Sold on the Courthouse Steps!

By
Managing Real Estate Broker with The Lloyd Realty Group DRE# D00610006
After almost 3 years of delays, cancellations and short sale attempts, this property finally sold on the court house steps in the foreclosure sale. It was purchased by an investor, and will probably come back on the market in the near future.

Comments (6)

Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co
Hi Vicki, Interesting, ha I liked the guy with the hooded sweat shirt in the back ground. Do you have any idea what that might sell for in the open market? Btw, I was at one of these myself some time ago (Santa Ana) and had to show my cashier's check just like all the other guys. That one sold for more than I was willing to pay and of course it was re-sold several months later. Since then I haven't been back, yet I've given it some thought. How about you?
Mar 27, 2010 02:59 PM
Vicki Lloyd
The Lloyd Realty Group - San Diego, CA
(619)452-9798, Real Estate San Diego California

It depends on how much fixing he does.  It is well-maintained, but original 1977 condition.  It really needs carpet, paint, ceilings, kitchen and baths. The yard also needs to be re-sodded, and probably misc other fixes.  The roof is good, and it's a decent location, but I can't see it re-selling for much over $475K. 

After deducting the selling costs, I don't think it's that good of a return on investment for $403K cash.

The guy in the hooded sweatshirt is a regular there (keeps a cell phone in each ear, and has lots of charts and papers with him at all times.)  He bids on several properties every day for a group of flippers investors.  I saw him pay too much for a Newport Beach property about a year ago. I cringed when I saw them pay $812K for a house, and after holding it 8 months, they sold it for $850K.  After sales & fixup costs they lost on that one.  They now concentrate on the lower price ranges where they can do quick flips.

 

Mar 27, 2010 03:57 PM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

We have so many auctions here, the County is looking for a different place to hold them since it is disrupting County business.  We have the regulars too, buying and flipping.

May 25, 2010 04:50 AM
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Vicki we happen to be downtown Dallas other day WOW number of people   Believe it is 1/2 through entire year, have a great week. Dallas Apartment Locator, Lynn911.com, Dallas Aparment Finder, Dallas Apartments for Rent, Dallas Apartment Rentals

Jun 08, 2010 05:52 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Very good reporting to show what goes on during the "sale"!  Glad an investor got it and hopefully they will sell for top dollar.

Jul 03, 2010 07:18 AM
Vicki Lloyd
The Lloyd Realty Group - San Diego, CA
(619)452-9798, Real Estate San Diego California

The investor who bought it had to spend money to evict the prior owner as well as catch up the unpaid property taxes of $5K, then he spent about $50K to remodel & re-landscape it.  It went back on the market in about a month at $519,000 and sold within a week.  It just closed at $510,000 so after all costs, the investor did ok (I'm guessing about $23K in 90 days.)

Jul 06, 2010 03:55 AM