Welcome to IWETHEY!
Post #305,866
3/19/09 5:41:35 PM
|
It's a good thing the banks are keeping their best people
http://www.calculate...n-bulk-below.html
I'm hearing stories frequently of banks selling REOs far below market prices, only to have local investors flip the properties.
A reader sent me some info on a property in Redwood City that is typical. The lender turned down two short sale offers at close to $649,000, and then, after foreclosing on the property, the bank listed the property at $509,000. The property sold for $493,000 all cash, even though there were other offers above the list price.
There are some perverse incentives at work here... :-(
Cheers,
Scott.
|
Post #305,867
3/19/09 8:33:07 PM
|
who owns banks and does business with them? investors
its a reverse flip, flipping houses from banks way under value then reselling them immediately at low appraised prices. Bank is in on it and knows the players, they are skirting fraud if they are not careful
thanx,
bill
|
Remember, people in 1900 didn't know what an atom was. They didn't know its structure.
They also didn't know what a radio was, or an airport, or a movie, or a television, or a computer, or a cell phone, or a jet, an antibiotic, a rocket, a satellite, an MRI, ICU, IUD, IBM, IRA, ERA, EEG, EPA, IRS, DOD, PCP, HTML, internet. interferon, instant replay, remote sensing, remote control, speed dialing, gene therapy, gene splicing, genes, spot welding, heat-seeking, bipolar, prozac, leotards, lap dancing, email, tape recorder, CDs, airbags, plastic explosive, plastic, robots, cars, liposuction, transduction, superconduction, dish antennas, step aerobics, smoothies, twelve-step, ultrasound, nylon, rayon, teflon, fiber optics, carpal tunnel, laser surgery, laparoscopy, corneal transplant, kidney transplant, AIDS... None of this would have meant anything to a person in the year 1900. They wouldn't know what you are talking about.
59 ms