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What does that have to do with the gov. bailing out lenders?
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 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 …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 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 savvy Real Estate Mogul. Do you have any other insights?
There is free cookies at Subway on Tuesdays!!
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 http://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.