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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Inevitably the property will be sold. Posted by Rodney on June 10, 2002 at 9:57 AM In Reply to: Inevitably the property will be sold. posted by Ward-CA- on June 08, 2002 at 8:46 AM ROFL!! Of course... I didn't think that at a certain time on designated day all the neighbors would come out of their house, hold hands, and pitch flaming torches onto the condemned house while the kids run around making smores. LOL I frequently see houses go up to the auction block where the opening bid is anywhere from $10K - $20K above market value. All the investors laugh and shake their heads in disbelief. I know that VA foreclosures are trying to get back the PITI plus all the penalty fees which drives the price sky high and if I recall correctly HUD buy's em back and possibly reconditions them for resale again. My question is what do the BANKS do in such a case? A guy borrows 125% against his new home, defaults, bank forcloses, goes to auction where opening bid is $20K above market, bank buys it back and ?? Rodney : : : : This brings up a good question I've been wondering on. What : : eventually does happen to REO's? If the bank can't sell them : : at auction then what? I've heard HUD buy's them? If so at : : what price? : : Rodney Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : ROFL!! Of course... I didn't think that at a certain time on : designated day all the neighbors would come out of their : house, hold hands, and pitch flaming torches onto the condemned : house while the kids run around making smores. LOL : I frequently see houses go up to the auction block where the : opening bid is anywhere from $10K - $20K above market value. : All the investors laugh and shake their heads in disbelief. I : know that VA foreclosures are trying to get back the PITI plus : all the penalty fees which drives the price sky high and if : I recall correctly HUD buy's em back and possibly reconditions : them for resale again. My question is what do the BANKS do in : such a case? A guy borrows 125% against his new home, defaults, : bank forcloses, goes to auction where opening bid is $20K above : market, bank buys it back and ?? : Rodney : : : : : : This brings up a good question I've been wondering on. What : : : eventually does happen to REO's? If the bank can't sell them : : : at auction then what? I've heard HUD buy's them? If so at : : : what price? : : : Rodney Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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