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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: for any who thinks SD hasn't fallen yet... Posted by Dan on October 10, 2006 at 9:26 PM In Reply to: for any who thinks SD hasn't fallen yet... posted by Heidi - Short Sale Realtor on October 10, 2006 at 9:13 PM Crazy, isn't it? I'm up here in NorCal and haven't seen this much retrenchment in the market yet, and certainly hope that it doesn't get as bad as this example. Please post the follow up on what happens. Sounds like the first will end up taking a little bit of a hit, but the second........ Ouch! I'd put 50% odds down that say the second bids in for $1 over the opening bid to protect their interest for the privilege of losing more money upon resell. The holders of all the 20% seconds behind the 80% firsts are in for a bloodbath. Dan : Here's a story about a property scheduled for auction 10/11/2006. : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : These buyers got 100% financing in 8/2004. : ~$685K First : ~$295K Second : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : Now there are only 2 comps for homes that size within 1 mile per Realist. : 1 sold for $936K and 1 for $740K. : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : I think I'll go to this auction. I want to see for myself how it plays out. Follow Ups: Re: for any who thinks SD hasn't fallen yet... Craig in LA 9:53 PM, 10/10/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Crazy, isn't it? I'm up here in NorCal and haven't seen this much retrenchment in the market yet, and certainly : hope that it doesn't get as bad as this example. Please post the follow up on what happens. Sounds like the first : will end up taking a little bit of a hit, but the second........ Ouch! I'd put 50% odds down that say the second bids : in for $1 over the opening bid to protect their interest for the privilege of losing more money upon resell. The holders : of all the 20% seconds behind the 80% firsts are in for a bloodbath. : Dan : : Here's a story about a property scheduled for auction 10/11/2006. : : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : : These buyers got 100% financing in 8/2004. : : ~$685K First : : ~$295K Second : : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : : Now there are only 2 comps for homes that size within 1 mile per Realist. : : 1 sold for $936K and 1 for $740K. : : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : : I think I'll go to this auction. I want to see for myself how it plays out. 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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