Thursday, January 15, 2009

Upcoming foreclosure auctions.

Here is a summary of upcoming foreclosure auctions coming to the Southern California area:

Zetabid: Saturday February 28th & Sunday March 1st. New auction company backed by the Los Angeles Times, GoDove and Catalist Homes. They will soon have their first Southern California auction after being quite slow getting out of the gate. I think the servicers were letting them cut their teeth in the markets with massive oversupply like Florida and Arizona to see if they should give them a shot locally.

REDC:
Southern California 7 day foreclosure auction starting January 17th and running through January 28th. Site claims 1500 homes to be auctioned but many are still on the market so if they get an offer they get pulled from the auction.

Hudson & Marshall:
A smaller foreclosure auction from February 25th through March 1st with homes scattered all over Southern California. They may be still adding inventory so check back as we get into February.

Kennedy Wilson:
They claim 20 homes will be auctioned on February 14th & 15th but no additional information is available yet. They also appear to be handling the Los Angeles County tax auctions.


From what I have seen of the inventory the quality is very bad. In general the sales are good enough in most places in So. Cal. to absorb inventory coming on the market. So anything making it past the MLS listing to these foreclosures auctions are of even lesser quality than those seen on the MLS. Starting bids are lower now but since these auctions are still reserve auction that doesn't have a whole lot of meaning. If absolute auctions (no reserve) ever start up locally that would be an amazing thing.

1 comment:

Noz said...

Seriously, regarding the overall quality of homes in So Cal, they are shit. The MLS listed ones are really bad to begin with, I can't even imagine how bad these homes are.

But I doubt many people like me who want to LIVE in the home I buy will be at these auctions. It's the scam artists, vultures, and crooks who were at it before going there. They want to pick up a POS home for 1/3 the cost, will put in 10K in it at most with shoddy work, and turn around and try and sell it for twice as much or rent out.

I've never been a RE investor...I think it's over-rated. But I guess different strokes for different folks.

But boy you are right, homes in So Cal (and their neighborhoods) are really really subpar. Frankly it's a reflection on the people who live here in general. Sad but true.