patrick.net

Read the Title before posting!

Yes, several houses I would be interested in should they come for sale ever. They have been vacant for over 6 months, but I'm not sure how much over.

I've also seen some recent purchases remain vacant with no apparent remodel or other work in progress. Sold and sits.

There is one foreclosure we were interested in Irvine. It was on the foreclosure docket for two years. Every time it would get to the auction date, the foreclosure would get postponed. This went on for a very long time. Then the foreclosure disappeared. The house sits vacant, becoming visibly run down. It's right up the street from our house, so I see it whenever I walk the dog. It's too bad, cuz it's a nice place that's just deteriorating.

Another phenomenon I've witnessed is going on with short sales. We've called on a couple of short sales in southern OC. Every time, we get the same story from the respective realtor. The story is that the owners have no interest in selling the property. They are just playing a game with the bank. One particularly chatty realtor told me that she was about to drop a particular short-sale listing because the owners had turned down 20 offers! From what I gathered, people can arrange for a short sale with the bank, but aren't compelled to actually sell the property even when buyers offer the supposed asking price. They use it as a delay tactic to forestall foreclosure.

Crazy stuff going on out there.