I went to a Trustee's sale ..

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Subject Author Date I went to a Trustee's sale .. =?ISO-8859-1?Q?-=3DDirtBag=A9? 05-28-2009  Re: I went to a Trustee's sale .. BuffetHater 05-28-2009  Re: I went to a Trustee's sale .. Blash 05-29-2009  Re: I went to a Trustee's sale .. BuffetHater 05-29-2009  Re: I went to a Trustee's sale .. =?ISO-8859-1?Q?... 05-29-2009  Re: I went to a Trustee's sale .. Bill Reid 05-29-2009  Re: I went to a Trustee's sale .. =?ISO-8859-1?Q?... 05-29-2009  Re: I went to a Trustee's sale .. Bill Reid 05-30-2009
Posted by =?ISO-8859-1?Q?-=3DDirtBag=A9? on May 28, 2009, 7:22 pm I have not been to a trustee's sale ( court house steps auctions) for awhile. I thought I would go down and see what was going on. I learned a bunch. Seems that there are hundreds being auctioned off at a fraction of the value.. ( replacement value that is) I saw about 20-people at the auction and talked to several 'major players' about what was happening. Where they have been buying the crap out of these fire-sales on trustee deeds at penny's on the dollar.. this week they started canceling sales due to the shear volume of properties in default. Banks are now realizing that they can't sale this stuff off at these prices and are pulling out of the sales. It is crazy.. I was told by some of the more knowledgeable bidders that it is THAT crazy right now and for the cash heavy players they are cleaning up like no other time in history since the great depression. The trustees who showed up had HUNDREDS of properties,, SO many it was confusing.. beyond confusing.. they rattled AP# and addresses so fast that unless you were really paying attention you just missed it.. Seems people have been wildly buying but it has now STOPPED. Of the perhaps 100-200 properties set for sale Wed. ( one day's auction BTW and they are doing this 3-5 days a week right now) only a handful went out to auction. The others were canceled by the lenders ( trustees) because they were just going to be sold too cheaply.. I have found houses that sold 2 years ago for $200K being sold for $40K. Homes that sold for $650K 2 years ago for $295. You cant replace these homes for what they are selling for... With the dollar tanking building costs are going to go sky high so be prepared for that next time you consider the replacement costs.. or insurance value amounts. One must do their homework on this.. *title reports and all if your a serious bidder because at a trustees sale you are only buying that deed.. and there may be others that come attached to the property so don't run out and do this because without doing some homework you could get boinked.. Not for the meek and uninformed, but I am serious as a heart attack.. you can STEAL homes right now. Or could till the US 'Giverment' comes to the rescue.. this has to be done. Otherwise AMERICA =goes= flat line.. Serious people this is no joke. This could go another 1-2 years if the 'US Giverment' doesn't aggressively do something NOW. House bailouts are coming... They HAVE to do it IMO So be prepaired for another round of bailouts. Coming soon.... Commercial RE bailouts. Ok what does this tell me? It tells me that Commercial RE is falling like crazy.. Much of the commercial RE is heavily leveraged. Many of the really big players in Self-Storage are being forced to sell off some of their BEST properties in order to get the cash to keep the lessor facilities going.. It sounds as backwards I know... But it is not. I could explain this but trust me on this one.. It is the good ones that get sold because they are the ones that sale easily when you need to raise fast cash. ( it tells a story too about the state of Commercial RE) Think Houston, TX in 1982-87 and multiply it by 25. Net result is with the declining house prices it was a huge blow to our economy. With the impending collapse of Commercial RE it is going to be a nightmare to big business... Our total RE based economy is leveraged on the value of the RE. Without this it triggers a lot of sales and if this housing debacle is scary.. Wait until the commercial stuff defaults and the 'Giverment" starts bailing it out. This will make the housing mess look like a cake walk.. Have a good weekend all.. -Dirt Posted by BuffetHater on May 28, 2009, 9:04 pm Dirt, thanx for that great assessment of the depressed realty market. Please let us know where and how these sales are being adverted and how much lead time is provided. I agree, real estate will one day be prime again, have lived thru 3 booms and busts and do not feel we are within years of reaching bottom just yet. That's not to say great deals can't be had on raw land and distressed stuff. What about tax sales? Know of some buddies buying and selling tax lien stuff in and around lower michigan. Stuff the banks don't want to assume go off for taxes and the mortgage holders are shit out of luck. Excellent reporting on your part, thanx. I figure real estate implodes slowly and will take years to finalize. Posted by Blash on May 29, 2009, 10:16 am BuffetHater wrote on 5/28/09 9:04 PM: > What about tax sales? Know of some buddies buying and selling tax > lien stuff in and around lower michigan. Stuff the banks don't want > to assume > go off for taxes and the mortgage holders are shit out of luck. .......and yet ANOTHER example of running-off-at-the-mouth without having a clue as what you're talking about........ sick to your pig-romance talk.......at least you have experience there........ Posted by BuffetHater on May 29, 2009, 10:25 am > .......and yet ANOTHER example of running-off-at-the-mouth without having= a > clue as what you're talking about........ > =A0 =A0 sick to your pig-romance talk.......at least you have experience > there........ Ask your nurse to break the pills in half next time. And you should mention the pig fixation to the guy writing a book on your mental issues. Posted by =?ISO-8859-1?Q?-=3DDirtBag=A9? on May 29, 2009, 5:08 pm BuffetHater wrote: > Dirt, thanx for that great assessment of the depressed realty market. > > Please let us know where and how these sales are being adverted and > how > much lead time is provided. I agree, real estate will one day be > prime again, > have lived thru 3 booms and busts and do not feel we are within years > of reaching > bottom just yet. That's not to say great deals can't be had on raw > land and > distressed stuff. > > What about tax sales? Know of some buddies buying and selling tax > lien stuff in and around lower michigan. Stuff the banks don't want > to assume > go off for taxes and the mortgage holders are shit out of luck. > > Excellent reporting on your part, thanx. I figure real estate > implodes slowly > and will take years to finalize. > Tax lien sales are always interesting but generally crap properties. I have a list of them I have looked at but 90% of the time they get redeemed shortly before sale. Location is an important factor. We now look only in the very desirable areas but generally when we drive up there are other buyers/scalpers already there looking and making offers. It is a lot of work just to find you offer refused time after time.. But that is the game so if you have the time to and desire to run around you eventually can secure one or two. 1-year ago people though this would turn around in a year or two.. Now they are talking 5-7 years.. Reality is that this is looking darker each day.. Job layoffs, businesses closing. It may be too late to fix.. Certainly too late with out government intervention. Buying and land banking raw land is always a good way to park money for the future.. if you have deep pockets and 10-years. Prime RE locations is ALWAYS the key. Over the next ten years get your zoning squared away, compliances performed, engineering done, maps approved etc. and when the economy gets upright again your sitting on a asset that is better than gold. Will be adjusted to the present value of the dollar at that future time. Prime RE with top location is always the deal. If your looking for sure deal and have the time... Prime Real Estate. All categories. If you can get it at fire sale prices. 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