59 Nightshade has had it coming for awhile.  Here’s OC Fliptrack’s writeup from 9/06:

http://www.oc-fliptrack.com/2006/09/stepping-stone-hop-skip-to-bankruptcy.html

Graphix….what is NTS?  Notice of Trustee Sale?

Mino, yes.

mino - Check out the very first post on this thread. I give a breakdown of how the foreclosure process works and what the acronyms are. NTS is the notice of trustee sale and when I post that is the NTS amount. It’s fun to see if the actual opening bid is more or less. Let me know if you have any more questions and hopefully I can answer them. 

Graph -

A follow up to the "operation of law" language.  I’ve had reason to see some trustee sales stopped because the trustee did not give sufficient notice of the sale under the statute.  Perhaps its a reference to a failure to follow the Civil Code’s procedures?

Thanks Eva! I posted the question on www.foreclosureforum.com and one response was that it could be a restraining order. I.E. the borrower went to court and said the broker or loan broker did something wrong so they would be able to get a restraining order to stop the foreclosure. I will see what I can find on it to see what the story really is.

Updates:
59 Nightshade 92603 NTS $536k: Postponed to 7/2
14 Bluebell 92618 NTS $529k: Postponed to 7/20
858 Skyler Way Brea 92821 NTS $492k: Cancelled 6/19
Up for auction 6/21:
61 Kazan St. #60 92604 NTS $343k
31 Havenwood #81 92614 NTS $370k
23 Rossano 92620 NTS $600k
4253 Ironwood Ave. Seal Beach 90740 NTS $817k

Updates:
61 Kazan St. #60 92604 NTS $343k Back to the bank $343k
31 Havenwood #81 92614 NTS $370k Postponed to 7/23
23 Rossano 92620 NTS $600k Postponed to 7/23
4253 Ironwood Ave. Seal Beach 90740 NTS $817k Postponed to 6/22 tomorrow

graphix,

Have you ever been to a real estate auction?  I don’t mean any of those slick ones with the emcees and blaring music and obnoxiousness.  I mean those where there’s just some lawyer in a room at the courthouse and the lien holders are there kind.  I’ve been told they are over and done with often in 5 or 10 minutes.  Can you share anything if you’ve been to one?

Darin,
I have been to an auction before and I think I may go again soon to see what is happening or not happening. There was a video on youtube that I think I saw on one of the bubble blogs and it is pretty much what it is like. Well except the youtube video was a guy who was trying to fight the foreclosure. It is just a county clerk with a clipboard out on the steps of the courthouse in Santa Ana or Placentia taking or not taking bids. You will know who the pros are when there is bidding because the clerk will know them by name. It takes about 5 minutes and then they go inside and hand over that cashier’s check and sign the deed. Presto now you have home that may be great or completely stripped with angry ex-owners who won’t get out. I will see if I can find that youtube video and you can go any weekday at 2pm 700 Civic Center Drive West in Santa Ana or 410 E. Chapman in Placentia. If I do decide on a day to go I will post it.

As for some properties here are some updates of what has happened and what is coming up.
1301 Ocean Ave. Seal Beach had a NTS over $1.5mil but the bank didn’t get any bids starting at $1.242mil on 6/29. Yeah the high end market is immune right? Click the address, the only way you could get closer to beach front is to be the house in front of this one.
209 7th Street HB had a NTS of $882k but again no one was bidding at $772k so the bank now has a home a block from the beach. I hope the owner at 211 is as clueless as Ken (Lansner’s Blog) because in December they paid $1.3mil for their home. Ouch there is your 40% drop if they are like properties.
Up for auction on Monday 7/2:
59 Nightshade 92603 NTS $536k.
51 Sconset 92620 NTS $665k.
4253 Ironwood Seal Beach NTS $817k.
Stay tuned for Thursday as we have 9 Irvine properties up for auction.

Hi Graph;I don’t think I have the guts or the cash to ever pick up a foreclosed property at auction, but it would be interesting and worthwhile to know the existing properties on the MLS that are at risk for foreclosures; which of the multitude of commercial list do you recommend; I see Realty-trac advertised everywhere, but are they the best?

How do you find foreclosed homes… other than the websites where you have to pay a fee.  Graphrix, where did you find all the listings you’ve posted?

Ouch for those that need to sell their house now.  It is just an absolute price vacuum that has been created from the dearth of buyers. 

Asteroid - I get my NOD numbers from the OC County Recorders website. You can’t get the address but you can cross reference it to at least the street name at the pay sites like foreclosure.com or realtytrac.
I get the stats I post here from http://www.fidelityasap.com/ts.aspx. This site is free and they are for info on the second stage NTS and REO or if a home actually sells at the auction. The pay sites are not current compared to this site as they update by the end of the day but they are only a portion of the forclosures.

Today was a busy day at the county court house. I wanted to get down there today but I was swamped and didn’t have a chance to leave. Judging how only one home sold of the 63 scheduled for today that I know of and 20 of them went back to the bank I can safely say I didn’t miss much action. Here are the fun ones from today:
47 Middlebury 92620 no bids at $636k back to the bank.
81 Sorenson 92602 no bids at $618k back to the bank.
50 Burlingame 92602 no bids at $641k back to the bank.
6978 East Paragon 92867 no bids at $708 back to the bank. This is a major comp killer since this isn’t the first one and won’t be the last in this area.
The big one of the day 2484 White River Way 92782 no bids at $1.643 mil back to the bank. This is a huge home in a gated community that has comps around $1.8 to $2mil.
My guestimate for June NODs is 1055 plus or minus 25. It appears not that much higher than May’s guestimate of 996 (actual 1021) but there was one less business day in June compared to May. While the guestimate is up 6% the average per day for May was 45.3 and June was 50.2 for an increase of 11%.

I’ve been keeping an eye on the foreclosures and I’m starting to wonder if you’re statement ...

"The second stage is NTS notice of trustee sale. This can happens about 30-60 days after the NOD is filed. This is supposed to be a recorded document and public record. However something in this part of the process is messed up right now and I don’t know if it is a county problem or a lender problem. You can find these in the newspaper or on a site like www.fidelityasap.com. The notice of sale amount will be the loan balance plus any fees or back interest."

might be a little optimistic.  While it is a problem, I don’t think anyone is going to do anything about it.  The lender reports the loan value because it is in their best interest to keep home prices high specifically and as a whole.  Additionally, I’m sure the county is swamped right now and has no time to hunt down fraud, which is what I see it as.

The subsequent REO is put up for sale with the last sale price being the loan value.  The new buyer thinks they are getting a steal when they offer 80% and the bank is happy just to get rid of the brick.  The alternative, where the lien holder takes back the property and reports the auction price results in an even worse situation.  The buyer again offers 80%, now the bank loses twice.  I’m simplifying the example, but I think it still is the motivation for the fraud.

Darin - I think I am following you correctly but let me put it my own words to see if I am.
The NTS is a recorded document that has to be posted to the public in the newspaper. It is the loan amount plus fees and interest. If it goes back to the bank like 25461 McIntyre in Laguna Hills did yesterday and had a NTS of $730k but the opening bid and the price the bank took it back was $533k. What you are saying is since it wasn’t worth $533k and that now is the recorded price but not posted in the newspaper a potential buyer saw the NTS amount in the paper and now the bank has it listed at $600k they think they are getting a discount.
Ok after I typed that I reread what you posted and yes I see your point because some of the banks are taking them back at higher prices and some are taking them back at lower prices. I wouldn’t say that it is fraud but more of how the bank wants to value the way they book the loan. The loan could have been bought by someone else for cheap think Bear Stearns. While when Bear had the loan it was valued at $730k but since they sold it for $.75 on the dollar the new investor valued it at $533k.
I see your point on how the numbers can look better for some and worse for others. Hopefully that is why we are all here so we can learn about how these things work.  

     I’m interested in purchasing a bankforeclosed home, and was wondering which are some recommended sites to search.  Do you think it’s a good idea to go through the pay sites, and do you think Bankforeclosures is a good way to go for a novice?

Asteroid

I’ve learned a lot about buying bank foreclosures without ever paying a cent.  Granted, my actual experience is zero.  Also, there is no cost, other than your time, to down to the foreclosure auction at the courthouse and listen in.  Don’t blink though, they are often done in 5 minutes…or so I have read.

Uh oh things aren’t looking so rosy for our friends in 92603.
41 Rose Trellis went back to the bank yesterday for $1.48mil.
 

  http://www.ocregister.com/ocregister/news/local/irvine/article_1754631.php
The ones with ‘Y’ at the ends needs further investigation.
May Truste sale Listings                      Last Sale on RedFin

4741 Lindstrom Ave, Sfr $689,000t  $689,000 (05/22/2007)

14222 Matisse Ave, Sfr $572,040t   $535,000 (03/11/2004)

14911 Sumac Ave, Sfr $663,147t     $795,000  (10/28/2005)  Y

27 Campanero E, Sfr $729,033t      $850,000  (05/24/2006 )

17 Mount Vernon, Sfr $114,006t     $967,000   (10/13/2005)   Y

14 Carlton, Sfr $678,868t                 $825,000  (06/01/2006 )

7304 Apricot Dr , Condo $350,350t  $300,000  (04/22/2003 )

401 Huntington, Condo $261,275t    $146,000  (03/30/2001)

12 Leucadia 98, Condo $730,000p    $619,000  (10/20/2006) Y

1602 Timberwood, Condo $484,358t $560,000  (02/21/2006 )

17 Fairside 14, Condo $382,500t        $437,000  (01/13/2005 )

Darin,

    If the houses at the auctions go back to the banks, how do you contact the banks to purchase the foreclosure, can you just ask them there at the auction?  Do you just call the banks directly?  I want to buy a bank foreclosure, but don’t know where to look. 

http://countrywide-foreclosures.blogspot.com/index.html Scroll down and on the right gives you a list of bank websites. Most will clean them up and list them with an agent. If you are looking to get a deal right now you may have to wait because I haven’t seen any yet.

Thanks graphrix, very helpful!!... any suggestions about where to look for a good deal on a house, since REO’s aren’t providing any?