April 7, 2012

Foreclosures, Ho!

Americans brace for next foreclosure wave

120405-foreclosure-waco-belongingsBy Nick Carey, Reuters
GARFIELD HEIGHTS, Ohio | Wed Apr 4, 2012 7:09pm EDT

(Reuters) – Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

120405-foreclosure-fullerton-evictBut a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

"We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

"Last year was an anomaly, and not in a good way," he said.

In 2011, the "robo-signing" scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

120405-foreclosure-ny-busBut nobody in the Real Bay Area got foreclosed on, right?  This is what happens in flyover states.  And flyover cities, like, um, San Jose.

And while nobody would mistake the Bay Area for the troubled city of Stockton (where home values are not expected to hit 2006 values again until the year 2030), the resumption of the Foreclosure Express by many banks will be leading to more short sales and bank-owned properties.

Blame it on the settlement that 49 states made with the major banks.  Now that the process is no longer under so much uncertainty, foreclosures that have been put on hold will resume.  And this time around, the lucky participants won’t be brought in courtesy of high-interest, no-down subprime loans.  Plain old unemployment will be the cause of most of the unpaid mortgages.

Zillow is projecting all kinds of gloom and doom because of this, including a housing market that won’t hit bottom until next year, and stay on the bottom until 2016. 

"The hangover from this crisis will far outlast the party of the boom years," said Zillow chief economist Stan Humphries.

Share your predictions on how this economic tragedy that could evict millions of homeowners will affect the Real Bay Area.  This is an Open Thread.

Comments (9) -- Posted by: madhaus @ 5:10 am






March 17, 2012

A dozen plus tenants in a million-dollar hood

Foreclosure rattles upscale San Jose neighborhood, and tenants

By Pete Carey, San Jose Mercury News
Posted:   03/14/2012 05:53:36 PM PDT, Updated: 03/15/2012 10:14:37 AM PDT

120315-lacastellet-partitionsThe two-story home in the East San Jose foothills could belong to any well-to-do family, but step through the door and you’re inside a million-dollar suburban foreclosure quagmire.

More than a dozen adults and their pets have been living in a warren of rented rooms in the foreclosed house, turning a tranquil cul-de-sac into what one upset neighbor called "a nightmare for all of us living on that block."

120315-lacastellet-laundryAccording to attorneys for the tenants, the former owner was renting out rooms — including the laundry room and a living room split in two — in the months after the home was foreclosed by the bank. They claim she never told tenants about the foreclosure. Now the tenants face eviction in a hearing to be held Thursday in Santa Clara County Superior Court.

San Jose police officers have responded 16 times since September to resolve disputes and disturbances at the five bedroom, four bath home on La Castellet Court, where houses are valued at $1 million or more. The city’s code enforcement department says it has an open case on the house.      

120315-lacastellet-staircaseRemember the Cubicle House?  This owner simply took that idea one step further now that rentals beat office space.

For all of you who have been criticizing the idea of The Real Bay Area versus The Part That Is Not, this should definitively settle those arguments.  Things like this simply Do Not Happen In The Real Bay Area.  If someone in Los Altos Hills were to notice 15 cars parked along the street in front of the 4,000 square foot housing tumor next door, Code Enforcement would not merely say they have “an open case on the house.”

And in Palo Alto, every one of those vehicles would have collected parking tickets within 2 hours and 10 minutes.

Anyway, our intrepid reporters have tracked down the house in question.

120315-lacastellet-redfin

Unfortunately for purposes of journalistic outrage, the Streetview photo does not have the aforementioned excess vehicle collection.

120315-lacastellet-streetview

Zillow can show us the neighborhood values.

120315-lacastellet-zestimates

Homeowners here certainly may have paid over a million for this area, but Zillow has a disturbing lack of faith in their reported valuations.  The expressway-like street against the backyards is Aborn. 

And if you’re wondering why the FB felt the need to fill this home chock-a-block with tenants while hiding from Bank of America, wait until you hear the bubblicious price paid for this place: $1,580,000 on Halloween of 2006. 

Comments (16) -- Posted by: madhaus @ 5:09 am

February 19, 2012

SF Foreclosures: They’re Doing it Wrong

Here’s some cheery news for your Sunday open house visiting!  This might make you think twice about offering anything on a short sale, REO, or previous foreclosure.

Audit Uncovers Extensive Flaws in Foreclosures

By GRETCHEN MORGENSON, Published: February 15, 2012

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

120216-ting

Photo, right: Phil Ting, Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.  Annie Tritt for The New York Times

Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.

Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

120216-fraudWell, that’s San Francisco for you.  That doesn’t mean foreclosures in the nation’s other 3140 counties and county-equivalents should have any problems at all.  You see, bankers in San Francisco were so terrified of the terrible impact Prop 8 had on gay marriage and real estate values, they didn’t want to look at what they were signing.  For three whole years!

Good thing the $26 billion foreclosure settlement between five huge banks and 49 state attorneys general is already signed!  Who knows what kind of trouble there would be if this sort of report had been released beforehand.  Why, San Francisco homeowners wouldn’t be getting their share of the $147 million (provided they managed to hold onto the house while the banks were doing everything possible to claw it away, in which case $2,000 each ought to cover it).

This is an Open Thread.  Are you more or less likely to buy in San Francisco after reading this story?

Comments (10) -- Posted by: madhaus @ 5:09 am

January 28, 2012

FHFA Director Edward DeMarco: Please Resign Immediately

Today we have a guest post by Burbed reader Greg Fielding. This post is reblogged from his site, Bay Area Real Estate Trends, and appears here in its entirety. 

Now, I think this passionate piece on the Federal Housing Finance Agency is a great springboard for discussion, but it’s completely irrelevant to what’s going on in the Real Bay Area.  Unlike where Greg lives (hint: East is Least), It’s Special Here.  We don’t have to worry about underwater mortgages or massive foreclosure meltdown, but maybe some of you know some underprivileged people who don’t live in the RBA. 

Anyway, please give Greg a big, warm, RBA welcome!  And next time, Greg, don’t hold back.  Let everyone know how you really feel.


Dear Edward DeMarco,

Your position regarding principal reduction for underwater mortgages illustrates just how unfit you are to be running the FHFA. You argue against principal reductions, because it might cost “marginally” more than principal forbearance, yet you completely ignore all of the data suggesting that negative equity leads to strategic defaults and a potential death spiral for housing.

Home prices are still falling. Without principal reduction, more and more homeowners will make the financially-prudent decision to walk away. This epidemic can be slowed or even halted with bold action and leadership from people in positions like yours. More of the same simply isn’t going to cut it.

You are an impediment to the recovery of the housing market and our economy. Please submit your resignation, effective immediately, for the good of the Country.

Thank you,

Everyone in the world who is not currently invested in mortgage-backed securities

The head of the FHFA is either corrupt or a fool. Either way he is not the leader we need right now at that position.

The Wall Street Journal reports: DeMarco: Principal Write-Downs Expensive, Benefits Uncertain

Last week, the acting director of the Federal Housing Finance Agency, which regulates Fannie and Freddie, sent lawmakers a detailed analysis of why cutting loan balances doesn’t make sense from a financial standpoint, given the regulator’s mandate to “preserve and conserve” Fannie and Freddie’s assets.      […]

Edward DeMarco, acting director of the FHFA, argued that doing so would cause taxpayers to spend more money on the mortgage giants’ rescue than other foreclosure-prevention strategies. Fannie and Freddie have been propped up by taxpayer support for more than three years, a rescue that’s cost taxpayers about $151 billion

“Any money spent on this endeavor would ultimately come from taxpayers and given that our analysis does not indicate a preservation of assets for Fannie Mae and Freddie Mac substantial enough to offset costs, an expenditure of this nature at this time would, in my judgment, require congressional action,” DeMarco wrote in the letter.

About 3 million borrowers with loans backed by Fannie and Freddie owed more on their homes than their properties were worth as of last summer. That’s about 10% of the loans they own or guarantee. A write-down of all 3 million of those mortgages would cost taxpayers $100 billion, Mr. DeMarco estimated.

Fannie and Freddie do offer forbearance plans, in which lenders don’t require any payments on a portion of the loan for up to 12 months. What they don’t offer is forgiveness, where that portion of the loan is wiped out.

Mr. Demarco, in his letter to lawmakers, said FHFA’s analysis concluded that “forbearance achieves marginally lower losses for the taxpayer than forgiveness, although both forgiveness and forbearance reduce the borrower’s payment to the same affordable level.”

DeMarco and the academic-econo-forecasters who put this study together have completely ignored the element of social mood. IF people increasingly feel like there is no hope, they will give up and strategically default. Their study assumes no increase in the total number of foreclosures. It’s as if they are expecting the world to stand still while their economic model runs it’s course in a vacuum.

[...] “Unless there is an expectation that principal forgiveness will reduce losses, we cannot justify the expense of investing in major systems upgrades,” he wrote.

[...] Fannie and Freddie would also risk giving up money if they reduced loan balances because they could no longer recover money from mortgage insurers, which cover some losses for borrowers who have a down payment of less than 20%.

What exactly are the expenses he can’t justify?

Let’s take a look at a chart from his letter. (click for a bigger view)

DeMarco argues that the taxpayers, who are paying for these losses, will save the money outlined above by offering principal forbearance instead of principal reductions. In the four scenarios they outline, these losses range from 5.5% to an actual gain of 1.15%.

Not only are these petty savings to begin with, but the data behind them assume that falling equity will NOT lead to more foreclosures. Even if falling equity only leads to a handful more foreclosures, those additional losses would offset any initial savings. Moreover, down in the trenches, a lot of underwater homeowners are holding out hope for a principal reduction. If they don’t get it, they will rationally stop paying. Edward DeMarco is out of touch with what’s happening at the street-level of the industry he oversees.

Consider Laurie Goodman’s analysis of the situation:

She figures that there will be about 10.4 million more foreclosed homes over the next 5-6 years. She assumes:

  • 90% of the existing non-performing loans will eventually end in foreclosure
  • 65% of the re-performing loans will end up in foreclosure (these are loans that have been modified).
  • 40% of loans with 120% or more LTV will default
  • 15% of loans with 100-120% LTV will default
  • 5% of loans with less than 100% LTV will eventually default

These numbers are based on performance of similar loans over the last few years. The frightening part is the side-note from the exhibit:

Assumes no change in overall housing prices, interest rates,
or new home construction

So, if 10 million more homes get lost to foreclosure in the coming years, it is reasonable to assume that the that additional distressed inventory would continue to drive home prices even lower. Which, would force adjustments to the 10 million figure, making it even worse.

And so on.

Laurie discusses this “death spiral:”

However, the (housing) overhang means that home prices, despite being very affordable, are likely to decline further. This may recreate the housing death spiral—as lower housing prices mean more borrowers become underwater. We have determined LTV is the single most important predictor of default. So more underwater borrowers means more defaults; more defaults means more inventory, more overhang, and even further declines in home prices. While home prices can go down another 5% without re-igniting this housing death spiral, a 10% decline would certainly re-ignite the spiral in our opinion.

This “death spiral” is the doomsday scenario that Ben Bernanke and crew are doing everything they can to avoid. But Case-Shiller home prices are already declining at a healthy clip – how far away is that “death spiral” really?

Time and time again, policymakers make decisions based on models that can never account for the mood on the street. Or, they know the mood and risks, but are completely corrupt. I’m not sure which camp DeMarco is in, but he is clearly not the leader we need at the FHFA to help get housing back on track.

Comments (2) -- Posted by: madhaus @ 5:17 am

November 5, 2011

Using Zillow for Advertising: Buy These Houses for a Buck Each

Today’s finds are from Burbed reader Tracy, featuring the double delights of craptacular East San Jose properties with aggressive out-of-the-box marketing, and that’s just for starters!

 

Somewhere on Clayton Road, San Jose 95127
$1

image

For Sale:$1

Zestimate®:$288,800

Mortgage: $0/mo
Beds: 2
Baths: 1
Sqft: 1,152
Lot: —
Type: Single Family
Year built: 1949
Parking: —
Cooling: —
Heating: —
Fireplace: —
On Zillow: 34 days
County: Santa Clara
Covered parking spaces: 2
Legal description: —
Parcel #: —
Per floor sqft: 1,152
Zillow Home ID: 2124087924

COMING SOON. WE DON?T KNOW THE PRICE YET. BANK OWNED! IF YOU’RE A SERIOUS BUYER CALL ANN 408-561-7539 OR E-MAIL SOLDBUYANN@GMAIL.COM FOR SHOWING & WRITE UP OFFER TODAY! IF THIS IS NOT THE HOUSE FOR YOU, WE HAVE OVER 50 MORE FORECLOSURE LISTINGS THAT WILL BE GOING ON THE MARKET/MLS SOON!Brokered AndAdvertised By: Ann ThaiListing Agent: Ann Thai

Here’s what Tracy had to say about this and some other similarly placed houses by this agent.

imageYesterday I discovered a Zillow mystery. An Agent Ann Thai who advertises “ foreclosures to come”  by listing the houses with no address, or no price. See “clayton rd, SJ CA  # 95127 .”  I found numerous postings by this realtor, all with the same MO. Not sure if it’s a scam, but something about it seems like a manipulation of the MLS system/ Zillow. 

Let me know what you think if you have a chance. Is it wrong?  I am wondering if I should call, but I have called these forclosuretors before and it was nothing but slime.

What do you think, readers?  Is this nothing but slime?  Couldn’t there be some sleaze and scum in the frothy mix as well? Tracy sent this in two weeks ago, so clearly this realtard has a looser definition of “soon” than most of us do.  Kind of like “mañana” but without the sense of urgency.

Here are two more properties listed in the same way, but with addresses so you can check them out a little more.  First we have a high-res, high visibility property in not-Campbell with a “potting shed.” The quotation marks say it all: something was spinning in there.

176 N Bascom Ave, San Jose 95128
$1

image

and this one that has a watermark in the tanbark, along with “Landscaping, carpet, paint, linoleum, fixtures, lights, heater&more!”  So many extras!

1258 Ortiz Ct, Sunnyvale 94089
$1

image

Each of these homes in turn link to Redfin pages saying “Foreclosed Home: Not for Sale” as you can verify yourself for both the Bascom Ave and Ortiz Ct properties.  You can also get the full text on the Zillow links on each address, and most of it is an assurance that there are 50 MORE FORECLOSURE LISTINGS THAT WILL BE GOING ON THE MARKET/MLS SOON.

Also let us know how you do making a full asking price offer of a dollar on any of these winners!  You could be featuring an even faster flip than the pros in Redwood City can manage, and we promise to give it plenty of Burbed love.

Comments (7) -- Posted by: madhaus @ 5:06 am

September 21, 2011

Drive a little, save a lot.. on coffee!

Howdy, Guest Editor sonarrat here for a record-breaking second listing in the same month! Well, I grew up in the South County area, and I still have a soft spot for that sleepy, oft-forgotten area between the IBM exit on Bailey Ave and the shortcut to I-5. As I drive on the gently winding road through the dead, lifeless and empty Coyote Valley or take the even less scenic route along the deserted Monterey Highway by the town of Coyote (pop. 121), I can’t help but feel like I’m coming home. It’s that warm and fuzzy feeling that you can’t explain, especially to anyone who grew up anywhere else. If you’re coming to shop, though, like a lot of people, you want to keep going past the Harley-Davidson dealership in Morgan Hill and make a beeline for sunny Gilroy, the self-proclaimed “Garlic Capitol of the World.”

 355 W 8th St, Gilroy, CA 95020

355 W 8th St, Gilroy, CA 95020
$275,000

 

BEDS: 3
BATHS: 1
SQ. FT.: 1,957
$/SQ. FT.: $141
LOT SIZE: 10,000 square feet
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1920
COMMUNITY: Morgan Hill/San Martin/Gilroy
COUNTY: Santa Clara
MLS#: 81120758
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 126 days

Short Sale AS-IS Zoned R3!! Plans approved for a Duplex. LARGE LOT 10,000 SQ!! Developers Dream Large Lot and Lots of Potential!! Converted Garage!! DO NOT DISTURB TENANTS!!! POTENTIAL!!! LARGE LOT 10K Plans for two homes. LOT HAS R-3 ZONING!!! SHORT SALE Will need approval from Lender on SHORT SALE AS-IS ZONING R3 R3 R3 R3 Please DO NOT DISTURB OCCUPANTS!!! Lots of POTENTIAL!!!!!!!

OMFG!!!!! So, um, what we have here is clearly a very excitable realtor. But the listing bears closer inspection. After all, during your interminable drive down here, you will see a sign that reminds you of why you made the trek.


Yes sir, you drive a little and save a lot in Gilroy. That’s why, for the price of this lovely updated condo in a convenient San Jose neighborhood with high-rated schools, you can have a scraper in a blighted neighborhood, the main selling point of which is that you have the possibility of casting it off the face of the Earth and starting over again from scratch. Not, mind you, that anyone is questioning the value in Gilroy. This is a lot of house for the money, and a lot of flat usable land, too. And as an added bonus, you get to hear the same train tracks Steve Jobs does – the Caltrain station is just a few short blocks away! Not to mention a number of cafes where you can get your daily coffee or 15. In a subtle attempt to emphasize how much house you’re getting, the realtor included 9 vibrant photographs. Let’s have a look:

That’s what I call value for your money. One exposure, nine reasons why you should call Gilroy home! But wait – there must be some reason why the realtor is so amped up that his finger twitched nine times on the “post” button and forgot entirely to mention this is actually a legal duplex, address 345-355 W 8th St. People just don’t get this excited normally. Oh, what’s this?

The fastest flip in the West has competition! Or else the realtor’s head exploded and no one has bothered to remove the listing. Either way, you win at 345 W 8th St in Gilroy! Drive a little, save a lot!

Comments (25) -- Posted by: sonarrat @ 5:19 am

September 20, 2011

Gasp! Foreclosure in the Former RBA!

Say it isn’t so!  A little bird tells me this place is going to be auctioned off soon.  Lots of homes are foreclosed on these days, but not many have the pride of place this one did.

 

633 COLERIDGE Ave, Palo Alto, CA 94301
Last selling price $1,585,000 in Dec 2005
Auction Price: $1,262,250

image

BEDS: 4
BATHS: 3
SQ. FT.: 2,400
$/SQ. FT.: $660
LOT SIZE: 6,696 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Country English
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1945
COMMUNITY: Old Palo Alto
COUNTY: Santa Clara
MLS#: 80531585
SOURCE: MLSListings
STATUS: Sold

Lovely 2 story English style in Old PA on a cul-de-sac near Walter Hays Elemen School. Spacious w/ gleaming hdwd, new paint, family rm/kit combination. Lge LR w/ beam ceilings 2 outside patios-reared gd fenced. Driveway at rear. Garage

Say it isn’t so!  The FBs are so down on their luck they have to use abbreviations in their listing, too!  And this house has such a convenient location, gently tucked into the corner near Middlefield and Embarcadero.  You can go ANYWHERE from there!

Here’s the auction information:

image

Whoa, that’s this Friday!  And it’s got a Zestimate of $1.94 million, so this is a no-brainer!  Now, the plot thickens, because both Redfin and Zillow say it’s off the market, with last sale in 2005.  But lookie here:

image

 

Instant equity ka-ching! Bring your cashier’s checks and come on down to San Jose, because this one is going, going, gone soon!

Comments (22) -- Posted by: madhaus @ 9:15 am

August 23, 2011

KEY STOLEN DO NOT SHOW

Here’s a listing with a rather intriguing backstory.  I wonder if any heads will roll over this monumental mismanagement in Mountain View.  Thanks very much to Burbed reader Petsmart Groomer for sending this in.  Except what PG sent in isn’t what you’ll see when check out the Redfin link.

 

505 CYPRESS POINT Dr #30, Mountain View, CA 94043
$220,000

image

BEDS: 1
BATHS: 1
SQ. FT.: 645
$/SQ. FT.: $341
LOT SIZE: 2,000 Sq. Ft.
PROPERTY TYPE: Condominium
STORIES: 1-3 (Low Rise)
YEAR BUILT: 1971
COMMUNITY: North Shoreline
COUNTY: Santa Clara
MLS#: 81135529
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 7 days

Beautiful 1 bedroom and 1 bath, single story townhome. Spacious living room, nice and quiet neighborhood. Prefect for 1st time home buyers. Great location, close by parks, schools and shoppings. Must See Now!

imageUm, okay, yet another cubicle condo so your homelife can be just like your work life.  But what PG sent me isn’t what’s on Redfin now.  Here’s what was sent in:

Update: lots of photos follow, so come see them after the break.  This is kinder to the front page in the true Real Bay Area Spirit.  Or something.


(more…)

Comments (18) -- Posted by: madhaus @ 5:08 am

July 23, 2011

The Sad Sad Story of Kenny Lane: A Special Report

Kenny Lane isn’t a person, or even a Beatles song.  Kenny Lane is a street in San Jose, and there’s a house on it that’s the subject of today’s fascinating Guest Post.

Please give a big RBA welcome to today’s Guest Blogger, Tracy!  This is quite a tragic tale, and many of these bank bastardry details cover why Burbed will never run out of horrible housing to highlight.


Why I see so much stuff in the East Valley, or The Sad Sad Story of Kenny Lane

When the owner of this house died, she was in debt. A wonderful woman by all accounts, at about age 87 she took a second on her home, which she owed a sizable chunk on the first. Well we don’t stay here forever, and in 2009 her daughters found themselves in the sad position of inheriting a debt. They decided to walk away, let the banks foreclose and cut their exposure. Because they are super nice people, they used a neighbor as their realtor.

10183 KENNY Ln, San Jose, CA 95127
$400,000

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,880
$/SQ. FT.: $213
LOT SIZE: 1 Acre
PROPERTY TYPE: Detached Single Family
STORIES: 1
VIEW: Bay, Green Belt, Mountains, City Lights
YEAR BUILT: 1960
COMMUNITY: Alum Rock
COUNTY: Santa Clara
MLS#: 81131176
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 7 days

1 ACRE LOT WITH PANORAMIC VIEW FROM MOST ROOMS AND LARGE DECK!

42011 misc pictures 1259The house has some good features. Even though suffering from years of neglect ( the second did not go to home repairs …) and being located on a steep hill, it has the grooviness factor my husband and I were looking for. I loved the location as well. It was on the market for the price of the debts which was waay too high. We got into contract for it, and agreed that we would adjust to the level the house appraised at. We did due diligence, secured financing etc., and finally agreed to pay $580,000 for the house.

Banks were fighting over 10,000 dollars

42011 misc pictures 1238Bank #1 did not want Bank #2 to have $20,000 on #2’s $75K debt; Bank #1 wanted all monies. So we finally made a side deal to directly pay Bank #2. Unfortunately this kicked up a HUD2, and after all money was paid, escrow papers etc. done all parties assuming the deed was done on a Friday afternoon. When I checked to see if all was closed on Monday, I got the bad news that Bank #1 refused to sell because of the money to Bank #2, and after 6 months of work, we lost the house!

Foreclosure started and we were not informed of the auction date, the bank only had a short notice, and we only found out from the heirs the day before. I was unable to get a $500,000 cashier’s check on short notice and no one bid on the house, it was returned to the bank for the opening bid of $504,000.

42011 misc pictures 1248Now it is on the market again for $400,000, which is one of the reasons I started following Burbed; the absolute craziness of the banks and the real estate world. Where does it make sense to turn down $180,000 more? Only when bank number one is evil Occwen… AKA Countrywide.

The pictures on the house defiantly qualify as the world is tilting worthy. I have many better pictures of the problems of the house which I attach. The house is on a steep hill with no retaining wall, and no working septic system. It does have a million dollar view, and is open on Saturday July 23rd. [That’s today – ed., also tomorrow and next weekend.]

I don’t think I’ll go.

42011 misc pictures 123442011 misc pictures 123642011 misc pictures 123742011 misc pictures 124142011 misc pictures 124442011 misc pictures 124742011 misc pictures 125642011 misc pictures 1257

Comments (27) -- Posted by: madhaus @ 5:14 am

June 12, 2011

Not for Sale Shortly

Here’s a short but sweet entry for your weekend pleasure.

15980 Short Rd, Los Gatos, CA 95032
Foreclosure, Not for Sale

image

BEDS: 6
BATHS: 4
SQ. FT.: 7,111
LOT SIZE: 1.48 Acres
AUCTION DATE: Friday, January 21, 2011
AUCTION PRICE: $2,214,000
STORIES: 1
# OF ROOMS: 12
YEAR BUILT: 1982
COMMUNITY: Los Gatos
COUNTY: Santa Clara
LISTING #: 302830461
SOURCE: Public Records
STATUS: Foreclosure
ON REDFIN: 127 days

Sorry, this is one short sale the bank won’t let you touch.  There’s no Streetview, either, but here’s the house:

image

And here’s the neighborhood.

image

This house is a 7,111 square foot behemoth, and none of them are for sale.  JP Morgan Chase needs to be told what “selling shortly” is all about.  That street name was somewhat prescient.

PropertyShark has this place owned by the same people for the last 30 years.  All they listed was a refinance in 1998 for $750,000.  How’d they manage to get it auctioned off to the bank?  There’s a story here.  And it’s okay if you don’t know it, because this is also a Weekend Open Thread, so tell us any other story you wish.

Comments (6) -- Posted by: madhaus @ 5:15 am