What's the cost pf business?

[Robert Burns]

Word is that reo's can be had at 55 or less. Brokers tell me that all the time.
Sent an email this morning offering 2 billion for their stock to one of the places
mentioned. Bayview's big but let's see if they'll sell at 55 or if they can sell 2 bil..

I don't do real estate and find this secondary market of reo sales intriguing.
Do you really think you'll make a buck demanding this kind of discount?
Maybe you do but I don't see how. Did The Addams Family live there before,
is it a dog house? What warrants 55 cents on the dollar aside from some poor
mortgage lender going under? That's predatory, is that what this market is about?

Think about this, Citigroup sells at list and that's market value or 92 cents. No
dog houses so I guess the flippers stay away but why would Citi hang onto all
of those houses? Because they sell them one by one at list and that's the way
houses are intended to be sold and people buy them.

I stand corrected, I do know how you can make a buck. You reefer people to
other people. Has nothing to do with selling a house but building a chain to the
investor. How many people are in that chain determines what cut you'll get but
how much can that be?

If Bayview can service the offer made I'll let you know about it.