13 replies to this topic

[Sentient Being]

95% returned to lender with no bid.

Edited by Sentient Being, 25 August 2007 - 11:59 AM.

[cgnx]

I don't know much about the foreclosure biz. But can I get a great deal for myself and family now? Should I wait? Also, how would I find out how to pursue purchasing something along these lines.

[raleigh]

Google "foreclosure" for tons of info, etc etc

[redfoliage2]

95% returned to lender with no bid.

One problem with foreclosures is you may have a hard time to get current residents out.

[OEXCHAOS]

95% returned to lender with no bid.

Sharks are circling. There'll be a feeding frenzy if the financial system doesn't implode.

Mark

[humble1]

just the beginning of the beginning. the wave peak of the resets is moons away. then it will take time to hit the homeowners hard enough to have them spit up the houses. everyone is talking about helping the mortgage companies and banks; no one seems to be thinking of the homeowners who were screwed. before it is over, the emphasis will shift. patience will be rewarded. if 95% are going back to lenders, after a while THEY wil start spitting them up. and if you buy from a lender you can see the property and maybe get a good loan from them, if you want one. sam zell repeatedly has told us the key: buy FROM distressed owners NOT distressed properties. only buy from a reputable seller who can guarantee the representations and after a FULL house survey. you have LOTS oF time. IMHO !

Edited by humble1, 25 August 2007 - 07:16 PM.

[cgnx]

Thanks Humble. We currently do not own a home so my goal is to do some homework to not only find where we want to live but when should we buy. Unlike stocks which can have price swings from day to day, I think house prices are more like turning a ship around. The fundamentals for that turn are not apparent to me. I guess I could always wait for home prices to begin going up again.

[ed rader]

95% returned to lender with no bid.

i'm more concerned about the thousands of future foreclosures that are still being built, and i mean there are thousands and thousands in the area.

most of these are high density housing and even in the best of times resemble tenements (imo).

ed rader

[PorkLoin]

Humble1: patience will be rewarded.

I think so too, Humble1. "When to buy" amounts to bottom-picking, and most of us know how that goes. Still, very patient here, and loving it so far.


Doug

[Trend-Shifter]

The foreclosure minimum bids are still too high. There is too large of a gap from being able to buy a house and rent the house for any return now that the appreciation bubble has burst.