Sean, Please tell me what I missed here


#1

I need your expert help.

The following property:
7430 VALLEY MEADOW AVE, Corona APN 144-191-003, Trustee # GM-178144-C
The opening bid is $106,250, while the market value is at least $330,000.00, I drove by the house, it is empty and in very good condition, title company told me that this is only $3,000 tax due on this property and it is the 1st loan and no lien.
So it looks like it is a no-brainer and you can easily make at least $200,000, but guess what? No one bid and the property sold to the bank yesterday.

In the same day in the same court house step, another property in the same area (with owner still lives in the house):
6522 LOTUS ST, Corona CA, Trustee# 2008-85157
(with less sqft) sold to the 3rd party at $277,610.00

It is very hard for me to believe that all the regulars (There are at least 8-10 of them every day there) missed this one!!! and there must be a reason, what do you think it is?

Please help.
Thanks.
John

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#2

I’d also be interested in answer to that question. I see the VALLEY MEADOW AVE house is now listed at $330,000.

Such a small percentage of properties get sold to third parties at the Corona and Riverside auctions that I would think all the pros would have jumped on that one. Maybe they just weren’t prepared for it???


#3

While a lot of property is being sold to 3rd parties, it is still a small percentage of the total. It is quite easy for regulars to miss something good now and again. Always seemed like we made the majority of our money buying at auction on just a couple of deals that everyone else missed, and which we therefore got fabulous buys on.