REO Auction Set For 2202 Veteran Ave., LA CA 90064
The REO / Bank Owned Spanish home at 2202 Veteran Avenue, LA CA 90064 is being sent to the auction house to sell. I have featured this house several times as a Westwood REO and gave notice on the few price reductions it received during the last few months. It looks like the bank wasn't getting the offers it wanted and wants to unload this property auction style at the Shrine Auditorium & Expo Center. The auction date is set for Sunday November 2nd, 2008 and the starting bid is set at $319,000. You can visit the auction site for more details on this link.
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October 8, 2008 2:08 PM
Ill buy it for $319,000 :).
October 8, 2008 11:55 PM
So what happens if no one bids at the auction? Is the bank still stuck with this lemon?
I'm just trying to figure out why an auction was such the better idea for this house....
October 9, 2008 9:23 AM
I think the idea behind the auction is that there will be thousands of people at this auction and the possibility of someone seeing a Westwood offering so cheap will at least bid something for it. Its more than likely someone will at least bid $319k for this house. However, another route the bank could go would be to package this property with other REO's they own and sell them as a package to an investor. Or they could try relisting it again. Maybe this time with a local realtor who could actually sell it. While the location is very unattractive, at some point someone is willing to to live there to be in the school district. If you listed this house on the MLS for $319k, I would guarantee at least 10+ offers, if not more.
October 9, 2008 11:39 AM
You need to know if there is an undisclosed "reserve" price. Many auctions have a starting bid below the reserve require to make the auction live. If the bid does not come up to the reserve, even if someone bids the starting bid, the auction is not live and the bank will not sell.
October 9, 2008 11:41 AM
I would think that even with its crappy location and the crappy market it would go for $600K.
That house has been the cheapest in the area before, when it has been on the market. But, it will sell for much more than $319K. I wonder if there is a reserve price?
October 9, 2008 11:44 AM
I'm sure there will be some reserve price. But do you think people bidding in this auction for Palmdale properties see a Westwood property and won't bid on it? John, I think this house would be worth 600 easy.
October 9, 2008 12:02 PM
Appreciate the responses, but y'all just proved that an auction is NOT the most efficient way to dump this property.
Hire a local real estate agent that knows the area well. Take their suggested price, then slash it by 20% for a quick sale/multiple bid. Or around $600K....
This seems to be yet another example of banks being asleep at the wheel. Why is an auction a better idea?
Even if they are trying to catch someone *really* stupid (and rich) at the auction who will get carried away by emotion... uuummmm... that seems like a *really* LLLLOOOONNNGGG shot in the dark with blind folds & a rusted barrel. Why not have a local agent list it for $550K and let buyers duke it out?
BTW, y'all think that the price listed on the new MLS listing is the "secret" auction reserve price? At which point, I'd suspect that the auction ain't goin' nowhwere neither.
October 9, 2008 12:46 PM
I think they would do better by listing this property at that $550-600 price tag with a local agent and let the buyers in this local market have at it.
October 10, 2008 6:48 PM
BELIEVE IN THE MARKET FORCES...my bet is that, unless it's part of a package deal, this house will NOT be sold cheaper than we all expect. In fact, based on the selling price of the 10315 Calvin house, this house will likely sell for more than we all expect.
October 11, 2008 11:16 PM
ok I guess at the auction it will sell for $645,000.
October 12, 2008 3:36 PM
My guess is $535,000
October 12, 2008 9:07 PM
I vote $689,000
October 20, 2008 5:41 PM
2148 Camden for $600k!
What do you think is likely to happen in this situation (probate, req. court conf)? How much more will this home get than 2202 Veteran?
You should do a post on this home.
October 21, 2008 9:47 AM
anon 541pm..
Great question! Per your suggestion, I will try and get out a post regarding this house vs. 2202 Veteran later today.
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