Bidding War for Foreclosed Homes for Sale in California

Bidding War for Foreclosed Homes for Sale in California (Full Version)

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Brain -> Bidding War for Foreclosed Homes for Sale in California (8/16/2009 9:03:35 PM)
Bidding War for Foreclosed Homes for Sale in California Potential homebuyers who want to buy bargain-priced foreclosed homes for sale in California are finding themselves being squeezed out of the deal by cash-laden buyers. The low supply of houses for sale in the area has sparked a bidding war that often is won by investors bearing cash. Read full story at realestateproarticles.com http://www.realestateproarticles.com/Art/8762/265/Bidding-War-for-Foreclosed-Homes-for-Sale-in-California.html Maybe the economy is turning around, too bad some people can't get loans to buy a house, I guess the rich just keep getting richer

PyrotheClown -> RE: Bidding War for Foreclosed Homes for Sale in California (8/16/2009 9:12:51 PM)
Meh, Alot of those investers are just flush'n money, Some do it for tax reasons, but most of them are just have more money then sense, believing that the market will make an up turn like before.yes it will make an up turn after it bottoms out, but it won't be as crazy as before, and most of these idiots seem to think it will, oh well, their money.

Brain -> RE: Bidding War for Foreclosed Homes for Sale in California (8/16/2009 9:38:57 PM)
They should have given the money to people on Main Street so they could pay off their mortgages and not lose their homes and then they could pay the money back to the government over time, but paying the mortgage to the government instead of the bank, but they did it backwards. They gave the money to Wall Street first and that was backwards.

DarkSteven -> RE: Bidding War for Foreclosed Homes for Sale in California (8/16/2009 10:00:18 PM)
quote: ORIGINAL: Brain They should have given the money to people on Main Street so they could pay off their mortgages and not lose their homes and then they could pay the money back to the government over time, but paying the mortgage to the government instead of the bank, but they did it backwards. They gave the money to Wall Street first and that was backwards. I don't follow. You're suggesting that the people who can't make regular payments to the banks, would do so to the government? No, the proper thing to do would be to start filing fraud charges against the banks that didn't verify, and their CEOs. The basic problem is that banks got away from the business of borrowing money at 2% - 3% and lending it out at 6%, and got used to lending it out at 15%-20%. They still want the easy money, and they're not ready to loan money to creditworthy people for small profits. So cut off their lifeline and stop the bailouts. Banks won;t make loans again until it's their source of income, which it ought to be anyway.

awmslave -> RE: Bidding War for Foreclosed Homes for Sale in California (8/16/2009 11:30:47 PM)
quote: Potential home buyers who want to buy bargain-priced foreclosed homes for sale in California are finding themselves being squeezed out of the deal by cash-laden buyers. I do not see anything surprising here: market at work. I heard the identical story about housing market in Las Vegas Nevada. It would be interesting to research the motive behind buying multiple properties for cash. I guess it could be just safe "docking" of wealth and protection against coming hyperinflation. I think it is smart move for people with tons of cash considering the situation.

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