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Viewing 15 posts - 46 through 60 (of 66 total)
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  • June 24, 2008 at 11:05 PM #228299
    jonnycsd
    Participant

    Not a complete answer, but may be a piece of the puzzle of why they choose to sit on empty homes.

    ” . . . in the case of a bad mortgage, the bank will eventually take the house back and have to wait to resell it before a loss is recognized.”

    If this is what is looks like, there are a bunch of investors / banks / regulators / politicians who have no idea just how much money has been lost.

    http://www.housingwire.com/2008/06/19/the-npa-numbers-game/

    June 25, 2008 at 9:27 AM #228226
    Anonymous
    Guest

    It seems that there are a tremendous amount of vacant houses already back to the bank that haven’t been listed. Does anyone know if you can contact the bank and buy a house before it gets listed?

    June 25, 2008 at 9:27 AM #228345
    Anonymous
    Guest

    It seems that there are a tremendous amount of vacant houses already back to the bank that haven’t been listed. Does anyone know if you can contact the bank and buy a house before it gets listed?

    June 25, 2008 at 9:27 AM #228351
    Anonymous
    Guest

    It seems that there are a tremendous amount of vacant houses already back to the bank that haven’t been listed. Does anyone know if you can contact the bank and buy a house before it gets listed?

    June 25, 2008 at 9:27 AM #228389
    Anonymous
    Guest

    It seems that there are a tremendous amount of vacant houses already back to the bank that haven’t been listed. Does anyone know if you can contact the bank and buy a house before it gets listed?

    June 25, 2008 at 9:27 AM #228403
    Anonymous
    Guest

    It seems that there are a tremendous amount of vacant houses already back to the bank that haven’t been listed. Does anyone know if you can contact the bank and buy a house before it gets listed?

    June 25, 2008 at 9:47 AM #228246
    sddreaming
    Participant

    I just responded on the For Temeculaguy post with basically the same question. I subscribe to ForeClosureRadar.com and so the loan information, lender name and address, and trustee name and address are easy enough to get to. I’m wondering if it’s worth going directly to the lender without waiting for a MLS listing. There’s an amazing number of houses out there, especially in Temecula with NOTs.

    June 25, 2008 at 9:47 AM #228365
    sddreaming
    Participant

    I just responded on the For Temeculaguy post with basically the same question. I subscribe to ForeClosureRadar.com and so the loan information, lender name and address, and trustee name and address are easy enough to get to. I’m wondering if it’s worth going directly to the lender without waiting for a MLS listing. There’s an amazing number of houses out there, especially in Temecula with NOTs.

    June 25, 2008 at 9:47 AM #228372
    sddreaming
    Participant

    I just responded on the For Temeculaguy post with basically the same question. I subscribe to ForeClosureRadar.com and so the loan information, lender name and address, and trustee name and address are easy enough to get to. I’m wondering if it’s worth going directly to the lender without waiting for a MLS listing. There’s an amazing number of houses out there, especially in Temecula with NOTs.

    June 25, 2008 at 9:47 AM #228407
    sddreaming
    Participant

    I just responded on the For Temeculaguy post with basically the same question. I subscribe to ForeClosureRadar.com and so the loan information, lender name and address, and trustee name and address are easy enough to get to. I’m wondering if it’s worth going directly to the lender without waiting for a MLS listing. There’s an amazing number of houses out there, especially in Temecula with NOTs.

    June 25, 2008 at 9:47 AM #228424
    sddreaming
    Participant

    I just responded on the For Temeculaguy post with basically the same question. I subscribe to ForeClosureRadar.com and so the loan information, lender name and address, and trustee name and address are easy enough to get to. I’m wondering if it’s worth going directly to the lender without waiting for a MLS listing. There’s an amazing number of houses out there, especially in Temecula with NOTs.

    June 25, 2008 at 11:10 AM #228297
    peterb
    Participant

    Well, if in fact the loss is not recognized financially, until the house is actually sold by the lender….then that’s probably got a lot to do with the lag in REO’s getting listed. If the lender is facing a possible collapse of their business if all the REO’s were to hit the market too quickly, then it stands to reason that they will try to parse them out over as long a period of time as possible. At least this way they get a shot at surviving sometime into the future. In other words, this is a survival tactic.

    And if this is the prime reason for them waiting to list or foreclose, then contacting them directly to buy a house probably wont sway them to sell it to you.

    June 25, 2008 at 11:10 AM #228415
    peterb
    Participant

    Well, if in fact the loss is not recognized financially, until the house is actually sold by the lender….then that’s probably got a lot to do with the lag in REO’s getting listed. If the lender is facing a possible collapse of their business if all the REO’s were to hit the market too quickly, then it stands to reason that they will try to parse them out over as long a period of time as possible. At least this way they get a shot at surviving sometime into the future. In other words, this is a survival tactic.

    And if this is the prime reason for them waiting to list or foreclose, then contacting them directly to buy a house probably wont sway them to sell it to you.

    June 25, 2008 at 11:10 AM #228421
    peterb
    Participant

    Well, if in fact the loss is not recognized financially, until the house is actually sold by the lender….then that’s probably got a lot to do with the lag in REO’s getting listed. If the lender is facing a possible collapse of their business if all the REO’s were to hit the market too quickly, then it stands to reason that they will try to parse them out over as long a period of time as possible. At least this way they get a shot at surviving sometime into the future. In other words, this is a survival tactic.

    And if this is the prime reason for them waiting to list or foreclose, then contacting them directly to buy a house probably wont sway them to sell it to you.

    June 25, 2008 at 11:10 AM #228458
    peterb
    Participant

    Well, if in fact the loss is not recognized financially, until the house is actually sold by the lender….then that’s probably got a lot to do with the lag in REO’s getting listed. If the lender is facing a possible collapse of their business if all the REO’s were to hit the market too quickly, then it stands to reason that they will try to parse them out over as long a period of time as possible. At least this way they get a shot at surviving sometime into the future. In other words, this is a survival tactic.

    And if this is the prime reason for them waiting to list or foreclose, then contacting them directly to buy a house probably wont sway them to sell it to you.

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