Here are examples of South OC properties in foreclosure that recently came up for auction at the Santa Ana courthouse but ended up going back to the bank because nobody bid enough. Meaning, they will likely be up for sale through a real estate agent or broker as an REO in the coming months.
All photos are either of the neighborhood or the same house in a previous listing. The "sold" amount is the amount the bank took back the property for, and the trustee sales date is the date the property went back to the bank. The previous sale date is according to Zillow.
As you can see, these aren't just lower-end properties. And, remember, the amount the bank took the property back for is not necessarily indicative of its market value or the price a bank will price the REO once it's on the open market.
Note: For a bit more about the foreclosure process if you're unfamiliar, try this on Wikipedia or check this other guide out.
7 Loam, Coto de Caza, 92679
"Sold" amount: $1,707,400.53
Trustee sale date: 3/7/08
Previous sale amount: $1,470,500
Previous sale date: 2/26/03
9 Weldon Heights, Ladera Ranch, 92694
"Sold" amount: $946,171.24
Trustee sale date: 3/13/08
Previous sale amount: $1,209,000
Previous sale date: 5/27/04
22772 Jubilo Place, Lake Forest, 92630
"Sold" amount: $442,000
Trustee sale date: 3/17/08
Previous sale amount: $665,000
Previous sale date: 6/30/05
Note: Photo is of a neighboring property
13 Via Conocido, San Clemente, 92673
"Sold" amount: $1,700,000
Trustee sale date: 3/13/08
Previous sale amount: $2,241,000
Previous sale date: 11/09/06
Note: Photo is of a model
82 Flor De Sol # 49, RSM, 92688
"Sold" amount: $206,125
Trustee sale date: 3/18/08
Previous sale amount: $351,500
Previous sale date: 9/13/05
29112 Pompano Way, Laguna Niguel, 92677
"Sold" amount: $532,548.46
Trustee sale date: 3/12/08
Previous sale amount: $625,000
Previous sale date: 11/22/06
Note: Photo is of a neighboring property
Wednesday, March 19, 2008
REOs in the making
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2 comments:
Harsh. Too bad examples like these don't make it to the front pages of the LA Times or OC Register. Do you think that if the sheeple read about these kinds of things happening, the smoke would be blown from the local RE market? Realtors continue to tell us that it's a great time to buy...haha.
And the scum floats to the top. Housing crashes like this periodically, don't those banks and real estate people get it!? I strongly feel the correct prices are about the 2001 prices, plus .4% to account for inflation. Everything else is just wishing.
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