Is GOV already bailing out Lenders? I have DATA!!

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Submitted by The OC Scam on September 21, 2007 - 9:46am

Here is the data:

Attorney/Trustee Number: 8081.20039

Attorney/Trustee Name: Northwest Trustee Services, Inc.

Property Address: 7 RIQUEZA #13
Property City: Aliso Viejo
Property State: CA
Property Zip: 92656
County: Orange

SOLD 10/31/2007 for $760,000

Was sent for auction 8/30/2007 for $620,000

Here is the crazy part??

Sale Status: Reverted to Lender
Bid Amount: $166,457.09 <--------NO BIDS!!!

Current Sale Date: 8/30/2007
Sale Time: 3:00 PM

Sale City: Santa Ana
Sale Location: At the North front entrance to the County Courthouse, 700 Civic Center Drive West.

www.usa-foreclosure.com

My broker tells me this $166k is the discounted rate the bank has purchased the home back? My question is where does this discounted rate come from ??

I have found another property (I will list details because I have put an offered a low ball) that sold for $700k the bank purchased back at 45% off and we are offering $420k (40% off) with 20% percent down the orginal sale price. I will let you if it works out!

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What does that have to do
Submitted by Russell on September 21, 2007 - 9:53am.

What does that have to do with the gov. bailing out lenders?

lol. that just means the
Submitted by PadreBrian on September 21, 2007 - 9:56am.

lol. that just means the bank bought the house back from itself...REO. happens a million times a day.

It matters because I'm have
Submitted by The OC Scam on September 21, 2007 - 10:01am.

It matters because I'm have friend who just bought a foreclosure for 40% percent off! And I'm doing the same just made an offer for $420k on a home (20 % down)that was purchased for $700K last year. I will have details if they accept.

My questions is these banks are getting heavy discounts they can afford to sale low now!

No discount to the banks
Submitted by Russell on September 21, 2007 - 10:10am.

No discount to the banks ...someone in the food chain takes a heavy loss on a purchase like your's.Just make sure you are not next.

By the way I'm not saying
Submitted by The OC Scam on September 21, 2007 - 10:11am.

By the way I'm not saying 420K is low but for me I can afford it but for others I understand prices should come down even lower...

OC Scam You seem like a real
Submitted by Dougie944 on September 21, 2007 - 10:21am.

OC Scam

You seem like a real savvy Real Estate Mogul. Do you have any other insights?

There is free cookies at
Submitted by The OC Scam on September 21, 2007 - 10:25am.

There is free cookies at Subway on Tuesdays!!

NO really I'm kidding but
Submitted by The OC Scam on September 21, 2007 - 10:37am.

NO really I'm kidding but think about if you read right now the prices the lenders are purchasing homes back the discount is 45% to 35% from the original late 2005 - 2006 selling price.

I’ll give www.usa-foreclosure.com as example but this just a listing for a few trustee companies. There are many more companies showing the reverted back to lender bid amounts.

This kind of price cuts is going to bite the lenders on the other side of their ass--ets.