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David's Macro Blog

Analysis and commentary on business, economics, real estate, financial markets, and other fun topics

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Tag: REO

Last week I interviewed John Ray, the largest buyer of foreclosed homes at the Maricopa County (Phoenix area) trustee sale auction.  Through his company, Bid AZ Foreclosures, he currently buys around 100 homes a month on behalf of his clients.

Listen as he shares his knowledge and experience on topics such as: getting a good deal on a foreclosure, the amount of research it takes to compete, the old boys’ network (main players) at the auction, and much more.

Note: there are 4 parts/videos of this interview, about 36 min. total.

Original post for your reference: Interview with John Ray: How to Get a Good Deal on a Foreclosed Property at the Trustee Sale Auction and Avoid Common Mistakes

Here’s a video of live bidding at the Phoenix auction:

Every wonder what happens when a tenant occupied house is foreclosed?

Listen in as a fly-on-the-wall as my favorite real estate agent (Jim the Realtor) approaches the tenant of a house just foreclosed 2 days prior.

How would you handle this situation as the bank’s realtor who needs to have the place vacated, cleaned, and prepared to be sold as a bank REO?

Watch the video below as Jim Klinge records his initial conversation with the current (and soon to be former) resident.

Please comment below with your thoughts.

Should everyone own a home?

If they build it, will they come?

Do low interest rates and easy loan qualification help everyone?

Is a home your most valuable asset?

Is California real estate such a prime asset that it will never go down in price?

“No” to all of the above.

Shocking news:

Brand new homes being demolished (see video) in Victorville, California because the lender doesn’t want to own the homes.  They’d rather just own the raw land which includes the demo cost.

http://www.bubbleinfo.com/2009/05/new-home-demo

http://globaleconomicanalysis.blogspot.com/2009/04/extreme-home-makeover-depression_30.html

Did anyone see this coming during the real estate bubble years in 2005?

This is a must-read before you list your house for sale in this market, especially if your area has lots of REOs:

http://www.bubbleinfo.com/2009/03/sellers-get-it-done/