lookie., REO 'fire sale" ~

Collarspace Discussion Forums

Home Login Search

lookie., REO 'fire sale" ~

View related threads: (in this forum | in all forums)

Logged in as: Guest

All Forums >> [Casual Banter] >> Off the Grid >> lookie., REO 'fire sale" ~

Page: [1]

Message

<< Older Topic Newer Topic >>

lookie., REO 'fire sale" ~ - 9/30/2008 6:36:12 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

Right then.

I bought my place last year. I put 20%. My income had to have documentation. The place was a foreclosure. At my own cost, to learn the condition, I had to pay to de-winterize, put the utilities in my name, then have my own guy check it. Then I was required to winterize it again.

The sale was as is. And they did mean truly as is.

Now- my bank will not mortgage a property that in the case had no toilet, severe holes in walls, and bad disrepair. Again, as is.

The owner was some place on the west coast.

So- to get the mortgage- I paid about 2k in repairs here. If things fell threw too bad so sad.
In my case I was desperate and was forced to move much sooner then I had planned. SO I did what I had to.

I complied people that together made it happen. I frantically did not want to float around living on friends houses. It is hard to bounce back that way.

The owner, (holding company) was of no help. The day before the closing they screwed me out of $1200. If I delayed- it would cost $100 a day. They had me by the blank, and they knew it.

They also refused to replace the commode which was chopped up by a hammer.

So- money wise they could have offered a lower price. But I needed a place to live and NOW.

Realtors don't like to sell foreclosures due to this type of dealing.

Ok- so now 700 bn is needed. Surely the industry has done everything possible and this is the measure of last resort.
Right?

Wrong.

http://www.countrywide.com/purchase/f_reo.asp

Ild like you to browse a few of the listings. Find me a fire sale price.

From this lists very low prices (not), we can see just how last ditch measure this is.

Profile

Post #: 1

RE: lookie., REO 'fire sale" ~ - 9/30/2008 7:27:00 AM

DarkSteven

Posts: 28072
Joined: 5/2/2008
Status: offline

So I take it that you do not support bailing out the banks that cannot sell the houses they got stuck with due to bad judgment?

_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to pahunkboy)

Profile

Post #: 2

RE: lookie., REO 'fire sale" ~ - 9/30/2008 7:57:53 AM

UncleNasty

Posts: 1108
Joined: 3/20/2004
Status: offline

quote:

ORIGINAL: DarkSteven

So I take it that you do not support bailing out the banks that cannot sell the houses they got stuck with due to bad judgment?

Whose bad judgment? Home owners that made one questionable or bad decision? Or lenders that made the same bad decision millions of times?

Uncle Nasty

(in reply to DarkSteven)

Profile

Post #: 3

RE: lookie., REO 'fire sale" ~ - 9/30/2008 10:26:40 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

No- what I mean is myself and a few partners from CM, should throw togther an 'asset recovery" company.

We would take said houses, clean them up, spruce them up, put them into repair, and THEN a buyer is more likely to buy the dwelling- since it isnt a pig in a poke. The bank already with a dud could agree to x amount a month. And we who put elbow grease into the effort get compensated.... or if enough houses are done- a house, as payment for services.

Who is with me?

(in reply to UncleNasty)

Profile

Post #: 4

RE: lookie., REO 'fire sale" ~ - 9/30/2008 10:34:09 AM

NeedToUseYou

Posts: 2297
Joined: 12/24/2005
From: None of your business
Status: offline

quote:

ORIGINAL: pahunkboy

No- what I mean is myself and a few partners from CM, should throw togther an 'asset recovery" company.

We would take said houses, clean them up, spruce them up, put them into repair, and THEN a buyer is more likely to buy the dwelling- since it isnt a pig in a poke. The bank already with a dud could agree to x amount a month. And we who put elbow grease into the effort get compensated.... or if enough houses are done- a house, as payment for services.

Who is with me?

I would be possibly, but the geography doesn't work well.

Oh, and I'm serious really, getting into it in some way. Because my current business works well with that type of model. We get a lot of overstock household items New in Box a lot of the times, or demo units. Like Over the range Microwaves, well, we pay like 20.00-40.00 dollars for them they retail new for 200.00-600.00. We get stoves, dishwashers, and washers, and dryers, sometimes to. So, the value added by throwing in a couple hundred in cost of those thing, would add significant value to a property well, beyond, what I can sell them for. Not mention Vacuums, dishes, tv stands domestic stuff, that just adds some possible appeal, if included in the sale price.

< Message edited by NeedToUseYou -- 9/30/2008 10:45:50 AM >

(in reply to pahunkboy)

Profile

Post #: 5