CRR Blog

3 for the road...... Sales from 3/30/09

Riverside and San Bernardino can be a drive...  but well worth it.....


3BR/2.5BA at 15281 Theresa Ave. in Moreno Valley...  $164,500 Comp Value, sold for just $56,309.41    No Typo!!!


3BR/2BA at 405 S. Buena Vista St. in Hemet... $166,500 Comp Value, sold for $44,145.01   No Typo here either!!!


4BR/2BA at 1786 Mallory Street in San Bernardino... $185,000 Comp Value, sold for $55,000.01 Oh My!!!


Got gas?  Get to the Trustee sales!!!!!

Estimated Minimum Bids are not holding... Look for Dropped Bids... Every Day!!!

Last week there were a number of sales with dropped bids.  Lenders "Drop" the opening bid well below the estimated minimum bid (EMB) to attract someone like you to the auction.... Then you buy the property for practically nothing


Here are some examples from 3rd party purchases on 3-27-09...


3BR/1.5 Condo at 26026 Via Pera #A2 in Mission Viejo.... $330,257 EMB, dropped to $172,000


2BR/1BA Home at 15336 Bellflower Blvd in bellflower... $454,908 EMB, dropped to $138,316


Duplex at 632 E. 76th Pl. in Los Angeles... $460,871 EMB, dropped to $134,770


3BR/3BA Home at 6968 Fontaine Place in Rancho Cucaonga...  $506,723 EMB, dropped to $253,900


As you can see...  The lenders are cutting these bids in half, and sometimes better...  Watch what they did last week by checking your REO report, then plan to bid at the next auction.  Bids are dropping each and every day.

4 Great Buys from Yesterday's Trustee's Sales.....

Yesterday there were sales that attracted bidders who got some great properties.  Here are just a few...


3BR/2.5BA Great Pool House on triple size lot at 13621 Winthorpe St. in Santa Ana, $687,000 value, sold for $572,000


3BR/2BA on Huge lot at 27860 Goetz Rd. in Canyon Lake, $217,500 value, sold for $107,200


3BR/3BA on large lot at 22624 Victory Blvd in Woodland Hills, $631,500 value, sold for $370,000


3BR/3BA on 1.6 acre lot at 6586 Scaup St. in Carlsbad, $657,500 value, sold for $459,421


Note that the volume of default properties is on the rise again.  The economy is now a factor.  Previous foreclosures over the past two years were a result of crazy loans and irresponsible behavior, compounded by declining values.  The next year will see a slight leveling of values, but the number of units in foreclosure will increase and the lack of borrowers' ability to qualify for loan modifications will send many of those properties to auction.  At our next seminar on April 28th, ask about these issues.  What will the Federal government do to sell REO's belonging to banks that it has taken over?  Will they bring back the RTC?  Come and ask Ward his thoughts on that one... 

Sales on 3/25/09... show no signs of slowing... and neither do the bargains....

3BR/2BA at 2529 W. Chanticleer Rd in Anaheim...  $371,000 value sold for $273,100


3BR/2BA at 1312 E. Jacaranda in Orange...  $436,000 value, sold for $321,000


2BR/1.5BA at 79860 Fiesta Dr. ...$275,000 value, sold for $165,000


4BR/2.5BA at 9111 Amethyst in Rancho Cucamonga... $316,000 value, sold for $208,000


All at $100,000 or more below market value.........

Bargains below market value at the Trustee's Sales

On 3-24-09, just a few 3rd party purchases...


3BR/2BA at 206 S. Broadview St. in Anaheim...  $358,000 value, sold for $245,800


3BR/3.5BA at 78700 Avenida La Torres in La Qunita...  $601,500 value, sold for $356,000


4BR/3BA at 2878 McCloud River Lane in Ontario... $268,500 value, sold for $170,200

Tell me why I don't like Mondays.....

Want to know a great way to start off your week?  How about buying a property at less than half of market value?


Here are just three examples of the deals that people got monday at the trustee's sale.


4BR/3.5BA on large lot at 18460 Granite Ave. in Riverside...  $481,000 owed, sold for $185,000  Gorgeous!!!


2BR/1BA at 6689 Lynwood Way in Highland...  $343,000 was owed, sold for $38,000.01!!!!!!


3BR/2BA at 1427 N. Ivy St. in Escondido....  $577, 000 was owed, sold for $180,000  Bargain!!!


I like Mondays.... NOW!!!

Spring Fever at the Trustee's Sales........

The first day of Spring had some delightful surprises for bidders at the courthouse steps....


3BR/2.5BA Home at 932 Bluecrest St. in Corona...  $415,800.00 was owed, Sold for $130,200.00


1BR/1BA Condo at 11 Anhil in Rancho Santa Margarita...  $298,000.00 owed, sold for $120,812.70


2BR/1BA Home at 925 N Cucamonga in Ontario...  $345,000.00 owed, sold for $85,100.00


3BR/2BA Home at 393 Ledgewood Ln in San Diego... $475,000.00 owed, sold for $132,000.00


3BR/2BA 2005 NEW HOME at 5746 E. Ave. Q12 in Palmdale... $365,000.00 owed, sold for $110,000.00


2BR/1BA Home at 235 E. 85th St in Los Angeles... $435,000.00 owed, sold for $118,400.00


5BR/3BA Home at 37521 Ruby Red Lane in Palmdale... $575,000.00 owed, sold for $134,200.00


Spring is in the Air........     Time to bounce on over to the Trustee's Sales!!!


 

Good things come to those who go to Trustee's sales......

We can't say this enough times... Go to the sales!!!!!


Lenders do not pre-announce all the bargains before the sale.  If you follow properties and count on at least half being discounted at the courthouse steps then you will get a deal.  Look at what others did....


3/18/09 3BR/2BA at 25801Hinckley St. in Loma Linda.  $262,000 Comp Value, sold for just $160,000 ...   The opening bid was $125,591.  That means there was more than one bidder.  Always take as much as you would be willing to spend.  Have one bank/cashier's check for the opening bid, plus others to add up to the max amount you would pay if you had to.  Most people have 3 or more checks. You never know when $5000 will make a difference.


3/19/09


Duplex at 2008 W. St. Gertrude Pl. in Santa Ana.  $403,500 comp value, sold for $232,035


3BR/2.5BA at 11896 Hartland Pl. in Moreno Valley.  $164,000 comp value, sold for $72,377.97


1 Acre Land in a great spot at 4419 Allen School Ln in Bonita.  $793,751 owed to bank, sold for just $136,000!!!


3BR/2BA at 3343 Tropicana Dr. in Oceanside.  $451,704 owed to bank, sold for just $142,300!!!


4BR/2.5BA at 4210 Saxton Green Ave. in Las Vegas, NV.  $328,500 owed to bank, sold for just $175,000!!!


 

How low can they go????????

Every day we are asked.....  " Do you think the market has hit bottom?"  The answer is mixed.   In some areas, buyers are willing to pay market comp prices at the Trustee's sales.  Remember that it all comes down to what someone is willing to pay for a property.  Value is objective when you treat this as a business.  When you really want something, then the value becomes subjective and you are willing to pay more.   In more remote areas, the lenders are dropping prices ever further and still there are few takers.  Here the valuations are subjective in the negative direction, and lower comps mean better deals.  The following is a list of some desert properties we have seen go back to lenders this week as REO's.  What is shocking us this month are two things...  The HUGE number of NOD's each and every day....  And.....  The ridiculously low opening bids on properties in San Bernardino and Riverside Counties.  Below is just a sampling from the sales this week...  Where were you when these lenders were willing to "give away the farm?" 


3/17/09 St Patrick's Day REO's......


3BR/2BA on large lot at 16572 Majela Ave. in Victorville.  $152,000 RCV Reduced* Comp Value, went REO at $79,000


3BR/3BA at 24720 5th Street in San Bernardino.  $193,000 RCV went REO at $100,000


3BR/2BA at 1409 Colorado Ave. in San Bernardino. $173,000 RCV went REO at $75,213


2BR/2BA at 2966 Park Ave in San Bernardino. $146,000 RCV went REO at $37,168...   Not a typo!


3BR/2BA at 1260 Sunshine Dr. in Barstow.   $140,000 RCV went REO at $57,500... 


3/18/09 REO's......


3BR/2BA at 11518 Villa Street in Adelanto.  $154,500 RCV went REO at $67,296


3BR/2BA at 56855 Reche Rd in Landers.  $144,250 owed to bank.  Went REO at $36,535...   Yes, really.


4BR/2BA at 451 E. Ramona Dr. in Rialto.  $177,500 RCV went REO at $75,000.


1BR/1BA on HUGE land at 1426 Hilton Ave. in Yucca Valley.  $124,000 RCV went REO at $51,800


4BR/2BA on Large lot at 9487 Choiceana Ave. in Hesperia.  $175,000 RCV went REO at $72,000


3BR/1BA on HUGE land at 11325 Colins Rd in Phelan.  $184,000 went REO at $67,296.00


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*Comps have dropped a great deal as a result of the ongoing flood of Short Sales and Trustee's Sales, resulting in even greater savings for smart investors. 

No such thing as luck....

Last Friday was the 2nd Friday the 13th we have had in just two months.  You would think our subscribers would have seen some bad luck...  But the only bad luck was that of the lenders...  Look what they gave up at the steps...


3rd party purchases...


2BR/2BA Condo at 17572 Vandenberg Ln1 in Tustin sold for $120,100.00, less then half of the market value.


2BR/1BA home at 38121 N 17th St. E in Palmdale sold for only $33,300.01, Over $120,000 below market value.


Bank REO's...


3BR/2BA home at 15626 Tokay St. in Victorville went REO at $57,750.00, Over $80,000 below market value.


3BR/1BA home at 1294 Sonora St in San Bernardino went REO at $94,547.70, Over $95,000 below market value.


2BR/1BA home at 1023 N. Sierra Way in San Bernardino went REO at $48,000.00, Over $130,000 below market value.


4BR/2BA home at 9377 Sapphire Ave. in Hesperia went REO at $150,000.00 Over $165,000 below market value.


2BR/1BA condo at 3677 41st st #6 in San Diego went REO at $48,540.00, Over $111,000 below market value.


3BR/3BA home at 2154 Bluehaven Ct. in San Diego went REO at $74,854.45, Over $74,000 below market value.


3BR/2BA home at 2353 Lightcap St. in Lancaster went REO at $77,567.40, Over $100,000 below market value.


This could have been your lucky day.......  But just wait...  It's only getting better.....


 

More Bargains Every Day...

There were a number of low prices at the Trustee's sales on 3-12-09, but very few 3rd party purchases took place.  Here are a couple of smart purchases by bidders, and 3 REO's that went back to the bank.


Sale:  4BR/2.5BA at 11563 Park Trails St. in Riverside.  $349,668.00 was owed, sold at $158,988.60.


Sale:  3BR/3BA at 1062 Leslie Crt in Colton. $429,903.00 was owed, sold at $103,600.00.


REO:  4BR/2BA at 2833 White Fox in Pinon Hills.  $109,770.00 was owed, REO at $39,000.00.  Huge Lot.


REO:  4BR/2BA at 5984 Ironwood in San Bernardino.  $318,241.00 owed, REO at $76,450.00.


REO:  2BR/2BA at 7507 Guthrie in San Bernardino.  $192,628.00 owed, REO at $51,000.00  Large Lot. 

Trustee Sales REO's from 3-9-09...

The following properties are just a small sample of those that went to sale on 3-9-09.  The banks were forced to take these properties as REO's, as no one was there to buy them at these bargain prices.   If you can attend the sales, do so.  If you can't, you could be making offers on these properties as REO's.


3BR/2BA at 47-388 Via Genoa in Indio was in debt for $242,012.00 to the bank.  It sold for just $63,035.24.  REO


3BR/2.5BA at 1116 Roosevelt Dr. in Lake Elsinore was in debt for $310,399.00, but sold for $111,464.00.  REO


3BR/2.5BA at 82-855 Via Milano in Indio was in debt for $313,639.00, and sold for $88,444.00.  REO


4BR/2.5BA at 8245 Magnolia in Riverside was in debt $406,453.00, sold for $112,200.00.  REO


3BR/2BA at 413 N Lowell St. in Lake Elsinore was in debt $328,986.00, sold for $92,338.64. REO


3BR/2.5BA at 25950 Deerberry Dr. in Moreno Valley. Debt was $299,619.00, sold for $81,375.00.  REO


3BR/2.5BA at 6358 Olive St. in Riverside. Debt was $317,987.00, sold for 67,296.00  REO


2BR/1BA at 66190 Desert View Ave. in Desert Hot Springs. Debt was $178, 988.00, sold for $37,000.00.  REO


3BR/2BA at 16788 Hidden Creek Dr. in Victorville. Debt was $253,002.00, sold for $49,500.00

Research tip... More than one loan can be in Foreclosure.... and some recent sales from 3-6-09

CRR Research Tip:  When you find a property on our General Property Search, it is part of a list of property files based upon your current search criteria.  You will see only one file per property.  One loan will be singled out as the foreclosing loan.  We often assume that this is the whole story.  But sometimes there is more to it.  If you take a property from the General Property Search, and do a Single Property Search on the same property, you will see previous documents (NOD and NTS) and also find out if more than one loan is in foreclosure.  Sometimes we are better off letting a junior loan go through the process of the Trustee's Sale, and then pursuing the property afterwards.  This is also a good way to see if there are details such as lender contact information on the previous files. 


Trustee's Sales from 3-6-09...


Blogger's note:  The Trustee's Sales are the best place to buy today.  This has been so for some months, but still we see some of the best deals go back to the lenders as REO's at ridiculous prices because no one else bids.  This includes vacant land that the developers are walking away from across the board.  Attend the Sales...And keep your eyes open....


3rd Party Purchases...  These folks were in the right place at the right time....


3BR/3BA at 627 Boysenberry Way in Oceanside had $457,710.00 owed to the bank, but was sold for just $250,000.00


5BR/4BA over 3000 sq ft NEWLY BUILT at 12611 Bridgewater Dr. in Corona.  $522,710.00 was owed, but $267,000.00 bought this house.


2BR/1BA at 606 E Pine St. in Santa Ana.  $472,179.00 was owed, but $130,800.00 bought this home on a full lot.


REO's that went back at low prices.....


Dream House at Avocado Rd in Oceanside...  The description info on this one indicates a vacant lot, but the pictures tell a different story.  This Newly Built 3 story home sold at auction to the lender for $100,000.00, subject to a $200,000.00 first trust deed.  Check it out and consider making an offer.  It appears to be under-valued.   It really is worth a look.


3BR/2BA at 3528 E. Ave R11 in Palmdale...  the lender was owed $254,537.00, and bought the house for $90,000.00.


3BR/2BA at 37476 Oxford Dr. in Palmdale... the lender was owed $360,493.00, but bought the house for$100,381.70.


2BR/1BA at 2417 E. 113th St. in Los Angeles...$226,350.00 was owed, but the bank bought it for $71,318.94.


3BR/2BA at 152 Peppertree Way in San Jacinto...  $265,027.00 owed, but $66,000.00 was what the bank bought it for.


3BR/2BA at 66310 Granada Ave. in Desert Hot Springs... $74,605.00 was owed, the bank bought it for $30,000.00.


Vacant land over 324,000 sq ft in Temecula...  $921,785.00 owed...  Only $5,000.00 sold to the bank!!!!!!


1BR/BA Condo at 4212 48th St #6 in San Diego... $224,561.00 owed...  Only $42,672.28 sold to the bank.


2BR/1BA at 4431 Avenida Del Gado in Oceanside... $310,344.00 was owed, and $115,000 is what the bank paid.


4BR/2BA at 32447 Evening Primrose Trl in Campo..  $448,179.00 was owed.  $149,821.00 was the bank's price.


These sales happen every week day.  More later...


 


 


 

Bargains at the courthouse steps continue to amaze.... Have you found yours yet?

3BR/2BA lakeside house on the hill at 22181 Loch Lomond in Canyon Lake.  Just $129,500.00!!!  ...on 3-4-09.




1BR/1BA house at 2210 E. Hatchway in Compton.  $48,100.01!!!!   What a steal!!!  ...on 3-3-09.




1BR/1BA house at 5701 Via Marisol in Los Angeles.  $99,848.00!!!  Wow!  ...on 3-2-09.




2BR/1BA CONDO at 4201 W 5th #218 in Santa Ana.  $66,230.42!!!  Oh My!!!   ...on 3-3-09.




2BR/1BA CONDO at 21961 Rimhurst #191 in Lake Forest.  $118,773.30!  Shocking!  ...on 3-2-09.




4BR/2.5BA house at 24370 Dorner Dr. in Moreno Valley.  $67,500.01!  ...on 3-3-09.




4BR/2.5BA house at 892 Dolphin Dr. in Perris.  $59,000.00!!!  Alert the media!!!  ....on 3-3-09.




Oversize Vacant Lot in Big Bear.  $119,900.00!   ....on 3-4-09! 




There are many other properties left at the courthouse these days.  The banks manage to recover them and are now awaiting for the new owners like you to step forward and claim them.  Are you ready to take what's yours?  Come to our next seminar and learn how...




 




 


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