A few days back we posted about this upcoming government owned luxury home near the Tierra Oaks Golf community. There was good interest in it, and we promised to let you know when it had a price. Here it is priced out, asking $486.9K. Representing the seller’s interests in this sale is foreclousre listing agent Freddie Martin of Real Estate 1. We decided to post it over at our Redding Foreclosure Deal of the Day, and you can read more about it and see more iamges at the link.
HUD has published a new map based website that shows all the local government owned homes for sale from Fannie Mae, Freddie Mac, and HUD. All in one place. It seems to have some bugs today, but it has great promise. We applaud the effort to make it easier for the buyer to locate government owned homes for sale. As always, you can find the latest REO, Bank Owned, and Short Sale listings at this website: http://ReddingForeclosures.info
That’s what this lady did. She says here that she lived in her home for 24 years before a medical problem set her back financially. Apparently unable to work something out with the lender, she was foreclosed out. She has decided to move back in to her home, calling it repossession. The lender calls it trespass. We are left to decide the true meaning.
I know from direct experience that banks and government have well-oiled foreclosure machinery at work. Meanwhile, loan modifications and successful short sales are random exceptions. We don’t know the entire story here, but on the surface the question is clear. What should it mean to a civil society that one can pay 24 years of a 30 year mortgage, only to be bankrupted by a medical emergency? Both the mortgage industry and the medical industry are for-profit enterprises. Just doing their job.
What of the human cost?
Read the repossession story at the link. Back when I worked for banks and government, helping them sell foreclosed homes, the eviction “stories” became real people to me. Kids, and dogs, and crying mothers. I think we forget that, perhaps deliberately. The human cost.
The appliances in this Redding REO came from a nationwide vendor.
Fixed-up REO homes sell faster, and for significantly more money. That’s the conclusion of this article about research by one of the bigger servicers, Field Asset Management (FAS). While their conclusion might seem like a no-brainer, the reason they are promoting the information has only to do with their self-interest, since they make money doing the work. Left out of the equation are the many local contractors, subcontractors, and vendors who could really use the work. Often, contracts are awarded to insiders on a national basis at distant large firms, shutting out the benefit of the work to locals.
It’s a shame. But typical of the ‘housing crisis’ money flow. It’s all in who you know…
We dutifully tried to sell this as home a Short Sale last year at $449K, to no avail. We only had it a few weeks before the bank started foreclosure. It’s weird. We hear of people given a year or more before foreclosure proceedings start, or then like this, just a few weeks. Anyway, the Short Sale was not to be. Now, it’s a foreclosed, bank-owned property for sale. These images are from last year when it was still occupied.
