Are you thinking about buying a property at a trustee sale, and wondering about the competition?
Here’s a flipper who purchased this 2,031sf house in Oceanside for $294,500 in February, 2009, and sold it again in April for $390,000. (It was listed for $379,900, new buyer went VA):
The risks of buying at a trustee sale are a big enough burden, to have to compete with guys like this make it even more interesting!
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
I have to admit that pocket of homes looks pretty nice and that street looks pretty wide which is perfect for speeding cars. That graffiti shot around the corner was perfect timing and if the adjacent neighborhood had above ground power lines, I wouldn’t be surprised to see a few Chuck Taylor Hi-tops strung across them.
This sale must have got done before the new appraisal rules just went into effect. Bruce Norris was ranting and raving about the new rules because he knows they are going to put the kabosh on himself and other big time flippers like this guy on the court house steps. Bet the buyer has no idea.
Apparently the adage “There’s a sucker born every minute is true”
I would pay $285k to live there.
I guess John Mann was a “knifecatcher” back in January/February. Guy’s making a killing! I guess good sod goes a long way.
And, $390K is still fairly cheap. Assuming 20% down, 5% loan, the new owner is paying $1,675/month. That means a family making $75K puts 1/3 of their income to housing.
Sorry shadash and fellow naysayers, that’s still a good play for the person who bought this place.
We are still turning our neighborhoods into Las Vegas crap tables.
Big question: Have we reached the point where we need to stop doing comps the old way? With criminal banks (yes, they are still criminal) and so much artificial intervention (govt.), too many flippers and other institutions are gaming the system. How are we every going to figure out what a house is really worth?
More important, this is still a continuous ponzi scheme that encourages the corruption of all the parties that are suppose to make the system work.
BottomFisher, I don’t know the new rules, but you may have anwered my question. I’ll do some research.
This was a VA purchase so they probably put 3% down making the payment $2150. Add $350 per month for taxes and it looks more like 50% of their income going to this. I’m sure the person who bought this is a doctor making 150k and just decided it would be prudent to live in a blue collar neighborhood.
I can’t believe people are still willing to spend nearly $400K to live in a modest house in the ‘back gate’ area.
Makes me wonder what the flipper did inside this thing, plate it with solid gold? With buy/sell/renovation costs, I wonder what the actual profit was on this flip?
Mozart.
Tell me where I can get one of these 100% 5% loans.
I’ll take 5 please.
Chuck Ponzi
‘I would pay $285k to live there.’
I paid more than 2x to live elsewhere in a smaller house.
I’m not sure if I would call that a blue collar neighborhood.
Definitely a white socks up to kneecaps neighborhood.
I guess VA tells the whole story.
Jim, do you have any information on how he sold this? Does he have his own broker license or does he use other agents? If he does it himself, or if you can figure it out some other way, what does he have on the MLS right now?
Bruce Norris does not sleep. He waits.
There is no “ctrl” button on Bruce Norris’ computer. He is always in control.
When the boogeyman goes to bed at night he checks his closet for Bruce Norris.
IRE,
Jon Mann is the broker, and the ownership is in a corporate name. I don’t know the connection, but they own 40 properties now, and I’d guess that 20-30 of them are on the market.
I just Googled Bruce Norris. Now I’m going Google Toxic Assets.
Looks like delusional housing in CA again…
Flipping doesn’t work so well in the midwest. The guy down the street installed some new windows and plopped a for sale by owner sign in his yard asking $189K on his flip.
A much larger and nicer short sale lists for $139K across the street, which has sat for months with no luck.
We aren’t in ho-dunk land either… our county is the 9th fastest-growing in the US
Nice job as always Jim
A VA loan for $390k does not require a downpayment.
There is a VA funding fee but that is waived if the veteran has been rated by the VA with a disability of 10% or more.
I’m with mybleachhouse, the buyer’s payment is at least $2,500 per month. You might be able to rent it for that, on a good day, but $2,000 is more reasonable.
Thanks – that is typical for the mega operators at trustee sales. The money may come from a hedge fund or private investment trust. It is unlikely that it’s all his money, but he is probably charging 10% in fees (off the total transaction price, not just the profits) on the ones that aren’t self-funded.
Mozart.
Tell me where I can get one of these 100% 5% loans.
I’ll take 5 please.
He did say he felt like it was 2002 again. Perhaps he’s reliving the lending days of Fog-A-Mirror mortgages too.
? about these trustee sales. You have to have cash for the entire purchase right? Are individual homebuyers getting any deals at these sales or is it just investors who have the large amount of cash required?
Erin, yes, you must have all cash at the time of the sale. There is hard money available – if you can put 20% down they will lend the rest to you but they must “like” the deal. For me, I bought my first house at the trustee sale for a personal and rental residence (it is kind of like a 4-plex), but I plan to buy more now that I know how the process works and see the $$$ passing through every day.
Any day trader can buy GM at $1 and sell it at $2. Happened all the time, doesn’t make it an arbitrary gamble. Collectively they’ve been losing all their money and that’s most revealing.
Amazing that thousands of people still think GM is worth more than a penny. Look it up.
IRE,
Thank-you for answering my question. Where did you go to learn about the process of working with a hard-money lender?