East Bay and Tri-Valley Properties to be Sold at San Jose Auction
I was intrigued by my fellow blogger Jenny Pisillo’s entry First Hand Account: My Visit to a Home Auction where she details her experience of bidding on a condo she’d been eyeing. Curious about upcoming auctions in Alameda County, I checked out the website that both Jenny and Susan Brady have cited: Real Estate Disposition Corporation. When you get to the site, you’re greeted by a banner proclaiming “Public Lender Foreclosure Auctions” and “All Homes Must Be Sold” and “EZ Financing”. While four auctions have already passed (or are in progress as of this writing, e.g. the Merced and Surrounding Areas auction was scheduled for today) there are two more to come: San Jose and Surrounding Property Areas is this Saturday, September 27th and Stockton and SPA’s is on Sunday, September 28th. I went through the San Jose auction list to see if there were any Alameda County properties and found a sprinkling in San Leandro, San Lorenzo, Livermore and Pleasanton (see below). If you’re interested in either of the auctions, you’ll need to inspect the properties and then reigster on the REDC website. Since REDC holds these auctions nationwide, this is one method of researching and buying a second home or rental property in another state. Plus, there’s a Southern California auction coming up this November, so if you miss the North Cali auctions you might want to check that one out.
San Leandro
356 Caliente Dr. 2bd/2ba Condo 1060 SF Starting Bid: $69,000 Previously Valued To: $333,900
16850-16852 Ehle St. 4bd/2ba Duplex Starting Bid: $149,000 Previously Valued To: $485,000
San Lorenzo
457 Crespi Place 3bd/2.5ba Duplex 1370 SF Starting Bid: $139,000 Previously Valued To: $496,970
17609 Wickman Place 2bd/1ba Duplex 1168 SF Starting Bid: $69,000 Previously Valued To: $377,400
Pleasanton
6859 Vale Court 3bd/1.5ba 1372 SF Starting Bid: $259,000 Previously Valued To: $606,420
3022 Yuma Way 3bd/1.5ba Townhome 1130 SF Starting Bid: $99,000 Previously Valued To: $406,000
Livermore
846 Via Granada 3bd/2ba 1174 SF Starting Bid: $99,000 Previously Valued To: $656,000
4143 Camrose Ave. 3bd/3ba 2872 SF Starting Bid: $319,000
M said:
The auctions I’ve seen advertised all reserved the right to refuse any bid: in other words, not really auctions. Until I learn otherwise, I view them as just another marketing tool aimed at those who convince themselves they are getting a bargain. By the way, I see a few houses in Lodi/Galt and Vallejo that were purchased early this year and are back on the market at significantly lower price. What bargain hunters bought them?
September 24, 2008 10:33 AM
Alison said:
Hi M, thanks for your feedback. That’s a good point about refusing bids=not a true auction; I wonder, do government run “auctions” do the same thing?
September 25, 2008 8:16 AM
Jenny P said:
Just chiming in here, but at this auction – I sat there for 4 hours, no bid was refused and the final price did win. If you looked at my write up, some did come back on the block as “2nd chance” opportunities. I assume the winner somehow didn’t qualify when they were taken to the paperwork/ finance area. But other than that, everything went under contract just about.
September 26, 2008 6:11 PM
Alison said:
Hi Jenny: thanks for commenting fellow blogger! Perhaps M is making the point that the “2nd chance” opportunities were “bid refusals” and not necessarily financial disqualifications?
September 27, 2008 5:59 PM