Real Estate Nirvana: I Love You Mr. Subprime

Great job! Must have been a absolute auction to get that deal, because at a reserve auction you would have not gotten the property at that price.

Congrats! :cool:
 
Quote from Pathus:

I'll be moving to Houston, Texas. Should I attempt to buy a condo that is foreclosed? I don't even really know what the market is like as I have not done a lot of research yet.
More...

Pathus, I wouldn't buy anything for at least 6-9 months...we'll see how bad, or not bad, this mortgage crisis is going to get. It's going to get worse than they're saying now.

I do wonder how much the ARM resets and coming loan crisis is going to affect buyer interest...my guess is that buyer's will be screwing over sellers, opposite of two years ago.

It is my humblest opinion that you definitely wait 6-9+ months and you'll get something at a much much lower price.

good luck.
 
Quote from blast19:

Pathus, I wouldn't buy anything for at least 6-9 months...we'll see how bad, or not bad, this mortgage crisis is going to get. It's going to get worse than they're saying now.
More...

Option ARM's do nothing but cause > defaults as you > duration. We still have 18months before this becomes 1929 redux.
 
fconyer what can I say, welcome to ET. If you posted your RESPA statement, half of the board would still not believe it. No watered down drinks in this saloon. Giving winners and losers s**t is what traders do best; nothing has changed in this business, what a cynical lot. ROTLMAO.




Quote from fconyer:

I've been watching foreclosures and going to auctions for 3.5 years now. I've probably been to 150 auctions. This auction was very unusual for a number of different reasons. From what I could figure out, the owner disappeared because of legal problems. He owed allot of different people allot of money. Every other piece of property he owned had liens filed against it; Fed, State, Town, and private parties.
Secondly, it was highly unusual for no one to show up at the auction. At the very least the the second mortgage holder should have been there. It's possible that the second mortgage holder didn't even know about the foreclosure proceeding. They're located in California.

Mvic, I'm not giving out my new address on this board. If I tell you or anyone else on this board the name of the town, it would be very easy to find out.
I will say this, it is not Sudbury, Winchester, or Belmont. It's a step below those towns. I'd be surprised to see very much in towns like those ever make it to auction.

I was still in shock when I put up the first post. In retrospect in was a mistake. I should have kept my mouth shut, but my excitement and disbelief got the better of me.

A
More...
:D :D :D
 
Quote from kinggyppo:

fconyer what can I say, welcome to ET. If you posted your RESPA statement, half of the board would still not believe it. No watered down drinks in this saloon. Giving winners and losers s**t is what traders do best; nothing has changed in this business, what a cynical lot. ROTLMAO.




:D :D :D
More...

10-15 months from now there will be hundreds of threads just like this one..

This is only the beginning.......

I'm keeping my eyes open for MIA baby!!!!!!!! SO beach here I comeeeeeeee..

People live in fear and hatred.. Anytime someone comes through with a deal this sweet he must be lying.. haha.. quit drinking on the Hatorade and be happy for another man for once. YOu'd be AMAZED at how great it makes you feel to TRULY, GENUINELY be happy for ANOTHER man besides yourself....
 
Quote from ratboy88:

shhhhhh... don't let "oldtrader" catch wind of this.. he still doesn't believe there was a bubble!!!! i told him it would pop 2 yrs ago.. he still fights me.
More...

Hey Ratsass:

I see you're at it again. Sometime when I have the time I'll post what you actually said and what I said, once again. LOL! Your comments are always a good read if you're in the mood for a laugh.

In the meantime, I've been buying houses at the trustee sale longer than you are alive. It's unlikely that this story is accurate. Even if the house was bought at the $196K, I doubt it's worth anything even close to $900K. That said, don't let me rain on the parade here, I know it impresses you newbies. Especially those like you Ratsass, that are still living in a rental apartment tick f*cking for a living. LOL!

OldTrader
 
Quote from OldTrader:

Hey Ratsass:

I see you're at it again. Sometime when I have the time I'll post what you actually said and what I said, once again. LOL! Your comments are always a good read if you're in the mood for a laugh.

In the meantime, I've been buying houses at the trustee sale longer than you are alive. It's unlikely that this story is accurate. Even if the house was bought at the $196K, I doubt it's worth anything even close to $900K. That said, don't let me rain on the parade here, I know it impresses you newbies. Especially those like you Ratsass, that are still living in a rental apartment tick f*cking for a living. LOL!

OldTrader
More...

here, doubt this from reuters:

http://rattube.com/blog1/2007/03/20/houses-cheaper-than-cars-in-detroit/

“Folks, the ground underneath the house goes with it. You do know that, right?” he offered.

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: “The lumber in the house is worth more than that!”........

........ Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.

“I’m not sure it’s congratulations,” said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for $34,000. “My wife is going to kill me.”

Realtor Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction.


Old Fart... please post what we said two yrs ago..... this will be fun. :cool:
 
Quote from ratboy88:

here, doubt this from reuters:

http://rattube.com/blog1/2007/03/20/houses-cheaper-than-cars-in-detroit/

“Folks, the ground underneath the house goes with it. You do know that, right?” he offered.

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: “The lumber in the house is worth more than that!”........

........ Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.

“I’m not sure it’s congratulations,” said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for $34,000. “My wife is going to kill me.”

Realtor Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction.


Old Fart... please post what we said two yrs ago..... this will be fun. :cool:
More...

What's this got to do with my post ratsass? So what if they're buying houses cheap in Detroit? When someone turns around and immediately resells one these houses for more money, that's news. Make sure to post that when it happens. Until then, what we're talking about is an area devastated by job loss. This didn't start a year or two ago, ratsass...it's been going on for a while.

You guys all seem to be amazed by these houses in Detroit! I could show you areas all through the Midwest, areas in the 'hood where houses are selling for less than cars!

Now what ratass....did you predict the coming of the 'hood? LOL!

I'm not doubting that the guy in this post bought something for $192K...what I'm doubting is whether it's worth $900K. Quite unlikely unless there is major damage to the property. And, 2nd mortgage lenders don't forget to show up...and it's a legal requirement to notify or the sale can be set aside.

Let me know when you scape together enough cash to actually buy a house ratsass...any house. Hell, you think those are bargains in Detroit...go buy one and give us a post about it. You need to do something other than just talk.

OldTrader
 
You must log in or register to reply here.
Back
Top