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raptorduck
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
ParticipantAs some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.
I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.
ParticipantInteresting article on topic, generally.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
ParticipantInteresting article on topic, generally.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
ParticipantInteresting article on topic, generally.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
ParticipantInteresting article on topic, generally.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
ParticipantInteresting article on topic, generally.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
ParticipantRustico & co. I agree it is very relative, that is the nature of my table. I do not conote rich with anytying other than money. It has nothing to do with happiness, freedom, or anything else. Money, when managed properly, can buy degrees of financial freedom, which in turn can broaden your choices to contribute to your happiness, but it can just as easily, when managed poorly, buy misery, divorce, and despair. The old saying “the bigger they are, the harder they fall” rings true for the “richer” they are.
You can be worth millions and worry about money every day, or middle-middle class and have nary a worry in the world.
A number of years ago, after I bought my first house and was a bit smug in my financial success to my brother, he swiftly put me in my place and made a comment that taught me a lesson that resulted in a more balanced perspective on life for me. He said “you may make several times more than I do and spent a lot of money for your new house, but my house is almost twice as big as yours on 10 times the land for 1/3 the cost, and I have a boat to ride on the lake next to my house, have all my weekends off and get home by 5, while you work three times as much to have 1/3 the life I do.” Yes he does not live in California.
My job may never let me work the hours he does, but my very move to SD was a QOL decision for my family. My $$ will go a lot farther there than here and a 5-10 min commute is better than 1-1.5hrs.
But I digress. As I said, my view of rich here is very parochial and focused only on $$, not more worthy measures.
ParticipantRustico & co. I agree it is very relative, that is the nature of my table. I do not conote rich with anytying other than money. It has nothing to do with happiness, freedom, or anything else. Money, when managed properly, can buy degrees of financial freedom, which in turn can broaden your choices to contribute to your happiness, but it can just as easily, when managed poorly, buy misery, divorce, and despair. The old saying “the bigger they are, the harder they fall” rings true for the “richer” they are.
You can be worth millions and worry about money every day, or middle-middle class and have nary a worry in the world.
A number of years ago, after I bought my first house and was a bit smug in my financial success to my brother, he swiftly put me in my place and made a comment that taught me a lesson that resulted in a more balanced perspective on life for me. He said “you may make several times more than I do and spent a lot of money for your new house, but my house is almost twice as big as yours on 10 times the land for 1/3 the cost, and I have a boat to ride on the lake next to my house, have all my weekends off and get home by 5, while you work three times as much to have 1/3 the life I do.” Yes he does not live in California.
My job may never let me work the hours he does, but my very move to SD was a QOL decision for my family. My $$ will go a lot farther there than here and a 5-10 min commute is better than 1-1.5hrs.
But I digress. As I said, my view of rich here is very parochial and focused only on $$, not more worthy measures.
ParticipantRustico & co. I agree it is very relative, that is the nature of my table. I do not conote rich with anytying other than money. It has nothing to do with happiness, freedom, or anything else. Money, when managed properly, can buy degrees of financial freedom, which in turn can broaden your choices to contribute to your happiness, but it can just as easily, when managed poorly, buy misery, divorce, and despair. The old saying “the bigger they are, the harder they fall” rings true for the “richer” they are.
You can be worth millions and worry about money every day, or middle-middle class and have nary a worry in the world.
A number of years ago, after I bought my first house and was a bit smug in my financial success to my brother, he swiftly put me in my place and made a comment that taught me a lesson that resulted in a more balanced perspective on life for me. He said “you may make several times more than I do and spent a lot of money for your new house, but my house is almost twice as big as yours on 10 times the land for 1/3 the cost, and I have a boat to ride on the lake next to my house, have all my weekends off and get home by 5, while you work three times as much to have 1/3 the life I do.” Yes he does not live in California.
My job may never let me work the hours he does, but my very move to SD was a QOL decision for my family. My $$ will go a lot farther there than here and a 5-10 min commute is better than 1-1.5hrs.
But I digress. As I said, my view of rich here is very parochial and focused only on $$, not more worthy measures.
ParticipantRustico & co. I agree it is very relative, that is the nature of my table. I do not conote rich with anytying other than money. It has nothing to do with happiness, freedom, or anything else. Money, when managed properly, can buy degrees of financial freedom, which in turn can broaden your choices to contribute to your happiness, but it can just as easily, when managed poorly, buy misery, divorce, and despair. The old saying “the bigger they are, the harder they fall” rings true for the “richer” they are.
You can be worth millions and worry about money every day, or middle-middle class and have nary a worry in the world.
A number of years ago, after I bought my first house and was a bit smug in my financial success to my brother, he swiftly put me in my place and made a comment that taught me a lesson that resulted in a more balanced perspective on life for me. He said “you may make several times more than I do and spent a lot of money for your new house, but my house is almost twice as big as yours on 10 times the land for 1/3 the cost, and I have a boat to ride on the lake next to my house, have all my weekends off and get home by 5, while you work three times as much to have 1/3 the life I do.” Yes he does not live in California.
My job may never let me work the hours he does, but my very move to SD was a QOL decision for my family. My $$ will go a lot farther there than here and a 5-10 min commute is better than 1-1.5hrs.
But I digress. As I said, my view of rich here is very parochial and focused only on $$, not more worthy measures.
ParticipantRustico & co. I agree it is very relative, that is the nature of my table. I do not conote rich with anytying other than money. It has nothing to do with happiness, freedom, or anything else. Money, when managed properly, can buy degrees of financial freedom, which in turn can broaden your choices to contribute to your happiness, but it can just as easily, when managed poorly, buy misery, divorce, and despair. The old saying “the bigger they are, the harder they fall” rings true for the “richer” they are.
You can be worth millions and worry about money every day, or middle-middle class and have nary a worry in the world.
A number of years ago, after I bought my first house and was a bit smug in my financial success to my brother, he swiftly put me in my place and made a comment that taught me a lesson that resulted in a more balanced perspective on life for me. He said “you may make several times more than I do and spent a lot of money for your new house, but my house is almost twice as big as yours on 10 times the land for 1/3 the cost, and I have a boat to ride on the lake next to my house, have all my weekends off and get home by 5, while you work three times as much to have 1/3 the life I do.” Yes he does not live in California.
My job may never let me work the hours he does, but my very move to SD was a QOL decision for my family. My $$ will go a lot farther there than here and a 5-10 min commute is better than 1-1.5hrs.
But I digress. As I said, my view of rich here is very parochial and focused only on $$, not more worthy measures.
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