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| Hey, bidder bidder |
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| Written by Staff report | |
| Sunday, 22 July 2007 | |
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Faber Johnston of Pacific Auction Exchange stands by an auctioneer before a home auction began Saturday in Tracy. The bidding opened at $389,000 and reached $500,000.  Photo by Cera Renault For more, see Tuesday's Tracy Press.
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Let me get this straight. There was an auction, the starting bid was set at 389,000 and the highest bid that came in as close to 500,000. But the high bidder was not awarded his commodity? Why didn't they set the starting bid at $700,000? Sounds like a futile exercise for everyone that bothered to get involved, except the company that took a fee for the charade.
unless of course there was a reserve. what i mean is, before the auction started, the people are told a certain price must be reached to actually win the house. since that price was not met, the owner does NOT have to sell.
jason farmer USN - AVT BMC MCAS Miramar
Sounds like an overpriced bunch of nonsense to me. The house doesn't look that special to justify $700,000. Obviously the highest bidder agrees.
baby doc,
Okay but any auction I have ever been at the starting bid was the lowest bid the seller was willing to accept. I think people that got sucked into this were taken advantage of, including the seller - and the market is dropping like crazy. Tracy sellers need to get real - there are 1000 houses on the market right now.
3 options here, sell, foreclose, bankruptcy, it seems to be the path of housing market today. My dad said he never saw so many houses on listing in Tracy that is still on the market.
Obviously, the prices have fallen down in Tracy.
we did a huge mistake by choosing Tracy as our home. We moved to Tracy 3 years ago. Now, we are not in a position to sell our home. Keeping home sale aside, we havent seen any developments in Tracy except a bunch of restaurants along just the Grant Line road. When we visited Tracy for first time 3 years ago, we were told about some business park, later we were told about some aquatic park, and many more stuff. But, nothing has come up that woild boost up jobs in Tracy. From the place where we stay in Tracy, there is absolutely NO public transportation at all. What is the CITY doing ? Cant they provide more bus routes ? They are worried about cleaning downtown area. But NO BUSES for all tracy residents. I think its time for more and more foreclosures. Mayor has made lot of promises during election time. They have shown us all the sky. But at the end, we have to wait for the next election. I see only 11th street and Grant Line Rd are developing all the time. Are other parts of Tracy not important ?
I would have been pissed if I went to the auction and been the highest bidder and still didn't get the house... "So, after being highest bidder, how much do I have to bid to get the house?!?!?"
 Even the newspaper said they were *hoping* to get $600k... (Although if I was bidding I would have checked the "Price must reach $X00k before sale") **BUT** "Opening Price $385k SUCKERED in several people and the whole thing was a dupe! If they were wanting FULL price (WAY over priced at $700k) they should have said "Open House, price starting at lowest seller will accept, selling today!" would have been a more 'Honest & less conniving!' (People will do anything to try & make a buck now-a-days) This was just another underhanded trick to try & put their house on the TOP of the list for those to sell, as the article yesterday said about this house, they had more people walk through in the last 30 days than most get walked through in years! I'll betcha they are getting a few offers today though... hmmm... what a BOAT LOAD of FREE advertising!!! Hmmmmmmmmmmm....
Oh... and IF that house is $700,000... no wonder there are 1000 houses on the market today... duh! Whomever sets the values of these houses is OBVIOUSLY in dreamland!
As I recall when this auction was first reported, this house was described as a rental property, meaning therefore that the owner did not live on it. It must then have been initially bought as an investment property. And looking around Tracy being new residents ourselves, we find a number of houses still on the market looking like they have not been lived on or barely lived on, a sign that maybe these were bought as investment properties.
Unfortunately, the real estate market has continued to drop. Thus I surmise like any investment with risks, the owner will have to take a loss to dispose of it. Unless, he is willing to hold on to the property until the market improves. And the history of real estate values in the area bares the unchanging cycle that indeed the market will improve. The last example was the very pronounced drop in values in 1990 in most parts of California. The values eventually recovered and peaked prior to the current downtrend.
He better take that price or he will be left holding the note. $700,000 is over inflated price. Not realistic.
"Interested buyers must bring a $20,000 cashiers check made out to a title company to bid."
This from the earlier article on this blog, how many interested buyers so far?
Just got off the cellphone with my dad (he is trucking) so gonna ask his question for him: How many houses were taken off listings because they could not sell?
I agree with tracy resident. If the city wouldn't imporove within years then no point of staying further in this city. Look at it, we don't have any companies around tracy. School levels are below average. No outdoor activity places, no good dinning places except some few chain restarunets. Even we don't have a good park to go with family. None of the park have lake.
And even I can't enjoy the driving, peolple are tailgating and drive fast. Worst of all the house prices are dropping like jet. No wonder why people are not interested to movein tracy.
Tracy Resident, I'd advise you to settle down, just a little. In 1993, I was in nearly the exact same position you are in now. We bought in 1990, which was basically the top of the market. About 3 years ago we hit another top. My wife and I are in our second home here now, and despite falling prices now, we still have equity.
Why, because we didn't panic and try to bail out because we heard about falling prices. We just kept making the house payment. It took more than 5 years, (closer to  to get back into a good equity situation. Then when I thought we were near a top of the market we bought our second home here in 1999, and "moved up". With the equity we had we were able to hold on to that first house as a rental. Lo and behold the market went up again, so lucky for us we were doubling up at that point. It's about patience.
The home prices in tracy are still too high. The $700K bid reserve should have been noted to all attendees right from the start. They just reeled the buyers in with that $389K starting bid when you can go to Manteca and buy a brand new home from the builder starting at $300K right now.
It is what I would call, "false advertising". However, if they started with $700,000, the title holder will not get these, mentioned below.
Pretty manupilative, don't you think? "Interested buyers must bring a $20,000 cashiers check made out to a title company to bid."
Excuse me, correction, it should have read, if they started with $700,000, the title company would not get as many of these bidders due to statement from earlier article.
"Interested buyers must bring a $20,000 cashiers check made out to a title company to bid." Thanks.
I sold my house 14 months ago for about 20k under the market just to get rid of it. We lived on the north east side of town. We payed cash for a home in St Paul MN.
I look at the charts on Zillow.com and talk to my relitor and man am I glad we were able to unload that overpriced POS. Tracy life is so stressed out. I feel sorry for you who are stuck trying to unload, and mark my word!! the market will continue to loose, I say ~ 100k more befor it stabelizes.
Perkins,
learn how to spell, maybe that is why Tracy was so stressful for you. The market will pick back up if you look at any of the averages or reports. It is a great place to live and raise a family. I have a 3000 square foot house with no stress, Can not have that in the bay area.
Thanks Tracy Resident, I love Tracy also, it is a great place to live. The market will rebound, this happens every few years. If you bought out here and were naive enough to refi and buy toys (boats, cars etc) that you really couldnt afford then you deserve to loose out. If you bought and here and have been smart then you are siting pretty now and not worried....
"Tracy Res"
Sorry about my lack of attechen too spilling, I bought our house for 167K, sold it in 8 yrs for ~500k. I bought it knowing it was an investment going to be sold when the time was right,, will it was sold at the top.. 100k more to go
"Tracy Res"
What "averages and reports" your sources please, links, ect. We need to remember that there is "nothing more constant than change" When real estate or stocks rise or fall at unreal rates a correction will follow. Plus Subprime drag, no new industry, smog and let me guess 205 still 2 lanes. 100k to go
just because someone starts an auction out at a certain price, that doesnt mean that is the minimum price s/he will accept. havent you ever been on ebay? they list things starting at $1 even though there is a min price for actual selling at say $10! i cant fault the guy for not selling when he didnt get what he wanted. however, if he made a profit after the auction though, i am surprised he didnt just go through with the sale.
jason farmer USN - AVT BMC MCAS Miramar
He probably could not get enough interested bidders. It is harder to part with $20,000 cashiers check made out to a title company to bid in this time and age?
I agree with previous post.
baby doc, I've been to Miramar, near Guaymas, Mexico. Is that where your "Miramar" is at?
miramar is here in san diego. we are a marine corps air station right in between hwy 15 and hwy 805. we are about 20 minutes or so north of navy medical center san deigo via hwy 163.
jason farmer USN - AVT BMC MCAS Miramar
Can anyone tell me where I can find the answer for my dad, how many homes were taken off the listings because they could not sell it?
Will the interested bidders get their money back if they did not win the bid? $20,000 is a lot of money, wow.
One would need to talk with each property owner and their agent to find the information you're requesting. The easier answer is, most all that were taken off the market were because of pricing issues.
With the exception of a possble registration fee all the unsuccessful bidders would have their money returned. Most likely, only a successful bidder and any backup bids put money down.
Sonora, I assume you mean homes that were listed on the market aht did not sell and were taken off the market. In the last six months(since 01/25/07) there have been 331 listings in tracy that have expired.
In today right now, there are...... 924 Residential properties currently on the market 67 Homes pending 301 homes have sold in the last six months. or 50 per months which is 18.48 months of inventory. Yes you would get a deposit back. The buyer I would assume, because of California real estate laws, would have the rights to do inspections and back out of the contract after the close of the auction. Also to have a proxy of 700K looks like the seller actually was hoping that a bidding war would get him above market value. Which will not happen in this market. You really have to know the market to go to an auction and bid on a home. The value the auction house appraises the home for is always A-LOT higher then what it would currently sell for and there is always a premium of 5-10% tacked on above the actual bid price. Buying a house is a serious thing and having a copy of the auction rules and reading over them before bidding is advised. I believe there are enough good deals in the traditional market where you will find a better deal. First question ask the listing agent in an auction is what the min. excepted bid would be. If they did not tell folks upfront they were just wasting time and attempting to stimulate interest. Its all for nothing if the Seller thinks he is going to get top dollar in an auction in a buyers market. When a buyer goes to an auction he wants a good deal as well. Auctions are a sign of the current market Brian Barringer This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Thank you so much Brian, that is the kind of information I am looking for. Lots of information and learned alot, thank you again. Sonora
I wrote about it in my blog this morning: http://tracyrealestate.blogspot.com/
WOW! I have to say that there are a lot of misinformed people commenting on this story. I would highly suggest you check your sources before crying foul.
I am the listing agent that referred this home to Pacific Auction exchange. It did sell and for what we believe is fair market value and in rapid fashion, considering the market we are in. People have been commenting on who appraised the home. Well, it wasn't the auction house. It was appraised by an independent appraiser 45 days prior to the auction, before it was even in contract with the auction house or myself. The reserve has also been questioned. I find it amazing that so many people pass judgement without knowing all of the facts. The reserve was NOT 700k as many of you here have assumed. It was much less than that. It was an "undisclosed reserve" much like E-bay. I'm sure you have all heard of that company right? I'm sure many of you have even purchased items there but I don't see any of you writing articles about being duped or any slight of hand going on. This is no different. We held a live auction in addition to an internet auction through Proxibid. There was no slight of hand. We are in the business of marketing properties to sell for our clients. Any listing agent that is contracted to market and sell someone's home is going to have to get the word out and try to bring people to the table with offers. We just do things differently. We achieved what both the seller and buyer wanted. A rapid sale and fair market value for both parties. All parties are happy in this transaction. How many home sellers are happy right now with how things are going with the sale of their home? I'm guessing not many. That's exactly why this home owner decided to try something different and get his home sold quickly. Guess what?! It worked!!! If anyone has questions and would like to contact me directly feel free to do so at 1-800-921-2529 or email me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
sorry, am skeptical. No realtor would tell anyone if they buy house that they may run into difficulty of selling their house in the future, they will not do anything to discourage any buyer. If they could fix the economy I might feel more confident, sorry.
Mr. Edwards I'm not sure the people around here want to hear what you have to say. Being a represenitive of an auction company portrays you as a barn burner of the 20's. What we need is positive input for our community, you don't bring that to Tracy.
New Orleans might be a good place for you to set up shop. We have a council person by the name of Tolbert who wanted affordable housing, but this is a bad way to get it, by the way she's a Republican. Benigno
Benigno:
not really sure what you meant by your comments. I was contracted to help someone sell their home quickly. I did just that. I don't see how this is anything but positive. The buyer got a good deal. The seller got what they wanted. What's the problem? Our actions didn't hurt anyone. As a matter of fact, not many homes are selling around here so people have to get creative. That's what we're doing. What do you suggest, doing what everyone else is doing? We all know what kind of results those are getting right now. It's too bad that people like yourself aren't open to change and new things. Change is good and you can't stop it. Roll with the times. This is the way of the future, I can assure you.
Mr Edwards,
dont listen to benigno. he is a moron who has to contradict everything everyone says. he thinks the city and its citizens are out to get him. he thinks he should have done more with his life when in reality he isnt worth doing more. jason farmer USN - AVT BMC MCAS Miramar
what is the seller's take after subtracting the contract cost and stuff like that? (if you are allowed to say, thanks)
I felt I need to explain why I felt skeptical about the "favorable report"
By ALEX VEIGA AP Business Writer LOS ANGELES (AP) -- Countrywide Financial Corp. said Tuesday its second-quarter profit shrank by nearly a third as softening home prices led to rising delinquencies and mortgage defaults among the most creditworthy borrowers. The huge mortgage lender was forced to take impairment charges as it braced for the possibility of more people failing to make their mortgage payments. Countrywide also said the market will become increasingly challenging as loan production subsides while lenders compete with one another more fiercely. "This is a huge battleship and it's headed in the wrong direction," Chief Executive Angelo R. Mozilo said during a lengthy conference call with Wall Street analysts. "Looking to the second half of 2007, we expect difficult housing and mortgage market conditions to persist," he said. Do you disagree?
Jason Farmer is looking for cheap property for his friends. You are wrong Farmer, you are paid by the government to do what you do. Get in the private sector buddy, and see how it is. Lets see you deliver babies with welfare check incomes we will then see how smart you are.
Why do we need Baby Doctors in the military, send the clients to the private sector. Why don't you get trained to help our wounded? They should give your ass a rifel then you need to go fight your way home,like the rest of the troops. No body is out to get me, you don't even know me. I don't conterdict everything everyone says just people like you who are tied to special interest agendas. You sand bagger get out and earn yours like I had to. TB
hey tom, i have been there and done that. i just got home from iraq this past march. had my m16 and spent time with the grunts. i have helped our wounded and more. i volunteered to go to habbaniyah, ramadi, and fallujah while i was in iraq. so get your facts straight before you run your mouth. when you can prove to me you have earned yours, then i will listen to you. until then, quit bagging on the troops (as well as their family members) and those who have given their lives. you havent given s**t for this country!
jason farmer USN - AVT BMC MCAS Miramar
see how little you know tom. i am a corpsman, NOT a pediatrician. my name "baby doc" was given to me by a LT i served with on my first TWO (of three total) deployments with. it is a name i take great pride in. it is a name that i EARNED. and i never claimed to be a doctor.
marines call me DOC because i take care of them. to be called DOC by a marines means you have EARNED their trust and respect. anyone can be a corpsman, but not anyone can be a DOC. marines dont go to the flight surgeons or gmo's, they go to their DOCs. the medical officers will pull them from the fight or send them siq (sick in quarters). the DOC will fix the marine right there and make sure he can get back to the fight. so i say again, check your facts before you open your mouth. and if your sister was a Navy nurse at OakNoll Navy Hospital, you would know what a corpsman is! and one more thing, if you ever read the tracy press, you would know who i am. i wrote a bi-monthly column while i was in iraq. i have been writing about the military since 2001 for this paper. numerous people from town know who i am and what i do. jason farmer USN - AVT BMC MCAS Miramar
and so you know what baby doc means, it means i am NOT a doctor, but i work for one and can do a lot more than normal corpsman on shore can do. i have stitched people up, cut them open, assisted in the OR (on board the USS Carl Vinson), preformed hearing exams, give shots, draw blood, do EKGs, performed vision screenings, work on sick call, been a ward corpsman, handled medical records, and even worked in the pharmacy. a baby doc can do it all. but to be called that, you have to earn it. i did because i had some great teachers and great leaders...both of which you will never be accused of being!
jason farmer USN - AVT BMC MCAS Miramar
what a shocker tom. you are welcome to come down here to MCAS Miramar anytime. i will give you a tour, into you to some of the marines i have been deployed with, and more. just dont be all sad and whiney because you cant handle what i have done and am doing.
and by the way, here is my last column. i hear they are pretty popular when i write. 7 july 2007 http://ourtown.tracypress.com/surprise-decisions-on-the-home-front-2.html jason farmer USN - AVT BMC MCAS Miramar
Jason and Tom --
Please play nice. If you two want to argue and insult one another, exchange e-mail addresses and do it privately.
tonya,
my appologies to you and everyone else here. it was not my intent to start an arguement. just to show make tom understand he is not right all the time about everything. again, please accept my appology. jason farmer USN - AVT BMC MCAS Miramar
Ms.Luiz: I don't like people making claims about me that are not true. I mearly am defending myself Ms. Luiz. I should not have to do that on this site. We should be posting our positions on an issue and that is all. If one disagrees they should make the case, not make remarks about ones integrity as Mr. Farmer does continually.
Farmer says that my opinions are not correct according to him. I never say I am right all the time I just give give my opinions. Farmer just wants my opinion to go away. My stand on the war is my opinion, as is immigration,and many other issues. I try to keep my opinions focused on the articles that are posted by the Tracy Press, what ever the issue. Benigno This content has been locked. You can no longer post any comment.
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