it.
4BR/1.5BA in Riverside at 596 Transit Avenue on an oversized lot
Bank was owed over $395,000.00 on one loan.
The bid was reduced to only $85,500.00, and someone like you bid just $85,500.01!!!
2BR/2.5BA in Hemet at 621 S Carmalita Street
Bank was owed over $295,000.00 on two loans.
The bid on the 1st TD was dropped to only $36,326.00.
There was a bidder, who bought this house for just $36,326.01!!!
You can be buying these properties...
There is nothing standing in your way.....
5 February 2009
Yesterday was a big day at the Courthouse Steps....
One investor at the Pomona location bought a 7BR/4BA in LA for just $139,100.00 !!!
That is over $220,000.00 in Instant Equity!!!
The bank was owed over $530,000.00, and the estimated bid was supposed to be over $530,000.00!!!
The bank didn't want it!
What a great investment to become a group home or simply a profitable rental...
The address is 9214 Beach St. in LA.
A 2BR/2BA home in Hawthorne sold for just $256,000.00!!
The buyer got over $80,000.00 in Instant Equity!!
The address is 5020 W 125th St.
The bank was owed over $568,000.00!!
The Bank didn't want the house, so they dropped the bid.
A 3BR/2BA home in Whittier sold for only $259,000.00
$64,000.00 in Instant Equity on this one.
The bank was owed over $500,000.00!!!
The address is 16175 Amber Valley Dr.
A 3BR/2BA home in beautiful La Habra sold for a mere $259,000.00...
Over $60,000.00 in Instant Equity was created at the Trustee's Sale.
The bank was owed around $600,000.00, and dropped the bid to around $250,000.00!!!
They didn't want this house. But a smart buyer did.
The address is 300 Highland Ct.
These properties were found by doing a random search on our website.
Do as many searches as it takes to find the type of property you are looking for.
You will find a bargain, as long as you take the time to look for it.
4 February 2009
Yesterday there were few 3rd party bidders at the Trustee's Sales.
As a result the lenders bought a large number of properties at bargain prices.
You can make offers today. Here are just a few examples....
San Diego Condo's:
2BR/2BA ...2360 Euclid #11 in National City....
The bank was owed $368.000.00
The min bid was supposed to be $282,419.00
The bank didn't want the property.
They dropped the bid to only $105,000.00, but no one bid.
The bank bought it at $105,000.00... No loans remain.
2BR/2BA ...1039 E Washington Ave. #11...Escondido
The bank was owed $280,000.00
The min bid was supposed to be $236,787.00
The bank didn't want the property.
They dropped the bid to only $89,250.00 , less than a third of what was owed.
No One bid. The bank owns it. No loans remain.
1BR/1BA ... 5510 Adelaide #4 ....San Diego
The bank was owed over $227,000.00
The minimum bid was supposed to be $210,124.00
The bank does not need another condo.
They dropped the bid to only $98,800.00, and bought it for that.
There were no bidders. It is now bank-owned. No loans remain
A House in Pomona.... 5BR/2BA 1361 W. 2nd Street
The bank was owed over $375,000.00
The minimum bid was supposed to be $297,009.30
The bank didn't want this house at all.
The bid was dropped to just $132,422.40, leaving over $70,000.00 in Instant Equity...
And No One bid. Now is the time to take your offer in and submit it.
All these properties are REO's today.
3 February 2009
A few clients have asked how they can sort their list of sale properties so they can find things more easily.
Note that our Standard Format allows you to sort by various fields, but you may want to download your search results in Excel format so that you can sort the addresses and break things up into groups. You can also break up your searches by auction location and auction time so that your search list at the courthouse steps is more easily managed.
Also, it pays to be picky. Make a short list of preferred properties you would want to buy if the lender does drop the bid. This short list would be easy to read and allow you to step up and bid with confidence. Never rush into bid on a property you have not researched. Always double-check your loan postion by making a search at the records office or calling your title company...BEFORE you plan to bid.
If you try to recall too much at once at the auction by spreading yourself too thin, you can get nervous and lose your thoughts. It is best to be prepared and have a definite goal in mind. Go to the auction a few times and practice following the sales. Note that there are cancellations and postponements each day. Half the properties that interest you won't go to sale that day. The other half will have mostly dropped bids these days, and you will want to prioritize your properties. When you feel you understand the process, then go ahead and bid. Take the time to prepare, and you will do just fine.
3 February 2009
4BR/3BA, two story in Temecula, less than 10 years old...
The bank was owed over $522,00.00..
The minimum bid was to be $445,921.00
The bank did not want the property.
They dropped the opening bid to only $167,981.00
This time there were mulitple bidders.
The house sold for $190,000.00, less than half of the original minimum bid.
The new owner got over $90,000.00 in Instant Equity!
The bank was owed $513,834.00
The minimum bid was going to be $448,775.00
They did not want the property.
The reduced opening bid was $320,000.00
The home sold for only $320,100.00... with over $150,000.00 in Instant Equity for the new owner!!!
3 February 2009
House in Long Beach sold to the first and only bidder... 2102 W. Arlington St.
Guess How much?????
The bank was owed over $430,000.00
Minimum bid was going to be the same.
They didn't want the property.
Opening bid was set at only $76,000.00
One penny over the opening bid was all it took. Where were you?
3BR/2.5BA in Compton
The bank was owed over $456,000.00
The minumum bid was to be $456,632.00
The bank did not want the property.
The opening bid was dropped by 70%!!! The property sold for only $129,145.20
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