Archive for the ‘Sold at Foreclosure Auction’ Category

Due Diligence – 18 Northampton Place

Sep 2nd, 10 / by cdcrez / 0 Comments

18 Northampton Place

18 Northampton, the featured property of our post, “The Housing ATM – 18 Northampton“, sold to a 3rd party at the foreclosure auction on 9/2/10 with a winning bid of $555,000 on the 2nd mortgage according to Foreclosure Radar.  But because it shows as the 2nd mortgage on Foreclosure Radar does not necessarily mean that there is an existing first mortgage.  To know that, a wise bidder would go to county records and find out what mortgages are still liens on the property and which have been paid off.  If there exists a 1st mortgage for more than $150,000, we may be hesitant to consider $555,000 a winning bid.  The mortgage that shows as a 1st on Foreclosure Radar was for $483,750 in 2003.

Who knows?  Hopefully the winning bidder.  Our guess is that the foreclosing loan showing as the 2nd on Foreclosure Radar is actually a refi that paid off the loan that Foreclosure Radar is showing as a 1st, and $555,000 is indeed a winning bid.  But, it is just a guess.

Do your own due diligence.

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Update to “This Week, 8/22/10, in Foreclosure Auctions”

Aug 28th, 10 / by cdcrez / 3 Comments

24311 Fairway Lane

Address SaleDate Postponements Previous Auction Date Redefault Disposition amount
31 BRASSIE LN 9/15/10 4 8/23/10 no
7 BIRDIE LN 8/23/10 3 7/22/10 no Cancelled 8/19/10
20 DARTMOUTH LN 9/22/10 9 8/23/10 no
31746 VIA PATITO 9/17/10 6 8/23/10 no
37 CHARLESTON LN 10/22/10 4 8/23/10 no
6 AQUILA WAY 10/7/10 12 8/23/10 no
26 SAWGRASS 9/7/10 9 8/24/10 no
15 EASTHILL 8/24/10 4 7/23/10 no Cancelled 8/23/10
6 Fair Valley 9/7/10 18 8/24/10 no
6 SEACLIFF 9/10/10 4 8/25/10 no
2 Dornach Way 9/1/10 1 8/25/10 No
98 VIA CANDELARIA 9/15/10 25 8/25/10 yes
31 FONTAIRE 9/27/10 3 8/26/10 yes
9 BRENTWOOD 9/27/10 6 8/26/10 no
42 Vela Court 8/26/10 5 7/26/10 no Cancelled 8/23/10
47 LEXINGTON WAY 9/10/10 6 8/26/10 no
1 Sawgrass 10/12/10 1 8/26/10 No
43 Augusta 8/26/10 0 None No Cancelled 8/24/10
5 Winston Drive 9/13/10 3 8/27/10 No
23102 MARAVILLA LN 9/10/10 6 8/27/10 no
10 TUCSON 9/10/10 5 8/27/10 yes
24311 FAIRWAY LN 8/27/10 1 7/6/10 no Back to Bank $586,586
23491 VIA ALONDRA 9/27/10 5 8/27/10 no
13 ALTIMIRA 8/27/10 2 7/30/10 no Cancelled 7/31/10
18 TORTOISE SHELL 9/14/10 9 8/27/10 yes
Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Update to Idiots Guide to Becoming a Land Baron – 24311 Fairway Lane

Aug 27th, 10 / by cdcrez / 0 Comments

24311 Fairway Lane

Foreclosure Radar is showing an opening bid of $586,586 posted for the today’s auction of 24311 Fairway Lane.  It also shows the foreclosing loan as being junior to the 1st mortgage.  What are they, Wells Fargo, thinking?

3:46 pm edit:  24311 Fairway Lane went back to the 2nd mortgage holder, Wells Fargo, at the trustee sale with an opening bid of $586,586.  The question that goes through my mind is will the new owner, Wells Fargo, make the mortgage payments on the 1st mortgage, and if not, with the property be foreclosed on, … again?

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Comp Killer – 4 Leatherwood

Aug 25th, 10 / by cdcrez / 8 Comments

4 Leatherwood

4 Leatherwood, the featured property of our posts, “Update to it All Ended in 2007“, and “It All Ended in 2007“, was recently listed for sale by the new owner, Wells Fargo, for $1,385,000.  The listing says, “SUPER MOTIVATED SELLER! SUBMIT!!!”.  At $1,385,000, I believe.

The distressed market is the market.

Coto Market, Sold at Foreclosure Auction

Update to “This Week, 8/15/10, in Foreclosure Auctions

Aug 21st, 10 / by cdcrez / 0 Comments

114 Vela Court

Address SaleDate Postponements Previous Auction Date Redefault Disposition amount
19 RALEIGH CT 8/16/10 3 8/9/10 yes Cancelled 8/16/10
37 VIA CANDELARIA 8/30/10 5 8/16/10 no
4 VIA ANDORRA 8/31/10 3 8/16/10 no
114 VELA CT 8/31/10 7 8/17/10 yes
22732 MANDARINA LN 8/18/10 5 7/16/10 no REO $685,295
30 SAINT GEORGES CT 9/17/10 3 8/18/10 no
49 CHARLESTON LN 8/19/10 16 7/19/10 yes Cancelled 8/19/10
6 PERCHERON 9/20/10 6 8/19/10 no
24262 FAIRWAY LN 9/2/10 6 8/19/10 yes
6 Ginger Lily Court 9/20/10 1 8/19/10 yes
23181 VIA CELESTE 9/20/10 9 8/20/10 no
31861 VIA OSO 8/20/10 multiple 7/26/10 no Cancelled 8/20/10
31531 VIA CONEJO 156 8/20/10 multiple 8/9/10 no N/A
78 VIA CANDELARIA 9/14/10 8 8/20/10 no
4 Alicante 9/14/10 3 8/20/10 no
21 Brassie Lane 11/18/10 1 8/20/10 no
Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Could Your Marriage Survive? – 22732 Mandarina Lane

Aug 18th, 10 / by cdcrez / 1 Comment

22732 Mandarina Lane

They say that having a house built, especially a custom house where a couple has to make decisions on everything is one of the larger stressors that can be inflicted upon a marriage.  22732 Mandarina Lane, the featured property of our post, “Close your eyes if you will, and imagine for just one minute…“, went back to the bank today at foreclosure auction with an opening bid of $685,295.   That is about $363,000 per acre, and more than a bit tempting.  The owners previous to the bank purchased 22732 Mandarina Lane for $2.3 mil in May of 2007.  From $2,300,000 to $685,295 in just a bit over three years.  And it did not even sell at $685,295.  No one at the auction wanted it at that price.  And it isn’t like you can say that was too much risk not knowing what the inside looked like; there is no inside.  You can see everything.

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Cuz They Can – 11 Rosana Way

Aug 16th, 10 / by cdcrez / 2 Comments

11 Rosana Way

Okay, this is complicated.  It appears that the 2nd mortgage holder was the winning bidder at the foreclosure auction for 11 Rosana Way.  The foreclosure was filed by the 1st mortgage holder, Bank of America.  Are you asking ‘Why would the 2nd mortgage holder buy the property’?  Because the 2nd mortgagee, Bank of America, thought they could sell it for more than the total amount, $1,187,073, owed to the 1st mortgage holder.

Hold on!  Hold on there, cdcrez!  You are screwing up here.  You just wrote that the 2nd holder, B of A, bought the property at the foreclosure auction brought to action by the 1st holder, B of A.

Yes, we did.  And we don’t think we are screwing up, at least not about this.  And, it does show us just how screwed up the mortgage situation got during the debt bubble.  (We don’t think it was a housing bubble.  We think it was and is a debt bubble that is growing and getting worse.)  B of A inherited this little gem from Countrywide.  The 2nd holder, B of A, was owed close to $1,150,000 and the most the 1st holder, B of A, was by law allowed to start the bidding at was the amount owed to the the 1st holder, $1,187,073.  So, that is where the bidding started.

It appears that B of A was not the only one at the auction who thought 11 Rosana Way would sell for more than the $1,187,073, so B of A bid in order to protect their interest in the 2nd mortgage.  We wonder if the persons bidding at the auction knew who they were bidding against.  The other bidders dropped out at some amount before $1,315,500 so B of A now owned another home.  That was on June 16, 2010.

We have not been inside, but from the photos it looks like the former owners left the house in good shape.  All the appliances appear to be installed and is that a big screen TV in the family room, or is that one of those staged TVs?  We are a bit skeptical about the square footage being called out as 12,637 and guess that is the lot square footage.  The lot size is listed at 0.29 acres which is 12,632.4 square feet, so that is close enough, eh?

11 Rosana Way was the featured property of our posts, “Cuz They Can’t Lower it” and “Update to Cuz They Can’t Lower it” and “Update to Cuz They Can’t Lower it” and “A Tale of Two Listings.”

Coto Market, Sold at Foreclosure Auction

Wagon Wheel – 1 Gingham

Aug 12th, 10 / by cdcrez / 0 Comments

1 Gingham

1 Gingham, in Wagon Wheel, went back to the bank on Monday with no one bidding on the opening ask of $666,000.  Between the 1st and the 2nd, there was more than a $1,000,000 owed.  It is our understanding that the square footage of 1 Gingham is about 3,000 leading to the conclusion that no one thought 1 Gingham a good buy at $222 per square foot.  I dunno.  Do you think that is a good buy?  37 Gingham, the same model, recently sold for $758,000.

We will keep you posted when 1 Gingham is listed for sale on the presumption that one or two of our readers may be interested in Wagon Wheel, especially interested to be located within walking distance to Wagon Wheel Elementary School.

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

3rd Party at Auction – 31902 Via Faisan

Aug 2nd, 10 / by cdcrez / 2 Comments

31902 Via Faisan

31902 Via Faisan, the featured property of our post, “Why Bother?”, did not bother.  31902 Via Faisan sold to a 3rd party at the foreclosure auction today for $529,163.  The opening bid was $529,163 which means there was a single, lonely bid.  I imagine it is pretty cool when you are the only person biddng on a property: no competition.

31902 Via Faisan was last purchased in July of 2003 for $690,000, so it would appear that we are well below 2003 prices and still sinking.

Sold at Foreclosure Auction, This Week in Foreclosure Auctions

Hmm-m-m, Ever Thought Ya Wanna Build Your Own Home?

Jul 30th, 10 / by cdcrez / 8 Comments

31902 Apuesto

There it is, a big ‘ol piece of dirt just waiting for someone to turn their dreams into 2×4’s and stucco.  If Bank of American does not like owning homes, it certainly isn’t gonna like owning a vacant lot.  At least the bank does not have to keep the lawn watered, but how much liability might be associated with a non-fenced vacant lot?

Anywhooz, 31902 Apuesto Way, the featured property of our post, “Peakage Buying, (and Minor Land Baron Stuff), – 31902 Aouesto Way“, went back to the bank today with an opening bid of $799,813; with no postponements. 

Ya think the CZ Master Association would let me put a double wide up there?  Ya know, one of those nice ones.  Or howz ’bout subdividing the 5.7 acres into 5 one acre lots and one 0.7 acre lot, and selling each new lot with a double wide included for $250,000 a piece?

But seriously folks, if no one bought 5.7 acres for $799,813, does that mean that Rancho property is now worth less than $141,000 per acre?  From the aerial photo it looks like at least one acre and possibly 2 acres of the lot at 31902 Apuesto Way is buildable.

Coto Market, Sold at Foreclosure Auction