mit unmengen von immobilien auf halde (die zudem ständig weiter ansteigt), verknappung der kreditmöglichkeit, höheren zinsen, einer schwächeren wirtschaft und gearde erst dem beginn des platzes der blase sind diese auktionen sicher in zukunft deutlich billiger zu haben. nichtsdestotrotz isr das eine komplette kehrtwende von dem verhalten von 12-18 monaten als zum teil vor neuen baugebieten gecampt wurde, es ein wettbieten gab oder gar lotterien veranstaltet wurden um überhaupt an objekte zu kommen...... :-)
ON a foggy Sunday morning last month, the parking lots around the convention center here were filling fast.
The volume of the traffic downtown was not unusual. What was unusual was that the men directing the traffic were wearing tuxedoes.
The crowd — about 1,200 people looking for deep discounts in real estate — was decidedly less formal, in jeans and Dockers, shorts and sandals. The casual dress code concealed the fact that many were serious buyers carrying millions of dollars collectively into the hall in cash and cashier’s checks.
Some were investors, like Dendy and Rita Villegas of San Diego, who were looking to pick up an inexpensive house to rent out. Some were first-time buyers, like Rodolfo and Veronica Gonzalez of Fontana, who were hoping to save $200,000 or so off the asking price of a family home.
They converged on an event the likes of which Californians have not seen in a decade: a large-scale auction of foreclosed homes.
On this occasion in Riverside, two lenders had put 100 properties on the block. By the end of the day, 93 had sold. Most of those properties were in fast-growing exurban and desert communities in Riverside and San Bernardino Counties east of Los Angeles.
this chart is taken from the
Dimitris´excellent Countrywide Forclosure Blog http://tinyurl.com/22vw96
>make sure you click on the link to see the total disaster that countrywide is facing nationwide with almost $ 1.75 billion in housing inventory on their books......
>empfehle auf den link zu klicken um im detial zu lesen wie sich die inzwischen $ 1.75 billion an immobilien in den büchern zusammensetzen....
“We went into hibernation, and we’re back!” said Robert Friedman, the chairman of the Real Estate Disposition Corporation, which is based in Irvine.
The company sold more than 265 properties in San Diego, Los Angeles and Riverside during two weekends in May, and it is planning to hold auctions in Sacramento, Modesto, the Bay Area and Atlanta this summer. > they might have to upgrade the future size of the the convention centers
> evtl. sollten schon einmal vorsorglich gräßere hallen gebucht werden
Mr. Friedman described his trade as a “countercyclical business,” and he said that the banks unloading the properties preferred not to be identified.
In some cases, he said, the institutions sold the properties for less money than they were owed.
“It’s not a happy occasion,” he said. “They’d rather take a little loss quickly, rather than waiting and seeing.”
However unhappy the occasion may have been for lenders, the auction company put on a driving, shrieking, high-spirited event. All that was missing was the preacher and the tent.....
Opposite the hall, a ballroom held 41 loan officers and 25 escrow officers. Before the bidding started, a jubilant soundtrack poured from the speakers. The rotation included “Jumpin’ Jack Flash,” the happiest songs of Earth Wind and Fire, and a modern version of “I’m a Believer.”
here is an example how not to bid.....hier ein beispiel wie man es besser nicht machen sollte....
"The time to buy real estate is when the market is soft,” he said. “Today’s the day. Don’t regret not buying at this auction.”
>see opening comments...siehe einleitenden kommentar...
Foreclosures have surged in Southern California in the last year, particularly in outlying areas.
In seven counties, lending institutions foreclosed on 6,007 properties in the first quarter of 2007, up from 721 properties in the first quarter of 2006
In Riverside and San Bernardino Counties, lenders foreclosed on 255 homes in the first quarter of 2006. That number grew to 2,369 in the first quarter of 2007, according to DataQuick. ..
.... Buyers have no opportunity to inspect the properties and must pay in full, in cash. The sellers do not have to guarantee that the title is clear of liens and additional mortgages.
The recent real estate auction in Riverside eliminated many of those problems.
The company presented every property for public inspection for three days, and it guaranteed title insurance as well. In addition, the company arranged for a lender to finance the deals, so that buyers did not have to pay cash for the full price.
Buyers paid the auction company a fee of 5 percent of the sale price for the first house, and 15 percent of the sale price on additional houses.....
>die 15 prozent müssen ein tippfehler sein, denke es soll 1,5% heissen.
Dendy and Rita Villegas drove two hours from San Diego with their 7-month-old daughter for the chance to bid on a house in Murrieta, about 80 miles southeast of downtown Los Angeles. They are real estate agents, and Mr. Villegas is also a home inspector. He said that the house they wanted looked better than the other bank-owned houses on its street, but that it needed a lot of work.
“It looked like whoever had lived there just got up and left,” he said. The walls were dirty, the floor was damaged and the pool equipment wasn’t working.
When the property came up for bidding, Mr. Villegas was quick to raise his card. He was prepared to go as high as $300,000.
Within seconds, the auctioneer, at blood-boiling pace, ran the price up to $350,000. Ultimately, the four-bedroom, 1,828-square-foot house went for $400,000 to another bidder. The auction catalog said it had been previously valued at $425,000.
Throughout the bidding, the loudspeakers shrieked at rock-concert levels. The young men in tuxedoes — called “ring men” by the auction company — ran up and down the aisles in a sweat, spotting bids, flashing the totals on their fingers.
At pauses in the bidding, the auctioneer would shout encouragement. “What the heck?” he would say. “It’s only money!” At the front table, a chorus of young women clapped and cheered with each surge in the price.....
Even so, the concern among many bidders at the event was that even if the properties sold for 20 or 30 percent less than their value at the peak of the market, the price might still be too high.
Jim and Betty Botley of Chino attended the event with their Realtor, Maurice Merchant. They were looking to spend what Ms. Botley defined as “$300,000, and that’s it.”
The house they wanted went for an auction price of $550,000. The Botleys thought it would have needed $50,000 to $100,000 for renovation. After the repairs, auction fee and closing costs, they couldn’t see how anyone got a deal.
“We learned a lot today,” Mr. Botley said. “You can probably buy them cheaper on the market than buying here.”
>one thing is for sure...this cartoon is now outdated......
>dieser cartoon dürfte damit veraltet sein......
disclosure: short cfc and several other lender