Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
Wow, Jim, I guessed $3,000. How did BoA come up with the $5,600 amount when you thought the “cash for keys” would be $1,500?
$5600 on top of however many months the deadbeat lived for free in the property.
I bet in total they pulled off a $15000 scam.
* I wonder if the deadbeats refi’d out cash?
Jim, how will you deal with the mold issue around the hot water tank? Will you rip the whole thing out and redo the entire drywall? Or can that spot be properly cleaned without seriously damaging anything? And is the tank still in good working order?
BofA’s stock price has more than quadrupled since March of 2009. I don’t think they will miss the $5600.
Hey Guys and Jim..
How long have you had this property? Let’s follow this one and see how long it takes to get it sold and out of “inventory”. My point is, for those of you advocating foreclosure on everything…, how long does it really take to resolve a property via foreclosure versus a reasonable short sale process?
GameAgent,
Maybe for the employees/management who own stock, they are happy. But stock outstanding is basically pieces of the company that were sold off to other owners. The quadrupled price is what it would take for BofA to buy those pieces back. They could do new stock offerings at this high price, but then dilution occurs. A $5600 hit to the balance sheet is still probably pennies, but stock price has little to do with it. 🙂
If you really want to get rid of the mold, you should replace the drywall. That said, more likely than not, the mold that’s there is harmless and no big deal. That of course doesn’t mean that a tenant can’t clean your clock over it, and the presence of the mold is as much a sign of a larger problem (water where it shouldn’t be) than it’s a problem itself.
Donnie,
I’d guess selling an REO is much quicker than a short sale because they don’t have to go to the investors (which is one of the reasons short sales take so long to process). We’re also less likely to get all the fraud that’s so rampant with short sales.
If the banks start efficiently processing these REOs, we can get to the bottom sooner, and begin building our way back up **without** all the fraud and the tremendous waste of taxpayers’ money.
Price it right, and that house will sell in a week, if not a day.
An REO is basically a standard sale with a bank as the owner. A short sale requires the approval of so many different parties (the “owner”, the bank for the first mortgage, the bank(s) for any and all secondary mortgage), some of which who have conflicting motivations, that a lot of times the sale simply never happens.