CRR Blog

More Great Deals from just a day ago....

Yesterday...


2BR/1.5BA CONDO at 624 S. Sullivan St.  #11D in Santa Ana...


Value:  $219,000.00  Est bid:  $304,382.00  Sold for only...   $95,400.00  !!!


Duplex at 336 W. Gage Ave. in Los Angeles...


Value:  $467,500.00  Est Bid:  $452,055.00  Sold for only...   $177,048.00   !!!


3BR/2BA Home at 14252 Rafael St. in Cabazon...


Value:  $99,500.00  Est Bid:  $268,132.00  Sold for only...      $48,000.00    !!!


3BR/2BAHome with  Xtra Large Lot at 367 S. San Jacinto St. in Hemet...


Value:  $83,000.00  Est Bid:  $268,224.00  Sold for only...      $60,750.01   !!!


 

An interesting note.... Not everything is the same...

We have had some interesting oddities lately....


809 N Rose St. in Escondido is a 3BR/2BA Home.  The loan from 6/22/06 was for $544,185.00.


The Est Bid for the auction on 6-8-10 is only $144,698.00  !!!


We suspected an error so we re-checked our own research.  We were correct.


This was a reverse mortgage.  This is a first TD.


 


14670 La Mesa Rd in Victorville is a 4BR/2BA Home.  The loan from 11/16/2004 was for $300,000.00.


The Est Bid was $216,716.90, but the NOD and the NTS were one single document that is called a notice of default AND foreclosure sale...  that was recorded just one month prior to the auction.  And the Notice stated that you could make a bid with only a 10% deposit at the courthouse in Chino. 


This did not match the legal requirements for a trustee sale, so we called the Trustee to advise of our concern about the legality of a sale without the formal 90 days between the NOD and NTS.


The "Trustee" was not a trustee at all.  They are an agent of the Secretary of HUD.  Not only was this another reverse mortgage, this was a HUD foreclosure...  Ordinarily we do not see these in our system.


The sale took place on 5/25/10 and HUD took the property.


 


Keep an open mind when you look at your data.  There is always the potential to learn something new.


 


 


 

Some pretty amazing prices lately.... Look at these 3 from yesterday....

It really looks like the prices at auction are coming down again...


Compton Duplex... at 313 N. Willowbrook... 


Value:  $587,000.00  Est Bid:  $517,417.00  Sold for only....   $250,000.00  !!!


4BR/2BA Tudor Home in Costa Mesa at 915 Presidio Dr. ...


Value:  $536,000.00  Est Bid:  $262,148.00  Sold for only...    $322,000.00  !!!


4BR/2.5BA Cul De Sac Home at 5611 Ludlow Cir...  just steps away from the Bolsa Chica Wetlands in Huntington Beach...


Value:  $744,000.00  Est Bid:  757,953.00  Sold for only...       $575,900.00   !!!!


 

Deals in Long Beach Yesterday....

Duplex at 4867 Pacific Ave. in Long Beach...


Value:  $394,000.00  Est Bid:  $558,131.00  Sold for only...   $280,000.00   !!!


3BR/2BA Home at 3146 Carfax Ave.  in Long Beach...


Value:  $628,000.00   Est Bid:  $549,269.00  Sold for only...   $483,000.00   !!!


2BR/1BA CONDO at 4700 Clair Del Ave.  #536  in Long Beach...


Value:  $173,000.00  Est Bid:  $226,463.00   Sold for only...   $66,300.00   !!!

Deals Happen!!!!

2BR/1BA Home at 1420 N. Willowbrook in Compton...


Value:  $147,500.00  Est Bid:  $208,300.00  Sold for only...  $75,200.00   !!!


Duplex at 822 W. 82nd Street in Los Angeles...


Value:  $479,000.00   Est Bid:  $465,911.00   Sold for only...  $165,000.00   !!!


4BR/2.5 BA CONDO at 2600 N. Tustina Ave.  #12 in Santa Ana...


Value:  $309,000.00  Est Bid:  $143,067.00   Sold for only...  $70,200.00   !!!

Los Angeles County... Under $100,000.00 ...

The examples below are from yesterday's Trustee's Sales. 


There is no typo here.  The two condo's in the same complex sold the same day for the same price. 


The lesson here is that the lenders do have standards and guidelines they follow.  It may seem like there is no method to the madness at times, but there surely is.  They are creating a distressed sale value based upon broker's price opinions and comps from nearby properties.  If they have decided to make it a deal so they do not have to absorb another reo property.  If you follow the results of previous sales in a given area, you are bound to discover trends and patterns that you can use to your advantage.


2BR/1BA Home at 1832 E.111th St. in Los Angeles...  


Value:  $159,500.00  Est Bid:  $388,056.00  Sold for only...    $77,500.01   !!!


2BR/3BA CONDO at 8331 Cedros Ave. #12 in Panorama City...


Value:  $144,500.00  Est Bid:  $294,341.00  Sold for only...  $90,000.01   !!!


2BR/2BA CONDO at 8331 Cedros Ave. #10 in Panorama City...


Value:  $144,500.00  Est Bid:  $263,775.00  Sold for only...  $90,000.01  !!!

3 OC Deals from yesterday....

2BR/1BA CONDO at 212 S. Kraemer Blvd #1504 in Placentia...


Value:  $174,000.00  Est Bid:  297,295.00  Sold for only...  $103,100.00  !!!


2BR/2BA CONDO at 3640 S. Bear St. #56 in Santa Ana...


Value:  $201,500.00  Est Bid:  $409,815.00  Sold for only...  $108,900.00  !!!


3BR/2.5BA Home at 18198 Mesa Verde Ct. in Ftn Valley...


Value:  $438,000.00  Est Bid:  $322,434.00  Sold for only...  $345,100.00   !!!

Deals... Deals... Deals... Under $100,000.00 !!!

2BR/1.5BA CONDO at 717 E. Chestnut #15 in Santa Ana...


Value:  $162,000.00  Est Bid:  $299,778.00  Sold for only...   $73,000.00   !!!


2BR/1BA Home at 13128 E. Ave. W11 in Pearlblossom....


Value:  $186,000.00  Est Bid:  $217,831.00  Sold for only...   $71,325.01   !!!


1BR/1BA CONDO at 8556 Independence #201 in Canoga Park...


Value:  $105,500.00  Est Bid:  $32,882.00  Sold for only...     $36,011.04   !!!     Wow!

You cannot make this up...

1BR/1BA CONDO at 18900 Delaware St #22 in Huntington Beach...


Value:  $256,500.00  Est Bid:  $35,086.00   Sold REO to lender for only...       $35,540.77   !!!!!!


Nobody Bid  !!!!

Stunning Deals in LA Yesterday!!!! These are amazing....

Are you getting opportunities at the Trustee's Sales? 


Always keep an open mind and always be ready to change your tune. 


If you are a short sale buyer, consider the auctions.  If you are an auction bidder, consider changing your zone. 


Have you gone to bid on LA Properties lately???  Check this out....


 


10615  Weigand Ave. in Los Angeles...


Value:  $326,000.00   Est Bid:  $320,532.00   Sold for only...   $139,490.00   !!!


707 W 43rd St. in Los Angeles... 


Value:  $451,000.00   Est Bid:  $474,173.00   Sold for only...   $141,750.00   !!!


659 Hendricks Ave. in Los Angeles...


Value:  $500,000.00  Est Bid:  $478,474.00   Sold for only...   $201,000.00   !!!


1227 E 33rd St. in Los Angeles... 


Value:  $440,000.00  Est Bid:  $405,067.00  Sold for only...    $140,078.00   !!!


1223 W. 80th St. in Los Angeles...


Value:  $354,000.00  Est Bid:  $426,348,.00  Sold for only...   $191,374.51   !!!


2BR/2BA CONDO at 6100 Rugby Ave. #312 in Huntington Park...


Value:  $161,000.00   Est Bid:  $333,718.00  Sold for only...   $87,600.00    !!!


 

3 standout deals on LA Properties from yesterday....

2BR/2BA Home at 10615 Weigand Ave. in Los Angeles...


Value:  $326,000.00  Est Bid:  $320,532.00  Sold for only...   $139,490.00   !!!


2BR/2BA Home at 707 W. 43rd St. in Los Angeles...


Value:  $451,000.00  Est Bid:  $474,173.00  Sold for only...    $141,750.00   !!!


Triplex at 4516 St. Charles Pl. in Los Angeles...    


Value:  $772,000.00  Est Bid:  $689,313.00  Sold for only...   $351,001.00   !!!

Great Deals just Yesterday....

4BR/5BA Huge Pool Home on Huge Lot at 776 Highridge St. in Riverside...


Value:  $841,500.00  Est Bid:  $788,399.00  Sold for only...  $464,370.01   !!!


3BR/1BA Home at 756 W. 19th St. in San Bernardino...


Value:  $185,000.00  Est Bid:  $342,267.00  Sold for only...  $42,580.81   !!!


Duplex at 1379 S. Orange Dr. in Los Angeles...


Value:  $1,003,000.00  Est Bid:  $711,227.00  Sold for only...  $385,000.00   !!!

Instant Equity: Great Deals Mean You Have Money Left Over When it is Over....

Duplex at 12004 S. Willowbrook in Compton....


Value:  $480,000.00  Est Bid:  $445,498.00  Sold for only...    $128,500.00  !!!


3BR/2BA Home at 4431 7th Ave. in Los Angeles...


Value:  $337,500.00   Est Bid:  $468,789.00  Sold for only...  $205,000.00  !!!


5BR/3BA XL Newer Home at 653 Winter Pine St. in Beaumont...


Value:  $274,500.00   Est Bid:  $132,977.00  Sold for only....  $139,029.91 !!!

LA is on sale every week day... Do not let anyone tell you it isn't !!!

3BR/1BA Home at 7408 Crenshaw Blvd. in Los Angeles...


Value:  $382,000.00    Est Bid:  $723,913.00   Sold for only...     $180,000.00  !!!!


3BR/1BA Home at 4256 La Salle Ave. in Los Angeles...


Value:  $400,500.00  Est Bid:  $417,515.00   Sold for only...   $186,600.00   !!!!


1BR/1BA CONDO at 6815 Remmet Ave.  #317 in Canoga Park...


Value:  $187,500.00  Est Bid:  $50,967.00   Sold for only...     $79,700.00   !!!!

There is always a deal out there, even on a foreclosing 2nd Trust Deed... Examples from Yesterday...

We endeavor to teach you at every opportunity. 


One of the myths that we must constantly overcome is the belief that you should only bid on a 1st TD. 


While this is a good general rule to apply in situations where the property is buried in debt as a result of the 1st TD being greater than the market value of the property, it is not always true.  In fact, some of the best buys are where the 1st TD is smaller than property's market value, and the 2nd TD lender forecloses. 


In the two Los Angeles examples below, the investors saved hundreds of thousands of dollars by doing what many people would consider "Dangerous"...  They bid on a 2nd TD at the Trustee Sale.


In our first example:


A 3 story Home in West Los Angeles was scheduled for sale yesterday.  This 5 BR/7BA on a large lot had a market value of $1,174,500.00 !!!  It is located at 4338 Palermo Blvd.  The 2nd TD foreclosed, knowing that there was equity to support an opening bid.  They would have been perfectly happy to take the property and remarket it as an REO.  The numbers made sense.  Just like a junior lender buyout, any potential bidder should have seen that there was potential equity for whoever took title at the auction.  The 2nd dropped the opening bid from an estimated $1,101,261.00  to a much smaller $440,000.00, thereby creating the equity that would make the property a great deal.  The 1st TD was a small $187,500.00 from years prior, and the new owner would end up making payments on this small loan.  The term for this arrangement is "taking title at the Trustee's Sale, Subject To a Senior Loan".  The winner of the auction took title for a total price of $440,100.00 + $187,500.00 = $627,600.00.  That means they had over $500,000.00 in instant equity.


In our second example:


A 3BR/1BA Home in 2328 Amherst Ave. in Los Angeles had a small second loan of $60,000.00 in default, but a larger $309,000.00 loan in first position.  The property has a market value of $671,500.00 !!! There were multiple bidders on this one.  The sale price at auction started at $67,181.00 and reached $122,000.00 before the bidding finally stopped.  The buyer therefore pays $122,000.00 + $309,000.00 = $431,000.00 !!!  That means the new owner has $240,000.00 in instant equity. 


There are many such examples day after day.  If you have questions about these or other properties, please call us for information and consultation at 800-664-2567. 

Instant Equity at the OC Trustee's Sales.....

2BR/1BA CONDO at 2455 Deodar St. #4 in Santa Ana.....


Value:  $203,000.00   Est Bid:  $356,736.00     Sold for only.....     $101,300.00    !!!!!

Long Beach McMansion sells for $200,000.00 below market!!!

You want Fries with that????  You can afford it!!!!


4BR/4BA Home with over 4000 sq ft of living space, pool and hot tub, at 2342 Roswell Ave. in Long Beach...


Value:  $777,000.00   Est Bid:  $414,885.00    Sold for only....       $531,000.00   !!!

3 Bedrooms under $25k !!!

3BR/1.5BA Home at 25398 Bejoal St. in Barstow....


Value:  $115,500.00  Est Bid:  $191,320.00   Sold for only...    $24,300.01   !!!


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