patrick.net

The banks don't have to sell it on the courthouse steps if their minimum bid is not met, in my limited understanding.

So they set the minimum bid at $1.2 million, no one bids that, and in the end the recorded price is just the amount of unpaid debt, in this case $207K.

Or something like that. Anyone else understand it better?

But if the unpaid debt was only $207K, then they would've been able to get a loan from even a Hard Money lender.

Anyone would have lent them that amount to allow them to carry the house through a successful sale since the median in 91030 zip code is $472/sq foot, making this home worth $1.5million by that metric. So at $1.2 million that it's listed at, it's a relative bargain.

Had there been no other loan outstanding and clear title, I would've lent them the money with a 20% interest 3 year loan, no credit check required. They would've been better off taking my money than being foreclosed, and if for some wild reason they can't sell it after 3 years and pay me back, then I'll gladly foreclose on them and hope to get no bidders at the courthouse steps.

No, this is all too fishy, anyone care to explain this? How many other loans were outstanding at the time of foreclosure & might still be outstanding?

I've been using Redloc.com to watch for foreclosures in South Pasadena since May and as far as I remember this property never appeared on that site. I would have been very interested myself.

agrifolia says

I’ve been using Redloc.com to watch for foreclosures in South Pasadena since May and as far as I remember this property never appeared on that site. I would have been very interested myself.

I've never heard of redloc, are they better than realtrytrac or foreclosureradar?

I actually prefer foreclosure.com but am under a contract with redloc. The latter's interface is straight out of 1995, although the content seems to be about the same between the two sites. Never tried realtytrac.

yeah that's pretty terrible.
But I think this may be even worse:
http://www.redfin.com/CA/Glendale/720-Cavanagh-Rd-91207/home/28667819

345k buys you a small mansion in any other state. Guess in California all you get is an empty plot of land. What a joke.

cearka says

yeah that’s pretty terrible.
But I think this may be even worse:
http://www.redfin.com/CA/Glendale/720-Cavanagh-Rd-91207/home/28667819
345k buys you a small mansion in any other state. Guess in California all you get is an empty plot of land. What a joke.

I remember when I first saw this listed, what a joke when you are shown drawings.

"PRICED TO SELL!"
= slap in the face

"GREAT OPPORTUNITY FOR BUILDERS AND INVESTORS. "
= we're slime balls and we hope you're an idiot.

ROFL:ROFL:LOL:ROFL:ROFL
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I facepalm when I see dumb listings. Unfortunately right now that means I'm facepalming alot.

On street view it looks like a cliff, on the side of the road. Crazy to build house there with earthquakes, and debris slides.

Price dropped to $1,150,000 at the end of October.