Real Estate Auction in Monterey: November 13, 2008

Seb FreySanta Cruz Real Estate

The auction is being held at the Hilton Garden Inn and they will be auctioning off properties from the Salinas-Monterey area. auction_gavel2.jpg As it happens, one of my own REO foreclosure listings is going up on the block – 6 Minto Road in Watsonville. … Also, the auction company is doing a whole series of auctions – for example, on November 15 at the San Ramon Mariott, they are auctioning off Bay Area properties (there are quite a few) and on November 16, they are auctioning off a good selection of properties from the Sacramento area at the Radisson Hotel Sacramento. The auction is being put on by Hudson and Marshall , and they gave me a little F.A.Q., which I think applies to all Hudson and Marshall auctions, and is similar to auctions put on by other companies, e.g. … A: You must have a photo ID, cashier’s check or cash in the amount of $5,000 Q: How much earnest money must I put down if I am the winning bidder?

Signs of the Apocalypse in Santa Cruz

Seb FreySanta Cruz Real Estate

I plan to write a book that’s a cross between Catcher in the Rye and Zen and the Art of Motorcycle Maintenance . … Speaking of looking grim, here are some other signs of the apocalypse . apolaclypse.jpg [From Record numbers won’t pay property tax bill – Santa Cruz Sentinel ] A near record number of homeowners likely won’t pay property taxes by the April 10 deadline, another sign of just how tight things have become. … Only thing is, I hear that you if you want to work out a deed in lieu of foreclosure with your lender, they won’t work with you if you have unpaid property tax. … There has been a precipitous drop of new blood coming into a industry that is clearly hemorrhaging: [From Number of real estate agents starts to shrink ] Just 1,324 people took the real estate salesperson exam in January, down from 8,765 a year earlier and 14,397 two years ago, according to the Department of Real Estate.

Another Massive Real Estate Auction

Seb FreySanta Cruz Real Estate

If you’ve been reading my blog recently, you may recall that a month ago I went up to San Mateo to check out the big Home Auction put on by REDC. It was a good time had by all, even if I didn’t manage to stick around until they actually auctioned off the Santa Cruz properties. auction_gavel.jpg If you missed it last time, fear not – it’s baaack! Check out the properties that are being auctioned off this time: Santa Cruz County Properties at the REDC Auction There are a couple of cabins up in the San Lorenzo Valley (one of which is a complete wreck), and the rest of them are in Watsonville. They rope you in with the starting bid, but in reality, most of these (especially the desirable ones) will go for a much higher price – closer to market price (whatever that is).

Notes from the Foreclosure Auction

Seb FreySanta Cruz Real Estate

I’d turned my brother on to the foreclosure auction some weeks ago, and he’d actually taken the time to drive around to quite a few of the properties on offer, to verify their condition, at least visually.

…There may have been a few flippers out there, but most of the excitement seemed to come from nicer homes in the nicer Bay Area neighborhoods, and people were looking to get into the market for a bit less than full retail value.

…Maybe a lot of other people ended up losing patience and wouldn’t have been around towards the end of the auction, and could have picked up some of these Santa Cruz properties for a song. I’m going to make a note on my calendar to check the sale price of these properties in six weeks or so, to see what they actually ended up selling for.

A Sign of the Times – Foreclosure Auctions

Seb FreySanta Cruz Real Estate

I drive into one condo complex that has been especially hard hit by foreclosures and short sales – there are over a dozen units for sale in a complex that probably doesn’t have more than 75 units in it.

…When it first went on the market, it had an OK price, but the lender/owner (your good friend and mine, Countrywide) did not cut prices quickly enough to keep it competitive in the market, and now it’s on the auction block.

… I was talking to a colleague of mine about this at our Tuesday office meeting, and he said he knew about this because he saw a similar such sign posted on one of the other properties they are auctioning off. He said he had been to one of these auctions previously, when one of these very same properties did sell, but the deal must have fallen apart, because here it is back at auction again.

Foreclosure Auction Movie

Seb FreySanta Cruz Real Estate

Foreclosure Auctioneer

Looking for a Foreclosure Auction Movie? I get a lot of questions about buying foreclosure properties – it seems everyone is looking to get a big discount on Santa Cruz Real Estate!  So yesterday I went down to the Santa Cruz County courthouse to watch a real live trustee sale / foreclosure auction.  The property auctioned off was a little house in Boulder Creek…nobody ended up bidding on it, except for Countrywide Home Loans who was the holder on the second deed of trust.  The opening bid started at $254,000 or so (the amount owed on the property) and Countrywide ended up buying it for $1 more than that. I was there with my Olympus digital camera, which also has the ability to take video!  So I took a little video of the auction, and a little Q&A (Question and Answer) session with the auctioneer.  When you watch the video, you will learn a number of things about how to bid on a foreclosure auction – one of the key take-aways being that all buyers must pay in cash (or, preferably, a cashier’s check), and that the auctioneer himself bids on the property on behalf of the trustee, up to whatever maximum that the trustee has predefined. The video was filmed in 2008, and has been uploaded to YouTube and is embedded here on this page, check out the video below: