Foreclosure question

[LhcBrad]

Has the market become this bad in Havasu? Look at all the houses coming up for auction. http://www.realtytrac.com/Mapping/Mapping/detailsMap.aspx?propid=9665787&code=0&ms=r&cobrandPK=123
Also can you really pick a house at an auction sale cheap?

[4DAY4PLAY]

In Havasu and other "vacation/second home" locations...YES. People on here that own there dont want to admit it, and RE agents that sell there will deny it, but if you think the housing market in so cal is dead (which it is) its probably 2 times worse in havasu. People who bought, or put a huge chunk of cash from there home equity loan (adjustable)for a down payment are getting killed right now.

[ratso]

http://www.youtube.com/watch?v=rqXN7pv6j-E

[Mandelon]

When a foreclosure goes to auction the bank is represented, if a bidder is not willing to pay more than what the bank has into it, they take it back for the loan amount, plus whatever costs are into it with the arrears and legal fees. You can't show up at the courthouse steps with $20 and buy a foreclosure home.
There are a lot of B signs on that map. Those would be the homes that have been foreclosed upon already by the lender....the auction is that process. They will go from A to B.....
Unless the borrower has given the house back in what is called a "deed in lieu" it will go to auction, the bank will pick it up and put it back on the market. Usually they clean it up, and do some repairs. That's what my business does. We are currently rehabbing more of them than ever.......

[C-2]

When a foreclosure goes to auction the bank is represented, if a bidder is not willing to pay more than what the bank has into it, they take it back for the loan amount, plus whatever costs are into it with the arrears and legal fees. You can't show up at the courthouse steps with $20 and buy a foreclosure home.
There are a lot of B signs on that map. Those would be the homes that have been foreclosed upon already by the lender....the auction is that process. They will go from A to B.....
Unless the borrower has given the house back in what is called a "deed in lieu" it will go to auction, the bank will pick it up and put it back on the market. Usually they clean it up, and do some repairs. That's what my business does. We are currently rehabbing more of them than ever.......
Exactly, good factual post.
Now go climb around with some roaches :220v: :220v:
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And please say it isn't so in Havi. Afterall, all the ballers here have 800+ credit scores and own the houses outright.......right
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.......WRONG

[2Driver]

There, Their, There’re :rolleyes: