All Forum Posts by: Lee Common

I could not agree with all of you more!

If my computer is on there is a tab with Biggerpockets open.

I'm here to learn for fun and to offer advice whenever I can.

Best, Lee

Eloisa,

That is probably a good idea but, I would not tell them that right away. Play a little hardball with them and see what they (the new buyer) will offer you to walk away.

All the Best, Lee

Michael Suess,

Just A little condescending for your sixth post in a new forum don't you think?

We understand how lenders normally operate but, that is not the question it's what are they doing now?

Only 30 percent of foreclosures have been relisted for sale suggesting more hanky-panky at the banks. Where have the houses gone? Have they simply vanished?

600,000 "DISAPPEARED HOMES?"

Here’s a excerpt from the SF Gate explaining the mystery:

"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.

"We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market," said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures.

"California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage."

In a recent study, RealtyTrac compared its database of bank-repossessed homes to MLS listings of for-sale homes in four states, including California. It found a significant disparity - only 30 percent of the foreclosures were listed for sale in the Multiple Listing Service. The remainder is known in the industry as "shadow inventory." ("Banks aren’t Selling Many Foreclosed Homes" SF Gate)

Other than that thanks for the advice.

Best, Lee

Jeff,

Or he's just their Bernie Madoff. "patzi" "fall guy"

Eloisa Canales,

Welcome to bigger pockets!

First you don't have a very good friend there. Effectively what they are doing is collecting your money and pocketing it, leaving you with being evicted.

(It is against the law and if you have a lease and can prove your payment history I would advise you to seek legal council)

Again seek legal council that being said weigh your options is it worth it to you to spend your time and money in legal fee's? Did this person intentionally leave you out in the cold? Are there comparable properties with comparable rents nearby?

Who is offering you cash for keys?

That is a term coined by banks where if someone is going into foreclosure instead of going through all the legalities they are given a nominal fee $500 to sign over the title and hand over the keys. Banks will also offer it so people don't tear up the place.

Best, Lee

Be nice if we held people accountable but, that's not how it's done here.

full article: http://www.marketwatch.com/news/story/Even-Jack-Bauer-couldnt-stop/story.aspx?guid={BE0D1772-A628-454D-80BF-C4484CEBA7DF}

Jack Bauer can't stop 'The Goldman Conspiracy'

10 reasons why Wall Street has absolute power over America's democracy

Scene 1. American government is now run by the 'Goldman Conspiracy'
Scene 2. Huge conflicts motivating Wall Street's 'Trojan Horse'
Scene 3. Wall Street's 'quiet coup' also runs world's banking system
Scene 4. Wall Street used the meltdown to take over America's government
Scene 5. How Obama is keeping alive Bush's 'disaster capitalism'
Scene 6. Wall Street's CEOs rule like dictators in a banana republic
Scene 7. Wall Street makes an un-American bet on 'disaster capitalism'
Scene 8. Banks recycle TARP money, pump earnings, cheat America
Scene 9. Wall Street's already set the stage for new disaster
Scene 10. Obama turned 'The Goldman Conspiracy' into a superpower

Ryan O'Donnell,

Yea maybe death is a bit harsh but, a good beating and substantial jail time on 1 count for every American that was affected by their thievery.

IMO,

Many of the banks were holding at least a portion of their inventory till the summer months anyway Regardless of any Moratorium on foreclosures (when most sales are).

So that instead of getting low ball offers on props that have been on the market all winter they can say well this has only been on the market for a few weeks.

Josh,

I'll take a shot at this.

1) What I'm seeing right now are many investors overvaluing the REO's with so much hype around REO's there are many less savvy investors driving up prices often (unsubstantiated).
Especially in the bulk sector. For every $1 of property out there, there is $20 chasing it.

2) Most of the institutions are in a holding pattern waiting to see what is going to happen with the PPIP program. (So Hording) Realty Trac reports some 40+% of REO's are not listed or being offered in bulk sale. (Don't want to flood the market and further reduce values)

3) As far as the courthouse I can really only speak for San Antonio. Mostly single family very few commercial being auctioned here. As all liens are wiped out in foreclosure that is not a problem still, there are a number with 1st liens so high that they are not a good buy. Banks are actually purchasing many of the homes back at auction!? Which for me raises some questions.

4) I would say that every market has good bargains my trick is know all the trustees and attorneys so don't tell anyone but, what you do is buddy up with the Attorneys and trustees and purchase the note prior to the auction for the best deals. That's why many of the best homes I used to research didn't ever end up on the steps ie. why they are pulled from the auction.

Hope I helped add some value here.

Best, Lee

Ryan,

I believe this is only the beginning of the affect job loss and foreclosures will be having on the retail RE market. I predict opportunities galore in the commercial sector.

Welcome to bigger pockets!

Best, Lee

Tim,

I guess everyone has their moments.

Still Dumb things thread is up on smart things by ten posts!

Where are all the Realtors at?