Those who are juggling the REO inventory are using a variety of tricks – here are three examples:
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Jim Klinge
Klinge Realty Group
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Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Load more
Thanks to your fine work on this blog, I’m not shocked anymore, but I am surprised at that 2nd one. It looks pristine and both times you were there it was quiet. I can force myself see the banks predicament of having so many properties to juggle but that half a million bucks sitting there…Sheesh!
Great point, and if it happens someday that the banks and investors quit whining about the money they are losing (in this case, not much – the original loan was $601,000 in 2005; they collected interest for a few years and could sell it today for $575,000 – total loss about $60,000) and say “hey, that’s a half million dollars sitting there”, then we might see real market clearing.
Bank of NY Mellon Trust 2005-59 is the owner, so that loan has to be cut up into dozens, if not hundreds, of pieces.
If there are 100 investors, they each lose $600 but can get back $5,400 of their original investment (lose 10%, get back 90%), how many of them are looking at it and saying, “sell that puppy!”???? Every one of them!!!
The opening bid was $525,000, so they should be tickled to sell it for more.
Juggernaut Jim… gotta good ring to it.
Looks like more Insider games to me.
The powers that be in Finance are protecting the same class of people who made cash on the way up, this time by helping to cushion their fall on the way down. What better way to keep them on board for the next scam down the line?
“Lawyering up” is for those who can afford it, and those who can muster up the necessary bribe money are taken care of in this society. We are fast approach Banana Republic status as a Nation.
Folks can keep assuming that anything the banks do are a scam, or like JTR they can drill down into the details of the situation and sometimes create opportunity out of difficulty instead of getting preoccupied with the difficulty and unsavory nature of the opportunity.
Each delayed REO has its own story. Those who can figure out what is really going on may have a leg up in this otherwise difficult market. Beats sitting on the sidelines and complaining.
Jammalama Klinge High School. Mascot? The fighting REOs?
I can’t post it, but Redfin shows thousands of foreclosures in the Chicago area and none for sale.