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strbear

Foreclosure Auction

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A taster of what is to come here - a house last sold for $1.2M (having been sold by the builder in 02 for $535K) is up for grabs at a foreclosure auction - opening bid is $429K - watch the video to see what happens. (Note there will be a brief commercial before the auction video runs)

http://www.latimes.com/video/?slug=la-re-f...tion-135120-vid

Ostrich sandwich anyone?

Enjoy

SB

Edited by strbear

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I hope that's not how it will go here - quite a few bidders, highest bid was $705k, rejected by the mortgage company as too low. I would guess that price is around 2003/4 level. I'm surprised repossessors won't just take whatever they can take - seems some way to go in the States yet.

Edit: Probably a bit harsh - 50% off last buy price was best offer available - woo hoo!

Edited by mikthe20

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An update on the auction - the family involved bid $705K and the mortgage company came back with $745K.

Two interesting facts;

1) The family chose to walk away over £20K - consensus view is they will get the property for $600K and change soon

2) The mortgage company is already filed for bankruptcy! Surely they should be getting rid while they can - its on their website at $855K

More than anything its the complete swing from buyers struggling to lenders struggling that strikes me as the defining feature of this.

http://latimesblogs.latimes.com/laland/200...ot-to-sell.html

Enjoy

SB

;)

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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