Summer Brings Sales - In Foreclosures XI

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Summer Brings Sales - In Foreclosures XI

As summer finally brings some rainstorms, we find that the foreclosure sales in Pierce County are dropping quite a bit at this time.  There were sixteen (16) foreclosure sales found last week in Gavelthe Tacoma newspaper (TNT),  but there were only eleven (11) found this week (that is a drop of about 30 percent.

It looks very much like there is a dip hitting due to the holiday weekend. Though I keep seeing, and hearing about how many foreclosures still hanging on the books out here (and really popping out of the woodwork in some other areas of the country), it would seem the banks here are taking advantage of good summer weather and tight listings count to try to get more money from their foreclosures.

Unlike last week which was split over four dates this week only had two dates. Next week had the least with 3. The other eight were all set for four weeks out on Sept. 27.  As is normal, these sales will take place on the 2nd floor plaza of the County-City building at 10 am.

As already noted the numbers may not stay high far into the fall, before they start dropping off to a much lower level (thinking in range of 3-5 listings per week). Which may hit sooner than I thought, based on the 4-5 week notices this time around.


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Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
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Comments (9)

Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

At least they're moving!  They sometimes sit a long time here because they are in such poor condition.

Aug 30, 2013 11:27 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

We are getting a few more each month.

Quite a few are really trashed, but HSC is really pushing to rehab them. The biggest problem I see is the are massively over-pricing everything (30% above our BPO is not uncommon). And they sit on the market and then sell for less than our estimated sales price.

Aug 30, 2013 10:33 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Just curious, does your MLS track the number of REOs listed each week? On one of oour MLS you must disclose if it is an REO, but the other one is optional.

That might give a better indicator as to what is hitting the market.

Aug 30, 2013 10:35 PM
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Steven,

Sales, sales and more sales. That's the name of the game. But you will need to find more listings to add to the depleted  markets.

Have a great day in Federal way Washington.

Best, Clint McKie

Aug 30, 2013 10:54 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Jay -- I haven't taken the time to check, but from the time from deliquency to sale, I am guessing some are not in great shape.

Than -- these that are going up for auction would not be having the 30% premium pricing on them, but may be in pretty sad shape.  One issue, I understand, is that on most of them, anyone wanting to purchase can only walk around the outside.   Would have to think that MLS codes thems somehow, as we can search by that in Zillow and Trulia in our area.

Clint - that is the issue at this time, there are not enough people selling to fulfill demand.  As prices rise, I believe we will see more people moving to sell, as they come out of negative equity.

Aug 31, 2013 01:33 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Foreclosures is such a mixed bag. Some are real deal, some need so much work that they can ONLY sell for cash...................

Sep 04, 2013 07:32 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Barbara-Jo -- that is the truth.  And even some that could sell for cash, require too much payment up front to make it worthwhile to do much with them.

Sep 04, 2013 07:49 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Yes, they are called sheriff's sales here. Some are even still occupied at the time of sale, so it is hard to even get around the outside! Of course, that is why they sell so cheap and are a complete gamble. If the value is even close the mortgage companies will almost always buy them back.

Sep 05, 2013 01:07 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Than -- that is what I have heard has been happening around here also.

Sep 05, 2013 06:58 AM

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