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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Tell me this isn't normal! Posted by Dave(CA) on February 04, 2002 at 2:09 PM I just attended a trustee sale here in Los Angeles and it was quite interesting. I didn't bid, just watched to see what it was all about. I'm thinking of switching from the preforeclosure arena to trustee sales. There were five bidders and the bidding was lively. The opening bid was $188k and when the dust settled the winning bid was $214k. After the sale I comped the property and figure it is worth $240k (I'm pretty confident in my ability to figure FMV as I've bought and sold before), by my calculations the winner paid 89% of value. Assuming the house is in good condition, the people don't resist moving out, holding costs and selling costs are small and they can find a buyer that will pay full value quickly, I guess the guy could make $10k-$15k. Is this normal? - Dave Follow Ups: Re: Depends on your definition of "normal"! Jim V 5:36 PM, 02/04/02 (2) You're making my decision very easy... Dave(CA) 8:27 PM, 02/04/02 (1) Re: No argument here. Jim V 11:35 AM, 02/05/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I just attended a trustee sale here in Los Angeles and it was quite interesting. I didn't bid, just watched to see what it was all about. I'm thinking of switching from the preforeclosure arena to trustee sales. : There were five bidders and the bidding was lively. The opening bid was $188k and when the dust settled the winning bid was $214k. After the sale I comped the property and figure it is worth $240k (I'm pretty confident in my ability to figure FMV as I've bought and sold before), by my calculations the winner paid 89% of value. Assuming the house is in good condition, the people don't resist moving out, holding costs and selling costs are small and they can find a buyer that will pay full value quickly, I guess the guy could make $10k-$15k. : Is this normal? : - Dave Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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