Ahh revenge……..how sweet it is!

[nostradamus]

Well like SDR and mini-me (sdr) have been saying, I guess one needs patience; however, one thing I don’t have patience for is selling agent shenanigans. I know there must be good REAs out there, but some of them are so very very dumb. They brush off potential buyers with so much confidence that they don’t even take your number down for when things get desperate.

BTW There’s a letter posted on my neighbor’s door this morning. Being neighborly (nosy) I went and read it: it’s a “cash for keys” offer for $6000 to turn over the property–which they say was sold at a trustee sale– without damaging the place!!!

Does sold at a trustee sale mean it went back to the bank or is this when the bank sold it to someone else?

[jpinpb]

NTS, I think, is when it goes to auction on the courthouse steps, which today almost always means back to bank to be listed later.

There must be tax implications or some kind of formality going on there. Why not accept a short sale or sell on steps for less, but rather go through the whole process only to sell it later for anywhere from 15 to 35% less.

[jpinpb]

NTS, I think, is when it goes to auction on the courthouse steps, which today almost always means back to bank to be listed later.

There must be tax implications or some kind of formality going on there. Why not accept a short sale or sell on steps for less, but rather go through the whole process only to sell it later for anywhere from 15 to 35% less.

[jpinpb]

NTS, I think, is when it goes to auction on the courthouse steps, which today almost always means back to bank to be listed later.

There must be tax implications or some kind of formality going on there. Why not accept a short sale or sell on steps for less, but rather go through the whole process only to sell it later for anywhere from 15 to 35% less.

[jpinpb]

NTS, I think, is when it goes to auction on the courthouse steps, which today almost always means back to bank to be listed later.

There must be tax implications or some kind of formality going on there. Why not accept a short sale or sell on steps for less, but rather go through the whole process only to sell it later for anywhere from 15 to 35% less.

[jpinpb]

NTS, I think, is when it goes to auction on the courthouse steps, which today almost always means back to bank to be listed later.

There must be tax implications or some kind of formality going on there. Why not accept a short sale or sell on steps for less, but rather go through the whole process only to sell it later for anywhere from 15 to 35% less.

[DWCAP]

jpinpb,

I dont think the banks are avoiding short sales or sales on the steps beacuse of tax reasons. (I could be wrong, not a banker) They are doing it because of 2 reasons.

1) They dont have a good idea what the properties are worth either. It isnt like they can just say “sure, that is a fair offer in todays market.” I am sure they need an appraisal, and some comps and more than one person to sign off on that price before they can justify a loss to the internal buracacy. If they didnt, people would be bribing the bank agents left and right (not sayin it would work) and trying to get sweetheart deals. There is a process, and it works traditionally, so they are sticking with it cause they have nowhere else to turn.

2) No one wants to loose money, banks either. If you are hunting them down and buying when they are at their weakest, then the offers are prob real low balls. Plenty of people are still buying, and the bank wants its money back too. Maybe they save money, maybe they dont. But if word gets out about court house sweetheart deals, sales will get even worse, and they will loose even more money. In sports it is akin to the fact that often you know you are gonna lose, but you keep trying to “make a game of it”. It is alot better for the pride (financial statement) to say I lost by 1, then to say I got killed and stopped trying.

[DWCAP]

jpinpb,

I dont think the banks are avoiding short sales or sales on the steps beacuse of tax reasons. (I could be wrong, not a banker) They are doing it because of 2 reasons.

1) They dont have a good idea what the properties are worth either. It isnt like they can just say “sure, that is a fair offer in todays market.” I am sure they need an appraisal, and some comps and more than one person to sign off on that price before they can justify a loss to the internal buracacy. If they didnt, people would be bribing the bank agents left and right (not sayin it would work) and trying to get sweetheart deals. There is a process, and it works traditionally, so they are sticking with it cause they have nowhere else to turn.

2) No one wants to loose money, banks either. If you are hunting them down and buying when they are at their weakest, then the offers are prob real low balls. Plenty of people are still buying, and the bank wants its money back too. Maybe they save money, maybe they dont. But if word gets out about court house sweetheart deals, sales will get even worse, and they will loose even more money. In sports it is akin to the fact that often you know you are gonna lose, but you keep trying to “make a game of it”. It is alot better for the pride (financial statement) to say I lost by 1, then to say I got killed and stopped trying.

[DWCAP]

jpinpb,

I dont think the banks are avoiding short sales or sales on the steps beacuse of tax reasons. (I could be wrong, not a banker) They are doing it because of 2 reasons.

1) They dont have a good idea what the properties are worth either. It isnt like they can just say “sure, that is a fair offer in todays market.” I am sure they need an appraisal, and some comps and more than one person to sign off on that price before they can justify a loss to the internal buracacy. If they didnt, people would be bribing the bank agents left and right (not sayin it would work) and trying to get sweetheart deals. There is a process, and it works traditionally, so they are sticking with it cause they have nowhere else to turn.

2) No one wants to loose money, banks either. If you are hunting them down and buying when they are at their weakest, then the offers are prob real low balls. Plenty of people are still buying, and the bank wants its money back too. Maybe they save money, maybe they dont. But if word gets out about court house sweetheart deals, sales will get even worse, and they will loose even more money. In sports it is akin to the fact that often you know you are gonna lose, but you keep trying to “make a game of it”. It is alot better for the pride (financial statement) to say I lost by 1, then to say I got killed and stopped trying.

[DWCAP]

jpinpb,

I dont think the banks are avoiding short sales or sales on the steps beacuse of tax reasons. (I could be wrong, not a banker) They are doing it because of 2 reasons.

1) They dont have a good idea what the properties are worth either. It isnt like they can just say “sure, that is a fair offer in todays market.” I am sure they need an appraisal, and some comps and more than one person to sign off on that price before they can justify a loss to the internal buracacy. If they didnt, people would be bribing the bank agents left and right (not sayin it would work) and trying to get sweetheart deals. There is a process, and it works traditionally, so they are sticking with it cause they have nowhere else to turn.

2) No one wants to loose money, banks either. If you are hunting them down and buying when they are at their weakest, then the offers are prob real low balls. Plenty of people are still buying, and the bank wants its money back too. Maybe they save money, maybe they dont. But if word gets out about court house sweetheart deals, sales will get even worse, and they will loose even more money. In sports it is akin to the fact that often you know you are gonna lose, but you keep trying to “make a game of it”. It is alot better for the pride (financial statement) to say I lost by 1, then to say I got killed and stopped trying.

[DWCAP]

jpinpb,

I dont think the banks are avoiding short sales or sales on the steps beacuse of tax reasons. (I could be wrong, not a banker) They are doing it because of 2 reasons.

1) They dont have a good idea what the properties are worth either. It isnt like they can just say “sure, that is a fair offer in todays market.” I am sure they need an appraisal, and some comps and more than one person to sign off on that price before they can justify a loss to the internal buracacy. If they didnt, people would be bribing the bank agents left and right (not sayin it would work) and trying to get sweetheart deals. There is a process, and it works traditionally, so they are sticking with it cause they have nowhere else to turn.

2) No one wants to loose money, banks either. If you are hunting them down and buying when they are at their weakest, then the offers are prob real low balls. Plenty of people are still buying, and the bank wants its money back too. Maybe they save money, maybe they dont. But if word gets out about court house sweetheart deals, sales will get even worse, and they will loose even more money. In sports it is akin to the fact that often you know you are gonna lose, but you keep trying to “make a game of it”. It is alot better for the pride (financial statement) to say I lost by 1, then to say I got killed and stopped trying.

[stockstradr]

When we sold our condo mid-2004, which we now know was the peak for condos in that area of San Diego, we endured MONTHS of verbal abuse, lectures, insults on “how stupid” we were to sell…from friends, relatives, coworkers. Everyone was certain we were moronic to sell and rent.

We had friggin’ long-lost relatives call us up and lecture us on the morale value of owning a home. It was nutz.

That $420K condo has fallen in value below $280K.

[stockstradr]

When we sold our condo mid-2004, which we now know was the peak for condos in that area of San Diego, we endured MONTHS of verbal abuse, lectures, insults on “how stupid” we were to sell…from friends, relatives, coworkers. Everyone was certain we were moronic to sell and rent.

We had friggin’ long-lost relatives call us up and lecture us on the morale value of owning a home. It was nutz.

That $420K condo has fallen in value below $280K.

[stockstradr]

When we sold our condo mid-2004, which we now know was the peak for condos in that area of San Diego, we endured MONTHS of verbal abuse, lectures, insults on “how stupid” we were to sell…from friends, relatives, coworkers. Everyone was certain we were moronic to sell and rent.

We had friggin’ long-lost relatives call us up and lecture us on the morale value of owning a home. It was nutz.

That $420K condo has fallen in value below $280K.

[stockstradr]

When we sold our condo mid-2004, which we now know was the peak for condos in that area of San Diego, we endured MONTHS of verbal abuse, lectures, insults on “how stupid” we were to sell…from friends, relatives, coworkers. Everyone was certain we were moronic to sell and rent.

We had friggin’ long-lost relatives call us up and lecture us on the morale value of owning a home. It was nutz.

That $420K condo has fallen in value below $280K.

[Author]

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