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Anyone close enough to one of these?
10-22-2007, 01:40 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Anyone close enough to one of these?
Foreclosed Properties: Buying Foreclosed Home, Properties & Foreclosed Home Listing For Sale
Always wanted to attend for sihts and grins, if for nothing else. But none of these places is nearby.
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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10-22-2007, 01:58 PM
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#2
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Full time employment: Posting here.
Join Date: Sep 2006
Location: Pocono Mtns.
Posts: 899
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None are close for me either, but we could carpool.
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10-22-2007, 03:13 PM
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#3
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by brewer12345
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Not near any of those but I have noticed short sales being advertised locally .
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10-22-2007, 03:28 PM
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#4
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Quote:
Originally Posted by Moemg
Not near any of those but I have noticed short sales being advertised locally .
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A hairdresser on TLC's "Property Ladder" managed to find a nice 4BR/2BA foreclosure fixer-upper for $70K. I think her flipper budget was $10K.
At least it was until they found what the rodents had been stuffing into the voids behind the drywall...
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10-22-2007, 03:48 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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There are a bunch that are less than an hour driving distance from me, but I'm afraid to go there without a revolver.
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No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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10-22-2007, 05:01 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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none of the upcoming auctions listed are close to me but from what i hear and read they seem to be getting closer all the time.
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"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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10-22-2007, 06:54 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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Brewer,
Thanx for the lead ... the northern MA listings are local for me. I plan to attend.
Skimmed the list quickly ... one address caught my eye. I sold a SF to the foreclosed owner in 2005 she kept a duplex on the same street for rental income. Proceeded to drain equity to rehab the SF into her dream home ... and now the duplex has been foreclosed. Interesting.
Attending will tell alot about where we are in the cycle. With financing available I'ld expect most deals to sell above reasonable rental rates (i.e. can't profit yet by renting them out). But we won't know until the auction happens. Just seems like there's too much liquidity out there.
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FIRE'd since 2005
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10-23-2007, 05:59 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by tryan
Brewer,
Thanx for the lead ... the northern MA listings are local for me. I plan to attend.
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If you do go, do us a wriet-up on what you see. It would be especially interesting coming from a very seasoned investor who knows the local market.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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10-23-2007, 11:11 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
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Quote:
Originally Posted by retire@40
There are a bunch that are less than an hour driving distance from me, but I'm afraid to go there without a revolver.
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You need to move to a better place.
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"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
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10-23-2007, 02:28 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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I'm in a good town north of Boston where the schools are good and there is practically no crime. There are also no foreclosures in this area though.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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10-23-2007, 02:54 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,668
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I have lurked at public real estate auctions on the steps of our county court house a number of times. Very interesting, time honored way to pick up real estate, I guess. I have never been tempted to make a bid as the rest of the folks (many seem to make it a regular event each month) seem to really be knowledgeable about local real estate market and I have never had the time (or inclination) to get that involved.
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Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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10-23-2007, 05:24 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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The nice thing about these auctions is that the seller cleans up the title of all subordinate leins. Very similar to the HUD auctions in the early 90's.
Quote:
I'm in a good town north of Boston where the schools are good and there is practically no crime. There are also no foreclosures in this area though.
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Need to look closer ... some these houses have OCEAN view (bring your gun during duck season).
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FIRE'd since 2005
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10-23-2007, 06:29 PM
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#13
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gone traveling
Join Date: Nov 2005
Posts: 2,146
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Wonder how many of those homes went up in flames in CA this week?
And what becomes of them if they had not gone into foreclouser yet?
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10-24-2007, 05:59 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by tryan
The nice thing about these auctions is that the seller cleans up the title of all subordinate leins. Very similar to the HUD auctions in the early 90's.
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The clean title is what I find attractive about these auctions vs. buying on the courthouse steps.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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10-24-2007, 06:37 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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Yeah, hate to find out after closing for cash that the town has a tax lien and/or the condo fees are a few years back.
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FIRE'd since 2005
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11-13-2007, 03:21 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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Well, I said I thought liquidity was still too high; watching ~150 homes be sold at an REO auction confirmed my suspicions. Here’s the high/low lights from the second day REDC Boston West home auction.
- Every property sold above the banks minimum bid. 45 were sold absolute (no minimum). The banks set the minimum bids without regard to what was owed on the property.
- Financing was offered by Countrywide on the vast majority of the home. Only those homes with: Title 5 septic issues, encumbered titles (e.i. wet land issues), flooding issues, major repair issues … were not financed. If financing was not available the auction was “cash only”.
- Winning bids averaged 60% of the “Bank Value”. I believe the bank value is tied to an appraisal (not the foreclosed amount).
- Very few (~ a dozen) sold at values which could be supported by market rents. These few were in the inner city.
- Many bidders did not do their homework. About 1 in 5 were sent back to auction a second/third time because – I am guessing - preapproval for financing could not be obtained. Also watched a couple properties in well established flood zones sell in the six-figures.
I have a scatter plot of the 152 auctioned homes. I used the downloadable sheet from the web link then added a row for the auction price. But I need instructions for cut'n pasting from excel (tried twice).
This auction is only the tip of the iceberg. At the end of the auction it was announced that the next auction date will be held in March 2008. So the pipe line is already well established.
FWIW, I was qualified to bid. Never raised my card. The 2 homes I was interested in quickly hit my limits and sold 20 and 70k beyond me. Even my limits were beyond rent sustainability. I was looking for the winter project (flip).
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FIRE'd since 2005
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11-13-2007, 03:36 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Very interesting. Thanks for the write-up. About what I expected, really. Dunno about you, but I am not expecting prices to get to levels that might be supported by rents until late next year (if at all).
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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11-13-2007, 05:13 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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I went to look at a couple of these properties. Even at the discounted prices, they are not worthwhile investments. I wouldn't be surprised if some of these same properties get foreclosed on a second time.
It also doesn't surprise me that there was overbidding since REDC advertised the hell out of this auction with TV infomercials, radio commercials, brochures, follow-up postcards and emails.
There will be plenty more foreclosures in the next year or two.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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11-13-2007, 05:23 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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Yeah, we agree ... it's TOO EARLY. Need Countrywide to loose a few BILLION more and stop financing and refinancing these things. THEN investors will be bidding with thier check books. And the sale values will be supported by market rents.
When that happens is anyones call ... but I'll at least know what it looks like.
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FIRE'd since 2005
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11-14-2007, 06:56 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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FIRE'd since 2005
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