Comments on: 4-15 — Near Real-time CA Distressed Resi Whole Mortgage Loans & Property Valuations

By: Bruce Curtis

Bruce Curtis — Tue, 09 Mar 2010 02:49:19 +0000

I love this blog. Thanks for the great information. I have it bookmarked and will be back. If anybody needs new credit file free don't hesitate to come on over.

By: Fred

Fred — Sun, 24 Jan 2010 00:19:19 +0000

I love your site. I look forward to reading more of your posts. Thank you!

By: Andy_S

Andy_S — Wed, 20 May 2009 23:27:00 +0000

I don’t see Litton in very many of your charts. Are they that far off the leader board in terms of size?

By: MerrY

MerrY — Sat, 16 May 2009 14:50:20 +0000

I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.

By: michaela

michaela — Fri, 24 Apr 2009 17:00:29 +0000

I can see this coming. There are other areas around the country where it’s already happened – apart from Michigan. I started buying in a particular neighborhood in another State (I live in CA) in December. I now have 3 SFR and 2 duplexes and purchase and fix up were about 80K and have about 4k rental income per month. But others have caught on and the low-priced supply is now gone. These were all cash sales, of course.

My point is that the banks were all trying to get rid of their inventory and just threw it on the market. So there were a few months when each one was trying to outdo the others and the prices got lower and lower to 5-10k per unit.

By: Oldtimer

Oldtimer — Mon, 20 Apr 2009 14:16:52 +0000

One thing to keep in mind is that buying a home at the courthouse steps in CA is a cash business (cashier’s checks actually, buyers show up with checks in multiple denominations). It is akin to the wholesale auto market where dealers buy at auction and then sell them at retail with financing.

I know a few people pursuing trustee auctions. It can be a “flippers” paradise, assuming you have the capital and know what you are doing.

By: davefairtex

davefairtex — Sat, 18 Apr 2009 04:45:03 +0000

Thanks Mr Mortgage. You provide real value for free, and I suspect even more value for those who are willing to pay.

By: Greg

Greg — Fri, 17 Apr 2009 23:19:50 +0000

Glad to find your blog before making a mistake.
Have made a few offers on investment rentals in Bakersfield only to be overbid each time.
Right now inventory is low in the better neighborhoods.
Realtor says “we hit bottom a few months back, now cash investors out in force and prices are going up”
After what I have read here it looks like late summer to fall will be a better time to buy.

By: Nelli

Nelli — Fri, 17 Apr 2009 18:09:07 +0000

Ben K

694 Wildwood Ct Fairfield, CA 94534

bought 2004 $425,000
down payment 110K

refinanced 450 2005
downpayment returned to her plus 25K

Line of credit 85K 2006

Has bilked the home for 105K

She still owns it so its a short sale!

She did all that and didn’t pay taxes on the 105K income, she got a tax write off.

Nightmare on Wildwood Ct

By: Ben K

Ben K — Fri, 17 Apr 2009 17:18:19 +0000

@ 16 Mr mortgage

I have seen this very thing. For proof of anyone that lives in the Fairfield, CA area look at listing:
20907960

Just drive by the house and see the difference in the yard. (I thought banks were required to maintain them?). Not to mention the original tenants shattered the tile on the kitchen counters, took all the applianches, broke all cabinetry in every room, poked about 200 – 300 holes in the walls with the rod from the closet. Shattered the fireplace glass, and wrote some nice words on the walls with a can of spray paint.

It’s listed at 240k and I expect in its condition to sell for around 150k to a flipper..