Monday, June 23, 2008

My neighbor is TOAST!

I certainly wondered how the young Hispanic couple next door could afford the house they bought in Dec 2006. The young lady worked at Kohls and the husband was a kitchen installer doing granite and tile. How could a couple with these jobs buy a house at the peak of the bubble? I dunno what they made but I'm sure Kohls is a minimum wage job. Even at the best of times installing counters can't pay much more than $40k. So we have a couple that probably bought a house about 8X their income (yea that's just about right...). They never really did any work to the house in the year and a half they lived in it. They never watered the lawn, painted or did any improvements (although the house was fixed up when they bought it). Last week I wake up and find them having a HUGE garage sale. Even the furniture is on the yard for sale. Putting 2 and 2 together I figure that the end is near. The next day a convoy of cars show up and for the last week they have been loading them up and taking stuff away. Today the house is empty. I suppose it will belong to the bank soon enough. Now I just have to throw some oil into the pool before it becomes a mosquito infested swamp. This is the first one on my street. I wonder how many more I will see???


Martin Burtin said...

"This is the first one on my street. I wonder how many more I will see???"

Shall we start a pool? $100 pick a number and payout in one year? Naa, that would be poor taste I suppose, only dead pools are more tasteless.

Santa Ana River Rat said...

another one bites the dusty

BrianH said...

Instead of putting oil in the pool just drain the thing. You can rent one of those high volume submersible pumps and have that thing drained in no time flat.

Heck, email me and I'll bring you one that I have.

Angela said...


Go to this website and look up trustee sales within last 31 days for for upcoming sales. Search by zip or AP#. It's a great resource. I got this website from Jim the Realtor ( I search it pretty often. You can check to see exactly when it will be going (or already gone) to the bank.

It's sad to see people loose their homes. I tried talking some family members out of purching in 2006 but they wouldn't listen to reason. They are paying the price now (literally).


Bigdog said...

I checked out this website. Real cool. What do the dates mean does that mean that is when it hits the MLS for sale?

What should I look for in this breakdown ?

Angela said...


The sale date is when it goes for sale in front of the court steps. Sometimes that date changes if it has been postponed (Borrower working with bank, bankruptcy, etc.). You can purchase it for the opening bid amount (which isn't usually listed on this site) unless there is someone else interested in the property then you might have a bidding war. If no one bids on it, it will go back to the bank (bene = beneficiary = bank). It will now become an REO or bank owned property. It's hard to say how long it will take for the bank get around to offering it to a Realtor to place it on the MLS. It could be days or months. Just keep an eye out for it because it almost always ends up there eventually.

From what I understand, to be able to purchase the property at the court steps (trustee sale), you will need all cash and will have to show proof of that cash in the form of a cashiers check, etc. before you can bid.

Good luck,

Sellin @ Da Drop said...

Don't make any assumptions. Some banks are still lending stupid money. They could have secured a home they could afford and letting that one go into FC. Who am I kdding? carry on.

In a similar story, my Latino neighbor works at target and purchased his home last July for 390k. Yes, I said Target.

Martin Burtin said...

You really need to do a lot of research before you bid on the court steps. In most cases, you should let the bank have it back, then buy it from the bank. That process wipes out all the entanglements and debts the former owner may have attached to the property. If buying on the steps was really a good idea, there would be mobs of people there, ready and waiting, cash in hand.